Document:

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                                                                   EXHIBIT 10.48

                                  DATED [_____]

                          XINHUA FINANCE MEDIA LIMITED

                                       AND

                                     [NAME]

                           EXECUTIVE SERVICE AGREEMENT

                                   ----------

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DATE: ___________________

PARTIES:

(1)  XINHUA FINANCE MEDIA LIMITED, a company registered in the Cayman Islands
     whose registered office is at Unit 3905-3909, 1 Grand Gateway, 1 Hongqiao
     Road, Shanghai, PRC, 200030 (the "Company");

and

(2)  [name] (the "Executive").

RECITALS:

The Company has agreed to employ the Executive and the Executive has agreed to
serve the Company as [office] on the following terms and conditions.

TERMS AGREED:

1.   DEFINITIONS AND INTERPRETATION

1.1  In this Agreement where the context so admits the following words and
     expressions shall have the following meanings:

<TABLE>
<S>                         <C>
     "ASSOCIATED COMPANY"   means in relation to the Company, any subsidiary or
                            holding company of the Company, any subsidiary of
                            such holding company, and any company in which the
                            Company or any such holding company holds or
                            controls directly or indirectly not less than 20% of
                            the issued share capital;

     "BOARD"                means the board of directors of the Company from
                            time to time;

     "HK$"                  means Hong Kong dollars;

     "HONG KONG"            means the Hong Kong Special Administrative Region of
                            the People's Republic of China.
</TABLE>

1.2  Terms defined in Section 2 of the Companies Ordinance shall in this
     Agreement have the meanings ascribed to them in that section.

1.3  All references in this Agreement and the Schedule attached hereto to the
     Company or any Associated Companies shall include their successors in title
     or assigns.

                                       -1-

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1.4  References herein to Clauses and the Schedules are references to the
     clauses and the schedules of this Agreement which shall be deemed to form
     part of this Agreement. The headings in this Agreement are inserted for
     convenience of reference only and do not affect the interpretation hereof.

2.   EMPLOYMENT

     The Company shall employ the Executive and the Executive shall serve the
     Company as [office] on and subject to the terms and conditions specified
     herein.

3.   COMMENCEMENT

3.1  The Executive agrees that he will remain in the employ of the Company or an
     Associated Company for the period commencing the date of this Agreement and
     ending on the date that is five years after the date of this Agreement,
     with a five year renewal at the option of the Executive. The renewal will
     be at identical terms as this contract, with the exception of the starting
     salary which will begin at [_____] per month due to annual cost of living
     increases; PROVIDED, HOWEVER, that nothing in this Clause 3 shall affect
     the termination provisions pursuant to clause 12.

4.   DUTIES

4.1  Subject to Clause 6.1 below, the Executive shall be employed in the
     position of [office] in which capacity he shall devote such time, attention
     and skill as is necessary in order to fulfill his duties hereunder, and
     shall at all times during such employment act in the interests of the
     Company and its Associated Companies, and shall faithfully and diligently
     perform such duties and exercise such powers consistent therewith as may
     from time to time be assigned to or vested in him by the Board or the
     Company.

4.2  The Executive shall fulfill the reasonable and lawful orders of the Board,
     given by or with the authority of the Board provided such orders comply
     with recognizable pertinent ethical standards in effect at such time, and
     shall comply with all the Company's rules, regulations, policies and
     procedures from time to time in force.

4.3  The Executive may be required in pursuance of his duties hereunder to
     perform services not only for the Company but also for any Associated
     Company and, without further remuneration (except as otherwise agreed), to
     accept any such office or position in any Associated Company which is
     consistent with his position with the Company, as the Board or the Company
     may from time to time reasonably require, provided that such office and/or
     position does not inhibit the Executive from performing his duties
     hereunder or entail services which are well beyond his duties hereunder (in
     which event the parties shall mutually agree to acceptable additional
     remuneration in connection with such position and/or office).

4.4  The Executive will keep the [Chief Executive Officer/Board of Directors]
     promptly and fully informed (in writing if so requested) of his conduct of
     the business or

                                       -2-

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     affairs of the Company and any Associated Company and provide such
     explanations as the [CEO/Board] may require in connection therewith.

5.   PLACE OF WORK

     The Executive's place of work shall be in Hong Kong and in Shanghai, PRC as
     the Company shall from time to time advise him or any location outside
     Shanghai, PRC as the Company and the Executive shall mutually agree. In the
     performance of his duties hereunder, the Executive may be required to
     travel both throughout and outside Asia.

6.   EXCLUSIVITY OF SERVICE/CONFLICTS

6.1  During the period of the Executive's employment hereunder the Executive
     shall devote such of his time and attention to his duties hereunder as is
     required to fulfill those duties and he shall not (without the prior
     written consent of the Board) directly or indirectly either on his own
     account or on behalf of any other person, company, business entity or other
     organisation:

     6.1.1 (i) engage in, or (ii) be concerned with, or (iii) provide services
          to, (whether as an employee, officer, director, agent, partner,
          consultant or otherwise) any other business in direct competition with
          the Company or any Associated Company; or

     6.1.2 accept any public office;

     PROVIDED THAT the Executive may not hold shares in a private company which
     is in direct competition with the Company; and

     FURTHER PROVIDED THAT the Executive is entitled to devote his time and
     attention to other existing business interests provided that such interests
     do not conflict or interfere with the duties of the Executive as set out in
     this Agreement.

     The Company acknowledges that Executive is a member of the board of
     directors and/or an officer in other private and public companies, and the
     Company consents to the Executive remaining in such positions, and
     acknowledges that these positions do not constitute a conflict of
     Executive's duties hereunder. The Company further acknowledges the
     Executive's duties to Xinhua Finance Limited, and agrees that the
     Executives responsibilities to Xinhua Finance Limited in no way conflict
     with this agreement. All of the Executives responsibilities are excluded
     from any conflict with this Agreement.

7.   REMUNERATION

     The remuneration of the Executive shall be:

                                       -3-

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     (a)  a monthly salary of US$[_____] payable in arrears such salary to
          include any sum receivable as other remuneration from any Associated
          Company, except as set forth herein. This salary shall be
          automatically increased cumulatively by ten percent per annum during
          the term of this Agreement;

     (b)  a monthly living allowance in the sum of US$[_____]. This monthly
          living allowance shall increase by ten percent per annum during the
          term of this Agreement, and any termination provisions with regard to
          monthly salary shall also apply;

     (c)  Mandatory Provident Entitlement.;

     (d)  Additional compensation in shares as determined by the Compensation
          Committee; and

     (e)  [_____] Shares in Xinhua Finance Media. Xinhua Finance Media shall use
          its reasonable efforts to allow Executive to sell no less than % of
          his securities in the offering.

8.   OTHER BENEFITS

8.1  In addition to the foregoing remuneration and benefits, the Executive shall
     also be entitled to the following:

     (a)  the provision of medical, dental, travel and optical insurance under
          such insurance scheme as the Board may decide from time to time at the
          expense of the Company for the benefit of the Executive, his spouse
          and dependant children and independent grandchildren under the age of
          21;

     (b)  participation in any share option scheme which may be adopted by the
          Company, subject to the terms and conditions of such scheme from time
          to time in place; and

8.2  Details of the scheme(s) referred to in Clauses 8.1(a), (b) and (c) above
     can be obtained from the HR Department. The Company reserves the right to
     substitute other scheme(s) for such scheme(s) or amend the scale of
     benefits of such scheme(s) provided the level of benefits to the Executive
     is not diminished.

8.3  The Company represents that it has taken all corporate action necessary in
     order to enter into this Agreement and comply with the terms contained
     herein, including the payment of bonus and issuance of shares in accordance
     with terms of this Agreement and the Compensation Share Agreement.

8.4  The Company agrees that it shall obtain Officers and Directors liability
     insurance covering the Board and the Executive from a reputable
     internationally recognized

                                       -4-

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     insurance carrier, at such levels as is customary in the business conducted
     by the Company.

9.   EXPENSES

     The Company shall reimburse the Executive (against receipts or other
     satisfactory evidence) for all reasonable expenses properly incurred in the
     course of her employment hereunder or in promoting or otherwise in
     connection with the business of the Company and as set forth in this
     Agreement.

10.  DEDUCTIONS

     The Company shall, to the extent permitted by s.32 of the Employment
     Ordinance of the Laws of Hong Kong, be entitled to deduct from the
     Executive's remuneration hereunder any monies due from him to the Company
     or any Associated Company including, but not limited to, any outstanding
     loans, advances, the cost of repairing any damage to or loss of the
     Company's property caused by her (and of recovering the same, only as
     adjudged by a court of competent jurisdiction) and any other monies owed by
     her to the Company or any Associated Company.

11.  LEAVE

11.1 The Executive shall be entitled to ten working days' per calendar quarterly
     leave (in addition to public holidays) with full pay, which leave shall be
     taken at such time or times which do not interfere with the Executive
     carrying out his duties hereunder.

11.2 Unused annual leave may not be carried forward without the approval of
     Board. Failure to take holiday entitlement in the appropriate holiday year
     will lead to forfeiture of any accrued holiday not taken without any right
     to payment in lieu thereof.

12.  TERMINATION

12.1 Notwithstanding the provisions of Sections 2 and 3, the Executive's
     employment with the Company may be earlier terminated as follows:

12.1.1 By action taken by the Board, the Executive may be discharged for cause
     (as hereinafter defined), effective as of such time as the Board shall
     determine. Upon discharge of the Executive pursuant to this Section 12.1.1,
     the Company shall have no further obligation or duties to the Executive,
     except for payment of salary, issuance of Shares earned, benefits, expenses
     and any earned but unpaid bonus, through the effective date of termination,
     and the Executive shall have no further obligations or duties to the
     Company. Cause is hereby defined as a criminal conviction in a court of law
     for fraud that involves the performance of his duties as [Office] of Xinhua
     Finance Media and more than $250,000 USD.

                                       -5-

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 12.1.2 In the event of (i) the death of the Executive or (ii) by action of the
     Board and the inability of the Executive, by reason of physical or mental
     disability, to continue substantially to perform his duties hereunder for a
     period of 180 consecutive days, during which 180 day period salary and any
     other benefits hereunder shall not be suspended or diminished. Upon any
     termination of the Executive's employment under this Section 12.1.2, the
     Company be responsible for paying to the Executive (or the Executive's
     estate if applicable) a lump sum equal to the annual salary of the
     Executive in effect at the time of termination plus shares or bonus as
     provided in Section 7 above, plus the benefits in Section 8.1(a) for a
     period of five years following such termination. Provided that by way of
     example, if either of the aforementioned events occur, the Executive shall
     be entitled to such bonus enumerated in Clause 7 if at the end of such
     calendar year the Executive has achieved the predetermined milestones for
     which a bonus is to be paid.

12.1.3 In the event (i) that Executive's employment with the Company is
     terminated by action taken by the Board without cause or (ii) there is a
     Change in Control (as hereinafter defined), or (iii) the Company fails to
     pay such bonus due to Executive in accordance with Section 7 in a timely
     fashion (in such event the Executive shall have the right to terminate this
     Agreement upon written notice to the Company, in which case the Company
     shall be responsible for the payments set forth below), then the Company
     shall be responsible for payment to the Executive of the salary amounts and
     such earned but unpaid bonus as provided in Section 7 above plus expenses
     incurred by the Executive as per Section 9 above and the benefits in
     Section 8.1(a) all of which shall be for a period through the life of this
     contract plus option extension following such termination, and Executive
     shall have no further obligations or duties to the Company. In the event
     such aforementioned termination and/or event occurs, the Company shall pay
     to the Executive within five business days after such termination/event a
     lump sum due the Executive whether due to Executive in cash or shares per
     section 7 above. Additionally, all options granted but not vested shall
     become immediately vested. Additionally, the Company or it successors shall
     be required at the Executive's option to purchase all of the Executives
     shares at the then market price of the Company's shares.

     All amounts payable to the Executive pursuant to this Section 12.1.3 shall
     be paid to the Executive in one lump-sum payment within five business days
     after such termination. Provided that by way of example, if either of the
     aforementioned events occur, the Executive shall be entitled to such
     compensation enumerated in Clause 7 if at the end of such calendar year the
     Executive has achieved the predetermined milestones

12.2 For purposes of this Agreement a "Change in Control" shall be deemed to
     occur, unless previously consented to in writing by the Executive, in case
     the Company shall, consolidate or merge with or into another corporation
     (whether or not the Company is the surviving corporation or where there is
     a change in or distribution with respect to the stock of the Company), or
     sell, transfer or otherwise dispose of all or substantially all its
     property, assets or business to another corporation and, pursuant to the
     terms of such reorganization, reclassification, merger, consolidation or
     disposition of assets, shares of common stock of the successor or acquiring

                                       -6-

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     corporation, or any cash, shares of stock or other securities or property
     of any nature whatsoever (including warrants or other subscription or
     purchase rights) in addition to or in lieu of common stock of the successor
     or acquiring corporation. In case of any such reorganization,
     reclassification, merger, consolidation or disposition of assets, the
     successor or acquiring corporation (if other than the Company) shall
     expressly assume the due and punctual observance and performance of each
     and every covenant and condition of this Agreement to be performed and
     observed by the Company and all the obligations hereunder.

12.3 Forthwith upon the termination of the employment of the Executive
     hereunder, provided the parties are not involved in a dispute over such
     materials, if the Company shall so request, the Executive shall deliver to
     the Company all documents (including correspondence, lists of customers,
     notes, memoranda, plans, drawings and other documents of whatsoever
     nature), models or samples made or compiled by or delivered to the
     Executive during his employment hereunder, in connection with her duties
     hereunder, and concerning the business, finances or affairs of the Company
     or any Associated Company. For the avoidance of doubt it is hereby declared
     that the property in all such documents as aforesaid shall at tall times be
     vested in the relevant Associated Company.

12.4 The Executive acknowledges that the Company may, during all or any part of
     any period of notice whether given by the Company or the Executive to
     terminate the Executive's employment under this Agreement require the
     Executive not to attend work and/or not to undertake all or any of hisr
     duties and/or exclude him from any premises of the Company, provided that
     for the avoidance of doubt during such period the Executive shall continue
     to receive salary and other contractual benefits provided by this
     Agreement.

12.5 The Executive agrees that he will not at any time after the termination of
     the Employment represent herself as still having any connection with the
     Company or any Associated Company, save as a former employee for the
     purpose of communicating with prospective employers or complying with any
     applicable statutory requirements.

13.  DIRECTORSHIPS

13.1 The Executive is currently a Director on the Company's Board of Directors.
     The Company represents that the other members of its Board of Directors
     have agreed in writing for the Executive to remain a member of the Board of
     Directors for so long as this Agreement is in effect. The Executive shall
     forthwith resign in writing from all directorships, trusteeships and other
     offices she may hold from time to time with the Company or any Associated
     Company without compensation for loss of office in the event of:

     13.1.1 the Executive serving notice on the Company of termination of her
          employment.

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14.  REASONABLENESS OF RESTRICTIONS

     The Executive recognises that, whilst performing his duties for the
     Company, he will have access to and come into contact with trade secrets
     and confidential information belonging to the Company or to Associated
     Companies and will obtain personal knowledge of and influence over its or
     their customers and/or employees. The Executive therefore agrees that the
     restrictions contained or referred to in Clauses 15 and 16 and Schedule 1
     are reasonable and necessary to protect the legitimate business interests
     of the Company and the Associated Companies both during and after the
     termination of his employment.

15.  CONFIDENTIALITY

15.1 The Executive shall neither during the Employment (except in the proper
     performance of his duties) nor one year after the termination thereof by
     the Company for cause (as defined above) or termination by the Executive,
     directly or indirectly

     15.1.1 use for his own purposes or those of any other person, company,
          business entity or other organisation whatsoever; or

     15.1.2 disclose to any person, company, business entity or other
          organisation whatsoever.

     any trade secrets or confidential information belonging to the Company or
     any Associated Company including but not limited to any such information
     relating to customers, customer lists or requirements, price lists or
     pricing structures, sales and marketing information, business plans or
     dealings, employees or officers, source codes and computer systems,
     software, financial information and plans, designs, formulae, prototypes,
     product lines, services, research activities, which are expressly
     proprietary to the Company or any Associated Company and not in the
     knowledge of the Executive prior to the date of this Agreement, any
     document marked 'Confidential' (or with a similar expression), or any
     information which the Executive has been told is confidential or which he
     might reasonably expect the Company would regard as confidential, or any
     information which has been given to the Company or any Associated Company
     in confidence by customers, suppliers or other persons.

15.2 The obligations contained in Clause 15.1 shall cease to apply to any
     information or knowledge which may subsequently come into the public domain
     other than by way of unauthorised disclosure, or any such information which
     is the subject of a lawful court order then in effect.

16.  COPYRIGHT, INVENTIONS AND PATENTS

                                       -8-

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16.1 The Executive will promptly disclose to the Company and to no one else all
     copyright works or designs originated, conceived, written or made by him
     alone or with others in the course of his employment (except only those
     works originated, conceived, written or made by him wholly outside his
     normal working hours and which are wholly unconnected with his employment).

16.2 All records, documents, papers (including copies and summaries thereof) and
     other copyright protected works made or acquired by him in the course of
     his employment shall, together with all the worldwide copyright and design
     rights in all such works, be and at all times remain the absolute property
     of the Company.

16.3 The Executive hereby irrevocably and unconditionally waives in favour of
     the Company all rights granted by the Copyright Ordinance 1997 in
     connection with his authorship of any copyright works in the course of his
     employment with the Company, including without limitation any moral rights
     and any right to claim an additional payment with respect to use or
     exploitation of those works.

16.4 The Executives agree that his compensation in this Agreement are full
     compensation for his services and all present and future uses of copyright
     works made by him in the course of his employment.

16.5 If, at any time during the Executive's employment under this Agreement, he
     (whether alone or with any other person or persons) shall make any
     invention which relates directly to the business of the Company or any
     Associated Company or was made or acquired in course of his employment, he
     will promptly disclose to the Company and no-one else full details,
     including drawings and models, of such invention.

16.6 If the Executive makes any inventions that do not belong to the Company
     under the Patents Ordinance 1997, she agrees that he will forthwith agree
     that the Company shall have the first right to exclusively license such
     inventions. The Company will pay to the Executive such compensation for the
     license as the Executive and the Company agree, with such compensation
     being in lines with the standard in such industry. If the parties do not
     agree then the Executive shall be entitled to license such invention to
     other parties.

16.7 The Executive will, at the request and expense of the Company both during
     and after the termination of his employment under this Agreement, do all
     things necessary or desirable to perfect the rights of the Company under
     this Clause 16, provided no bona fide dispute exists.

16.8 Nothing in this Agreement shall prohibit the Executive from maintaining and
     publishing a diary relating to his life and experiences, some of which
     include his experiences with the Company, provided such diary does not
     disclose any copyright protected material made by Executive in the course
     of his employment. It being agreed that the Executive is entitled to any
     and all profits related thereto.

17.  POST-TERMINATION OBLIGATIONS

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17.1 The Executive agrees that he will observe the post-termination obligations
     set out in Schedule 1 for a period of one year.

18.  [INTENTIONALLY OMITTED]

19.  WARRANTY

     The Executive represents and warrants that he is not prevented by any
     agreement, arrangement, contract, understanding, court order or otherwise,
     which in any way directly or indirectly restricts or prohibits him from
     fully performing the duties of his employment hereunder, or any of them, in
     accordance with the terms and conditions of this Agreement.

20.  INDEMNIFICATION

     The Company shall indemnify and hold harmless the Executive against any and
     all expenses reasonably incurred by him in connection with or arising out
     of (a) the defense of any action, suit or proceeding in which he is a
     party, or (b) any claim asserted or threatened against him in either case
     by reason of or relating to him being or having been an employee, officer
     or director of the Company, provided the Executive has acted in the best
     interests of the Company and has not acted in bad faith, whether or not he
     continues to be such an employee, officer or director at the time of
     incurring such expenses, except insofar as such indemnification is
     prohibited by law. Such expenses shall include, without limitation, the
     fees and disbursements of attorneys, amounts of judgments and amounts of
     any settlements. Such amounts do not need to be agreed to in advance by the
     Company. The foregoing indemnification obligation is independent of any
     similar obligation provided in the Company's organization documents or
     Articles of Association, and to matters attributable to her employment
     hereunder, without regard to when asserted. No indemnification shall be
     available to the Executive in the event of actions by Executive which are
     in violation of this Agreement, however, in the event of actions by
     Executives which are in violation of this Agreement, however, in the event
     of the Company terminates the Executives, the Company shall pay for
     Executive's legal representation in any settlement discussions.
     Additionally, in the event of any disputes, the Company shall pay all costs
     of Executives separate counsel, whether or not the Company deems those
     expenses reasonable.

21.  NOTICES

21.1 Each notice, demand or other communication given or made under this
     Agreement shall be in writing and delivered or sent to the relevant party
     at its address or fax number set out below (or such other address or fax
     number as the addressee has by five business days' prior written notice
     specified to the other party):

                                      -10-

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     To the Company: XINHUA FINANCE MEDIA LIMITED
                     Fax number: 852-2541-8266
                     Attention: Board of Directors

     To the Executive: [_____]
                       Suite 2003-5, Vicwood Plaza, 199 Des Voeux Rd, Hong Kong

21.2 Any notice, demand or other communication so addressed to the relevant
     party shall be deemed to have been delivered (a) if given or made by
     letter, when actually delivered to the relevant address; and (b) if given
     or made by fax, when dispatched subject to receipt of machine-printed
     confirmation of error-free dispatch.

21.3 Any notice to be given hereunder may be delivered (a) in the case of the
     Company by first class post addressed to its Registered Office or via
     facsimile, and (b) in the case of the Executive, either to her personally
     or by first class postage to her last known address.

22.  MISCELLANEOUS

22.1 The various provisions and sub-provisions of this Agreement and the
     Schedules are severable and if any provision or sub-provision is held to be
     unenforceable by any court of competent jurisdiction then such
     unenforceability shall not affect the enforceability of the remaining
     provisions or sub-provisions in this Agreement or the Schedules.

22.2 The benefit of each agreement and obligation of the Executive under Clause
     15 and Schedule 1 may be assigned to and enforced by all successors and
     assigns for the time being of the Company and each Associated Company and
     such agreements and obligations shall operate and remain binding
     notwithstanding the termination of this Agreement.

22.3 This Agreement cancels and is in substitution for all previous letters of
     engagement, agreements and arrangements (whether oral or in writing)
     relating to the subject-matter hereof between the Company and the Executive
     all of which shall be deemed to have been terminated by mutual consent.
     This Agreement constitutes the entire terms and conditions of the
     Executive's employment and no waiver or modification thereof shall be valid
     unless in writing, signed by the parties and only to the extent therein set
     forth.

22.4 No failure or delay by the Company in exercising any right, power or remedy
     under this Agreement shall operate as a waiver thereof, nor shall any
     single or partial exercise of the same preclude any further exercise
     thereof or the exercise of any other right, power or remedy. Without
     limiting the foregoing, no waiver by the Company of any breach by the
     Executive of any provision in this Agreement shall be deemed to be a waiver
     of any subsequent breach of that or any other provision in this Agreement.

                                      -11-

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22.5.1 This Agreement shall be governed by and construed in accordance with the
     laws of Hong Kong and the parties hereby irrevocably submit to the
     non-exclusive jurisdiction of the Hong Kong courts.

SIGNED by the parties on the date first above written.

----------------------------------------
For and on behalf of

XINHUA FINANCE MEDIA LIMITED

in the presence of:

----------------------------------------

SIGNED SEALED AND DELIVERED
AS A DEED by

[                                       ]
 --------------------------------------

in the presence of:

----------------------------------------

                                      -12-

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                                   SCHEDULE 1

                          POST-TERMINATION RESTRICTIONS

1.   NON-COMPETITION

     The Executive hereby agrees that she shall not (without the written consent
     of the Board) for the Relevant Period within the Prohibited Area and
     whether on her own behalf or in conjunction with or on behalf of any other
     person, firm, company or other organisation, (and whether as an employee,
     director, principal, agent, consultant or in any other capacity
     whatsoever,) in competition with the Company directly or indirectly (i) be
     employed or engaged in, or (ii) perform services in respect of, or (iii) be
     otherwise concerned with:

1.1  the research into, development, manufacture, supply or marketing of any
     product which is of the same or similar type to any product researched, or
     developed, or manufactured, or supplied, or marketed by the Company during
     the 12 months immediately preceding the Termination Date;

1.2  the development or provision of any services (including but not limited to
     technical and product support, or consultancy or customer services) which
     are of the same or similar type to any services provided by, or known by
     the Executive to be in development by, the Company during the 12 months
     immediately preceding the Termination Date;

2.   NON-SOLICITATION OF CUSTOMERS

     The Executive hereby agrees that she shall not for the Relevant Period
     whether on her own behalf or in conjunction with or on behalf of any
     person, company, business entity or other organisation (and whether as an
     employee, director, principal, agent, consultant or in any other capacity
     whatsoever), directly or indirectly (i) solicit or, (ii) assist in
     soliciting, or (iii) accept, or (iv) facilitate the acceptance of, or (v)
     deal with, in competition with the Company, the custom or business of any
     Customer or Prospective Customer.

3.   NON-SOLICITATION OF EMPLOYEES

     The Executive hereby agrees that she will not for the Relevant Period
     either on her own behalf or in conjunction with or on behalf of any other
     person, company, business entity, or other organization (and whether as an
     employee, principal, agent, consultant or in any other capacity
     whatsoever), directly or indirectly:-

3.1  (i) induce, or (ii) solicit, or (iii) entice or (iv) procure, any person
     who is a Company Employee to leave the Company's or any Associated
     Company's employment (as applicable) where that person is a Company
     Employee on the Termination Date or during the Relevant Period;

                                      -13-

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3.2  be personally involved to a material extent in (i) accepting into
     employment or (ii) otherwise engaging or using the services of, any person
     who is a Company Employee on the Termination Date.

4.   INTERFERENCE WITH SUPPLIERS/JOINT VENTURE PARTNERS/COMPANY EMPLOYEES

     The Executive hereby agrees that she shall not (i) for the Relevant Period,
     and (ii) in relation to any contract or arrangement which the Company has
     with any joint venture partner, Company Employee, or Supplier for the
     exclusive supply of goods or services to the Company and/or to its
     Associated Companies, for the duration of such contract or arrangement,
     whether on her own behalf or in conjunction with or on behalf of any
     person, company, business entity or other organization, (and whether as an
     employee, director, agent, principal, consultant or in any other capacity
     whatsoever), directly or indirectly:

4.1  interfere with the supply of goods or services to the Company from any
     Supplier, Company Employee, or joint venture partner;

4.2  induce any Company Employee, joint venture partner, or Supplier of goods or
     services to the Company to cease or decline to supply such goods or
     services in the future.

5.   ASSOCIATED COMPANIES

5.1  Paragraphs 1, 2, 3, 4, and 6 in this Schedule 1 shall apply as though
     references to the "Associated Company" were substituted for references to
     the "Company". The obligations undertaken by the Executive pursuant to this
     Schedule shall, with respect to each Associated Company, constitute a
     separate and distinct covenant and the invalidity or unenforceability of
     any such covenant shall not affect the validity or enforceability of the
     covenants in favour of the Company or any other Associated Company.

5.2  In relation to each Associated Company referred to in paragraphs 5.1 above,
     the Company contracts as trustee and agent for the benefit of each such
     Associated Company. The Executive agrees that, if required to do so by the
     Company, she will enter into covenants in the same terms as those set out
     in paragraphs 1, 2, 3, 4, and 6 hereof directly with all or any of such
     Associated Companies, mutatis mutandis. If the Executive fails, within
     seven business days of receiving such a request from the Company, to sign
     the necessary documents to give effect to the foregoing, the Company shall
     be entitled, and is hereby irrevocably and unconditionally authorised by
     the Executive, to execute all such documents as are required to give effect
     to the foregoing, on her behalf.

                                      -14-

<PAGE>

6.   DEFINITIONS

     For the purposes of this Schedule, the following words and expressions
     shall have the meanings set out below:

6.1  "Associated Company", "Board", and "Company" shall have the meanings set
     out in the Agreement attached hereto, and shall include their successors in
     title and assigns (as applicable).

6.2  "Company Employee" means any person who was employed by (i) the Company or

          (ii) any Associated Company, for at least one month during Executive's
          employment with the Company or during the Relevant Period.

6.3  "Customer" shall mean any person, firm, company or other organisation
     whatsoever to whom the Company has supplied goods or services.

6.4  "Prohibited Area" means:

     6.4.1 Hong Kong;

     6.4.2 any other country in the world where, on the Termination Date, the
          Company develops, sells, supplies, manufactures or researches its
          products or services or where the Company is intending within 3 months
          following the Termination Date to develop, sell, supply or manufacture
          its products or services and in respect of which the Executive has
          been responsible (whether alone or jointly with others), concerned or
          active on behalf of the Company during any part of the 12 months
          immediately preceding the Termination Date.

6.5  "Prospective Customer" shall mean any person, firm, company or other
     organisation with whom the Company has had any material negotiations or
     material discussions regarding the possible supply of goods or services by
     the Company.

6.6  The "Relevant Period" shall mean, solely in the event of termination by the
     Company of the Executive with cause (as defined in the Agreement) the 12
     months immediately following the Termination Date. PROVIDED that the
     Relevant Period shall be the Termination Date in the event of termination
     of the Executive Services Agreement for any other reason whatsoever.

6.7  "Supplier" means any person, company, business entity or other organisation
     whatsoever who:

     6.7.1 has supplied goods or services to the Company during any part of the
          12 months immediately preceding the Termination Date; or

     6.7.2 has agreed prior to the Termination Date to supply goods or services
          to the Company to commence at any time in the 12 months following the
          Termination Date; or

                                      -15-

<PAGE>

     6.7.3 as at the Termination Date, supplies goods or services to the Company
          under a contract or arrangement between that Supplier and the Company.

6.8  "Termination Date" shall mean the date upon which the Executive's
     employment with the Company terminates.

                                      -16-exv10w1

 

Exhibit 10.1

AMENDMENT, CONSENT, WAIVER AND RELEASE

     This AMENDMENT, CONSENT, WAIVER AND RELEASE (this “Agreement”) is made and entered into as of
the 9th day of February, 2007 by and among Tethys Petroleum Limited, a company incorporated and
existing in the Island of Guernsey (“TPL”) (formerly known as Tethys Petroleum Investments
Limited), Tethys Kazakhstan Limited, a company incorporated and existing in the Island of Guernsey
(“TKL,” and together with TPL, each a “Company” and collectively the “Companies”), and the
individuals and entities who or which are signatories hereto.

     WHEREAS, CanArgo Energy Corporation, a Delaware corporation (“CanArgo”), and certain persons
(the “Original Senior Noteholders”) have entered into a Note Purchase Agreement, as amended (the
“Note Purchase Agreement”), pursuant to which CanArgo issued $25,000,000 in aggregate principal
amount of senior secured promissory notes due July 25, 2009 (the “Senior Notes”); and

     WHEREAS, CanArgo and the Original Senior Noteholders entered into that certain Security
Agreement dated July 25, 2005 (the “Security Agreement”), pursuant to which CanArgo granted to
holders of the Senior Notes (each hereby referred to as a “Senior Noteholder” and collectively as
the “Senior Noteholders”) a security interest in the Collateral (as defined in the Security
Agreement) to secure the payment of the Senior Notes; and

     WHEREAS, TPL is a party to that certain Guaranty Agreement dated as of July 25, 2005 (the
“Guaranty Agreement”) by TPL and the other Guarantors named therein in favor of the Senior
Noteholders, pursuant to which TPL and such other Guarantors guaranteed the payment of the Senior
Notes; and

     WHEREAS, TKL is a party to that certain Supplemental Agreement dated as of March 3, 2006 (the
“Supplemental Agreement”) in favor of the Senior Noteholders, pursuant to which TKL became a
Guarantor (as defined in the Guaranty Agreement) under the Guaranty Agreement;

     WHEREAS, TPL is contemplating raising a minimum of US$10 million dollars in additional capital
by means of an issue of equity; and

     WHEREAS, CanArgo, the Companies and the Senior Noteholders wish to amend the Note Purchase
Agreement, the Security Agreement and the Guaranty Agreement and terminate the Supplemental
Agreement such that (i) neither TKL nor TPL shall be a Guarantor under the Guaranty Agreement, and
(ii) no securities representing equity interests in either Company shall be deemed Collateral or
subject to the Security Agreement (but without prejudice to the terms of any new security interest
agreement put in place with respect to CanArgo Limited’s equity interests in TPL) in order to
facilitate such equity offering.

1

 

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency or which is hereby acknowledged and confirmed, the
parties hereto, intending to be legally bound, hereby agree as follows:

     1. Definitions. Capitalized terms used herein but not otherwise defined have the
meanings assigned to them in the Note Purchase Agreement.

     2. Consent, Waiver and Release. Notwithstanding the provisions of any Loan Document
to the contrary provided, in accordance with Section 18 of the Note Purchase Agreement, Section
12.7 of the Security Agreement and Section 19 of the Guaranty Agreement, the Senior Noteholders
hereby irrevocably and unconditionally:

          (a) consent to, and waive any rights they may have under the Note Purchase Agreement or any
other Loan Documents in connection with, (i) the amendment of (x) the Note Purchase Agreement to
amend the definition of “Collateral” (as hereinafter provided) and to delete any reference to the
Companies from Schedules 5.11 and 6.4 thereto and (y) the amendment of the Security
Agreement to amend the definition of “Investment Property” (as hereinafter provided), (ii) the
release of the securities whether now or hereafter issued and outstanding of either Company from
the Liens granted under the Note Purchase Agreement and the Security Agreement, (iii) the amendment
of the Guaranty Agreement to delete any reference to the Companies from the definition of
“Guarantor” or “Guarantors” therein and to release both Companies from their obligations as
Guarantors thereunder and (iv) the termination of the Supplemental Agreement. The consents,
releases, amendments and waivers granted in this Section 2 only apply to the matters described in
clause (i), (ii), (iii) and (iv) above, and do not constitute a waiver of, or consent to, any other
amendment to or waiver of any other provisions of the Loan Documents;

          (b) hereby release each of the Companies and their respective successors, assigns, officers,
directors, shareholders, agents and employees from any all claims, damages, losses or liability,
which they now have or may in the future acquire from this date until the end of time, in respect
of, or attributable to any and all obligations of the Companies arising under or in connection with
the Note Purchase Agreement, the Security Agreement, the Guaranty Agreement and Supplemental
Agreement; and

          (c) hereby release CanArgo and its successors, assigns, officers, directors, shareholders,
agents and employees from any all claims, damages, losses or liability, which they now have or may
in the future acquire from this date until the end of time, arising under or attributable to the
release of the securities of either Company from the Liens set forth in the Note Purchase
Agreement and the Security Agreement and the release of the Companies of their obligations under
the Guaranty Agreement and Supplemental Agreement.

     3. Amendment of the Note Purchase Agreement and the Security Agreement; Termination
Statements.

2

 

          (a) The definitions of “Collateral” set forth in Schedule B of the Note Purchase Agreement and
the definition of “Investment Property” set forth in Section 1(b) of the Security Agreement are
hereby amended nunc pro tunc by adding the following language at the end thereof:

     “, but excluding all capital stock or other securities issued
or to be issued in the future by either Tethys Petroleum Limited,
a company incorporated and existing in Bailiwick of Guernsey
(formerly known as Tethys Petroleum Investments Limited), or
Tethys Kazakhstan Limited a company incorporated and existing in
the Island of Guernsey.”

	 	(b)	 	Schedules 5.11 and 6.4 to the Note Purchase Agreement
are hereby amended nunc pro tunc to delete therefrom any reference to the
Companies.
	 
	 	(c)	 	CanArgo is hereby authorized to file one or more UCC-3
termination statements in the appropriate filing jurisdictions to reflect the
release of collateral set forth in Section 2(a)(ii) and subsection (a) above.

     4. Amendment of the Guaranty Agreement. The Guaranty Agreement is hereby amended by
deleting any reference to either of the Companies as a “Guarantor” thereunder.

     5. Termination of the Supplemental Agreement. The Supplemental Agreement is hereby
terminated and deemed void ab initio and of no further force and effect.

     6. Minimum Proceeds. The parties hereby acknowledge that the consent and waiver
granted by the Purchasers pursuant to this Agreement is conditional upon TPL receiving a minimum of
US$10 million of aggregate gross proceeds from the issue of ordinary shares of £0.01 each in the
capital of TPL in connection with a proposed investment in TPL to be completed on or about the date
of this Agreement..

     7. Effect on Loan Documents. This Agreement and the amendments set forth herein are
limited to the specific purpose for which it is entered into and, except as specifically set forth
above, (a) shall not be construed as a consent, waiver, amendment or other modification with
respect to any other term, condition or other provision of any Loan Document and (b) each of the
Loan Documents shall remain in full force and effect and are each hereby ratified and confirmed.

     8. Miscellaneous.

          (a) Successors and Assigns; Headings; Choice of Law, etc. This Agreement shall be
binding on and shall inure to the benefit of CanArgo, each Company

3

 

and the Senior Noteholders and their respective successors and assigns, heirs and legal
representatives; provided that neither CanArgo nor any Company may assign its rights hereunder
without the prior written consent of the Company and the Required Holders. The headings in this
Agreement have been inserted for convenience purposes only and shall not be used in the
interpretation or enforcement of this Agreement. The Agreement shall be interpreted and enforced in
accordance with the laws of the State of New York, United States of America, applicable to
contracts made in and to be performed in such State. There shall be no third party beneficiaries
of any of the terms and provisions of this Agreement.

          (b) Entire Agreement; Amendments. This Agreement, including all documents attached
hereto, incorporated by reference herein or delivered in connection herewith, constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede all other prior
understandings, oral or written, with respect to the subject matter hereof and may not be amended,
or any provision thereof waived, except by an instrument in writing signed by the parties hereto.

          (c) Severability. Whenever possible each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement shall be prohibited by or invalid under such law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Agreement.

          (d) Counterparts. This Agreement may be executed in any number of counterparts and by
the different parties on separate counterparts, and each such counterpart shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument.
Delivery of an executed counterpart of a signature page to this Agreement by telecopy shall be
effective as delivery of a manually executed counterpart of this Agreement.

     IN WITNESS WHEREOF, this Agreement has been executed by the parties hereto or by their
representatives, thereunto duly authorized, as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	TETHYS PETROLEUM LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dr David Robson
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Dr David Robson	 	 
	 

	 	 	 	Title: Chairman & Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	TETHYS KAZAKHSTAN LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Elizabeth Landles
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Elizabeth Landles	 	 
	 

	 	 	 	Title: Director	 	 

4

 

	 	 	 	 	 	 	 
	 	 	CANARGO ENERGY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dr David Robson
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Dr David Robson	 	 
	 

	 	 	 	Title: Chairman & CEO	 	 

	 	 	 	 	 
	SENIOR NOTEHOLDERS:	 	 
	 
	 	 	 	 
	INGALLS & SNYDER VALUE PARTNERS L.P.	 	 
	 
	By:

	 	/s/ Thomas O. Boucher Jr.
	 	 
	 

	 	 	 	 
	Thomas O. Boucher Jr., General Partner	 	 
	 
	 	 	 	 
	NIKOLAOS D MONOYIOS	 	 
	 
	By:

	 	/s/ Nikolaos D Monoyios
	 	 
	 

	 	 	 	 
	Nikolaos D Monoyios	 	 
	 
	 	 	 	 
	THOMAS L GIPSON	 	 
	 
	By:

	 	/s/ Thomas O. Boucher Jr.
	 	 
	 

	 	 	 	 
	Thomas O. Boucher Jr., Attorney-in-fact	 	 
	 
	 	 	 	 
	ARTHUR KOENIG	 	 
	 
	By:

	 	/s/ Arthur Koenig
	 	 
	 

	 	 	 	 
	Arthur Koenig	 	 
	 
	 	 	 	 
	THOMAS L GIPSON IRA	 	 
	 
	By:

	 	/s/ Thomas O. Boucher Jr.
	 	 
	 

	 	 	 	 
	Thomas O. Boucher Jr., Attorney-in-fact	 	 
	 
	 	 	 	 
	EVAN JANOVIC	 	 
	 
	By:

	 	/s/ Evan Janovic
	 	 
	 

	 	 	 	 
	Evan Janovic	 	 
	 
	 	 	 	 
	ARTHUR ABLIN	 	 
	 
	By:

	 	/s/ Arthur Ablin
	 	 
	 

	 	 	 	 
	Arthur Ablin	 	 

5

 

	 	 	 	 	 
	FLEDGLING ASSOCIATES LLC	 	 
	 
	By:

	 	/s/ Adam Janovic
	 	 
	 

	 	 	 	 
	Adam Janovic, Attorney-in-fact	 	 
	 
	 	 	 	 
	ADAM JANOVIC	 	 
	 
	By:

	 	/s/ Adam Janovic
	 	 
	 

	 	 	 	 
	Adam Janovic	 	 
	 
	 	 	 	 
	NEIL JANOVIC	 	 
	 
	By:

	 	/s/ Adam Janovic
	 	 
	 

	 	 	 	 
	Adam Janovic, Attorney-in-fact	 	 
	 
	 	 	 	 
	ANTHONY CORSO	 	 
	 
	By:

	 	/s/ Anthony Corso
	 	 
	 

	 	 	 	 
	Anthony Corso	 	 
	 
	 	 	 	 
	JOHN GILMER	 	 
	 
	By:

	 	/s/ John Gilmer
	 	 
	 

	 	 	 	 
	John Gilmer	 	 
	 
	 	 	 	 
	MARTIN SOLOMON	 	 
	 
	By:

	 	/s/ Martin Solomon
	 	 
	 

	 	 	 	 
	Martin Solomon	 	 
	 
	 	 	 	 
	AGREED AND ACKNOWLEDGED	 	 

	 	 	 	 	 	 	 
	 	 	CANARGO LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dr David Robson
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Dr David Robson	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	CANARGO LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dr David Robson
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Dr David Robson	 	 
	 

	 	 	 	Title: Director	 	 

6

 

	 	 	 	 	 	 	 
	 	 	CANARGO NORIO LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Elizabeth Landles
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Elizabeth Landles	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	CANARGO (NAZVREVI) LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Elizabeth Landles
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Elizabeth Landles	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	NINOTSMINDA OIL COMPANY LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dr David Robson
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Dr David Robson	 	 
	 

	 	 	 	Title: Director	 	 

7

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