Document:

Exhibit 10.7  

SECURITIES PURCHASE AGREEMENT  

        This Securities Purchase Agreement (this "Agreement"), effective as of March 1, 2007, is made and entered
into by and between Hicks Acquisition Company I, Inc., a Delaware corporation (the "Company"), and HH-HACI, L.P., a Delaware limited
partnership ("Buyer"). 

RECITALS:  

        WHEREAS, Buyer wishes to purchase from the Company 10,000,000 shares of the Company's Common Stock, par value
$0.0001 per share (the "Shares") and a warrant, in the form attached hereto as Exhibit A, to
purchase 10,000,000 shares of the Company's Common Stock (the "Warrant" and, together with the Shares, the
"Securities"); and 

        WHEREAS, the Buyer wishes to purchase the Securities from the Company and the Company wishes to sell the Securities to the Buyer on the
terms and subject to the conditions set forth in this Agreement. 

AGREEMENT:  

        NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained
in this Agreement, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I.

DEFINITIONS  

        The terms defined in this Article I shall have for all purposes of this Agreement the respective meanings
set forth below: 

        "Buyer" shall have the meaning set forth in the preamble to this Agreement. 

        "Closing" shall have the meaning set forth in Section 2.3 of this Agreement. 

        "Closing Date" shall have the meaning set forth in Section 2.3 of this Agreement. 

        "Common Stock" shall mean the Common Stock, $0.0001 par value per share, of the Company. 

        "Company" shall have the meaning set forth in the preamble to this Agreement. 

        "Consent" means any consent, approval, notification, waiver, or other similar action that is necessary or convenient. 

        "Governmental Body" shall mean any legislature, agency, bureau, branch, department, division, commission, court, tribunal or other similar
recognized organization or body of any federal, state, county, municipal, local or foreign government or other similar recognized organization or body exercising similar powers or authority. 

        "Law" shall mean any law (statutory, common or otherwise), constitution, ordinance, rule, regulation, executive order or other similar
authority enacted, adopted, promulgated or applied by any Governmental Body. 

        "Lien" shall mean a mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or
otherwise, including, without limitation, any lien for taxes), security interest, preference, participation interest, priority or security agreement or preferential arrangement of any kind or nature
whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and the
filing of any document under the law of any applicable jurisdiction to evidence any 

 

of
the foregoing, other than (i) statutory, mechanics' or other Liens incurred in the Company's ordinary course of business or (ii) Liens for taxes incurred but not yet due. 

        "Order" shall mean an order, ruling, decision, award, judgment, injunction or other similar determination or finding by, before or under
the supervision of any Governmental Body or arbitrator. 

        "Permit" shall mean a permit, license, certificate, waiver, notice or similar authorization to which Buyer is a party or by which Buyer is
bound or any of its assets are subject. 

        "Purchase Price" shall have the meaning set forth in Section 2.2 of this Agreement. 

        "SEC" shall mean the United States Securities and Exchange Commission. 

        "Securities Act" shall mean the United States Securities Act of 1933, as amended, or any successor federal statute, and the applicable
rules and regulations promulgated and in effect from time to time thereunder. 

        "Securities" shall have the meaning set forth in the recitals to this Agreement. 

        "Shares" shall have the meaning set forth in the recitals to this Agreement. 

        "Warrant" shall have the meaning set forth in the recitals to this Agreement. 

ARTICLE II

PURCHASE OF SECURITIES  

        Section 2.1 Purchase and Sale of Securities. Subject to the terms and conditions hereof and in reliance
upon the representations and warranties of the parties contained or incorporated by reference herein, simultaneous with the execution hereof, the Company shall sell and deliver to Buyer, and Buyer
shall purchase from the Company, the Securities, in consideration of the payment of the Purchase Price noted herein. 

        Section 2.2
Purchase Price. As payment in full for the Securities being purchased under this Agreement and against delivery of the
certificates therefor, simultaneous with the execution hereof, Buyer shall pay $25,000 to the Company by wire transfer ($1,000 of which shall be purchase price and $24,000 of which shall be additional
paid-in capital) of immediately available funds or by such other method as may be reasonably acceptable to the Company, (the "Purchase
Price"). 

        Section 2.3
Closing. The closing of the purchase and sale of the Securities (the
"Closing") shall be held on the date of this Agreement ("Closing Date") at the offices of Akin Gump
Strauss Hauer & Feld LLP, 1700 Pacific Avenue, Suite 4100, Dallas, Texas 75201, or such other place as may be agreed upon by the parties hereto. 

        Section 2.4  Closing Deliveries. All actions taken at the Closing shall be deemed to have been taken simultaneously. 

        (a)   Buyer Deliveries. At the Closing Buyer shall deliver to the Company the Purchase Price. 

        (b)   Company Deliveries. At the Closing, or within a reasonable time after the Closing but in no event later than thirty
(30) days after Closing, the Company shall deliver to Buyer the certificates representing the Securities and the Warrant. 

        Section 2.5  Further Assurances. The parties hereto shall execute and deliver such additional documents and take such additional
actions as any party reasonably may deem to be practical and necessary in order to consummate the transactions contemplated by this Agreement. 

2

 
ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE BUYER  

        Buyer represents and warrants to the Company that the statements contained in this ARTICLE III are correct and
complete as of the date of this Agreement. 

        Section 3.1
Organization and Good Standing. Buyer is a limited partnership duly organized, validly existing, and in good standing
under the laws of the state of Delaware. 

        Section 3.2
Power and Authority; Enforceability. This Agreement constitutes the legal, valid, and binding obligation of Buyer,
enforceable against Buyer in accordance with its terms. Buyer has full entity power and authority to execute and deliver this Agreement and to perform its obligations hereunder. Buyer has taken all
actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations hereunder and the consummation of the transactions contemplated hereby. This Agreement
has been duly authorized, executed and delivered by, and is enforceable against, Buyer. 

        Section 3.3
Investment Representations. 

        (a)   Buyer
is an "accredited investor" as defined in Rule 501 of Regulation D under the Securities Act. 

        (b)   Buyer
has received, has thoroughly read, is familiar with and understands the contents of this Agreement. 

        (c)   Buyer
hereby acknowledges that an investment in the Securities involves certain significant risks. Buyer acknowledges that there is a substantial risk that it will lose
all or a portion of its investment and that it is financially capable of bearing the risk of such investment for an indefinite period of time. Buyer has no need for liquidity in its investment in the
Securities for the foreseeable future and is able to bear the risk of that investment for an indefinite period. Buyer understands that there presently is
no public market for the Securities and none is anticipated to develop in the foreseeable future. Buyer's present financial condition is such that Buyer is under no present or contemplated future need
to dispose of any portion of the Securities subscribed for hereby to satisfy any existing or contemplated undertaking, need or indebtedness. Buyer's overall commitment to investments which are not
readily marketable is not disproportionate to its net worth and the investment in the Company will not cause such overall commitment to become excessive. 

        (d)   Buyer
acknowledges that the Securities have not been and will not be registered under the Securities Act, or any state securities act, and are being sold on the basis of
exemptions from registration under the Securities Act and applicable state securities acts, except those state securities acts that require registration of the Securities thereunder. Reliance on such
exemptions, where applicable, is predicated in part on the accuracy of the Buyer's representations and warranties set forth herein. Buyer acknowledges and hereby agrees that the Securities will not be
transferable under any circumstances unless Buyer either registers the Securities in accordance with federal and state securities laws or finds and complies with an available exemption under such
laws. Accordingly, Buyer hereby acknowledges that there can be no assurance that it will be able to liquidate its investment in the Company. 

        (e)   There
are substantial risk factors pertaining to an investment in the Company. Buyer acknowledges that it has read the information set forth above regarding certain of
such risks and is familiar with the nature and scope of all such risks, including, without limitation, risks arising from the fact that the Company is an entity with limited operating history and
financial resources; and Buyer is fully able to bear the economic risks of such investment for an indefinite period, and can afford a complete loss thereof. 

3

 

        (f)    Buyer
has been given the opportunity to (i) ask questions of and receive answers from the Company and its designated representatives concerning the terms and
conditions of the offering, the Company and the business and financial condition of the Company and (ii) obtain any additional information that the Company possesses or can acquire without
unreasonable effort or expense that is necessary to assist Buyer in evaluating the advisability of the purchase of the Securities and an investment in the Company. Buyer further represents and
warrants that, prior to signing this Agreement, it has asked such questions, received such answers and obtained such information as it has deemed necessary or advisable to evaluate the merits and
risks of the purchase of the Securities and an investment in the Company. Buyer is not relying on any oral representation made by any person as to the Company or its operations, financial condition or
prospects. 

        (g)   Buyer
understands that no federal, state or other governmental authority has made any recommendation, findings or determination relating to the merits of an investment
in the Company. 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY  

        Section 4.1 Organization and Good Standing. The Company is a corporation duly organized, validly existing,
and in good standing under the laws of the State of Delaware. 

        Section 4.2  Power and Authority; Enforceability. This Agreement constitutes the legal, valid, and binding obligation of the
Company, enforceable against the Company in accordance with its terms. The Company has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The
Company has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations hereunder, and the consummation of the transactions contemplated
hereby. This Agreement has been duly authorized, executed, and delivered by, and is enforceable against, the Company. 

        Section 4.3  No Violation; Necessary Approvals. Neither the execution and delivery of this Agreement by the Company, nor the
consummation or performance by the Company of any of transactions contemplated hereby, will: (a) with or without notice or lapse of time, constitute, create or result in a breach or violation
of, default under, loss of benefit or right under or acceleration of performance of any obligation required under any Law, Order, Contract or Permit to which the Company is a party or by which it is
bound or any of its assets are subject, or any provision of the Company's organizational documents as in effect on the Closing Date, (b) result in the imposition of any lien, claim or
encumbrance upon any assets owned by the Company; (c) require any Consent under any Contract or organizational document to which the Company is a party or by which it is bound; or
(d) require any Permit under any Law or Order other than (i) required filings, if any, with the SEC and (ii) notifications or other filings with state or federal regulatory
agencies after the Closing that are necessary or convenient and do not require approval of the agency as a condition to the validity of the transactions contemplated hereunder; or (e) trigger
any rights of first refusal, preferential purchase or similar rights with respect to any of the Securities. 

        Section 4.4
Authorization of the Securities. The Shares have been duly authorized and, when issued in accordance with this
Agreement, the Shares will be duly and validly issued, fully paid and non-assessable shares of Common Stock and will be free and clear of all Liens and claims, other than restrictions on
transfer imposed by the Securities Act and applicable state securities laws. The shares of Common Stock issuable upon exercise of the Warrants have been duly authorized and, when issued in accordance
with the terms of the Warrants, will be duly and validly issued, fully paid and non-assessable shares of Common Stock and will be free and clear of all Liens and claims, other than
restrictions on transfer imposed by the Securities Act and applicable state securities laws. 

4

 

ARTICLE V

MISCELLANEOUS  

        Section 5.1 Entire Agreement. This Agreement, together with the certificates, documents, instruments and
writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings,
agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 

        Section 5.2
Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are
binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. 

        Section 5.3
Assignments. Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its
rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported assignment in violation of this  Section 5.3 shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the purported assignee. 

        Section 5.4  Waiver of Jury Trial. THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY
DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL
ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE
WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS
JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND
THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF AN ACTION, THIS AGREEMENT MAY
BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT. 

        Section 5.5
Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original but
all of which together will constitute one and the same instrument. 

        Section 5.6
Headings. The article and section headings contained in this Agreement are inserted for convenience only and will not
affect in any way the meaning or interpretation of this Agreement. 

        Section 5.7
Governing Law. This Agreement, the entire relationship of the parties hereto, and any litigation between the parties
(whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of Delaware, without giving effect to
its choice of laws principles. 

        Section 5.8
Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except by a written
instrument executed by all parties hereto. 

        Section 5.9
Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any
provision will not affect the validity or enforceability of the other 

5

 

provisions
hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance, is adjudged by a Governmental Body, arbitrator, or mediator not to be
enforceable in accordance with its terms, the parties hereto agree that the Governmental Body, arbitrator, or mediator making such determination will have the power to modify the provision in a manner
consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced. 

        Section 5.10  Expenses. Except as otherwise expressly provided in this Agreement, each party hereto will bear its own costs and
expenses incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of
agents, representatives, financial advisors, legal counsel and accountants. 

        Section 5.11
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an
ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or
disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign Law will be deemed also to refer to Law as amended and
all rules and regulations promulgated thereunder, unless the context requires otherwise. The words "include,"
"includes," and "including" will be deemed to be followed by "without
limitation." Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the
plural and vice versa, unless the context otherwise requires. The words "this Agreement," "herein,"
"hereof," "hereby," "hereunder," and words of similar
import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein
will have independent significance. If any party hereto has breached any representation, warranty, or
covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity)
which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant. 

        Section 5.12  Waiver. No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder,
whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because
of any prior or subsequent occurrence. 

6

        IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date first set forth above. 

	

 	
COMPANY:
	

 	

HICKS ACQUISITION COMPANY I, INC.
	

 	

By:	

/s/ Joseph B. Armes
 Joseph B. Armes

Chief Operating Officer, Chief Financial Officer, Executive Vice President and Secretary
	

 	
BUYER:
	

 	

HH-HACI, L.P.
	

 	

 	

By:	

HH-HACI GP, LLC,

its general partner
	

 	

 	

 	

By:	
 	

/s/ Joseph B. Armes
 Joseph B. Armes

Executive Vice PresidentQuickLinks
 -- Click here to rapidly navigate through this document
  

Exhibit 10.8  

 
 

FORM OF SPONSOR WARRANTS PURCHASE AGREEMENT    
    

        THIS SPONSOR WARRANTS PURCHASE AGREEMENT, dated as of                  , 2007 (as it may from
time to time be amended and including all exhibits referenced herein,
this "Agreement"), is entered into by and between HH-HACI, L.P., a Delaware limited partnership (the
"Sponsor") and Hicks Acquisition Company I, Inc. (the "Company"). 

        The
Company intends to consummate a public offering of the Company's units (the "Public Offering"), each unit consisting of one share of
the Company's common stock, par value $0.0001 per share (a "Share"), and one warrant to purchase one Share at an exercise price of $7.50 per Share. The
Sponsor has agreed to purchase an aggregate of 7,000,000 warrants (the "Sponsor Warrants"), each Sponsor Warrant entitling the holder to purchase one
Share at an exercise price of $7.50 per Share. 

        NOW
THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows: 

 
 

AGREEMENT    
    

Section 1.    Authorization, Purchase and Sale; Terms of the Sponsor Warrants.  

        A.    Authorization of the Sponsor Warrants.    The Company has duly authorized the issuance and sale of the Sponsor
Warrants to the Sponsor. 

        B.    Purchase and Sale of the Sponsor Warrants.    Immediately prior to the consummation of the Public Offering or on
such earlier time and date as may be mutually agreed by the Sponsor and the Company (the "Closing Date"), the Company shall issue and sell to the
Sponsor, and the Sponsor shall purchase from the Company, the Sponsor Warrant for an aggregate purchase price of $7,000,000 (the "Purchase Price"),
which shall be paid by wire transfer of immediately available funds to the Company in accordance with the Company's wiring instructions. On the Closing Date, upon the payment by the Sponsor of the
Purchase Price by wire transfer of immediately available funds to the Company, the Company shall deliver a certificate evidencing the Sponsor Warrants duly registered in the Sponsor's name to the
Sponsor. 

        C.    Terms of the Sponsor Warrants.    

        (i)    Each
Sponsor Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company in connection with the Public Offering. 

        (ii)   Registration
Rights: At the time of the closing of the Public Offering, the Company and the Sponsor shall enter into a registration rights agreement (the
"Registration Rights Agreement") pursuant to which the Company will grant certain registration rights to the Sponsor relating to the Sponsor Warrants
and the Shares underlying the Sponsor Warrants. 

Section 2.    Representations and Warranties of the Company.  

        As a material inducement to the Sponsor to enter into this Agreement and purchase the Sponsor Warrants, the Company hereby represents and warrants to the Sponsor
(which representations and warranties shall survive the Closing Date) that: 

        A.    Organization and Corporate Power.    The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect
on the financial condition, operating results or assets of the Company. The Company 

1

 

possesses
all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and the Warrant Agreement. 

        B.    Authorization; No Breach.    

        (i)    The
execution, delivery and performance of this Agreement and the Sponsor Warrants have been duly authorized by the Company as of the Closing Date. This Agreement
constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms. Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and
this Agreement, the Sponsor Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing Date. 

        (ii)   The
execution and delivery by the Company of this Agreement and the Sponsor Warrants, the issuance and sale of the Sponsor Warrants, the issuance of the Shares of
common stock upon exercise of the Sponsor Warrants and the fulfillment of and compliance with the respective terms hereof and thereof by the Company, do not and will not as of the Closing Date
(a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest,
charge or encumbrance upon the Company's capital stock or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or
notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to the Certificate of Incorporation of the Company or the bylaws of the Company, or any
material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date
hereof under federal or state securities laws. 

        C.    Title to Securities.    Upon issuance in accordance with, and payment pursuant to, the terms hereof and the
Warrant Agreement, the Shares issuable upon exercise of the Sponsor Warrants will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to,
the terms hereof and the Warrant Agreement, the Sponsor will have good title to the Sponsor Warrants and the Shares issuable upon exercise of such Sponsor Warrants, free and clear of all liens, claims
and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state
securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Sponsor. 

        D.    Governmental Consents.    No permit, consent, approval or authorization of, or declaration to or filing with,
any governmental authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions
contemplated hereby. 

Section 3.    Representations and Warranties of the Sponsor.  

        As a material inducement to the Company to enter into this Agreement and issue and sell the Sponsor Warrants to the Sponsor, the Sponsor hereby represents and
warrants to the Company (which representations and warranties shall survive the Closing Date) that: 

        A.    Organization and Requisite Authority.    The Sponsor is a limited partnership duly organized, validly existing
and in good standing under the laws of the State of Delaware. The Sponsor possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. 

        B.    Authorization; No Breach.    

        (i)    This
Agreement constitutes a valid and binding obligation of the Sponsor, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
conveyance, reorganization, 

2

 

moratorium
and other laws of general applicability relating to or affecting creditors' rights and to general equitable principles (whether considered in a proceeding in equity or law). 

        (ii)   The
execution and delivery by the Sponsor of this Agreement and the fulfillment of and compliance with the terms hereof by the Sponsor does not and shall not as of the
Closing Date conflict with or result in a breach of the terms, conditions or provisions of the organizational documents of the Sponsor or any other agreement, instrument, order, judgment or decree to
which the Sponsor is subject. 

        C.    Investment Representations.    

        (i)    The
Sponsor is acquiring the Sponsor Warrants and, upon exercise of the Sponsor Warrants, the Shares issuable upon such exercise (collectively, the
"Securities") for its own account, for investment
purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof. 

        (ii)   The
Sponsor is an "accredited investor" as such term is defined in Rule 501(a)(3) of Regulation D. 

        (iii)  The
Sponsor understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of the
United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Sponsor's compliance with, the representations and warranties of the Sponsor set
forth herein in order to determine the availability of such exemptions and the eligibility of the Sponsor to acquire such Securities. 

        (iv)  The
Sponsor did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) under
the Securities Act of 1933, as amended (the "Securities Act"). 

        (v)   The
Sponsor has been furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the
Securities which have been requested by the Sponsor. The Sponsor has been afforded the opportunity to ask questions of the executive officers and directors of the Company. The Sponsor understands that
its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with
respect to the acquisition of the Securities. 

        (vi)  The
Sponsor understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or
endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Sponsor nor have such authorities passed upon or endorsed the merits of the offering of the
Securities. 

        (vii) The
Sponsor understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities laws, and may not
be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance on an exemption therefrom; and (b) except as specifically
set forth in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities laws or to
comply with the terms and conditions of any exemption thereunder. In this regard, the Sponsor understands that the Securities and Exchange Commission has taken the position that promoters or
affiliates of a blank check company and their transferees, both before and after a Business Combination, are deemed to be "underwriters" under the Securities Act when reselling the securities of a
blank check company. Based on that position, Rule 144 adopted pursuant to the Securities Act would not be available for resale transactions of the Securities despite technical compliance with
the 

3

 

requirements
of such Rule, and the Securities can be resold only through a registered offering or in reliance upon another exemption from the registration requirements of the Securities Act. 

        (viii) The
Sponsor has such knowledge and experience in financial and business matters, knows of the high degree of risk associated with investments in the securities of
companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment in the
Securities in the amount contemplated hereunder for an indefinite period of time. The Sponsor has adequate means of providing for it or his/her current financial needs and contingencies and will have
no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities. The Sponsor can afford a complete loss of its or his investment in the Securities. 

Section 4.    Conditions of the Sponsor's Obligations.  

        The obligation of the Sponsor to purchase and pay for the Sponsor Warrants is subject to the fulfillment, on or before the Closing Date, of each of the following
conditions: 

        A.    Representations and Warranties.    The representations and warranties of the Company contained in
Section 2 shall be true and correct at and as of the Closing Date as though then made. 

        B.    Performance.    The Company shall have performed and complied with all agreements, obligations and conditions
contained in this Agreement that are required to be performed or complied with by it on or before the Closing Date. 

        C.    No Injunction.    No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the
matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant Agreement. 

Section 5.    Conditions of the Company's Obligations.  

        The obligations of the Company to the Sponsor under this Agreement are subject to the fulfillment, on or before the Closing Date, of each of the following
conditions: 

        A.    Representations and Warranties.    The representations and warranties of the Sponsor contained in
Section 3 shall be true and correct at and as of the Closing Date as though then made. 

        B.    Performance.    The Sponsor shall have performed and complied with all agreements, obligations and conditions
contained in this Agreement that are required to be performed or complied with by the Sponsor on or before the Closing Date. 

        C.    Corporate Consents.    The Company shall have obtained the consent of its Board of Directors authorizing the
execution, delivery and performance of this Agreement and the Warrant Agreement and the issuance and sale of the Sponsor Warrants hereunder. 

        D.    No Injunction.    No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall
have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the
matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant Agreement. 

4

 

Section 6.    Termination.  

        This Agreement may be terminated at any time after [                  ], 2007 upon the mutual
written consent of the Company and the Sponsor
if the closing of the Public Offering does not occur prior to such date. 

Section 7.    Survival of Representations and Warranties.  

        All of the representations and warranties contained herein shall survive the Closing Date. 

Section 8.    Definitions.  

        Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement. 

Section 9.    Transfer and Redemption Restrictions.  

        A.    In
addition to the transfer restrictions set forth in Section 3, the Sponsor agrees that it shall not sell or transfer the Sponsor Warrants or any underlying
Shares until the expiration of 180 days from the date on which the Company consummates its initial Business Combination, meeting the requirements to be set forth in a Registration Statement on
Form S-1, File No. 143747, and prospectus declared effective by the Securities and Exchange Commission, relating to the Public Offering (the
"Registration Statement") and acknowledges that the certificates for the Sponsor Warrants and the Shares to be issued upon exercise of the Sponsor
Warrants shall contain a legend, indicating, among other things, such restriction on transferability. Notwithstanding the foregoing, the Sponsor may transfer the Sponsor Warrants or any underlying
shares: (i) to the Company's officers or directors, any affiliates or family members of any of the Company's officers or directors or any affiliates of the Sponsor; (ii) by virtue of the
laws of the state of Delaware or the Sponsor's limited partnership agreement upon dissolution of the Sponsor; (iii) in the event of the Company's liquidation prior to its completion of a
Business Combination; or (iv) the consummation of a liquidation, merger, stock exchange or other similar transaction which results in all of the Company's stockholders having the right to
exchange their shares of Common Stock for cash, securities or other property subsequent to the Company's consummation of a Business Combination (the "Permitted
Transferes"). The Permitted Transferees will be subject to the same transfer restrictions set forth in this Section 9A. For purposes of this Agreement, the term
"Business Combination" means a business combination with one or more target businesses that have an aggregate fair market value of at least 80% of the
initial amount held in the Trust Account (excluding the amount held in the Trust Account representing the underwriters' deferred commission) and the term "Trust
Account" means the trust account into which a portion of the net proceeds of the Company's Public Offering (as described in the Registration Statement) will be deposited. 

        B.    Each
of the Company and the Sponsor hereby acknowledges and agrees that, notwithstanding a call for redemption of the Sponsor Warrants by the Company in accordance with
the terms of the Warrant Agreement, no Sponsor Warrants held by the Sponsor or any of its Permitted Transferees at the time of such call for redemption shall be redeemable by the Company. 

Section 10.    Miscellaneous.  

        A.    Successors and Assigns.    Except as otherwise expressly provided herein, all covenants and agreements contained
in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the
foregoing or anything to the contrary herein, the parties may not assign this Agreement, other than assignments by the Sponsor to affiliates thereof. 

5

 

        B.    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 is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent
of such prohibition or invalidity, without invalidating the remainder of this Agreement. 

        C.    Counterparts.    This Agreement may be executed simultaneously in two or more counterparts, none of which need
contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. 

        D.    Descriptive Headings; Interpretation.    The descriptive headings of this Agreement are inserted for convenience
only and do not constitute a substantive part of this Agreement. The use of the word "including" in this Agreement shall be by way of example rather than by limitation. 

        E.    Governing Law.    This Agreement shall be deemed to be a contract made under the laws of the State of Delaware
and for all purposes shall be construed in accordance with the internal laws of the State of Delaware. 

        F.    Amendments.    This letter agreement may not be amended, modified or waived as to any particular provision,
except by a written instrument executed by all parties hereto. 

[SIGNATURE PAGES FOLLOW]

6

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement. 

	 	 	COMPANY:
	

 	
 	

Hicks Acquisition Company I, Inc.
	

 	
 	

By:	

    
 Joseph B. Armes

President, Chief Executive Officer and

Chief Financial Officer
	    	 	 	 
	

 	
 	
SPONSOR:
	

 	
 	

HH-HACI, L.P.,
	

 	
 	

By:	

HH-HACI GP, LLC, its general partner
	

 	
 	

By:	

    

	 	 	Name:	    

	 	 	Title:	    

   

   

   

   

   

   

   

   

   

   

   

   

   

Sponsor Warrants Purchase Agreement

QuickLinks

FORM OF SPONSOR WARRANTS PURCHASE AGREEMENT

AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]