Document:

Form of non-qualified stock option award agreement

 Exhibit 10.2 

MAGELLAN PETROLEUM CORPORATION 

1998 STOCK INCENTIVE PLAN 

NONQUALIFIED STOCK OPTION AWARD AGREEMENT 

THIS NON-QUALIFIED STOCK OPTION AWARD
AGREEMENT, is made as of the grant date indicated in Section 3 below (the “Grant Date”), by and between Magellan Petroleum Corporation, a Delaware corporation (the “Company”), and the
undersigned individual (the “Optionee”), pursuant to the Magellan Petroleum Corporation 1998 Stock Incentive Plan, as amended to date (the “Plan”). Terms used but not defined herein shall have the same meaning as in the Plan.

 WHEREAS, the Optionee is an eligible director of the Company and the Board of Directors
of the Company has, acting upon a recommendation of the Compensation, Nominating and Governance Committee of the Board, approved the grant of Nonqualified Stock Options (“Options”) under the Plan to the Optionee. 

NOW, THEREFORE, in consideration of the terms and conditions of this Agreement and
pursuant to the Plan, the parties agree as follows: 
  

	1.	Grant of Options. The Company hereby grants to the Optionee the right and option to purchase from the Company, at the exercise price set forth in
Section 3 below, all or any part of the aggregate number of shares of common stock, par value $0.01 per share, of the Company, as such common shares are presently constituted (the “Stock”), set forth in said Section 3.

  

	2.	Terms and Conditions. It is understood and agreed that the Options evidenced hereby are subject to the provisions of the Plan (which are incorporated
herein by reference) and the following terms and conditions: 

  

	 	(a)	Expiration Date. Notwithstanding anything in the Plan to the contrary, the Options evidenced hereby shall expire on the earlier of the date specified in
Section 3 of the Agreement or the first anniversary of the death of the Participant in accordance with the Plan. 

  

	 	(b)	Exercise of Option. The Options evidenced hereby shall be exercisable from time to time by (i) providing written notice of exercise ten
(10) days prior to the date of exercise specifying the number of shares for which the Options are being exercised, addressed to the Company at its principal place of business, and (ii) either: 

 

	 	(A)	Cash Only Exercise – submitting the full cash purchase price of the exercised Stock; or 

	 	(B)	Cashless Exercise – submitting appropriate authorization for the sale of Stock in an amount sufficient to provide the full purchase price in accordance with
Section 5(d) of the Plan, or 

  

	 	(C)	Combination – tendering a combination of (i) and (ii) above. 

 

	 	(c)	Withholding Taxes. Without regard to the method of exercise and payment, the Optionee shall pay to the Company, upon notice of the amount due, any
withholding taxes payable with respect to such exercise, which payment may be made with shares of Stock which would otherwise be issued pursuant to the Options. 

 

	 	(d)	Vesting. The shares covered by the Options shall vest as follows: 

 

					
	 (i)
	  	________________________________________________	 	(                    )
		  	Option shares shall vest in full on April 1, 2011;	 	
	 (ii)
	  	________________________________________________	 	(                    )
		  	Option shares shall vest in full on April 1, 2012; and	 	
	 (iii)
	  	________________________________________________	 	(                    )
		  	Option shares shall vest in full on April 1, 2013.	 	

  

	 	(e)	Acceleration. The Options evidenced hereby shall immediately be accelerated and vest in full upon the occurrence of a “change of control” of the
Company as defined in Section 15 of the Plan. 

  

	 	(f)	Compliance with Laws and Regulations. The Options evidenced hereby shall be subject to restrictions imposed at any time on the exercise or delivery of
shares in violation of the By-Laws of the Company or of any law or governmental regulation that the Company may find to be valid and applicable and shall be subject to, and comply with, any applicable requirements of any federal and state securities
laws, rules and regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and any rules and regulations promulgated thereunder) and any other law or
regulation applicable thereto. The Company shall not be obligated to issue any shares of Stock pursuant to this Agreement if such issuance would violate any such securities laws, rules or regulations. 

 

	 	(g)	Interpretation. Optionee hereby acknowledges that this Agreement is governed by the Plan, a copy of which Optionee hereby acknowledges having received,
and by such administrative rules and regulations relative to the Plan and not inconsistent therewith as may be adopted and amended from time by the Committee (the “Rules”). Optionee agrees to be bound by the terms and provisions of the
Plan and the Rules. 

  

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	3.	Option Data. 

  

					
	 Optionee’s Name:
	  	[Name of Director]	  	
			
	 Number of shares of Stock
	  		  	
	 Subject to this Option:
	  	________________________	  	
			
	 Grant Date:
	  	April 1, 2010	  	
			
	 Exercise Price Per Share:
	  	$2.24	  	
			
	 Expiration Date:
	  	April 1, 2020	  	

  

	4.	Award of Options Contingent Upon Shareholder Approval. The award of the Options to the Optionee hereby are expressly conditioned upon, and shall only take
effect, if the Company’s shareholders approve an amendment to the Plan to increase the number of shares of Stock reserved for issuance under the Plan at either (i) the Company’s 2010 annual meeting of shareholders to be held in the
fall of 2010, or (ii) at any subsequent annual or special meeting of shareholders of the Company held on or before April 1, 2011, which approval is required under the terms of the Plan and the listing requirements of the Nasdaq Stock
Market, Inc. Optionee acknowledges and agrees that, should the required shareholder approval of the required amendment of the Plan not be obtained on or prior to April 1, 2011, then the Award of Options evidenced hereby shall be null and void
and of no further force and effect. 

  

	5.	Miscellaneous. This Agreement and the Plan (a) contains the entire Agreement of the parties relating to the subject matter of this Agreement and
supersedes any prior agreements or understandings with respect thereto; and (b) shall be binding upon and inure to the benefit of the Company, its successors and assigns and the Optionee, his heirs, devisees and legal representatives. In the
event of the Optionee’s death or a judicial determination of his incompetence, reference in this Agreement to the Optionee shall be deemed to refer to his legal representative, heirs or devisees, as the case may be. 

 

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 * * * * * * 

IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its authorized officer, as of the Grant Date identified in Section 3 above. 
  

									
	MAGELLAN PETROLEUM CORPORATION	 		 	Agreed and Accepted by:
				
	By:	 	_____________________________________	 		 	_______________________________________
		 	Name:	 	Edward B. Whittemore	 		 	
		 	Title:	 	Secretary	 		 	
			
	Date: April 1, 2010	 		 	

  

 -4-Form of restricted stock award agreement

 Exhibit 10.3 

MAGELLAN PETROLEUM CORPORATION 

1998 STOCK INCENTIVE PLAN 

RESTRICTED STOCK AWARD AGREEMENT 

This Restricted Stock Award Agreement evidences the award of shares of restricted common stock, par value $0.01 per share (the
“Common Stock”) of Magellan Petroleum Corporation (the “Company”) to the individual whose name appears below (the “Grantee”), pursuant to the provisions of the Company’s 1998 Stock Incentive Plan (the
“Plan”) and on the following express terms and conditions (capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan): 
  

					
	 1.      Name of Grantee:
	  	 _____________________
	  	
		
	 2.      Number of Restricted Shares:
	  	                     shares (the “Restricted
Shares”)
		
	 3.      Grant Date:
	  	April 1, 2010

  

	4.	Effectiveness; Execution of Agreement: Grantee shall have no rights with respect to the Restricted Shares awarded hereby unless Grantee shall have accepted the
award of the Restricted Shares within 60 days (or such shorter date as the Committee may specify) following the Grant Date by executing and delivering to the Secretary of the Company a copy of this Restricted Stock Award Agreement.

  

	5.	Vesting of Restricted Shares: As provided in Section 8 of the Plan, the number of Restricted Shares and applicable dates on which the nontransferability of
the Restricted Shares and the Company’s forfeiture rights with respect thereto shall lapse, shall be as follows: 

  

			
	 Number of Shares
	  	 Vesting Date

	
                     (1/3
rd)
	  	April 1, 2010
	
                     (1/3
rd)
	  	April 1, 2011
	
                     (1/3
rd)
	  	April 1, 2012

  

	6.	Forfeitures: In the event of termination of employment of Grantee with the Company, a Subsidiary or an Affiliate for any reason, or cessation of service as a
director of the Company for any reason, all of Grantee’s Restricted Shares then remaining subject to nontransferability and the Company’s forfeiture rights under the Plan shall be immediately forfeited to the Company without the necessity
of any further act by the Company, Grantee or Grantee’s legal representative; provided, however, that in the event of termination of employment by reason of death or Disability (as defined in the Plan) or cessation of service as a
director of, or consultant to, the Company by reason of death or Disability (as defined in the Plan), all restrictions and conditions applicable to any Restricted Shares then held by Grantee that remain subject to nontransferability and the
Company’s forfeiture rights under the Plan shall immediately lapse and be of no further force and effect. 

	7.	Change in Control. If a “Change of Control”, as defined in the Plan, occurs, then all restrictions and conditions applicable to any Restricted Shares
then held by Grantee that remain subject to nontransferability and the Company’s forfeiture rights under the Plan shall immediately lapse and be of no further force and effect. 

 

	8.	Transferability; Rights as a Shareholder: Restricted Shares that have not become vested may not be sold, assigned, transferred or otherwise disposed of or
pledged or otherwise encumbered by Grantee; provided, however, that Grantee shall have all the rights of a stockholder with respect to the Restricted Shares awarded hereby, including voting and dividend rights, subject to the provisions
regarding nontransferability and the Company’s forfeiture rights described in the Plan. 

  

	9.	Taxation Matters. 

  

	 	(a)	Grantee recognizes and agrees that there may be certain tax issues that affect Grantee arising from the grant and/or vesting of the Restricted Shares and Grantee shall
be solely responsible for payment of all federal, state and local taxes resulting therefrom. The Company expressly provides no tax advice to Grantee and recommends that Grantee seek personal tax advice. 

 

	 	(b)	In general, Grantee will have taxable income in any year during which Restricted Shares vest. The amount of the taxable income for each year will equal the number of
shares which vest multiplied by the fair market value of a Share of Common Stock on the vesting date. This amount will be included Grantee’s taxable income reported for that year. Any applicable withholding taxes associated with the vesting of
the Restricted Shares may be paid to the Company as set forth in paragraph (c) below or by any other method deemed satisfactory to the Company, prior to the delivery of vested shares to Grantee. 

 

	 	(c)	Grantee’s tax withholding liability may be satisfied through the delivery to the Company of Shares of Common Stock having a value equal in amount to the tax
withholding liability outlined in (b) above. The number of shares to be delivered to the Company will be rounded up to the nearest whole share and in no case will partial Shares be transferred. The Shares delivered to the Company for
satisfaction of Grantee’s withholding tax liability will result in a reduction in the number of vested shares actually delivered to Grantee. 

  

 -2- 

	 	(d)	Section 83(b) of the Internal Revenue Code permits Grantee to recognize income in the year in which the Restricted Shares are granted, rather than in the
subsequent years in which they vest. This election generally must be filed with the Internal Revenue Service within 30 days of the Grant Date. Grantee is encouraged to discuss this option with his or her own tax advisor. In the event Grantee desires
to make an election under Section 83(b) of the Code, Grantee first shall make appropriate arrangements with the Company for the payment of all applicable withholding taxes associated with such election. 

 

	 	(e)	If Grantee is of a natural citizenship other than the United States of America, he or she will be subject to and have his or her tax liability calculated in accordance
with the applicable statutory laws of his or her home country, which may result in treatment other than what is outlined in (b) through (d) above. 

 

	10.	Stock Certificates: Until the applicable vesting date, certificates representing the Restricted Shares shall be issued in the name of Grantee, but held in the
physical possession of the Company. Grantee shall execute in blank the stock power attached hereto as Annex I, allowing the Company to transfer the Restricted Shares in the event they are forfeited pursuant to Section 5 above.

  

	11.	Compliance with Laws and Regulations: The issuance of the Restricted Shares pursuant to this Agreement shall (a) be subject to restrictions imposed at any
time on the delivery of shares in violation of the By-Laws of the Company or of any law or governmental regulation that the Company may find to be valid and applicable; and (b) be subject to, and shall comply with, any applicable requirements
of any federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and any rules and regulations promulgated
thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue any Shares of Common Stock pursuant to this Agreement if such issuance would violate any such securities laws, rules or regulations.

  

	12.	Interpretation: Grantee hereby acknowledges that this Agreement is governed by the Plan, a copy of which Grantee hereby acknowledges having received, and by such
administrative rules and regulations relative to the Plan and not inconsistent therewith as may be adopted and amended from time by the Compensation, Nominating and Governance Committee (the “Rules”). Grantee agrees to be bound by the
terms and provisions of the Plan and the Rules. 

  

	13.	Miscellaneous: This Agreement and the Plan (a) contains the entire Agreement of the parties relating to the subject matter of this Agreement and supersedes
any prior agreements or understandings with respect thereto; and (b) shall be binding upon and inure to the benefit of the Company, its successors and assigns and Grantee, his heirs, devisees and legal representatives. In the event of
Grantee’s death or a judicial determination of his incompetence, reference in this Agreement to Grantee shall be deemed to refer to his legal representative, heirs or devisees, as the case may be. 

 

 -3- 

 * * * * * * 

IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its authorized officer, as of the Grant Date identified in Section 3 above. 
  

									
	MAGELLAN PETROLEUM CORPORATION	 		 	Agreed and Accepted by:
				
	BY:	 	  
	 		 	  

		 	Name:	 	Edward B. Whittemore	 		 	
		 	Title:	 	Secretary	 		 	
			
	Date: April 1, 2010	 		 	

  

 -4- 

 Annex I 

STOCK POWER 
 FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto Magellan Petroleum Corporation (the “Company”),
                                 shares of common stock, $0.01 par value per share, of
the Company, registered in the name of the undersigned on the books and records of the Company, and does hereby irrevocably constitute and appoint the Corporate Secretary of the Company as attorney to transfer the said stock on the books of the
Company with full power of substitution in the premises. 
  

	
	  

	Signed (Signature should be in exact form as on stock certificate
	
	  

	Date

  

 -5-

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