First Amendment to Magellan Petroleum Corporation Nonqualified Stock Option Agreement

Summary

Magellan Petroleum Corporation and a participant are amending a previous stock option agreement originally dated November 28, 2005. The amendment changes the expiration terms of the stock options, specifying that they will now expire on the earlier of the date in Section 3 of the agreement or one year after the participant's death. All other terms of the original agreement remain unchanged. This amendment is effective as of December 2008.

EX-10.2 3 y73276exv10w2.htm EX-10.2: FORM OF AMENDMENT TO STOCK OPTION AGREEMENT EX-10.2

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:

(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.

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.


Agreed to:	MAGELLAN PETROLEUM CORPORATION

	By:

Optionee: [name of director]		Name:
		Title:

Date: December ___, 2008