Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 16, 2012, William H. Hastings resigned from the Board of Directors of Magellan Petroleum Corporation (the “Company”). Mr. Hastings tendered his resignation in connection with the Company's decision to discontinue his employment with the Company as Senior Advisor for Business Development, effective as of that date. Pursuant to the terms and conditions of the previously reported Employment Agreement between Mr. Hastings and the Company dated February 3, 2009, as amended by the addendum thereto dated September 27, 2011, the Company is required to pay Mr. Hastings two years' severance compensation as a result of the Company's decision to discontinue his employment with the Company and Mr. Hastings' decision to resign from the Board of Directors.
"My well came in big, so big, Bick and there's more down there and there's bigger wells. I'm rich, Bick. I'm a rich 'un. I'm a rich boy." - Jett Rink
