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ex10_1.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
10.1

    

    EMPLOYMENT
AGREEMENT

    

    This
Employment Agreement (the "Agreement") is
entered into this 12th day of
March, 2008 (the "Effective Date"), by
and between Far East Energy (Bermuda) Ltd., a Bermuda exempted limited liability
company (the "Company") and a
wholly-owned subsidiary of Far East Energy Corporation, a Nevada corporation
(the "Parent"),
and Phil Christian ("Employee").

    

    WHEREAS,
the Company desires to retain Employee as an employee of the Company to serve as
President, Chief Operating Officer, and Country Manager of the Company, with
Employee's location to be in or around the metropolitan area of Beijing, the
People's Republic of China (the "PRC");
and

    

    WHEREAS,
the Company is desirous of employing Employee pursuant to the terms and
conditions and for the consideration set forth in this Agreement, and Employee
is desirous of entering the employ of the Company pursuant to such terms and
conditions and for such consideration.

    

    NOW,
THEREFORE, in consideration of the mutual covenants herein contained, the
Company and Employee hereby agree as follows:

    

    1.     Term.  The
term of employment under this Agreement shall commence and this Agreement shall
commence on the Effective Date and shall continue for
a period ending on the second anniversary of the Effective Date, unless sooner
terminated in accordance with the terms hereof (the "Term").  This
Agreement shall be extended automatically on the same terms and conditions for a
period of one year following the end of the Term unless either party provides
notice of termination in accordance with Section 8(d) and the other terms and
conditions of this Agreement.

     

    2.     Employment;
Duties.  During the period of Employee's employment by the
Company, Employee shall serve as President, Chief Operating Officer, and Country
Manager of the Company and shall have such duties, responsibilities and
authority as shall be consistent with that position as shall be assigned by the
Company, acting through its Chairman, from time to time.  Employee
shall report directly and solely to the Company's Chairman.  Unless
otherwise specified, all references to the term "Board" hereunder
shall mean the Board of the Company.  All references to the term
"Chairman" shall mean the Chairman of the Board of the Company.  All
references to the term "Compensation
Committee" shall mean the Compensation Committee of the Board of
Directors of Parent.

     

    3.     Compensation.

     

    (a) During
the period of Employee's employment by the Company, Employee shall receive an
annual base salary of U.S.$230,000 (the "Base Salary") payable
in equal semi-monthly installments. In addition to the Base Salary, subject to
the terms and conditions of this Agreement, during the period of Employee's
employment by the Company, Employee (i) will receive an annual bonus equal to
20% of the Employee's Base Salary, payable in U.S. dollars so long as Employee’s
location of employment hereunder is the PRC (the "International Service
Bonus") and (ii) will be eligible to receive a discretionary performance
bonus in an amount to be determined by the Compensation Committee (or the Board
of Directors of Parent, if the Parent does not have a Compensation Committee)
(the discretionary performance bonus, together with the International Service
Bonus, the "Bonus").  The
International Service Bonus shall be payable in equal semi-monthly installments
over the Contract Year (as defined below) commencing on the date of this
Agreement and over each Contract Year occurring thereafter; provided that at the
time of each such semi-monthly payment Employee is an employee of the Company
hereunder and his location of employment with the Company is in the
PRC.  The amount of the International Service Bonus shall be
determined based on the Base Salary at the date the International Service Bonus
is due hereunder.  No International Service Bonus shall be required
under this Agreement or shall be deemed to have been accrued hereunder for any
period occurring after the date of termination of this Agreement, whether or not
the Contract Year relating to such International Service Bonus shall have
begun.  The Compensation Committee (or the Board of Directors of
Parent, if the Parent does not have a Compensation Committee) shall review the
Base Salary, Bonus, and other compensation of Employee based upon performance
and other factors deemed appropriate by the Compensation Committee (or the Board
of Directors of Parent, if the Parent does not have a Compensation Committee)
and make such increases, supplemental bonus payments, or other incentive awards
as it deems fit in its discretion.  Notwithstanding the foregoing, in
no event will the Base Salary be less than an annual rate of
U.S.$230,000.  In addition to the Base Salary, the Bonus and other
compensation described in this Section 3, to the extent permitted by applicable
law, Employee shall be entitled to receive any benefits and fringes (whether
subsidized in part, or paid for in full by the Company) including, but not
limited to, medical, dental, life and disability insurance which the Company now
or in the future offers to any of its professional/technical or management
employees, or employees in the same class as Employee. Employee shall also be
eligible to participate in the Company's Simple IRA Savings and Retirement Plan
or other similar plan. For purposes of this Agreement, the term "Contract Year" shall
mean the twelve-month period commencing on the Effective Date and ending on the
first anniversary of the Effective Date and each twelve-month period occurring
during the period of Employee's employment by the Company
thereafter.

     

    (b) During
the period of Employee's employment by the Company hereunder, so long as the
Employee's location of employment hereunder is in the PRC, Employee shall be
entitled to receive:

     

    (i) an
allowance of $30,000 for each Contract Year for vacation or home leave travel,
which allowance shall be payable in twelve equal monthly
installments;

     

    (ii) the use
of two automobiles, each with a driver provided by the Company; provided that
the Employee will use reasonable efforts to minimize the cost of driver
overtime;

     

    (iii) business
class tickets for business travel by Employee and, if required for the Company's
business and approved in advance by the Company’s Chairman, the Employee’s
spouse; and

     

    (iv) business
class tickets for emergency travel by Employee and/or members of Employee’s
family resident with Employee in the PRC as the result of the serious illness or
death of a parent, step-parent, grandparent, child, step-child, sibling, or
step-sibling.

     

    (c) The
Company and Employee agree that Employee's income (other than amounts
attributable to any equity awards granted by the Company to Employee) that is
treated as taxable income for U.S. federal income tax purposes ("Covered Amounts") is
eligible for tax equalization considering the United States (the "U.S.") as the
Employee's "stay-at-home" base.  The Company will deduct from the
Employee's pay an amount corresponding to the U.S. federal income tax, as well
as U.S. Social Security tax, that he would have paid had he lived and worked in
the State of Texas of the U.S. (excluding any tax liability incurred due to a
violation of Section 409A of the U.S. Internal Revenue Code of 1986, as amended
(the "Code"))("retained hypothetical
tax"), on all Covered Amounts.  During the term of this
Agreement, the Company and the Employee agree that the Company will pay the cost
of the Employee's tax return preparation for both host and home country
taxes.  After the Employee's tax returns are prepared, the Employee's
hypothetical tax will be recomputed to reflect the actual facts and final
Covered Amounts for the year ("final hypothetical
tax"), and the difference between the retained hypothetical tax and the
final hypothetical tax will be settled promptly thereafter by payment from the
Employee to the Company, if the final hypothetical tax exceeds the retained
hypothetical tax, or vice-versa, as the case may be. The Company intends that
all such payments shall be made no later than December 31st of the
calendar year beginning after the calendar year in which the Employee’s taxes
are remitted to the Internal Revenue Service; however, the timing of the actual
payment is dependent upon the Employee's prompt provision of all relevant data
and documentation that is reasonably necessary to compute the final hypothetical
tax.  The Company assumes full liability for the actual U.S. federal
and foreign individual income tax and social contribution taxes on Covered
Amounts during the Employee's international assignment (excluding any tax
liability incurred due to a violation of Section 409A of the Code), whereas the
Employee's ultimate tax burden on Covered Amounts will be the final hypothetical
tax.  The Employee shall also be responsible for all actual U.S. and
foreign income taxes and social contribution taxes on all income which is not
included in the definition of Covered Amounts, including any income from equity
compensation or any tax liability resulting from a violation of Section 409A of
the Code. The tax equalization plan, as set forth in this Section 3(c), will
apply to all years during which the Employee is on an international assignment
on behalf of the Company and an additional subsequent period based on the
carryover limit of foreign taxes for purposes of the foreign tax credit
calculation under the Code.  The Employee will be responsible and
liable for the submission of host and home country tax returns.  For
purposes of the Company's tax reimbursement policy, upon the Company's request,
the Employee agrees to personally provide the Company with a copy of his
completed tax return applicable to the years of his international
assignment.  The Company and Employee agree to consider, in good
faith, proposals that the other may have with regard to the implementation of
the tax equalization described in this Section 3(c), or another approach to
minimize the global tax burden of the Employee and the Company as a result of
the payments and compensation provided under this Agreement.

     

    (d) Subject
to this Section 3(d), the Company shall pay all or a portion of the Base Salary,
any Bonus, amounts due under Section 4 of this Agreement and any other amounts
due under this Agreement in United States dollars ("U.S.$").  Such
payments may be made in Chinese Yuan with the consent of the
Employee.  In the event such payments shall be made in Chinese Yuan,
such payments shall be converted into Chinese Yuan denominations based on the
exchange rate between the United States dollars and the Chinese Yuan in effect
as of the close of the last business day before the day the payment is due, in
each case as the Company shall reasonably determine.

     

    4.     Relocation Costs; Housing
Allowance.

     

    (a) The
Company shall pay the actual reasonable costs and expenses incurred by Employee
relating to Employee’s relocation to the PRC.  Payment of any such
costs and expenses shall be made as soon as practicable following the Company's
receipt of documentation reasonably satisfactory to the Company substantiating
such costs and expenses.

     

    (b) In the
event the Company requests the Employee to transfer his location of employment
in the PRC outside the metropolitan area of Beijing, PRC, the Company terminates
this Agreement without Cause (as defined below), the Employee terminates his
employment for Good Reason (as defined below) or the Agreement expires under its
own terms, then the Company will pay the actual reasonable costs and expenses
incurred by Employee relating to Employee’s relocation within the PRC or
relating to any move from the PRC to Houston, Texas, or any other location as
mutually agreed between Employee and Company.  Payment of such costs
and expenses shall be made as soon as practicable following the Company’s
receipt of documentation reasonably satisfactory to the Company substantiating
such costs and expenses.

     

    (c) The
Company agrees to pay a housing cost allowance of up to U.S.$100,000 during each
Contract Year for actual costs incurred by Employee for housing costs in the
PRC, which shall be paid to Employee or Employee’s landlord, as the case may be,
monthly during each Contract Year.  Such housing cost allowance shall
be paid, at the option of the Company, to Employee or the landlord of Employee's
residence; and, at the option of the Company, any applicable lease may be held
in the Company’s name.

     

    5.     Vacation.  During
the period of Employee's employment by the Company, the Employee shall be
entitled to receive six weeks of non-vested vacation with pay, plus the ten
holidays established by the Company during each Contract Year.

     

    6.     Education
Expense.  The Company shall pay the reasonable costs and
expenses incurred by Employee relating to the education of the Employee's
children in the PRC sufficient to cover any tuition, fees, uniform costs, and
busing; provided however, that any amount payable under this Section 6 that
exceeds $40,000 shall be subject to the approval of the Chairman or the
Board.  Employee understands and agrees that the cost of lunches,
extracurricular activities, trips outside Beijing for sports or academic
activities, and other similar activities will be borne by the
Employee.

     

    7.     Expense
Reimbursement.  Employee shall be reimbursed by the Company in
accordance with the Company's business travel and expenditure policy for all
reasonable out-of-pocket disbursements incurred by Employee in connection with
the performance of his services under this Agreement, including but not limited
to expenses incurred under Section 3(b), Section 4(a) and travel expenses for
business purposes.  Such reimbursement shall be made by the Company as
soon as reasonably practical following the Company's receipt of a reimbursement
request by the Employee in accordance with the Company's business travel and
expenditure policy.

     

    8.     Termination and Payments Upon
Termination.

     

    (a) Employee
or the Company may terminate this Agreement for any reason or for no reason at
all by providing the other party with notice of termination as provided in
Section 8(d).  The Company shall pay Employee his Base Salary and all
other amounts, in each such case, actually earned, accrued or owing as of the
date of termination but not yet paid to Employee under Section 3 through the
date of termination; provided that if the Employee is terminated by the Company
without Cause (as defined below) at a date on or after 180 days after the
Effective Date or the Employee terminates his employment for Good Reason (as
defined below), then the Company shall pay Employee a lump sum payment in an
amount equal to one hundred percent (100%) of Employee's annual Base Salary in
the year in which he experiences a Separation of Service (as such term is
defined under Section 409A of the Code) without Cause or the Employee terminates
his employment for Good Reason; provided further, notwithstanding the foregoing,
if the Employee's Separation of Service, either without Cause or for Good
Reason, occurs on or within 24 months of a Change in Control, then the Company
shall pay Employee a lump sum payment in an amount equal to two hundred percent
(200%) of Employee's annual Base Salary in the year in which the Separation of
Service occurs.  The payment of the lump sum amount under this Section
8(a) shall be made on the earlier of the date ending on the expiration of thirty
days following the earlier of the date of the Employee's Separation of Service
or the death of the Employee; provided that notwithstanding the foregoing, to
the extent any payment under this Section 8(a) is "nonqualified deferred
compensation" and the Employee is considered a "Key Employee" of the Company
within the meaning of Section 409A of the Code and the Treasury Regulations
promulgated thereunder, then such payment shall be made on the date ending on
the expiration of sixth months and one (1) day following the date of the
Employee’s Separation from Service, or if earlier, the date of the Employee’s
death. For purposes of this Agreement a Key Employee means a "specified
employee" as described under Code Section 409A and as determined under the
policy adopted by the Company and its Parent.

     

    (b) Employee
may terminate his employment and the Term at any time for Good Reason (as
defined below) by giving written notice as provided in
Section 8(d), which shall set forth in reasonable detail the facts and
circumstances constituting Good Reason.  "Good Reason" shall
mean the occurrence of any of the following during the Term without the
Employee's consent and without the same being corrected within 30 days after the
Company being given written notice thereof:

     

    (i) the
Company or the Parent materially reduces Employee's title, duties or
responsibilities under Section 2;

     

    (ii) the
Company fails to pay any regular semi-monthly installment of Base Salary to
Employee and such failure to pay continues for a period of more than thirty
days;

     

    (iii) the
Company materially reduces the Employee's Base Salary, materially reduces the
Employee's International Bonus or eliminates the Employee's eligibility to
participate in the discretionary performance bonus program for which he is
eligible pursuant to Section 3; or

     

    (iv) the
Company materially changes the geographic location of the performance of
Employee's duties.

     

    (c) For
purposes of this Agreement, "Cause" shall mean (i)
Employee's gross and willful misappropriation or theft of the Parent's, the
Company's or their respective subsidiary's funds or property, (ii) Employee's
commission of any fraud, misappropriation, embezzlement or similar act, whether
or not a punishable criminal offense, or Employee's conviction of or entering of
a plea of nolo contendere to a charge of any felony or crime involving
dishonesty or moral turpitude, (iii) Employee's material breach of this
Agreement or failure to perform any of his material duties owed to the Parent,
the Company or their respective subsidiaries, or (iv) Employee's commission of
any act involving willful malfeasance or gross negligence or Employee's failure
to act involving material nonfeasance.

     

    (d) Any
termination of this Agreement by the Company or by Employee shall be
communicated in writing to the other party before the date on which such
termination is proposed to take effect and, unless otherwise agreed to by the
Company and the Employee, shall be effective immediately upon such
notice.  Notwithstanding the foregoing, if this Agreement is being
terminated for Good Reason the date of the termination shall be the end of the
30 day "cure" period set forth in Section 8(a) above, or if sooner, the date the
Company notifies the Employee in writing that it will not make a
correction.

     

    (e) From and
after the termination of this Agreement by the Company or by the Employee, the
Employee agrees to do or cause to be done all other things and acts, to execute,
deliver, file and perform or cause to be executed, delivered, filed and
performed all other instruments, documents and certificates as may be reasonably
requested by the Company or are necessary, proper or advisable in order to
effect the removal, transition, substitution or modification of the Employee as
an officer, agent, affiliate, director, manager or authorized representative of
the Company or any other positions that the Employee holds with the Parent, the
Company or their respective subsidiaries.

     

    (f) In order
to receive the payments set forth in this Section 8, Employee must first
execute a separation agreement and release of all claims (other than the
benefits under this Section 8) in a form suitable to the
Company.

     

    9.     Binding Agreement;
Successors and Assigns.  This Agreement shall be binding upon
and inure to the benefit of Employee and the Company and their respective heirs,
legal representatives and permitted successors and assigns.  If the
Company shall at any time be merged or consolidated into or with any other
entity, the provisions of this Agreement shall survive any such transaction and
shall be binding on and inure to the benefit and responsibility of the entity
resulting from such merger or consolidation (and this provision shall apply in
the event of any subsequent merger or consolidation), and the Company, upon the
occasion of the above-described transaction, shall include in the appropriate
agreements the obligation that the payments herein agreed to be paid to or for
the benefit of Employee, his beneficiaries or estate, shall be
paid.

     

    10.     Dispute
Resolution.  Any controversy or claim arising with regard to
this Agreement shall be settled by expedited arbitration in accordance with the
provisions of the Texas Arbitration Act. The controversy or claim shall be
submitted to an arbitrator appointed by the presiding judge of the Harris
County, Texas Judicial District Court. The decision of the arbitrator shall be
final and binding upon the parties hereto and shall be delivered in writing
signed by the arbitrator to each of the parties hereto. Any appeal arising out
of the ruling of any arbitrator shall be determined in a court of competent
jurisdiction in Houston, Texas, or the federal court for Houston, Texas, and
each party waives any claim to have the matter heard in any other local, state,
or federal jurisdiction.  The prevailing party in the arbitration
proceeding or in any appeal shall be entitled to recover attorney's fees, court
costs and all related costs from the non-prevailing party.

     

    11.     Survivorship.  The
respective rights and obligations of the parties hereunder shall survive any
termination of this Agreement to the extent necessary to the intended
preservation of such rights and obligations and to the extent that any
performance is required following termination of this
Agreement.  Without limiting the foregoing, Section 8 through 21 shall
expressly survive the termination of this Agreement.

     

    12.     Nonassignability.  Neither
this Agreement nor any right or interest hereunder shall be assignable by
Employee, his beneficiaries, dependents or legal representatives without the
Company's prior written consent; provided, however, that nothing in this Section
12 shall preclude (a) Employee from designating a beneficiary to receive any
benefit payable hereunder upon his death, (b) the executors, administrators or
other legal representatives of Employee or his estate from assigning any rights
hereunder to the person or persons entitled thereto or (c) the Company from
assigning its rights and obligations under this Agreement to the Parent without
the consent of Employee.

     

    13.     Compliance with IRS
409A. It is the intent of this Agreement that no payment to the Employee
shall result in nonqualified deferred compensation within the meaning of Section
409A of the Code and the Treasury Regulations promulgated
thereunder.  However, in the event that all, or a portion, of the
payments set forth in this Agreement meet the definition of nonqualified
deferred compensation, the Company intends that such payments be made in a
manner that complies with Section 409A of the Code and any guidance issued
thereunder.  The Company shall be entitled to take reasonable steps to
fulfill this intent, including, but not limited to, making any amendments to
this Agreement as may be necessary to comply with the provisions of Section 409A
Code, in each case, without the consent of the
Employee.  Notwithstanding the foregoing, neither the Company nor the
Parent makes any representation that the benefits provided under this Agreement
will be exempt from Section 409A of the Code and makes no undertakings to
preclude Section 409A of the Code from applying to the benefits provided under
this Agreement.  In addition, the following delays of payment will not
in and of themselves constitute a violation of the deferral or distribution
requirements of Section 409A of the Code so long as such delays are based on the
Company’s reasonable understanding that such payment would:

     

    (a) limit the
ability of the Company to take a deduction under Section 162(m) of the Code;
provided payment shall be made at the earliest date at which the Company
reasonably anticipates that the deduction of the payment amount will not be
limited by application of Section 162(m) of the Code or by the end of the
calendar year in which the Employee terminates employment;

     

    (b) violate
the term of a loan agreement, or other similar contact, to which the Company is
a party and such violation will cause material harm to the Company; provided
payment shall be made at the earliest date at which the Company reasonably
anticipates that making such payment will not cause such violation or such
violation will not cause material harm to the Company; or

     

    (c) violate
U.S. federal securities laws or other applicable laws; provided payment shall be
made at the earliest date at which the Company reasonable anticipates making the
payment will not cause such violation.

     

    14.     Amendments to this
Agreement.  Except for increases in the Base Salary, Bonus and
other compensation made as provided in Section 3 and amendments under Section
13, this Agreement may not be modified or amended except by an instrument in
writing signed by the Employee and the Company.  No increase in the
Base Salary, Bonus or other compensation made as provided in Section 3 will
operate as a cancellation or termination of this Agreement.

     

    15.     Waiver.  No
term or condition of this Agreement shall be deemed to have been waived, nor
shall there be any estoppel against the enforcement of any provision of this
Agreement, except by written instrument of the party charged with such waiver or
estoppel.  No such written waiver shall be deemed a continuing waiver
unless specifically stated therein, and each such waiver shall operate only as
to the specific term or condition waived and shall not constitute a waiver of
such term or condition for the future or as to any act other than that
specifically waived.

     

    16.     Severability. If, for
any reason, any provision of this Agreement is held invalid, illegal or
unenforceable such invalidity, illegality or unenforceability shall not affect
any other provision of this Agreement not held so invalid, illegal or
unenforceable, and each such other provision shall, to the full extent
consistent with law, continue in full force and effect.  In addition,
if any provision of this Agreement shall be held invalid, illegal or
unenforceable in part, such invalidity, illegality or unenforceability shall in
no way affect the rest of such provision not held so invalid, illegal or
unenforceable and the rest of such provision, together with all other provisions
of this Agreement, shall, to the full extent consistent with law, continue in
full force and effect.  If any provision or part thereof shall be held
invalid, illegal or unenforceable, to the fullest extent permitted by law, a
provision or part thereof shall be substituted therefor that is valid, legal and
enforceable.

     

    17.     Notices.  All
notices, requests and other communications under this Agreement must be in
writing and will be deemed duly delivered (a) when delivered if delivered in
person, (b) three days after being sent by registered or certified mail, return
receipt requested, postage prepaid, (c) one day after being sent for next
business day delivery, fees prepaid, via a reputable nationwide overnight
courier service, (d) on the date of confirmation of receipt of transmission by
facsimile or (e) on the date of the notice being sent by e-mail at the e-mail
address in the records of the Company, in each case to the intended recipient as
set forth below (or to such other address, facsimile number, email address or
individual as a party may designate by notice to the other
parties):

     

    If to Company:

     

    Far East
Energy (Bermuda), Ltd.

    c/o Far
East Energy Corporation

    363 North
Sam Houston Parkway East

    Suite
380

    Houston,
Texas 77060

    Attention:  Chief
Executive Officer

    E-mail
Address: MMcElwrath@fareastenergy.com

    Facsimile:
832-598-0479

    

    If to
Employee:

    

    Phil
Christian

    c/o Far
East Energy (Bermuda), Ltd.

    Room
806-811 Floor 8 Tower A

    Tian Yuan
Gang Center

    C2 North
Road, East 3rd Ring
Road

    Chaoyang
District

    Beijing,
100027, P.R. of China

    Email
Address: PChristian@fareastenergy.com

    Facsimile:
011-86-10-8441-7682

    

    or to
such other address, facsimile number or e-mail address in the records of the
Company at the time of such notice, request or communication.

    

    18.     Headings.  The
headings of sections are included solely for convenience of reference and shall
not control the meaning or interpretation of any of the provisions of this
Agreement.

     

    19.     Governing
Law.  This Agreement has been executed and delivered in the
State of Texas, and its validity, interpretation, performance and enforcement
shall be governed by the laws of Texas, without giving effect to any principles
of conflicts of law.

     

    20.     Withholding.  All
amounts paid pursuant to this Agreement shall be subject to withholding for
taxes (federal, state, local or otherwise) to the extent required by applicable
law.

     

    21.     Counterparts.  This
Agreement may be executed in counterparts, each of which, when taken together,
shall constitute one original Agreement.

     

    22.     No
Conflicts.   Each of the Company and Employee represents
and warrants to the other party that neither the execution, delivery and
performance by the such person of this Agreement will conflict or be
inconsistent with or result in any breach of any of the terms, covenants,
conditions or provisions of, any agreement to which such person is a party or
which it or he may be subject.

     

    [Remainder of page
intentionally left blank; Signature page follows]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the Company has caused its duly authorized officer and
directors to execute and attest to this Agreement, and Employee has placed his
signature hereon, dated this 12th day of March 2008.

    

    COMPANY:

    

    FAR
EAST ENERGY (BERMUDA), LTD.

    

    

    

    By: /s/ Michael R.
McElwrath                                                                           

    Name:  Michael R.
McElwrath

    Title: Chairman                                                                           

    

    EMPLOYEE:

    

    

    

    By: /s/ Phil
Christian

           Phil
Christianex10_2.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      Exhibit
10.2

    NON-QUALIFIED
STOCK OPTION AGREEMENT

     

    FOR GOOD
AND VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, Far East
Energy Corporation (the "Company"), a Nevada
corporation, hereby grants to Mr. Phil A. Christian, an employee (the "Option Holder"), the
option to purchase shares of the common stock, $0.001 par value per share, of
the Company ("Shares"), upon the
terms set forth in this stock option agreement (this "Agreement"):

     

    WHEREAS,
the Option Holder has been granted the following award in connection with his
retention as an employee of the Company;

     

    NOW,
THEREFORE, in consideration of the premises and mutual covenants contained
herein, the parties hereto agree as follows.

     

    1.    Grant.  The
Option Holder is hereby granted an option (the "Option") to purchase
500,000 Shares (the "Option
Shares").  The Option is granted as of March 12, 2008 (the
"Date of
Grant").  This Option shall not be treated as an "incentive
stock option" as defined in Section 422 of the Internal Revenue Code of 1986, as
amended (the "Code").

     

    2.    Status of Option
Shares.  The Option Shares shall upon issue rank equally in all
respects with the other Shares.

     

    3.    Option
Price.  The purchase price for the Option Shares shall be,
except as herein provided, $____ per Option Share, hereinafter sometimes
referred to as the "Option Price,"
payable immediately in full upon the exercise of the Option.

     

    4.    Term of
Option.  The Option may be exercised only during the period
(the "Option
Period") set forth in Section 6 below and
shall remain exercisable until the tenth anniversary of the Date of
Grant.  Thereafter, the Option Holder shall cease to have any rights
in respect thereof.

     

    5.    Exercisability.  Subject
to the Option Holder's continued service with the Company and the terms and
conditions of this Agreement, the Option will vest and become exercisable with
respect to one-third (1/3) of the Option Shares on each of the first, second and
third anniversaries of the Date of Grant, so that the Option will be totally
vested and exercisable after the third anniversary of the Date of Grant, as set
forth in the following schedule:

    

    
      	
              Timeframe
      from Date of Grant

              (Vesting
      Date)

            	 
      	
               

              Vesting

            	 
      	
               

              Cumulative
      Vesting

            
	
              March
      12, 2009 (1 year)

            	 
      	
              1/3

            	 
      	
              1/3

            
	
              March
      12, 2010 (2 years)

            	 
      	
              1/3

            	 
      	
              2/3

            
	
              March
      12, 2011 (3 years)

            	 
      	
              1/3

            	 
      	
              3/3

            

    

    

     

    6.    Exercise of
Option.  The Option may be exercised for all, or from time to
time any part, of the Option Shares for which it is then
exercisable.  The exercise date shall be the date the Company receives
a written notice of exercise signed by the Option Holder, specifying the whole
number of Option Shares in respect of which the Option is being exercised,
accompanied by (a) full payment for the Option Shares with respect to which the
Option is exercised, in a manner acceptable to the Company (which, at the
discretion of the Company, shall include a broker assisted exercise
arrangement), of the Option Price for the Option Shares for which the Option is
being exercised and (b) payment by the Option Holder of all payroll, withholding
or income taxes incurred in connection with the Option exercise (or arrangements
for the collection or payment of such tax satisfactory to the Compensation
Committee of the Board of Directors of the Company (or if there is no such
committee, then the Board of Directors of the Company) (the "Committee") are
made).  The purchase price for the Shares as to which the Option is
exercised shall be paid to the Company in full at the time of exercise at the
election of the Option Holder (i) in cash, (ii) in Shares having a Fair Market
Value (as defined below) equal to the aggregate Option Price for the Shares
being purchased and satisfying such other requirements as may be imposed by the
Committee; provided, that, such Shares
have been held by the Option Holder for no less than six months, (iii) partly in
cash and partly in such Shares, or (iv) through the delivery of irrevocable
instructions to a broker to deliver promptly to the Company an amount equal to
the aggregate Option Price for the Shares being purchased.  Anything
to the contrary herein notwithstanding, the Company shall not be obligated to
issue any Option Shares hereunder if the issuance of the Option Shares would
violate the provision of any applicable law, in which event the Company shall,
as soon as practicable, take whatever action it reasonably can so that the
Option Shares may be issued without resulting in such violations of
law.

     

    For
purposes of this Agreement, "Fair Market Value"
shall mean, on a given date, the arithmetic mean of the high and low prices of
the Shares as reported on such date on the Composite Tape of the principal
national securities exchange on which such Shares are listed or admitted to
trading, or, if no Composite Tape exists for such national securities exchange
on such date, then on the principal national securities exchange on which such
Shares are listed or admitted to trading, or, if the Shares are not listed or
admitted on a national securities exchange, the arithmetic mean of the per Share
closing bid price and per Share closing asked price on such date as quoted on
the National Association of Securities Dealers Automated Quotation System (or
such market in which such prices are regularly quoted), or, if there is no
market on which the Shares are regularly quoted, the Fair Market Value shall be
the value established by the Committee in good faith. If no sale of Shares shall
have been reported on such Composite Tape or such national securities exchange
on such date or quoted on the National Association of Securities Dealers
Automated Quotation System on such date, then the immediately preceding date on
which sales of the Shares have been so reported or quoted shall be
used.

     

    7.     Exercisability Upon
Termination of Service by Death or Disability.  Upon a
Termination of Service (as defined below) by reason of death or Disability (as
defined below), the Option may be exercised within 180 days following the date
of death or Termination of Service due to Disability (subject to any earlier
termination of the Option as provided herein), by the Option Holder in the case
of Disability, or in the case of death, by the Option Holder's estate or by a
person who acquired the right to exercise the Option by bequest or inheritance,
but in any case only to the extent the Option Holder was entitled to exercise
the Option on the date of his or her Termination of Service by death or
Disability.  To the extent that the Option Holder was not entitled to
exercise the Option at the date of his or her Termination of Service by death or
Disability, or if he or she does not exercise the Option (which he or she was
entitled to exercise) within the time specified herein, the Option shall
terminate.  Notwithstanding anything to the contrary herein, the
Committee may at any time and from time to time prior to the termination of the
Option, with the consent of the Option Holder, extend the period of time during
which the Option Holder may exercise his or her Option following the date of
Termination of Service due to death or Disability; provided, however, that the
maximum period of time during which the Option shall be exercisable following
the date of Termination of Service due to death or Disability shall not exceed
the original term of the Option and that notwithstanding any extension of time
during which the Option may be exercised, the Option, unless otherwise amended
by the Committee, shall only be exercisable to the extent the Option Holder was
entitled to exercise the Option on the date of Termination of Service due to
death or Disability.  Any such extension shall be designed to conform
to the requirements of Section 409A of the Code so as to avoid the
imposition of the additional income tax.  For purposes of this
Agreement, "Termination of
Service" shall mean a Option Holder's termination of service with the
Company, its Subsidiaries (as defined in Section 424(f) of the Code or any
successor section thereto) and Affiliates (as defined below). A Termination of
Service of an employee of the Company or any Subsidiary shall not be deemed to
have occurred in the case of sick leave, military leave or any other leave of
absence, in each case approved by the Committee or in the case of transfers
between locations of the Company or its Subsidiaries. In the case of "specified
employees" (as described in Section 409A of the Code), distributions may
not be made before the date which is six months after the date of termination of
service (or, if earlier, the date of death of the Option Holder). A specified
employee is a "key employee" as defined in Section 416(i) of the Code without
regard to Paragraph (5), but only if the Company has any stock which is publicly
traded on an established securities market or otherwise.  For purposes
of this Agreement, "Disability" shall
mean inability to engage in any substantial gainful activity by reason of a
medically determinable physical or mental impairment which can be expected to
result in death, or can be expected to last for a continuous period of not less
than 12 months. The determination whether the Option Holder has suffered a
Disability shall be made by the Committee based upon such evidence as it deems
necessary and appropriate. An Option Holder shall not be considered disabled
unless he or she furnishes such medical or other evidence of the existence of
the Disability as the Committee, in its sole discretion, may require. For
purposes of this Agreement, "Affiliate" shall mean any entity (i) 20% or more
the voting equity of which is owned or controlled directly or indirectly by the
Company, or (ii) that had been a business, division or subsidiary of the
Company, the equity of which has been distributed to the Company's stockholders,
even if the Company thereafter owns less than 20% of the voting
equity.

     

    8.    Effect of Other Termination
of Service.  Upon a Termination of Service for any reason
(other than death or Disability), the unexercised Option may thereafter be
exercised during the period ending 90 days after the date of such Termination of
Service, but only to the extent to which the Option was vested and exercisable
at the time of such Termination of Service.  Notwithstanding the
foregoing, the Committee may, in its sole discretion, either by prior written
agreement with the Option Holder or upon the occurrence of a Termination of
Service, accelerate the vesting of unvested Options held by the Option Holder if
the Option Holder's Termination of Service is without "cause" (as such term is
defined by the Committee in its sole discretion) by the Company.

     

    9.    Effect of Change of
Control.  Subject to the terms of this Section 9 and the
other terms of this Agreement, if, upon or within 24 months following the
occurrence of a Change of Control (as defined below), a Termination of Service
of the Option Holder occurs in the Option Holder's capacity as an employee of
the Company, then the unvested Option Shares subject to the Option shall become
immediately vested in full on the date of such Termination of
Service.

     

    For purposes of this Agreement,
"Change of Control" shall mean
the occurrence of any of the following events:

     

     

    (i) any
Person (as used for purposes of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended (or any successor rule thereto)) becomes the
Beneficial Owner (as defined in Rule 13d-3 under the Securities Exchange Act of
1934, as amended (or any successor rule thereto)), directly or indirectly, of
more than forty percent (40%) of the combined voting power of the
then-outstanding voting securities of the Company entitled to vote generally in
the election of directors (the "Outstanding Company Voting
Securities"); provided, however, that the
following acquisitions shall not constitute a Change of Control: (A) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any corporation controlled by the Company, or
(B) any acquisition by an entity pursuant to a reorganization, merger or
consolidation, unless such reorganization, merger or consolidation constitutes a
Change of Control under clause (ii) of this Section 9;

     

     

    (ii) the
consummation of a reorganization, merger or consolidation, unless following such
reorganization, merger or consolidation sixty percent (60%) or more of the
combined voting power of the then-outstanding voting securities of the entity
resulting from such reorganization, merger or consolidation entitled to vote
generally in the election of directors is then Beneficially Owned, directly or
indirectly, by all or substantially all of the individuals and entities who were
the Beneficial Owners, respectively, of the Outstanding Company Voting
Securities immediately prior to such reorganization, merger or
consolidation;

     

     

    (iii) the
(A) approval by the stockholders of the Company of a complete liquidation
or dissolution of the Company or (B) sale or other disposition (in one
transaction or a series of related transactions) of all or substantially all of
the assets of the Company and its Subsidiaries, unless the successor entity
existing immediately after such sale or disposition is then Beneficially Owned,
directly or indirectly, by all or substantially all of the individuals and
entities who were the Beneficial Owners, respectively, of the Outstanding
Company Voting Securities immediately prior to such sale or
disposition;

     

     

    (iv) during
any period of twenty-four months, individuals who at the beginning of such
period constitute the Board of Directors of the Company (the "Board"), and any new
director (other than (A) a director nominated by a Person who has entered
into an agreement with the Company to effect a transaction described in clauses
(i), (ii) or (iii) of this Section 9,
(B) a director whose initial assumption of office occurs as a result of
either an actual or threatened election contest subject to Rule 14a-11 of
Regulation 14A promulgated under the Securities Exchange Act of 1934, as
amended (or any successor rule thereto), or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the
Board or (C) a director designated by any Person who is the Beneficial
Owner, directly or indirectly, of securities of the Company representing 10% or
more of the Outstanding Company Voting Securities) whose election by the Board
or nomination for election by the Company's stockholders was approved in advance
by a vote of at least two-thirds (2/3) of the directors then still in office who
either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to
constitute at least a majority thereof; or

     

     

    (v) the
Board adopts a resolution to the effect that, for purposes hereof, a Change of
Control has occurred.

     

     

    Notwithstanding the foregoing, if the
award under this Agreement consists of deferred compensation subject to Section
409A of the Code, the definition of Change of Control shall be deemed modified
to the extent necessary to comply with Section 409A of the Code.

     

     

    10.    Adjustment Upon Certain
Events.

     

     

    (i) The
number and type of Shares which have been authorized for issuance under this
Agreement as well as the exercise or purchase price per Share, as applicable,
covered by this Agreement, shall be proportionately adjusted for any increase or
decrease in the number of issued Shares resulting from a stock split, reverse
stock split or combination or the payment of a stock dividend (but only on the
Company's common stock) or reclassification of the Company's common stock or any
other increase or decrease in the number of issued Shares effected without
receipt of consideration by the Company. Any such adjustment shall be determined
in good faith by the Committee to be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under this Agreement, and the Committee's determination in that respect shall be
final, binding and conclusive. Except as expressly provided herein, no issue by
the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, shall affect, and no adjustment by reason thereof
shall be made with respect to, the number or price of Shares subject to this
Agreement.

     

     

    (ii) In
the event of a Change of Control (other than pursuant to Section 11 or 12), if the Committee
makes no provision for the assumption of this Agreement by the successor
corporation, then the Committee shall determine whether (i) none, all or a
portion of the Option shall vest, (ii) the Option shall terminate as of a
date fixed by the Committee which is at least 30 days after the notice
thereof to the Option Holder and shall give each Option Holder the right to
exercise his or her Option as to all or any part of the Shares, including Shares
as to which the Option would not otherwise be exercisable, or (iii) cause
the Option, as of the effective date of any such event, to be cancelled in
consideration of a cash payment or grant of an alternative option or award
(whether by the Company or any entity that is a party to the transaction), or a
combination thereof, to the holder of the cancelled Option, provided that such payment
and/or grant are substantially equivalent in value to the fair market value of
the cancelled Option as determined by the Committee.

     

    

    11.    Liquidation.  In
the event of the dissolution or liquidation of the Company, other than pursuant
to Section 12
in connection with a Reorganization (as defined below), the Option shall
terminate as of a date to be fixed by the Committee, provided that not less than 30
days written notice of the date so fixed shall be given to the Option Holder and
the Option Holder shall have the right during such period to exercise the Option
as to all or any part of the Option Shares covered hereby as to which the Option
would then be exercisable.

    

    12.    Reorganization.  In
the event of a Reorganization in which the Company is not the surviving or
acquiring company, or in which the Company is or becomes a wholly-owned
subsidiary of another company or entity after the effective date of the
Reorganization, then (i) if there is no plan or agreement respecting the
Reorganization ("Reorganization
Agreement") or if the Reorganization Agreement does not specifically
provide for the change, conversion or exchange of the Option Shares under
outstanding unexercised Options for securities of another corporation, then the
Option shall terminate as of a date to be fixed by the Committee, provided that not less than
30 days written notice of the date so fixed shall be given to the Option
Holder and the Option Holder shall have the right during such period to exercise
the Option as to all or any part of the Option Shares covered hereby; or
(ii) if there is a Reorganization Agreement and if the Reorganization
Agreement specifically provides for the change, conversion or exchange of the
Option Shares under outstanding or unexercised options for securities, cash or
property of another corporation or entity, then the Committee shall adjust the
Option Shares under such outstanding unexercised Options (and shall adjust the
Option Shares which are then available to be optioned, if the Reorganization
Agreement makes specific provisions therefor) in a manner not inconsistent with
the provisions of the Reorganization Agreement for the adjustment, change,
conversion or exchange of such stock and such options.  The term
"Reorganization" as
used in this Section
12 shall mean any merger, consolidation, sale of all or substantially all
of the assets of the Company, or sale, pursuant to an agreement with the
Company, of securities of the Company pursuant to which the Company is or
becomes a wholly-owned subsidiary of another company or entity after the
effective date of the Reorganization.

     

    13.    Lock Up
Agreement.  The Option Holder agrees that upon request of the
Company or the underwriters managing any underwritten offering of the Company's
securities, the Option Holder shall agree in writing that for a period of time
(not to exceed 180 days) from the effective date of any registration of
securities of the Company, the Option Holder will not sell, make any short sale
of, loan, grant any option for the purchase of, or otherwise dispose of any
Option Shares issued pursuant to the exercise of the Option, without the prior
written consent of the Company or such underwriters, as the case may
be.

     

    14.           Transfer of
Shares.  The Option, the Option Shares, or any interest in
either, may be sold, assigned, pledged, hypothecated, encumbered, or transferred
or disposed of in any other manner, in whole or in part, only in compliance with
the terms, conditions and restrictions as set forth in the governing instruments
of the Company, applicable United States federal and state securities laws and
the terms and conditions this Agreement.  Except as set forth in this
Section 14, the
Option shall not be transferable by the Option Holder otherwise than by will or
by the laws of descent and distribution, and during the lifetime of the Option
Holder the Option shall be exercisable only by the Option Holder.  If
the Option is exercisable after the death of the Option Holder or a transferee
pursuant to the following sentence, the Option may be exercised by the legatees,
personal representatives or distributees of the Option Holder or such
transferee. The Option Holder may irrevocable transfer the Option for no
consideration to any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law,
including adoptive relationships, of the Option Holder, any trust in which these
persons have more than 50% of the beneficial interest, any foundation in which
these persons (or the Option Holder) control the management of assets, and any
other entity in which these persons (or the Option Holder) own more than 50% of
the voting interests ("Eligible
Transferees"), provided that subsequent
transfers of transferred Options shall be prohibited except those in accordance
with the first sentence of this Section 14. The
Committee may, in its discretion, amend the definition of Eligible Transferees
to conform to the coverage rules of Form S-8 under the Securities Act of 1933
(or any comparable or successor registration statement) from time to time in
effect. Following transfer, any such Options shall continue to be subject to the
same terms and conditions as were applicable immediately prior to transfer. The
events of Termination of Service of Section 8 hereof
shall continue to be applied with respect to the original Option Holder,
following which the options shall be exercisable by the transferee only to the
extent, and for the periods specified, in Section
8.

     

    15.           Expenses of Issuance of
Option Shares.  The issuance of stock certificates upon the
exercise of the Option in whole or in part, shall be without charge to the
Option Holder.  The Company shall pay, and indemnify the Option Holder
from and against any issuance, stamp or documentary taxes (other than transfer
taxes) or charges imposed by any governmental body, agency or official (other
than income taxes) by reason of the exercise of the Option in whole or in part
or the resulting issuance of the Option Shares.

     

    16.           Withholding.  No
later than the date of transfer of the Shares pursuant to the exercise of the
Option granted hereunder (and in any event no later than three days after Option
exercise), the Option Holder shall pay to the Company or make arrangements
satisfactory to the Committee regarding payment of any federal, state or local
taxes of any kind required by law to be withheld upon the exercise of the Option
and the Company shall, to the extent permitted or required by law, have the
right to deduct from any payment of any kind otherwise due to the Option Holder,
federal, state and local taxes of any kind required by law to be withheld upon
the exercise of the Option. With the approval of the Committee, the Option
Holder may elect to pay a portion or all of such withholding taxes by
(i) delivery of Shares or (ii) having Shares withheld by the Company
from any Shares that would have otherwise been received by the Option Holder.
The number of Shares so delivered or withheld shall have an aggregate Fair
Market Value on the date of the exercise sufficient to satisfy the applicable
withholding taxes. In addition, with the approval of the Committee, the Option
Holder may satisfy any additional tax that the Option Holder elects to have the
Company withhold by delivering to the Company or its designated representative
Shares already owned by the Option Holder or, in the case of Shares acquired
through an employee benefit plan sponsored by the Company or its Subsidiaries,
Shares held by the Option Holder for more than six months.

     

    17.           No Right to Continued
Employment of Service.  This Agreement shall not impose any
obligation on the Company, its Subsidiaries or its affiliates to continue the
service of the Option Holder or lessen the Company's, Subsidiary's or
affiliate's right to terminate the service of the Option Holder.

     

    18.           Not Compensation for Benefit
Plans.  This Agreement shall be deemed salary or compensation
for the purpose of computing benefits under any benefit plan or other
arrangement of the Company for the benefit of its employees or directors unless
the Company shall determine otherwise.

     

    19.           No Rights to Awards; No
Stockholder Rights.  No Option Holder shall have any claim to
be granted any Option, and there is no obligation for uniformity of treatment of
Option Holders. No Award shall confer on the Option Holder any rights to
dividends or other rights of a stockholder with respect to Shares subject to
this Agreement unless and until Shares are duly issued or transferred to the
Option Holder in accordance with the terms of this Agreement and, if applicable,
the satisfaction of any other conditions imposed by the Committee.

     

    20.           No Fractional
Shares.  No fractional Shares shall be issued or delivered
pursuant to this Agreement. The Committee shall determine, in its discretion,
whether cash, other options, stock appreciation rights or other stock based
awards, scrip certificates (which shall be in a form and have such terms and
conditions as the Committee in its discretion shall prescribe) or other property
shall be issued or paid in lieu of such fractional Shares or whether such
fractional Shares or any rights thereto shall be forfeited or otherwise
eliminated.

     

    21.           Severability.  The provisions of this
Agreement shall be deemed severable, and the invalidity or unenforceability of
any one or more of the provisions hereof shall not affect the validity and
enforceability of the other provisions hereof.  The Option Holder
agrees that the breach or alleged breach by the Company of (a) any covenant
contained in another agreement (if any) between the Company and the Option
Holder or (b) any obligation owed to the Option Holder by the Company, shall not
affect the validity or enforceability of the covenants and agreements of the
Option Holder set forth herein.

     

    22.           References.  References
herein to rights and obligations of the Option Holder shall apply, where
appropriate, to the Option Holder's legal representative or estate without
regard to whether specific reference to such legal representative or estate is
contained in a particular provision of this Option.

     

    23.    Headings.  The
headings and other captions in this Agreement are for convenience of reference
only and shall not be used in interpreting, construing or enforcing any of the
provisions of this Agreement.

    

    24.    Notices.  Any
notice required or permitted to be given under this Agreement shall be in
writing and shall be deemed to have been given when delivered personally or by
courier, or sent by certified or registered mail, postage prepaid, return
receipt requested, duly addressed to the party concerned at the address
indicated below or to such changed address as such party may subsequently by
similar process give notice of:

     

    If to the
Company:

     

    Far East
Energy Corporation

    363 N Sam
Houston Parkway East

    Suite
380

    Houston,
Texas 77060

    Attn.:
Secretary

    

    If to the
Option Holder:

     

    Phil A.
Christian

    c/o Far
East Energy (Bermuda), Ltd.

    Room
806-811 Floor 8 Tower A

    Tian Yuan
Gang Center

    C2 North
Road, East 3rd Ring
Road

    Chaoyang
District

    Beijing,
100027, P.R. of China

    Email
Address: PChristian@fareastenergy.com

    

    25.           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas applicable to contracts made and
to be performed in the State of Texas without regard to conflict of laws
principles.

     

    26.           Entire
Agreement.  This Agreement constitutes the entire agreement
among the parties relating to the subject matter hereof, and any previous
agreement or understanding among the parties with respect thereto is superseded
by this Agreement.

     

    27.    Modifications.  No
change or modification, other than adjustment of the exercise or purchase price
or the number of shares of common stock purchasable pursuant to this Agreement,
of this Agreement shall be valid unless the same is in writing and signed by the
parties hereto; provided, however that the
Option Holder hereby covenants and agrees to execute any amendment of this
Agreement which shall be required or desirable (in the opinion of the Company or
its counsel) in order to comply with any rule or regulation promulgated or
proposed under the Code.

    

    28.           Counterparts.  This
Agreement may be executed in two counterparts, each of which shall constitute
one and the same instrument.

     

    29.    Conflict.  To
the extent the provisions of this Agreement conflicts with the terms and
conditions of any written agreement between the Company and the Option Holder,
the terms and conditions of such agreement shall control.

    

    IN WITNESS WHEREOF, the undersigned
have executed this Agreement effective as of the Date of Grant.

     

    
      	
              FAR
      EAST ENERGY CORPORATION

            
	 
      	 
      
	 
      	 
      
	
              By:

            	
              /s/
      Michael R. McElwrath

            
	
              Name:

            	
              Michael
      R. McElwrath

            
	
              Title:

            	
              Chief
      Executive Officer

            
	 
      	 
      
	 
      	 
      
	
               

            	 
      
	 
      	 
      
	
              /s/
      Phil A Christian

            
	
              Phil
      A. Christian

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