Exhibit 10.2
FIRST AMENDMENT TO
MAGELLAN PETROLEUM CORPORATION
NONQUALIFIED STOCK OPTION
Whereas, Magellan Petroleum Corporation, a Delaware corporation (the “Company”), and
the undersigned individual (the “Participant”), have previously entered into an option award
agreement dated as of November 28, 2005 (the “Option Agreement”) which evidenced a stock option
award (the “Option”) made by the Company to the Optionee under the Company’s 1998 Stock Option Plan
(the “Plan”);
Whereas, the Company and the Participant wish to amend the terms of the Option as set
forth herein;
Now, Therefore, in consideration of the terms and conditions of this Amendment and
pursuant to the terms of the Plan, the parties hereby agree as follows:
1. Section 2(a) of the Option Award Agreement is hereby deleted in its entirety and the
following is substituted therefore:
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(a) |
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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. |
2. Except as expressly modified by this First Amendment, all terms and provisions contained in
the Option Agreement shall remain in full force and effect.
* * * * *
In Witness Whereof, the Company has caused this instrument to be executed by its duly
authorized officer.
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MAGELLAN PETROLEUM CORPORATION |
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By:
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Optionee: [name of director]
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Name: |
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Title: |
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Date: December ___, 2008 |
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