Document:

EX-10.40

 Exhibit 10.40 

SUBSCRIPTION AGREEMENT 
 THESE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER JURISDICTION. THERE ARE FURTHER RESTRICTIONS ON THE TRANSFERABILITY OF THE SECURITIES DESCRIBED HEREIN. THE PURCHASE OF THESE SECURITIES
INVOLVES A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE LOSS OF THEIR ENTIRE INVESTMENT. 
 Harvest Natural
Resources, Inc. 
 1177 Enclave Parkway, Suite 300 
 Houston,
Texas 77077 
 Ladies and Gentlemen: 

The undersigned purchaser (the “Purchaser”) understands that Harvest Natural Resources, Inc., a corporation organized
under the laws of Delaware (the “Company”), is offering shares of its common stock, par value $0.01 per share (“Common Stock”), in a private placement. The Purchaser further understands that the offering is being
made without registration of the Shares (as defined below) under the Securities Act of 1933, as amended (the “Securities Act”), or any securities law of any state of the United States or of any other jurisdiction, and is being made only to
“accredited investors” (as defined in Rule 501 of Regulation D under the Securities Act). 
 1. Subscription. Subject to the terms
and conditions hereof, the Purchaser hereby subscribes for 400,000 shares of Common Stock (the “Shares”) at a purchase price of $3.15 per share (the “Per Share Purchase Price”) for an aggregate purchase price of
$1,260,000.00 (the “Aggregate Purchase Price”), which is payable as described in Section 4 hereof. The Purchaser acknowledges that the Shares will be subject to restrictions on transfer as set forth in this subscription
agreement (the “Subscription Agreement”). 
 2. Acceptance of Subscription and Issuance of Shares. It is understood and agreed that
the Company shall have the sole right, at its complete discretion, to accept or reject this subscription, in whole or in part, for any reason and that the same shall be deemed to be accepted by the Company only when it is signed by a duly authorized
officer of the Company and delivered to the Purchaser at the Closing referred to in Section 3 hereof. Subscriptions need not be accepted in the order received, and the Shares may be allocated among subscribers. Notwithstanding anything in this
Subscription Agreement to the contrary, the Company shall have no obligation to issue any of the Shares to any person who is a resident of a jurisdiction in which the issuance of Shares to such person would constitute a violation of the securities,
“blue sky” or other similar laws of such jurisdiction (collectively referred to as the “State Securities Laws”). 
 3. The
Closing. The closing of the purchase and sale of the Shares (the “Closing’’) shall take place at the offices of Fulbright & Jaworski LLP, 1301 McKinney, Suite 5100, Houston, Texas 77010, at 9:00 a.m. central time
on November 26, 2013, or at such other time and place as the Company may designate by notice to the Purchaser (such date, the “Closing Date”). 

 4. Payment for Shares. The Aggregate Purchase Price for the Shares shall be received by the Company from
the Purchaser by wire transfer of immediately available funds or other means approved by the Company in the amount as set forth in Section 1 hereto. The Company shall deliver or cause to be delivered the Shares to the Purchaser at the Closing
bearing an appropriate legend referring to the fact that the Shares were sold in reliance upon an exemption from registration under the Securities Act. 

5. Representations and Warranties of the Company. As of the date of this Subscription Agreement and on and as of the Closing Date, the Company
represents and warrants that: 
 (a) Existence. The Company is a corporation duly formed, validly existing and in good standing under the
laws of the State of Delaware, with full power and authority to conduct its business as it is currently being conducted and to own its assets and has secured any other authorizations, approvals, permits and orders required by applicable law, rule or
regulation for the conduct by the Company of its business as it is currently being conducted. 
 (b) Authority. The Company has the
corporate power and authority to enter into this Subscription Agreement and to perform and to discharge its obligations hereunder. This Subscription Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid
and binding obligation of the Company enforceable against the Company in accordance with its terms. 
 (c) Valid Issuance of Shares. The
Shares have been duly authorized and, when issued, delivered and paid for in the manner set forth in this Subscription Agreement, will be validly issued, fully paid and non-assessable and will be free and clear of any and all liens, encumbrances and
restrictions on transfer, other than restrictions on transfer set pursuant to applicable state and federal securities laws. 
 (d) Company
SEC Documents. The Company has filed with the United States Securities and Exchange Commission (the “SEC”) all forms, registration statements, reports, schedules and statements required to be filed by it under the Securities
Exchange Act of 1934, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder (the “Exchange Act”) or the Securities Act (all such documents filed on or prior to the date of this Subscription
Agreement, collectively, the “Company SEC Documents”). The Company SEC Documents, including any audited or unaudited financial statements and any notes thereto or schedules included therein (the “Company Financial
Statements”), at the time filed (in the case of registration statements, solely on the dates of effectiveness) (except to the extent corrected by a subsequently filed Company SEC Document filed prior to the date of this Subscription
Agreement) (i) did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading, (ii) complied in all material respects with the applicable requirements of the Exchange Act and the Securities Act, as the case may be, (iii) complied as to form in all material respects with applicable accounting
requirements and with the published rules and regulations of the SEC with respect thereto (iv) were prepared in accordance with generally accepted accounting principles in the United States of America in effect from time to time
(“GAAP”) applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto or, in the case 

  
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of unaudited statements, as permitted by Form 10-Q of the SEC) and (v) fairly presented (subject in the case of unaudited statements to normal, recurring and year-end audit adjustments) in
all material respects the consolidated financial position and status of the business of the Company as of the dates thereof and the consolidated results of its operations and cash flows for the periods then ended. UHY LLP is the independent
registered public accounting firm with respect to the Company and has not resigned or been dismissed as independent registered public accountants of the Company as a result of or in connection with any disagreement with the Company on any matter of
accounting principles or practices, financial statement disclosure or auditing scope or procedures. 
 (e) No Material Adverse Change.
Except as set forth in or contemplated by the Company SEC Documents, since September 30, 2013, the Company has conducted its business in the ordinary course, consistent with past practice, and there has been no (i) change that has had or
would reasonably be expected to have a Company Material Adverse Effect (as defined below), (ii) acquisition or disposition of any material asset by the Company or any of its subsidiaries or any contract or arrangement therefor, otherwise than
for fair value in the ordinary course of business, (iii) material change in the Company’s accounting principles, practices or methods or (iv) incurrence of material indebtedness. For purposes of this Subscription Agreement,
“Company Material Adverse Effect” shall mean any material or adverse effect on (i) the assets, liabilities, financial condition, business, operations, prospects or affairs of the Company and its subsidiaries, taken as a whole,
other than those occurring as a result of general economic or financial conditions or other developments that are not unique to and do not have a disproportionate impact on the Company and its subsidiaries but also affect other persons who
participate in or are engaged in the lines of business of which the Company and its subsidiaries participate or are engaged, (ii) the ability of the Company and its subsidiaries taken as a whole, to carry out their business as of the date of
this Subscription Agreement or to meet their obligations under this Subscription Agreement or any other agreement and instrument being executed in connection with this Subscription Agreement (collectively, the “Transaction Documents”) on a
timely basis or (iii) the ability of the Company to consummate the transactions contemplated by the Transaction Documents (collectively, the ‘‘Transactions”). 

(f) Litigation. Except as set forth in the Company SEC Documents, there is no action pending or, to the knowledge of the Company, contemplated
or threatened against the Company or any of its subsidiaries or any of their respective officers, directors, properties or assets, which (individually or in the aggregate) reasonably would be expected to have a Company Material Adverse Effect or
which challenges the validity of any of the Transaction Documents or the consummation of the transactions contemplated hereby and thereby. 

(g) No Conflicts. The execution, delivery and performance by the Company of this Subscription Agreement, the other Transaction Documents, and
compliance by the Company with the terms and provisions hereof and thereof, do not and will not (a) violate any provision of any applicable law, rule, regulation, permit, determination or award having applicability to the Company or any of its
subsidiaries or any of their respective properties or assets, (b) conflict with or result in a violation of any provision of the Company’s governing documents or any other organizational documents of any of the Company’s subsidiaries,
(c) require any consent, approval or notice under or result in a violation or breach of or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation

  
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or acceleration) under (i) any note, bond, mortgage, license, or loan or credit agreement to which the Company or any of its subsidiaries is a party or by which the Company or any of its
subsidiaries or any of their respective properties or assets may be bound or (ii) any other agreement, instrument or obligation, or (d) result in or require the creation or imposition of any lien upon or with respect to any of the
properties or assets now owned or hereafter acquired by the Company or any of its subsidiaries. 
 (h) Compliance with Laws. Neither the
Company nor any of its subsidiaries is in violation of any judgment, decree or order or any applicable law, rule or regulation, except as would not, individually or in the aggregate, have a Company Material Adverse Effect. Neither the Company, nor
any of its subsidiaries, nor any director, officer, agent, employee or other person acting on behalf of the Company or any of its subsidiaries has, in the course of its actions for, or on behalf of, the Company or any of its subsidiaries
(i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or
employee from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful
payment to any foreign or domestic government official or employee. 
 (i) Approvals. Except as contemplated by this Agreement, no
authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing, declaration, qualification or registration with, any governmental authority or any other person is required in connection with the execution,
delivery or performance by the Company of any of the Transaction Documents to which it is a party. 
 (j) Capitalization. The Company
currently has 40,409,546 shares of Common Stock outstanding. 
 (k) Most Favored Terms. In the last 30 days, the Company has not entered
into any other agreement related to the sale, transfer or other disposition of its Common Stock (any such agreement, the “Other Agreement”) with any other purchaser (any such purchaser, the “Other Purchaser”) that is in any
respect more favorable to the Other Purchaser than this Subscription Agreement is to the Purchaser, including , without limitation, with respect to: (i) the Per Share Purchase Price of the Common Stock (including through the payment of any fees
to such Other Purchaser), (ii) representations and warranties made by the Company or the Other Purchaser, (iii) conditions precedent to closing the transactions that are subject to this Subscription Agreement, (iv) covenants or other
agreements of the Company or the Purchaser relating to restrictions on transferability of the acquired Common Stock; (v) termination rights by the Company or the Purchaser; and (vi) indemnification obligations by or to the Company or the
Purchaser. 
 6. Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to and covenants with
the Company that: 

  
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 (a) General. 

(i) The Purchaser has all requisite authority to purchase the Shares, enter into this Subscription Agreement and to perform and to discharge
its obligations hereunder, and such purchase will not contravene any law, rule or regulation binding on the Purchaser or any investment guideline or restriction applicable to the Purchaser. The purchase of the Shares does not require any consent,
approval or notice under any law or regulation applicable to Purchaser, or any agreement by which Purchaser is bound, except as would not reasonably be expected to prevent Purchaser from performing its obligations hereunder. 

(ii) This Subscription Agreement has been duly authorized, executed and delivered by the Purchaser, and constitutes a valid and binding
obligation of the Purchaser enforceable against the Purchaser in accordance with its terms. 
 (iii) The Purchaser is domiciled in the
jurisdiction set forth on the signature page hereto and is not acquiring the Shares as a nominee or agent or otherwise for any other person. 

(b) Information Concerning the Company. 

(i) The Purchaser and its advisors, if any, have 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 Shares that have been requested by the Purchaser. The Purchaser and its advisors, if any, have been afforded the opportunity to ask questions of the Company. Neither such inquiries nor any
other due diligence investigations conducted by the Purchaser or its advisors, if any, or its representatives shall modify, amend or affect the Purchaser’s right to rely on the Company’s representations and warranties contained herein. The
Purchaser understands that its investment in the Shares involves a high degree of risk and is able to afford a complete loss of such investment. The Purchaser has sought such accounting, legal and tax advice from persons other than the Company as it
has considered necessary to make an informed investment decision with respect to its acquisition of the Shares. 
 (ii) The Purchaser
confirms that it is not relying on any communication (written or oral) of the Company or any of its affiliates, as investment advice or as a recommendation to purchase the Shares. It is understood that information and explanations related to the
terms and conditions of the Shares provided by the Company or any of its affiliates shall not be considered investment advice or a recommendation to purchase the Shares, and that neither the Company nor any of its affiliates is acting or has acted
as an advisor to the Purchaser in deciding to invest in the Shares. The Purchaser acknowledges that neither the Company nor any of its affiliates has made any representation regarding the proper characterization of the Shares for purposes of
determining the Purchaser’s authority to invest in the Shares. 
 (iii) The Purchaser is familiar with the business and financial
condition and operations of the Company. 
 (iv) The Purchaser understands that, unless the Purchaser notifies the Company in writing to the
contrary at or before the Closing, each of the Purchaser’s representations and warranties contained in this Subscription Agreement will be deemed to have been reaffirmed and confirmed as of the Closing, taking into account all information
received by the Purchaser. 

  
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 (v) The Purchaser acknowledges that the Company has the right in its sole and absolute discretion
to abandon this private placement at any time prior to the completion of the offering. This Subscription Agreement shall thereafter have no force or effect and the Company shall return the previously paid subscription price of the Shares, without
interest thereon, to the Purchaser. 
 (vi) The Purchaser understands that no federal or state agency has passed upon the merits or risks of
an investment in the Shares or made any finding or determination concerning the fairness or advisability of this investment. 
 (c)
Status of Purchaser. 
 (i) The Purchaser has such knowledge, skill and experience in business, financial and investment
matters that the Purchaser is capable of evaluating the merits and risks of an investment in the Shares. With the assistance of the Purchaser’s own professional advisors, to the extent that the Purchaser has deemed appropriate, the Purchaser
has made its own legal, tax, accounting and financial evaluation of the merits and risks of an investment in the Shares and the consequences of this Subscription Agreement. The Purchaser has considered the suitability of the Shares as an investment
in light of its own circumstances and financial condition and the Purchaser is able to bear the risks associated with an investment in the Shares and its authority to invest in the Shares. 

(ii) The Purchaser is an “accredited investor” as defined in Rule 501(a) under the Securities Act. The Purchaser agrees to furnish
any additional information requested by the Company or any of its affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Shares. Any information that has been furnished
or that will be furnished by the Purchaser to evidence its status as an accredited investor is accurate and complete, and does not contain any misrepresentation or material omission. 

(d) Restrictions on Transfer or Sale of Shares. As applies to the Purchaser: 

(i) The Purchaser is acquiring the Shares solely for the Purchaser’s own account, for investment purposes, and not with a view to, or for
resale in connection with, any distribution of the Shares. The Purchaser understands that the Shares have not been registered under the Securities Act or any State Securities Laws by reason of specific exemptions under the provisions thereof which
depend in part upon the investment intent of the Purchaser and of the other representations made by the Purchaser in this Subscription Agreement. The Purchaser understands that the Company is relying upon the representations and agreements contained
in this Subscription Agreement (and any supplemental information) for the purpose of determining whether this transaction meets the requirements for such exemptions. 

  
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 (ii) The Purchaser understands that the Shares are “restricted securities” under
applicable federal securities laws and that the Securities Act and the rules of the SEC provide in substance that the Purchaser may dispose of the Shares only pursuant to an effective registration statement under the Securities Act or an exemption
therefrom and the Purchaser understands that the Company has no obligation or intention to register any of the Shares, or to take action so as to permit sales pursuant to the Securities Act (including Rule 144 thereunder). Accordingly, the Purchaser
understands that under the SEC’s rules, the Purchaser may dispose of the Shares principally only in “private placements” which are exempt from registration under the Securities Act, in which event the transferee will acquire
“.restricted securities” subject to the same limitations as in the hands of the Purchaser. Consequently, the Purchaser understands that the Purchaser must bear the economic risks of the investment in the Shares for an indefinite period of
time. 
 (iii) The Purchaser agrees: (A) that the Purchaser will not sell, assign, pledge, give, transfer or otherwise dispose of the
Shares or any interest therein, or make any offer or attempt to do any of the foregoing, except pursuant to a registration of the Shares under the Securities Act and all applicable State Securities Laws, or in a transaction which is exempt from the
registration provisions of the Securities Act and all applicable State Securities Laws; (B) that the certificates representing the Shares will bear a legend making reference to the foregoing restrictions; and (C) that the Company and its
affiliates shall not be required to give effect to any purported transfer of such Shares except upon compliance with the foregoing restrictions. 

(iv) The Purchaser acknowledges that neither the Company nor any other person offered to sell the Shares to it by means of any form of general
solicitation or advertising, including but not limited to: (A) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio or (B) any seminar or
meeting whose attendees were invited by any general solicitation or general advertising. 
 7. Covenants of the Company and the Purchaser. 

(a) Use of Proceeds. The Company agrees to use the net proceeds from the sale of the Shares solely for working capital and general corporate
purposes. 
 (b) NYSE Listing of Shares. Promptly following the date of this Subscription Agreement, the Company will submit an additional
listing application to The New York Stock Exchange (the “NYSE”) with respect to the Shares. The Company will maintain the listing of the currently outstanding Common Stock on the NYSE and, once the Shares are listed on the NYSE,
will maintain such listing. 
 (c) Regulatory Filings. The Company shall, on or before 8:30 a.m., New York time, on the first business day
following the Closing, issue a press release disclosing all material terms of the transactions contemplated herein, in the Transaction Documents and in any Other Agreements executed and consummated concurrently with this Subscription Agreement and
not previously disclosed to the public. Thereafter, the Company shall timely file any filings and notices required by the SEC or applicable law with respect to the transactions contemplated hereby. Notwithstanding the foregoing, the Company shall
not publicly disclose the name of the Purchaser, or include the name of the Purchaser in any press release, without the prior written consent of the Purchaser. 

  
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 (d) Most Favored Terms. For a period of 30 days after the date hereof, the Company will not enter
into any Other Agreement, or amend any Other Agreement, with any other purchaser (any such purchaser, the “Other Purchaser”) so that the Other Agreement is in any respect more favorable to the Other Purchaser than this
Subscription Agreement is to the Purchaser, including, without limitation, with respect to: (i) the Per Share Purchase Price of the Common Stock (including through the payment of any fees to such Other Purchaser), (ii) representations and
warranties made by the Company or the Other Purchaser, (iii) conditions precedent to closing the transactions that are subject to this Subscription Agreement, (iv) covenants or other agreements of the Company or the Purchaser relating to
restrictions on transferability of the acquired Common Stock; (v) termination rights by the Company or the Purchaser; and (vi) indemnification obligations by or to the Company or the Purchaser. 

(e) Further Assurances. Each of the Company and the Purchaser agrees to use its commercially reasonable efforts to promptly take or cause to
be taken all action and to promptly do or cause to be done all things necessary, proper or advisable under applicable law, rule or regulation to consummate and make effective the Transactions. Without limiting the foregoing, the Company and the
Purchaser will, and the Company shall cause each of its subsidiaries to, use its commercially reasonable efforts to make all filings and obtain all consents of governmental authorities that may be necessary or, in the reasonable opinion of the
Purchaser or the Company, as the case may be, advisable for the consummation of the Transactions and the other Transaction Documents. 
 (f)
Registration Rights. If at any time prior to the one year anniversary of the Closing, the Company grants registration rights to any third party, or files a registration statement on Form S-1 or S-3, in each case, relating to the Company’s
Common Stock, the Company agrees to grant the Purchaser substantially identical registration rights (excluding the ability to make registration demands), or include the Shares in such registration statement upon terms customarily found in a
registration rights agreement. 
 8. Conditions to Obligations of the Purchaser and the Company. 

(a) The obligations of the Purchaser and the Company to consummate the issuance, sale and purchase of the Shares are subject to the
satisfaction at or prior to the Closing of the following conditions precedent (any or all of which may be waived by a particular party on behalf of itself in writing, in whole or in part, to the extent permitted by applicable law): 

(i) no law, rule or regulation shall have been enacted or promulgated, and no action shall have been taken, by any governmental authority of
competent jurisdiction which in any way restrains, precludes, enjoins or otherwise prohibits the consummation of the Transactions or makes the Transactions illegal; and 

(ii) there shall not be pending any action by any governmental authority seeking to restrain, preclude, enjoin or prohibit the Transactions.

  
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 (b) The obligations of the Purchaser to purchase and pay for the Shares are subject to the
satisfaction at or prior to the Closing of the following conditions precedent: 
 (i) the representations and warranties of the Company
contained in this Subscription Agreement that are qualified by materiality or Company Material Adverse Effect shall be true and correct when made and as of the Closing, all other representations and warranties (other than Section 5(j)) of the
Company shall be true and correct in all material respects when made and as of the Closing and the representation and warranty made in Section 5(j) shall be true and correct in all respects, in each case as though made at and as of the Closing;

 (ii) the Company shall have performed and complied with the covenants and agreements contained in this Subscription Agreement in all
material respects that are required to be performed and complied with by the Company on or prior to the Closing; 
 (iii) since the date of
this Subscription Agreement, no Company Material Adverse Effect shall have occurred and be continuing; 
 (iv) the NYSE shall have approved
the listing application with respect to the Shares and no notice of delisting from the NYSE shall have been received by the Company with respect to the Common Stock; 

(v) the Company shall have delivered, or caused to be delivered, to the Purchaser at the Closing, the Company’s closing deliverables
described in Section 9 of this Subscription Agreement; 
 (vi) prior to or concurrent with the Closing, the Company shall have
consummated transactions with other purchasers for the issuance, sale and purchase of no less than 1,300,000 additional shares of Common Stock (excluding the Shares) at a purchase price no less than the Per Share Purchase Price; and 

(vii) the Closing shall have occurred on or prior to the Termination Date. 

(c) The obligations of the Company to sell the Shares are subject to the satisfaction at or prior to the Closing of the following conditions
precedent: 
 (i) the representations and warranties of the Purchaser contained in this Subscription Agreement that are qualified by
materiality shall be true and correct when made and as of the Closing and all other representations and warranties of the Purchaser contained in this Subscription Agreement shall be true and correct in all material respects when made and as of the
Closing, in each case as though made at and as of the Closing; and 
 (ii) the Purchaser shall have performed and complied with the
covenants and agreements contained in this Subscription Agreement in all material respects that are required to be performed and complied with by the Purchaser on or prior to the Closing. 

  
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 9. Company Closing Deliverables. At or prior to the Closing, the Company will deliver, or cause to be
delivered, to the Purchaser: 
 (a) a certificate of the Secretary of the Company, dated as of the Closing, in substantially the form
attached to this Subscription Agreement as Exhibit A; and 
 (b) an opinion addressed to the Purchaser from outside legal counsel to
the Company in substantially the form attached to this Subscription Agreement as Exhibit B. 
 10. Legend. The certificates representing the
Shares sold pursuant to this Subscription Agreement will be imprinted with a legend in substantially the following form: 
 “THE SECURITIES EVIDENCED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES
LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION
UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.” 
 11. Waiver, Amendment. Neither this Subscription Agreement nor any provisions
hereof shall be amended, modified, waived, discharged or terminated except by an instrument in writing, signed by the party against whom any such amendment, modification, waiver, discharge or termination is sought. 

12. Assignability. Neither this Subscription Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be
assignable by either the Company or the Purchaser without the prior written consent of the other party; provided that the Purchaser shall be permitted to assign this Subscription Agreement to an affiliate or a third party which purchases the Shares
from the Purchaser in a private transaction. 
 13. Termination. Notwithstanding anything herein to the contrary, this Subscription Agreement shall
automatically terminate if the Closing shall not have occurred on or before 5:00 P.M. (New York Time) on November 27, 2013 (such date, the “Termination Date”). In the event of the termination of this Subscription Agreement as
provided in this Section 13, this Subscription Agreement shall forthwith become null and void and there shall be no liability on the part of any party hereto; provided that nothing herein shall relieve any party from any liability or obligation
with respect to any willful breach of this Subscription Agreement. 
 14. Waiver of Jury Trial. THE PARTIES HERETO IRREVOCABLY WAIVE ANY AND ALL
RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF THE TRANSACTIONS. 

  
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 15. Submission to Jurisdiction. With respect to any suit, action or proceeding relating to any offers,
purchases or sales of the Shares by the Purchaser (“Proceedings”), the parties hereto irrevocably submit to the jurisdiction of the federal or state courts located in the Borough of Manhattan in New York City, which submission shall
be exclusive unless none of such courts has lawful jurisdiction over such Proceedings. 
 16. Governing Law. This Subscription Agreement shall be
governed by and construed in accordance with the laws of the State of New York. 
 17. Section and Other Headings. The section and other headings
contained in this Subscription Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Subscription Agreement. 

18. Counterparts. This Subscription Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which together shall be deemed to be one and the same agreement. 
 19. Notices. All notices and other
communications provided for herein shall be in writing and shall be deemed to have been duly given if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid or by facsimile transmission (with receipt
of successful and full transmission) to the following addresses (or such other address as either party shall have specified by notice in writing to the other): 
  

			
	If to the Company:	  	Harvest Natural Resources, Inc.
		  	1177 Enclave Parkway, Suite 300
		  	Houston, Texas 77077
		
		  	Facsimile:     281 899 5702
		
		  	Attention:     General Counsel
		
	with a copy to:	  	Fulbright & Jaworski LLP
		  	2200 Ross Avenue, Suite 2800
		  	Dallas, Texas 75201-2784
		
		  	Facsimile:     214 855 8200
		
		  	Attention:     Harva R. Dockery
		
	If to the Purchaser:	  	MSD Credit Opportunity Master Fund, L.P.
		  	c/o MSDC Management, L.P.
		  	645 Fifth Avenue, 21st Floor
		  	New York, NY 10022
		
		  	Facsimile:     (212) 303-1772
		
		  	Attention:     Marcello Liguori

  
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 20. Binding Effect. The provisions of this Subscription Agreement shall be binding upon and accrue to the
benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns. 
 21. Survival. All representations,
warranties and covenants contained in this Subscription Agreement shall survive the acceptance of the subscription by the Company. 
 22. Notification of
Changes. The Purchaser and the Company hereby covenant and agree to notify the other party upon the occurrence of any event prior to the Closing which would cause any representation, warranty, or covenant of the Purchaser or the Company, as
applicable, contained in this Subscription Agreement to be false or incorrect. 
 23. Severability. If any term or provision of this Subscription
Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Subscription Agreement or invalidate or render unenforceable such term or
provision in any other jurisdiction. 
 24. Entire Agreement. This Subscription Agreement and the other transaction documents sets forth the entire
agreement and understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understanding between the parties hereto with respect to the transactions contemplated hereby. 

[SIGNATURE PAGE FOLLOWS] 

  
 12 

 IN WITNESS WHEREOF, the Purchaser has executed this Subscription Agreement this 25th of November, 2013. 
  

			
	PURCHASER:
	
	MSD Credit Opportunity Master Fund, L.P.
		
	By	 	/s/ Marcello Liguori
	Name:	 	Marcello Liguori
	Title:	 	Managing Director

 State/Country of Domicile or Formation: Cayman Islands 

The offer to purchase Shares as set forth above is confirmed and accepted by the Company. 

 

			
	Harvest Natural Resources, Inc.
		
	By	 	/s/ Stephen C. Haynes
	Title:	 	VP and Chief Financial Officer

  
 13EX-10.42

 Exhibit 10.42 

EXECUTION VERSION 

SHAREHOLDERS’ AGREEMENT 
 By
and Among 
 HNR ENERGIA B.V. 

and 
 PETROANDINA RESOURCES
CORPORATION N.V. 
 DATED AS OF DECEMBER 16, 2013 

  
 1 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 Article I         DEFINITIONS
	  	 	3	  
			
	        Section 1.01	  	Definitions	  	 	3	  
	        Section 1.02	  	General Interpretive Principles	  	 	9	  
		
	Article II         REPRESENTATIONS AND WARRANTIES	  	 	10	  
			
	        Section 2.01	  	Representations and Warranties of All Parties	  	 	10	  
		
	Article III         TRANSFER RESTRICTIONS	  	 	10	  
			
	        Section 3.01	  	General Transfer Restrictions	  	 	10	  
	        Section 3.02	  	Tag-Along	  	 	11	  
	        Section 3.03	  	Change of Control Put Option	  	 	12	  
	        Section 3.04	  	Litigation Put Option	  	 	13	  
	        Section 3.05	  	Permitted Transfers; Transfer Approval	  	 	15	  
	        Section 3.06	  	Fair Market Value Determination	  	 	15	  
		
	Article IV         GOVERNANCE	  	 	16	  
			
	        Section 4.01	  	Consent Rights	  	 	16	  
	        Section 4.02	  	Board Participation	  	 	17	  
		
	Article V         ADDITIONAL AGREEMENTS	  	 	17	  
			
	        Section 5.01	  	Information Rights	  	 	17	  
	        Section 5.02	  	Inspection and Audit Rights	  	 	18	  
	        Section 5.03	  	Consultation	  	 	18	  
	        Section 5.04	  	Fiduciary Duties of Directors	  	 	18	  
	        Section 5.05	  	Payment of Dividends	  	 	18	  
	        Section 5.06	  	Company Joinder	  	 	18	  
	        Section 5.07	  	Participation Right	  	 	19	  
		
	Article VI         TAX MATTERS	  	 	19	  
			
	        Section 6.01	  	Administration of Tax Matters	  	 	19	  
	        Section 6.02	  	Cooperation; Audits; Tax-Related Actions	  	 	19	  
	        Section 6.03	  	Referee	  	 	20	  
		
	Article VII         MISCELLANEOUS	  	 	20	  
			
	        Section 7.01	  	Term and Termination	  	 	20	  
	        Section 7.02	  	Specific Performance	  	 	20	  
	        Section 7.03	  	Successors and Assigns; Third Party Beneficiaries	  	 	20	  
	        Section 7.04	  	Amendments; Waiver	  	 	21	  
	        Section 7.05	  	Notices	  	 	21	  
	        Section 7.06	  	Governing Law and Exclusive Jurisdiction; Service of Process; Waiver of Jury Trial	  	 	22	  
	        Section 7.07	  	Headings	  	 	23	  
	        Section 7.08	  	Entire Agreement	  	 	23	  
	        Section 7.09	  	Severability	  	 	23	  
	        Section 7.10	  	Certain Limitations	  	 	23	  
	        Section 7.11	  	Counterparts	  	 	23	  

 Exhibits 
  

			
	Exhibit A	    	Form of Shareholder Joinder
	Exhibit B	    	Parent Guarantee
	Exhibit C	    	Form of Put Contract

  
 2 

 This SHAREHOLDERS’ AGREEMENT is dated as of December 16, 2013 (this
“Agreement”), by and among HNR Energia B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized and existing under the Laws of Curaçao (the
“Majority Shareholder”) and Petroandina Resources Corporation N.V., a company with limited liability (naamloze vennootschap) organized and existing under the Laws of the Netherlands (the “Minority
Shareholder”). 
 WHEREAS, the Majority Shareholder owns 100% of the Subject Shares (as hereinafter defined) of
Harvest-Vinccler Dutch Holding B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized and existing under the Laws of the Netherlands (the “Company”); 

WHEREAS, the Minority Shareholder, the Majority Shareholder, solely with respect to Article V and Section 11.13 thereof,
Pluspetrol Resources Corporation B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized and existing under the Laws of the Netherlands, and Harvest Natural Resources, Inc., a Delaware
corporation (“Parent”), are parties to a Stock Purchase Agreement, dated as of the date hereof (the “SPA”), pursuant to which, upon the Initial Closing (as defined in the SPA), the Minority Shareholder
will acquire thirty six and one-quarter percent (36.25%) of the issued and outstanding Subject Shares (as hereinafter defined) and, upon the Final Closing (as defined in the SPA), the Minority Shareholder will acquire all of the remaining
issued and outstanding Subject Shares; 
 WHEREAS, it is a condition to the Initial Closing that, among other things, this Agreement be
executed and delivered by the parties hereto; 
 WHEREAS, in the event the SPA has terminated at any time prior to consummation of the Final
Closing thereunder, the parties hereto desire that all terms of this Agreement, and all rights and obligations of the parties hereunder, shall come into full force and effect on the date of such termination and thereafter; and 

WHEREAS, concurrently with the execution and delivery of this Agreement, and as a condition and inducement to the willingness of the Minority
Shareholder to enter into this Agreement, Parent has executed and delivered a guarantee in favor of the Minority Shareholder pursuant to which Parent is guaranteeing the obligations of the Majority Shareholder, its Affiliates and Permitted
Transferees in connection with this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and
agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

Article I 
 DEFINITIONS

 Section 1.01 Definitions. As used in this Agreement, the following terms shall have the meanings indicated below: 

“Adversary Proceeding” means any arbitration, litigation or other adversary proceeding. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control
with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise. 
 “Agreement” has the meaning assigned in the preamble. 

“Appraiser” has the meaning assigned in Section 3.06(a). 

  
 3 

 “Beneficial Ownership” by a Person of any securities includes ownership
by any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares (a) voting power which includes the power to vote, or to direct the voting of, such security; and/or
(b) investment power which includes the power to dispose, or to direct the disposition, of such security; and shall otherwise be interpreted in accordance with the term “beneficial ownership” as defined in Rule 13d-3 adopted by the
SEC under the Exchange Act. The terms “Beneficially Own” and “Beneficial Owner” shall have a correlative meaning. 

“Board” means, as of any date, the Management Board of the Company in office on that date. 

“Board Observer” has the meaning assigned in Section 4.02(a). 

“Business Day” shall mean any day other than a Saturday, Sunday or a day on which all banking institutions in New
York, New York are authorized or obligated by Law or executive order to close. 
 “change of control” means any
transaction or series of related transactions that results in, or that is in connection with, any one of the following with respect to the Majority Shareholder or any Person controlling the Majority Shareholder: 

(a) any Third Party Purchaser or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) of Third
Party Purchasers acquiring, directly or indirectly, (i) Beneficial Ownership of a majority of the total voting power of the voting securities of such Person, or (ii) the power to elect a majority of the board of directors of such Person;

 (b) individuals who on the date hereof constitute the board of directors of the Ultimate Parent Entity of such Person
(together with any new directors whose election by such board or whose nomination for election by the shareholders of such Ultimate Parent Entity was approved by a vote of a majority of the directors of such Ultimate Parent Entity then still in
office who were either directors of such Ultimate Parent Entity on the date hereof or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the board of directors then in office; 

(c) the adoption of a plan relating to the liquidation or dissolution of such Parent; or 

(d)(i) the merger or consolidation of such Person with or into a Third Party Purchaser or the merger of a Third Party Purchaser
with or into such Person, or (ii) the sale, lease, exchange, conveyance, transfer or other disposition by Parent or any of its Subsidiaries (for cash, shares of stock, securities or other consideration) of a direct or indirect interest in the
property and assets of the Company and its Subsidiaries, on a consolidated basis, to any Third Party Purchaser or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) of Third Party Purchasers (other than a Transfer to
which Section 3.02 is applicable). 
 “Change of Control Notice” has the meaning assigned in Section
3.03(b). 
 “Change of Control Put Option” has the meaning assigned in Section 3.03(a). 

“Charter Documents” means any by-laws, charter, memorandum, certificate of incorporation, articles of association, or
other similar document (including, in respect of the Company, the Company Articles). 
 “Class B Shares” means the
ordinary class B shares of the Company, which shall be entitled to one (1) vote per share. 
 “Common Shares”
means the Subject Shares, the Class B Shares, and any other class of ordinary shares of the Company issued in accordance with the Company Articles. 

“Company” has the meaning assigned in the recitals. 

“Company Articles” means the Articles of Association of the Company dated as of July 3, 2008, as they may be
amended from time to time. 

  
 4 

 “Company Joinder” shall mean a joinder agreement executed by the Company
in accordance with Section 5.06. 
 “Company Owned IP” means all Intellectual Property Rights owned or
purported to be owned by the Company or any of its Subsidiaries. 
 “Consent Action” has the meaning assigned in
Section 4.01. 
 “Contract” means any binding contract, agreement, arrangement, understanding, commitment,
franchise, indenture, lease, purchase order or license, whether written or otherwise. 
 “Conversion Agreement” has
the meaning assigned in the SPA. 
 “Core Petrodelta Documents” has the meaning assigned in the SPA. 

“Director” means any member of the Board. 

“Equity Interests” means, with respect to any Person, shares of capital stock of (or other ownership or profit
interests in) such Person, warrants, options or other rights for the purchase or other acquisition of shares of capital stock of (or other ownership or profit interests in) such Person, securities convertible into or exchangeable for shares of
capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition from such Person of such securities (or such other interests), and other ownership or profit interests in
such Person (including partnership, limited liability company, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are authorized or otherwise existing on any
date of determination. 
 “Escrow Account” means the escrow account established pursuant to the Escrow Agreement.

 “Escrow Agent” means a reputable bank or trust company, reasonably acceptable to the Minority Shareholder, chosen
by the Majority Shareholder to act as escrow agent under the Escrow Agreement. 
 “Escrow Agreement” means an escrow
agreement containing customary terms for similar agreements and reflecting the terms of Section 3.04(a). 
 “Escrow
Commencement Date” has the meaning assigned in Section 3.04(d). 
 “Escrow Fund” has the meaning
assigned in Section 3.04(a). 
 “Escrow Period” has the meaning assigned in
Section 3.04(d)(ii). 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as
amended. 
 “Fair Market Value” has the meaning assigned in Section 3.06(c). 

“Fair Market Determination” has the meaning assigned in Section 3.04(b). 

“Fair Market Value Request” has the meaning assigned in Section 3.06(a). 

“Final Closing” has the meaning assigned in the SPA. 

“Final Exercise Date” has the meaning assigned in Section 3.04(e). 

“Financial Statements” in respect of a period, means a profit and loss account and statement of cash flows for that
period and a balance sheet as at the end of such period together with the associated notes under applicable accounting principles for the Company or a Subsidiary of the Company, as the case may be. 

  
 5 

 “GAAP” has the meaning assigned in Section 5.01(b). 

“Governmental Authority” means any supranational, United States (federal, state or local), or foreign government, or
any political subdivision thereof, or any governmental, regulatory, judicial or administrative authority, agency, board, bureau, commission or similar authority. 

“Group Companies” means the Company and its Subsidiaries (which, as of the date hereof, consist of HNR Finance B.V.,
Harvest Vinccler Ltd. and Harvest-Vinccler, S.C.A.) and Petrodelta and its Subsidiaries. 
 “IFRS” means
International Financial Reporting Standards. 
 “Indebtedness” means with respect to any Person, without
duplication: (a) any obligations for borrowed money, (b) any obligations evidenced by bonds, notes, debentures, letters of credit or similar instruments, (c) any obligations under conditional sale, title retention or similar
agreements or arrangements creating an obligation with respect to the deferred purchase price of property, securities or other assets (including “earn-out” payments), (d) any obligations relating to advance payments for goods or
services, (e) any capital lease obligations, (f) any net obligations in respect of interest rate, currency or commodity swaps, collars, caps, hedges, futures contract, forward contract, option or other derivative instruments or
arrangements, (g) any accrued interest, premiums, penalties, breakages, “make whole amounts” and other obligations relating to the foregoing that would be payable in connection with the repayment of the foregoing, and (h) any
obligations to guarantee any of the foregoing types of obligations on behalf of any Person; provided, however, that “Indebtedness” shall not be deemed to include any intercompany Indebtedness owing by the Company or any of
its Wholly Owned Subsidiaries to the Company or any other of its Wholly Owned Subsidiaries. 
 “Initial Closing” has
the meaning assigned in the SPA. 
 “Intellectual Property Rights” means all industrial and intellectual property
and other similar proprietary rights, in any jurisdiction, whether registered or unregistered, including all rights in and to (i) patents, patent applications, invention disclosures and utility models, (ii) trademarks, service marks,
logos, trade dress, trade names, corporate names and all other designations of origin, together with the goodwill symbolized by any of the foregoing, (iii) moral rights, copyrights, designs and copyrightable subject matter, (iv) rights in
computer programs and software (whether in source code, object code, or other form), (v) trade secrets and rights in other confidential information, including rights in ideas, proprietary information, know-how, inventions (whether patentable or
unpatentable and whether or not reduced to practice), invention disclosures, improvements, proprietary processes, technology, technical data, algorithms, specifications, formulae, models, and methodologies, customer lists and supplier lists, and
industrial designs, (vi) Internet domain names and (vii) all applications and registrations for the foregoing. 

“Laws” means any and all domestic (federal, state or local), tribal or foreign laws, rules, regulations, orders,
judgments or decrees promulgated by any Governmental Authority. 
 “Lien” means liens (statutory or other), claims,
mortgages, encumbrances, pledges, security interests (including, in respect of shares, depositary receipts for such shares having been issued), easements, rights-of-way, claims, covenants, conditions, restrictions (including transfer restrictions),
options, rights of first offer or refusal, third-party rights, limitations on voting rights, encroachments, title defects or charges of any kind or nature whatsoever, whether secured or unsecured, choate or inchoate, filed or unfiled, scheduled or
unscheduled, recorded or unrecorded, contingent or non-contingent, material or non-material, known or unknown. 
 “Litigation
Event” means (a) the written assertion by the Company or any Subsidiary of the Company of a claim for compensation as a result of a default, breach or other violation of rights under the Core Petrodelta Documents or otherwise in
connection with the Company and its Subsidiaries’ investment in Petrodelta, (b) the exercise of or written threat to exercise any remedies or (c) the commencement of or written threat to commence

  
 6 

 
by the Company or any Subsidiary of the Company any Adversary Proceeding, in each case under clause (a), (b) and (c) made to or against Petrodelta, any Affiliate of Petrodelta or any
Governmental Authority of Venezuela. 
 “Litigation Notice” has the meaning assigned in Section 3.04(a). 

“Litigation Notice Date” has the meaning assigned in Section 3.04(b). 

“Litigation Put Option” has the meaning assigned in Section 3.04(e). 

“Litigation Withdrawal Notice” has the meaning assigned in Section 3.04(e) 

“Majority Shareholder” has the meaning assigned in the preamble. 

“Minority Shareholder” has the meaning assigned in the preamble. 

“Necessary Action” means, with respect to a result required to be caused, all actions (to the extent such actions are
permitted by applicable Law) reasonably necessary to cause such result, which actions may include, without limitation, (a) voting or providing a written consent or proxy with respect to the Common Shares, (b) causing the adoption of
shareholders resolutions and amendments to the Charter Documents of the Company or any of its Subsidiaries, (c) causing members of the Board or the board of directors of a Subsidiary of the Company (to the extent such members were nominated or
designated by the Person obligated to undertake the Necessary Action and subject to any fiduciary duties that they may have as directors) to act in a certain manner or causing them to be removed in the event they do not act in such a manner (without
regard to whether such failure to act is due to the fiduciary duty referred to above), (d) executing agreements and instruments, and (e) making, or causing to be made, with Governmental Authorities or other Persons, all filings, approvals,
registrations or similar actions that are required to achieve such result. 
 “O&G Tech” means Oil &
Gas Technology Consultants (Netherlands) Coöperatie U.A., a cooperative (coöperatie) incorporated under the laws of the Netherlands. 

“Parent” has the meaning assigned in the recitals. 

“Periodic Tax Return” shall mean a Tax Return which is required to be filed by applicable Law less than ninety
(90) days (inclusive of any applicable extensions which do not result in additional Taxes payable) after the end of the taxable period to which it relates. 

“Permits” means any and all permits, authorizations, approvals, registrations, certificates, orders, waivers,
variances or other approvals and licenses relating to compliance with any Law. 
 “Permitted
Transferee” has the meaning assigned in Section 3.05(a). 
 “Person” means any
individual, firm, partnership, corporation, trust, joint venture, association, joint stock company, limited liability company, unincorporated organization or any other entity or organization, including a government or agency or political subdivision
thereof, and shall include any successor (by merger or otherwise) of such entity. 
 “Petrodelta”
means Petrodelta S.A. 
 “Petrodelta Venezuelan National Assembly Approval” has the meaning assigned
in the SPA. 
 “Put Commencement Date” has the meaning assigned in Section 3.04(c). 

“Put Contract” means a Contract in the form set forth as Exhibit C hereto. 

  
 7 

 “Qualified Affiliate” means, with respect to any Person,
(a) the Ultimate Parent Entity of such Person or (b) any Wholly Owned Subsidiary of the Ultimate Parent Entity of such Person.  

“Referee” has the meaning assigned in Section 6.03. 

“Related Agreements” means the SPA (including the Exhibits, Schedules, Annexes and Appendices thereto and other
documents delivered pursuant thereto), the Buyer Disclosure Schedule and Seller Disclosure Schedule (each as defined in the SPA), the Ancillary Agreement and the Parent Guarantee. 

“Restricted Date” has the meaning assigned in Section 3.04(d). 

“Sale Transaction” has the meaning assigned in Section 5.07. 

“SEC” means the Securities and Exchange Commission. 

“Shareholder Joinder” means a joinder agreement, substantially in the form of Exhibit A attached hereto,
executed by a Person, other than a current Shareholder, who has acquired Subject Shares from a Shareholder or a Permitted Transferee thereof, with the effect that the holder thereafter shall be deemed to be the Majority Shareholder (if a transferee
of the Majority Shareholder or one of its Permitted Transferees) or the Minority Shareholder (if a transferee of the Minority Shareholder), as the case may be, for all purposes of this Agreement. 

“Shareholders” means the Majority Shareholder, any of its Permitted Transferees, the Minority Shareholder and
such other Persons who have executed a Shareholder Joinder; provided, that any such Person shall cease to be a Shareholder at such time after the effectiveness of this agreement as it no longer has legal ownership or Beneficial Ownership of
any Subject Shares and thereafter such Person shall have no powers, rights or privileges as a Shareholder hereunder. 

“SPA” has the meaning assigned in the recitals. 

“Subject Shares” means ordinary class A shares of the Company, which shall be entitled to one (1) vote per share,
or any Equity Interest in the Company issued in respect thereof. 
 “Subject Shares Purchase Price”
has the meaning assigned in Section 3.04(a). 
 “Subsidiary” means, with respect to any Person,
any other entity (a) whose securities or other ownership interests, having by their terms the power to elect a majority of the board of directors or other Persons performing similar functions, are owned or controlled, directly or indirectly, by
such Person, (b) whose business and policies such Person has the power, directly or indirectly, to direct, or (c) of which 50% or more of the securities, partnership or other ownership interests are owned, directly or indirectly, by such
Person. 
 “Superior Proposal” has the meaning assigned in the SPA. 

“Tag-Along Notice” has the meaning assigned in Section 3.02(a). 

“Tag Right” has the meaning assigned in Section 3.02(c). 

“Tax” means any and all taxes, assessments, fees, levies, duties, tariffs, imposts, and other similar charges
(together with any and all interest, penalties, additions to tax, additional amounts in respect of the foregoing, and any obligations or payments to any Person with respect to any of the foregoing) imposed by any Taxing Authority including taxes or
other charges on or with respect to income, franchises, windfall or other profits, gross receipts, property, sales, use, capital stock, payroll, employment, social security, workers’ 

  
 8 

 
compensation, unemployment compensation, or net worth; taxes or other charges in the nature of excise, withholding, ad valorem, stamp, transfer, value added, or gains taxes; license, registration
and documentation fees; customs’ duties, tariffs, and similar charges; and with respect to Venezuela including but not limited to the royalties and taxes provided for in the Organic Hydrocarbons Law (Official Gazette of August 4, 2006),
the special contribution provided for in the “Ley que crea Contribución Especial por Precios Extraordinarios y Precios Exorbitantes en el Mercado Internacional de Hidrocarburos” (Official Gazette of February 20, 2013)
and the special contribution provided for in the Petrodelta Venezuelan National Assembly Approval. 
 “Tax Return”
means any return, declaration, report information statement, claim for refund or other document, including any schedule or attachment thereto, filed or required to be filed with any Governmental Authority in connection with the determination,
assessment or collection of any Tax of any party or the administration of any laws, regulations or administrative requirements relating to any Tax. 

“Taxing Authority” means any Governmental Authority having the power to impose or collect Tax. 

“Technical Expert” has the meaning assigned in Section 3.06(a). 

“Third Party Purchaser” means any Person who is not now, and immediately prior to the contemplated transaction
will not be, a Shareholder or an Affiliate thereof. 
 “Transfer” means any direct or indirect sale,
transfer, assignment, lease, issuance, pledge, exchange, hypothecation, mortgage, license, gift, creation of a security interest in or Lien on, placement in trust (voting or otherwise), encumbrance or other disposition to any Person, whether
voluntary or involuntary, including by way of spin-off, operation or succession of law or merger, hedging or derivative transactions or any transaction which is designed to, or might reasonably be expected to, result in a disposition (whether by
actual disposition or effective economic disposition due to cash settlement or otherwise). 
 “Ultimate Parent
Entity” means, (a) for the Majority Shareholder, Parent and (b) with respect to any direct or indirect third party transferee of Subject Shares, an Affiliate of such transferee that controls such transferee and is not
controlled (as such terms “control” and “controlled” are defined under the definition of Affiliate) by any other Person.  

“VAT Fiscal Unity” shall mean the fiscal unity (fiscal eenheid) between Majority Shareholder and the
Company or any of its Subsidiaries pursuant to article 7(4) of the 1968 Value Added Tax Act (Wet op de omzetbelasting 1968) or any other consolidated group for value added tax purposes between the Majority Shareholder or a related party and
the Company or any of its Subsidiaries. 
 “Venezuela” means the Bolivarian Republic of Venezuela.

 “Wholly Owned Subsidiary” means, with respect to any Person, any Subsidiary that is a wholly owned
Subsidiary of such Person. As used herein, “wholly owned” means direct or indirect ownership of any and all of the Equity Interests of such Person. 

Section 1.02 General Interpretive Principles. Whenever used in this Agreement, except as otherwise expressly provided or unless
the context otherwise requires, any noun or pronoun shall be deemed to include the plural as well as the singular and to cover all genders. Unless otherwise specified, words such as “herein”, “hereof”, “hereby”,
“hereunder” and words of similar import refer to this Agreement as a whole and not to any particular Section or subsection of this Agreement, and references herein to “Articles” or “Sections” refer to Articles or
Sections of this Agreement. In the event that any translated versions of this Agreement differ from the English version, the English version shall control. The headings in this Agreement are intended solely for convenience of reference and shall be
given no effect in the construction or interpretation of this Agreement. 

  
 9 

 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.01 Representations and Warranties of All Parties. Each of the parties hereto hereby represents and warrants to the
others on the date hereof as follows: 
 (a) Organization; Authority; Enforceability. Such party is a corporation or legal entity
duly organized or formed, validly existing and (to the extent applicable) in good standing, under the laws of its jurisdiction of organization or formation and has the requisite corporate or similar entity power and authority to conduct its business
as it is now being conducted. Such party has all necessary corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and
delivery of this Agreement by such party and the consummation by such party of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action, and no other corporate proceedings on the part of such party
are necessary to authorize the execution and delivery of this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by such party and, assuming the due authorization,
execution and delivery by each other party, constitutes a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting creditor’s rights, and subject to general equitable principles). 

(b) No Breach. None of the execution and delivery of this Agreement, the consummation by such party of the transactions contemplated
by this Agreement or the performance by such party of its obligations hereunder will (i) conflict with or violate its Charter Documents, (ii) conflict with or violate any Law applicable to such party or by which any property or asset of
such party is bound or affected or (iii) result in any breach of, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any right of termination, amendment, acceleration
or cancellation of, or result in the creation of a Lien upon any of the properties or assets of such party pursuant to, any Contract or any Permits to which it is a party or by which it or any of its assets or operations are bound or affected. 

(c) Consents. No consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or
obtained by such party in connection with (i) the execution, delivery or enforceability of this Agreement or (ii) the consummation of any of the transactions contemplated herein. 

(d) Compliance with Law. Each of such party, its Affiliates, such party’s and its Affiliates’ respective assets, and such
party’s and its Affiliates’ respective business and record keeping practices is not currently in violation of any Law which violations could at any time (including, without limitation, after the Final Closing) have a material adverse
effect upon (i) such party or its Affiliates, (ii) such party’s ability to perform its obligations hereunder or (iii) any of the other parties hereto. 

ARTICLE III 
 TRANSFER
RESTRICTIONS 
 Section 3.01 General Transfer Restrictions. The Majority Shareholder may not Transfer any of its Subject
Shares at any time to any Person except (a) in a direct sale of Subject Shares in accordance with Section 3.02, (b) as a result of a change of control in accordance with Section 3.03, (c) in connection with a
proposed Litigation Event in accordance with Section 3.04 or (d) to a Permitted Transferee in accordance with Section 3.05, and in each case in compliance with all applicable Law; provided that, for the avoidance
of doubt, no transfer restrictions set forth in this Article III shall apply to the consummation of a Superior Proposal in accordance with the terms of the SPA. The Minority Shareholder may Transfer all but not less than all of its Subject
Shares at any time in accordance with all applicable Law to any Person that has executed a Shareholder Joinder substantially in the form attached hereto as Exhibit A, pursuant to which such Person will thereby

  
 10 

 
become a party to, and be bound by and obligated to comply with the terms and conditions of, this Agreement, as if such Person were the Minority Shareholder. Any Transfer of any Subject Shares
that is not in compliance with the provisions of this Article III is prohibited and shall be null and void, and the parties hereto shall take all Necessary Action to ensure that it is not approved by the shareholders of the Company (to the
extent any such approval is required), not recorded on the shareholder registry of the Company and not recognized by the Company. If, notwithstanding the immediately preceding sentence, any Transfer of any Subject Shares is held by a court of
competent jurisdiction to be effective, then the restrictions on Transfer of any Subject Shares under this Article III applicable to the transferor shall apply to the transferee and to any subsequent transferee as if such transferee were a
party hereto. Each Shareholder shall, and shall cause the Company to, take all Necessary Actions to give full effect to the Transfer of any Shares that is effected in accordance with the provisions of this Agreement. Any transferee of the Minority
Shareholder that becomes a party to this Agreement shall enjoy the same rights and be subject to the same obligations as the Minority Shareholder hereunder with respect to the Subject Shares transferred to such transferee. Any transferee of the
Majority Shareholder that becomes a party to this Agreement shall be subject to the same obligations of the Majority Shareholder hereunder with respect to the Subject Shares Transferred to such transferee. 

Section 3.02 Tag-Along. 

(a) If at any time the Majority Shareholder receives a binding offer from any Third Party Purchaser to purchase Subject Shares owned
by the Majority Shareholder, that it is willing to accept, the Majority Shareholder may effect such Transfer only if (i) such Transfer (A) is a sale to a Third Party Purchaser for cash consideration only and, (B) is for all but not
less than all Subject Shares owned by the Majority Shareholder and its Affiliates, and (ii) the Majority Shareholder has complied with this Section 3.02. The Majority Shareholder shall, within three (3) Business Days of receipt
of such a binding offer from the Third Party Purchaser, give notice in writing (the “Tag-Along Notice”) to the Minority Shareholder of the proposed sale and of the terms and conditions of such proposed sale in the manner set
forth in Section 3.02(b) below.  
 (b) The Tag-Along Notice shall include the following: 

(i) a copy of the Third Party Purchaser’s offer (including all documentation relating thereto) and, to the extent not specified in such
copy, the identity of the Third Party Purchaser, including the entity that would become the Ultimate Parent Entity if the sale is consummated; 

(ii) the date, time and location upon which the sale is proposed to be made, which shall not be earlier than thirty (30) days or later
than fourteen (14) months after the date of such Tag-Along Notice; and 
 (iii) the cash consideration offered and all other material
terms. 
 (c) The Minority Shareholder, by notice to the Majority Shareholder within thirty (30) days after receipt of the Tag-Along
Notice, shall have the opportunity to sell all but not less than all of its Subject Shares to the Third Party Purchaser specified in the Tag-Along Notice in accordance with Section 3.02(d) (a “Tag Right”). If the
Minority Shareholder does not elect to exercise its Tag Right, the Majority Shareholder may proceed to complete the sale of all but not less than all of its Subject Shares to the Third Party Purchaser specified in the Tag-Along Notice in accordance
with the proposed terms and conditions of such offer; provided, however, that the closing of any such sale shall occur not more than sixty (60) days after the receipt of all necessary approvals from any Governmental Authority but
in no event shall occur more than fourteen (14) months after the Minority Shareholder’s receipt of the Tag-Along Notice; provided, further, that if no approvals from any Governmental Authority are necessary to effect such
closing, such closing shall not occur more than sixty (60) days after the Minority Shareholder’s receipt of the Tag-Along Notice. Prior to the consummation of and as a condition to such sale, the Majority Shareholder shall require
(i) the Third Party Purchaser to execute a Shareholder Joinder substantially in the form of Exhibit A, pursuant to which such Person will thereby become a party to, and be bound by and obligated to comply with the terms and conditions
of, this Agreement as if such Person were the Majority Shareholder, and (ii) the Ultimate Parent Entity of such Third Party Purchaser to execute and deliver a 

  
 11 

 
guarantee substantially in the form attached hereto as Exhibit B. If the sale is not completed within the time period required by this Section 3.02(c), the provisions of this
Section 3.02 shall again apply and no Transfer may be made in reliance upon this Section without again complying with its provisions. Any material amendment of the terms of a Third Party Purchaser’s offer from those specified in the
Tag-Along Notice shall require a new Tag-Along Notice and any rights or obligations under this Section 3.02 shall be in relation to such new Tag-Along Notice. The Majority Shareholder shall provide to the Minority Shareholder copies of
the final documentation relating to such sale not less than five (5) days prior to the closing of such sale. 
 (d) If the Minority
Shareholder exercises its Tag Right, the Minority Shareholder shall be entitled to sell all but not less than all its Subject Shares in connection therewith for the same per share price and on the same terms and conditions specified in the Tag-Along
Notice as the Majority Shareholder, which terms and conditions shall be at least as favorable for the Minority Shareholder as those terms and conditions specified in the Tag-Along Notice; provided that the Minority Shareholder shall have no
obligation to make any representations or warranties or provide any indemnity in connection with such sale, except in respect of title to the Subject Shares, due authorization and similar fundamental corporate matters. The Majority Shareholder shall
not consummate the proposed sale unless all of the Subject Shares entitled to be sold by the Minority Shareholder pursuant to this Section 3.02 are simultaneously sold in accordance with the terms hereof. Any such sale of Subject Shares
shall close at a time and place specified by the Majority Shareholder and reasonably acceptable to the Minority Shareholder; provided, however, that such closing shall occur not more than sixty (60) days after the receipt of all
necessary approvals from any Governmental Authority but in no event shall occur more than fourteen (14) months after the Minority Shareholder’s receipt of the Tag-Along Notice; provided, further, that if no approvals from any
Governmental Authority are necessary to effect such closing, such closing shall not occur more than sixty (60) days after the Minority Shareholder’s receipt of the Tag-Along Notice. 

Section 3.03 Change of Control Put Option. 

(a) In connection with any change of control of the Majority Shareholder, the Minority Shareholder shall have the right and option,
exercisable upon written notice to the Majority Shareholder in accordance with Section 3.03(c), to sell to the Majority Shareholder and to cause the Majority Shareholder to purchase all but not less than all of the Minority
Shareholder’s Subject Shares pursuant to the Put Contract (a “Change of Control Put Option”), for an aggregate purchase price equal to the Fair Market Value of the Minority Shareholder’s Subject Shares determined in
accordance with Section 3.06. 
 (b) At least ninety days (90) days prior to the consummation of any transaction that
would result in a change of control of the Majority Shareholder (or as promptly as practicable after consummation, in the case of any change of control under clause (a) or (b) of the definition thereof), the Majority Shareholder shall
deliver a notice thereof (a “Change of Control Notice”) to the Minority Shareholder, which notice shall contain: (i) the identity of the Person that will directly or indirectly control the Majority Shareholder upon the
consummation of the change of control transaction and of the Ultimate Parent Entity of such Person; (ii) the date upon which the change of control transaction is proposed to be consummated; and (iii) the consideration and all other
material terms of the proposed transaction. From the date of the Change of Control Notice through the date of the closing of such change of control transaction, the Majority Shareholder shall promptly provide the Minority Shareholder with all
information about the change of control transaction as is reasonably requested by the Minority Shareholder, including, without limitation, information about the Person that will directly or indirectly control the Majority Shareholder and the
Ultimate Parent Entity of such Person. 
 (c) Within fifteen (15) days of the date of the Change of Control Notice, the Minority
Shareholder may request that a determination of the Fair Market Value of its Subject Shares be made pursuant to Section 3.06. Following determination of the Fair Market Value of its Subject Shares in accordance with
Section 3.06, the Minority Shareholder shall have the right to exercise the Change of Control Put Option by providing notice to the Majority Shareholder no later than fifteen (15) days after the date of such determination. In the
event of exercise of the Change of Control Put Option, the Majority Shareholder shall purchase, or shall cause to be purchased, all of the Subject Shares of the Minority Shareholder for the Fair Market Value

  
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determined in accordance with Section 3.06. The closing of such purchase shall occur, (i) in the case of any change of control under clause (c) or (d) of the definition
thereof, simultaneously with and as a condition to such change of control of the Majority Shareholder, and (ii) in the case of any other change of control not involving a change of control under clause (c) or (d) of the definition thereof,
not more than sixty (60) days after the receipt of all necessary approvals from any Governmental Authority but in no event more than fourteen (14) months after the Minority Shareholder’s exercise of the Change of Control Put Option;
provided, that if no approvals from any Governmental Authority are necessary, such closing shall not occur more than sixty (60) days after the Minority Shareholder’s exercise of the Change of Control Put Option. 

(d) If in connection with a change of control the Minority Shareholder does not elect to exercise the Change of Control Put Option, then
prior to the consummation of and as a condition to any such change of control, the Majority Shareholder shall require the Ultimate Parent Entity of the Person that will directly or indirectly control the Majority Shareholder upon the consummation of
the change of control transaction to execute and deliver a guarantee substantially in the form attached hereto as Exhibit B. 
 (e)
If the change of control notified in a Change of Control Notice does not occur within fourteen (14) months of such notice, the provisions of this Section 3.03 shall again apply and no Transfer may be made in reliance upon this
Section without again complying with its provisions. Any material amendment of the terms of a change of control from those specified in a Change of Control Notice shall require a new Change of Control Notice and any rights or obligations under this
Section 3.03 shall be in relation to such new Change of Control Notice; provided that the Minority Shareholder shall have fifteen (15) days from the date of such new Change of Control Notice to exercise the Change of Control
Put Option. 
 Section 3.04 Litigation Put Option. 

(a) Prior to the commencement of any Litigation Event, the Majority Shareholder shall deliver a notice (a “Litigation
Notice”) to the Minority Shareholder that the Majority Lender intends to cause the Company or a Subsidiary of the Company to commence a Litigation Event, describing in reasonable detail the facts and circumstances giving rise to such
potential Litigation Event and the potential actions contemplated to be taken in respect thereof. Following the sending of the Litigation Notice, the Majority Shareholder and the Minority Shareholder shall mutually select an Escrow Agent and execute
the Escrow Agreement. Within five (5) Business Days of the execution of the Escrow Agreement, the Majority Shareholder shall deposit or cause to be deposited $5,000,000 into the Escrow Account. All costs associated with the Escrow Agent, the
Escrow Agreement and the Escrow Account shall be shared equally by the Majority Shareholder and the Minority Shareholder. 

(b) Within fifteen (15) days of delivery of the Litigation Notice (the date of such delivery being the “Litigation
Notice Date”), the Minority Shareholder may, by written notice to the Majority Shareholder, request that a determination of the Fair Market Value of its Subject Shares be determined pursuant to Section 3.06 (a
“Fair Market Value Determination”). If the Minority Shareholder does not request a Fair Market Value Determination, all amounts in the Escrow Account shall be promptly returned to the Majority Shareholder. 

(c) If the Minority Shareholder requests a Fair Market Value Determination (the date of such request being the “Put Commencement
Date”), the Majority Shareholder shall, within ten (10) Business Days of the determination of the Fair Market Value of the Minority Shareholder’s Subject Shares pursuant to Section 3.06 deposit or cause to be deposited
into the Escrow Account such additional amounts, if any, as may be required to make the amount in the Escrow Account to be equal to the Fair Market Value of the Minority Shareholder’s Subject Shares. If the Fair Market Value of the Minority
Shareholder’s Subject Shares is less than the amount in the Escrow Account, such excess shall be promptly returned to the Majority Shareholder. 

(d) Until (i) the date fifteen (15) days after the Litigation Notice Date if the Minority Shareholder does not request a
Fair Market Value Determination, or (ii) the date (the “Escrow Commencement Date”) on which an amount equal to the Fair Market Value of the Minority Shareholder’s Subject Shares is deposited in the

  
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Escrow Account if the Minority Shareholder requests a Fair Market Value Determination, the Majority Shareholder shall not permit the Company or any Subsidiary of the Company to commence any
Litigation Event. 
 (i) If the Minority Shareholder does not request a Fair Market Value Determination, the Majority Shareholder
may cause the Company or any Subsidiary of the Company to commence a Litigation Event contemplated by the Litigation Notice delivered in respect thereof without the consent of the Minority Shareholder (but subject to the Company Articles and the
other provisions of this Agreement, including Sections 5.01, 5.03 and 5.04) at any time after the date fifteen (15) days after the Litigation Notice Date and prior to the one (1) year anniversary of the Litigation Notice Date, and the
Minority Shareholder shall not have a Litigation Put Option during such period. If prior to the one (1) year anniversary of the Litigation Notice Date no Adversary Proceeding in respect of the Litigation Event contemplated by the Litigation
Notice has been commenced by the Company or any of its Subsidiaries against Petrodelta, any Affiliate of Petrodelta or any Governmental Authority of Venezuela through the issuance of a demand for arbitration, the filing or service of a complaint or
other similar action or process, the Majority Shareholder shall not permit the Company or any Subsidiary of the Company to commence a Litigation Event without the prior written consent of the Minority Shareholder until the second anniversary of the
Litigation Notice Date and, thereafter, the Majority Shareholder shall not permit the Company or any Subsidiary of the Company to commence any Litigation Event without providing the Minority Shareholder with a Litigation Notice and complying with
the terms of this Section 3.04. 
 (ii) If the Minority Shareholder requests a Fair Market Value Determination, the Majority
Shareholder may, upon five (5) days prior written notice to the Minority Shareholder, cause the Company or any Subsidiary of the Company to commence a Litigation Event contemplated by the Litigation Notice delivered in respect thereof at any
time during the period (the “Escrow Period”) after the Escrow Commencement Date and before the earlier of the one (1) year anniversary of the Litigation Notice Date or the Litigation Withdrawal Date. If during the Escrow
Period no Adversary Proceeding in respect of the Litigation Event contemplated by the Litigation Notice has been commenced by the Company or any of its Subsidiaries against Petrodelta, any Affiliate of Petrodelta or any Governmental Authority of
Venezuela through the issuance of a demand for arbitration, the filing or service of a complaint or other similar action or process, the Majority Shareholder shall not permit the Company or any Subsidiary of the Company to commence a Litigation
Event without the prior written consent of the Minority Shareholder for one (1) year after the end of the Escrow Period and, thereafter, the Majority Shareholder shall not permit the Company or any Subsidiary of the Company to commence any
Litigation Event without providing the Minority Shareholder with a Litigation Notice and complying with the terms of this Section 3.04. 

(e) The Minority Shareholder shall have the right and option, exercisable upon written notice to the Majority Shareholder during the
period commencing on the Put Commencement Date and ending on the date occurring (such date being the “Final Exercise Date”) thirty (30) days after the earliest of (x) the date on which the Majority Shareholder
provides the Minority Shareholder with written notice that an Adversary Proceeding in respect of the Litigation Event contemplated by the Litigation Notice has been commenced by the Company or any of its Subsidiaries against Petrodelta, any
Affiliate of Petrodelta or any Governmental Authority of Venezuela through the issuance of a demand for arbitration, the filing or service of a complaint or other similar action or process, (y) the date on which the Majority Shareholder
provides the Minority Shareholder with written notice that the Majority Shareholder has caused the Company and each Subsidiary of the Company to withdraw any pending Litigation Events and will not cause the Company or any Subsidiary of the Company
to commence any new Litigation Event within the one (1) year period following the date of such notice without the prior written consent of the Minority Shareholder (the Litigation Withdrawal Notice”) and (z) the one
(1) year anniversary of the Litigation Notice, to sell to the Majority Shareholder, and to cause the Majority Shareholder to purchase from the Minority Shareholder, all but not less than all of the Minority Shareholder’s Subject Shares
(the “Litigation Put Option”) for an aggregate purchase price equal to the Fair Market Value of the Minority Shareholder’s Subject Shares determine pursuant to Section 3.06. In the event that the
Minority Shareholder exercises the Litigation Put Option, (i) the parties shall execute the Put Contract (which shall provide that the purchase price shall be paid out of the Escrow Account and that all funds remaining in the Escrow Account
after 

  
 14 

 
the payment of the purchase price shall be returned to the Majority Shareholder) as promptly as practicable and (ii) the Majority Shareholder shall purchase, or cause to be
purchased, all of the Minority Shareholder’s Subject Shares within thirty (30) days of the later of the exercise of the Litigation Put Option and the determination of Fair Market Value pursuant to Section 3.06. If
the Minority Shareholder does not exercise the Litigation Put Option by the Final Exercise Date, all amounts in the Escrow Account shall be promptly returned to the Majority Shareholder. 

Section 3.05 Permitted Transfers; Transfer Approval. 

(a) The Majority Shareholder may effect a Transfer of all but not less than all of its Subject Shares to any Person that is one of its
Qualified Affiliates (a “Permitted Transferee”) at any time without complying with the provisions of Section 3.02; provided that (i) the Majority Shareholder provides at least fifteen
(15) days’ advance notice to the Minority Shareholder and, (ii) prior to the consummation of and as a condition to such Transfer, the Permitted Transferee of such Subject Shares executes a Shareholder Joinder substantially in the form
attached hereto as Exhibit A, pursuant to which such Person will thereby become a party to, and be bound by and obligated to comply with the terms and conditions of, this Agreement as if such Person were the Majority Shareholder. Before such
Permitted Transferee ceases to be a Qualified Affiliate of the Majority Shareholder, it shall Transfer, in a manner permitted by this Agreement, all the Subject Shares held by it back to the Majority Shareholder or another Qualified Affiliate of the
Majority Shareholder that shall remain a Qualified Affiliate after such Transfer. 
 (b) The Majority Shareholder shall take all
Necessary Action to approve, in accordance with the Company Articles, any Transfer by the Minority Shareholder in accordance with this Agreement of any or all of its Subject Shares to any Person. 

Section 3.06 Fair Market Value Determination. 

(a) In the event that a Change of Control Notice is delivered pursuant to Section 3.03(b) or a Claim Notice is delivered pursuant
to Section 3.04(a) and the Minority Shareholder requests, by written notice to the Majority Shareholder delivered within fifteen (15) days after receipt of such Change of Control Notice or Litigation Notice, a determination of the Fair
Market Value of Subject Shares (the “Fair Market Value Request”), then the Shareholders shall seek to agree on the appointment of an independent third party investment bank to act as an appraiser (the
“Appraiser”), which shall select a reputable independent technical expert (the “Technical Expert”) to assist with its determination of the Fair Market Value of the Subject Shares. In the event
the Shareholders fail to reach an agreement on the appointment of the Appraiser within fifteen (15) days of the Minority Shareholder’s Fair Market Value Request, the Shareholders shall request that an independent third party investment
bank be appointed by the ICC International Centre for Expertise and such independent third party investment bank so appointed shall act as the Appraiser.  

(b) Each Shareholder shall enter into customary engagement letters with the Appraiser and the Technical Expert, which engagement letters
shall provide that the fees and expenses of and any indemnity obligations to the Appraiser or the Technical Expert shall be borne fifty percent (50%) by the Majority Shareholder and fifty percent (50%) by the Minority Shareholder on a
several, but not joint basis. Each Shareholder shall cooperate with the Appraiser and the Technical Expert as reasonably requested, which cooperation shall include promptly providing any information in its possession reasonably requested by the
Appraiser or the Technical Expert. 
 (c) The Appraiser shall conduct a valuation of the market value of the Subject Shares as
promptly as reasonably practicable and, in any event, within thirty (30) days after the appointment of the Appraiser. The Appraiser’s valuation of the fair market value of the Subject Shares shall take into account, to the extent
applicable: (i) any dividends declared by the Company, any of its Subsidiaries or Petrodelta after September 30, 2013, which have not been paid by the Company to its shareholders, (ii) the consideration to be paid in a proposed change
of control transaction, (iii) the expected realizable value of any claims that are the subject of a 

  
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Litigation Event and (iii) any other factors deemed appropriate by the Appraiser in its discretion. The “Fair Market Value” of the Subject Shares shall be an
amount equal to the product of (i) the Appraiser’s valuation of the fair market value of the Subject Shares as a whole, as of the date of delivery of the Change of Control Notice or Claim Notice, as determined in accordance with this
Section 3.06, (ii) multiplied by the percentage of Subject Shares then owned by the Minority Shareholder. The determination of the Appraiser of Fair Market Value shall (in the absence of fraud or manifest error) be final and
binding. 
 ARTICLE IV 

GOVERNANCE 

Section 4.01 Consent Rights. For so long as the Minority Shareholder and its Affiliates own at least twenty-five percent
(25%) of the Common Shares, the Majority Shareholder shall take all Necessary Action to cause the Company and its Subsidiaries to refrain from taking any of the following actions or approving any of the following matters (each, a
“Consent Action”) without the prior written consent of the Minority Shareholder: 
 (a) Transfer any assets other
than (i) Company Owned IP pursuant to non-exclusive licenses granted to end users in connection with sales of finished products in the ordinary course of business and (ii) dispositions of obsolete equipment or assets in the ordinary course
of business consistent with past practice; 
 (b) guarantee any Indebtedness or assume or guarantee the obligations of any Person other
than guarantees of a Wholly Owned Subsidiary of the Company; 
 (c) loan, advance, invest or make a capital contribution to or in any
Person other than (i) a Wholly Owned Subsidiary of the Company or (ii) Petrodelta if and to the extent required to comply with any pro rata funding obligations of the Company or any of its Wholly Owned Subsidiaries in respect of Petrodelta
under the terms of the Core Petrodelta Documents or any duly approved Business Plan (as defined in the Conversion Agreement); 
 (d) waive
or release any (i) governmental complaint or (ii) claims, liabilities or obligations arising out of, related to or in connection with litigation other than for compromises, settlements or agreements that involve only the payment of
monetary damages not in excess of $500,000 in any single instance and $1,000,000 in the aggregate and in any case without the imposition of equitable relief on, or the admission of wrongdoing by, the Company or any of its Subsidiaries; 

(e) the entering into, or commitment to enter into, or undertaking activity in any line of business other than owning and investing in
Petrodelta, complying with the terms of the Core Petrodelta Documents and matters ancillary thereto; 
 (f) the incorporation, formation or
the acquisition of any new Subsidiary (other than a Wholly Owned Subsidiary) or interests or assets of any Person (other than the acquisition of interests in a Wholly Owned Subsidiary or in Petrodelta if and to the extent required to comply with the
terms of the Core Petrodelta Documents); 
 (g) the assertion of any claim or commencement of any litigation, arbitration or other
proceeding against Petrodelta, any Affiliate of Petrodelta or any Governmental Authority of Venezuela, other than in accordance with Section 3.04(d); 

(h) approving the appointment of any new auditor or a change in the existing auditor of the Company or any of its Subsidiaries, other than in
respect of the appointment of any new auditor that is the then-current, or is simultaneously appointed to be the, auditor of Parent; 

  
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 (i) approving the compensation of or any other fees payable to any Director or any director of a
Subsidiary of the Company; 
 (j) any agreement or other transaction between any Group Company and either (i) Parent or any of its
Affiliates (other than any Group Company) or (ii) any director, officer or employee of Parent or any of its Affiliates (other than for compensation of officers or employees of any Group Company in the ordinary course of business); and 

(k) the delegation of the authority or powers of the Board to any committee, Person or entity except pursuant to a power of attorney granted
to strictly implement resolutions, or carry out any actions, that have been duly authorized by the Board. 
 Section 4.02 Board
Participation. Until such time as the Minority Shareholder has the right to appoint at least one (1) Director, the Majority Shareholder shall: 

(a) use its reasonable best efforts to enable a designee of the Minority Shareholder (the “Board Observer”) to attend
(in person, or at the election of the Board Observer, by means of a telephonic conference connection) all regular and special meetings of the Board, including all regular and special meetings of any committee of the Board, as an observer and to be
given such prior notice of such Board or committee meetings (together with any materials prepared for Directors for such meetings) as are (and at such times as given) to Directors; provided, however, that the Minority
Shareholder shall procure that the Board Observer keeps confidential any confidential information received in his or her role as Board Observer and that the Board Observer undertakes to the Company that he or she will do so; 

(b) keep the Minority Shareholder reasonably informed of all discussions among and actions taken by the Board and any committee of the Board;
and 
 (c) to the extent not provided under any of the foregoing, promptly provide the Minority Shareholder with copies of all materials
distributed to Directors and all minutes of the Board. 
 ARTICLE V 

ADDITIONAL AGREEMENTS 

Section 5.01 Information Rights. For so long as the Minority Shareholder and its Affiliates own at least twenty-five percent
(25%) of the Common Shares, the Majority Shareholder shall take all Necessary Action to cause the Company to furnish to the Minority Shareholder: 

(a) as soon as practicable but not later than ninety (90) days after the end of each fiscal year, copies of audited consolidated
Financial Statements of the Company and each of its Subsidiaries for such fiscal year prepared in accordance with United States generally accepted accounting principles (“GAAP”) and United States auditing standards; 

(b) as soon as practicable but not later than forty-five (60) days after the end of each fiscal year, a report, for each of the Company
and its Subsidiaries, summarizing the operations of the Company and each such Subsidiary conducted during such fiscal year, together with statements of sources and application of funds showing actual expenditures to date, and latest estimates to the
fiscal year end; 
 (c) as soon as practicable but not later than forty-five (60) days after the end of each fiscal quarter, copies of
the unaudited consolidated Financial Statements of the Company and each of its Subsidiaries for such fiscal quarter prepared in accordance with GAAP and United States auditing standards and a report, for each of the Company and its Subsidiaries,
summarizing the operations of the Company conducted during such fiscal quarter, together with statements of sources and application of funds showing actual expenditures to date, and latest estimates to the fiscal year end; 

  
 17 

 (d) as soon as practicable, any correspondence to or from Petrodelta, to or from the auditors of
the Company and to or from any Governmental Authority; 
 (e) as soon as practicable, copies of all Contracts entered into by the Company;

 (f) as soon as practicable, copies of and access to complete and accurate statements, of whatever financial, tax, accounting and other
information regarding the Company and its Subsidiaries, including information regarding earnings, which the Minority Shareholder or any of its Affiliates is required to file with any Governmental Authority, or which is necessary or required in order
to comply with any audit; and 
 (g) as soon as practicable, such other information relating to the financial condition, business,
prospects, or corporate affairs of the Company, any of its Subsidiaries or Petrodelta or any of its Subsidiaries as the Minority Shareholder may from time to time reasonably request; 

provided that, if so requested by the Minority Shareholder, the Majority Shareholder shall take all Necessary Action to cause the Company and its
Subsidiaries to furnish to the Minority Shareholder the Financial Statements described in clauses (a) and (c) of this Section 5.01 in accordance with IFRS within ninety (90) days of the date of such request;
provided, further, that the Minority Shareholder shall bear all out-of-pocket expenses of Parent or its Affiliates that are incurred in connection with the preparation of such Financial Statements in accordance with IFRS to the extent
such expenses exceed those that would have been incurred in connection with the preparation of such Financial Statements in accordance with GAAP and United States auditing standards. 

Section 5.02 Inspection and Audit Rights. The Majority Shareholder shall take all Necessary Action to cause the Company to permit
the Minority Shareholder, through its authorized employees and agents or those of its Affiliates, at its own cost and expense, during normal business hours and upon reasonable notice, to have full access to the Company and its Subsidiaries, all
sites, offices and facilities of the Company and its Subsidiaries, and (except as may be limited by Law) the right to examine, make copies of and audit any accounts, records and other documents of the Company and its Subsidiaries. The Majority
Shareholder shall further use its reasonable best efforts to permit the Minority Shareholder, through its authorized employees and agents or those of its Affiliates, to conduct any of the foregoing inspection and audit rights with respect to
Petrodelta and any of its Subsidiaries. 
 Section 5.03 Consultation. The Majority Shareholder shall consult with the Minority
Shareholder prior to proposing or consenting to any material action by the Company or any of its Subsidiaries not subject to the Minority Shareholder’s consent rights, including without limitation any material change to or action under the Core
Petrodelta Documents, the entry into a new Contract with Petrodelta, any permitted Litigation Event (or actions in connection therewith) or any other material change in the relationship of the Company and its Affiliates with Petrodelta, and shall
(a) provide the Minority Shareholder with a reasonable opportunity to review, comment on and propose modifications in respect of any such proposal or consent and (b) consider any such comments or proposed modifications in good faith. 

Section 5.04 Fiduciary Duties of Directors. The Majority Shareholder shall take all Necessary Action to ensure that the Directors
nominated by the Majority Shareholder act in accordance with the requirements of the Laws of The Netherlands applicable to such Directors. 

Section 5.05 Payment of Dividends. The Majority Shareholder shall take all Necessary Action to cause the Company and its
Subsidiaries to distribute to the Shareholders of the Company in cash all profits in respect of any dividends paid by Petrodelta. 

Section 5.06 Company Joinder. Upon the written request of the Minority Shareholder, the Majority Shareholder shall use its
reasonable best efforts, including reasonable best efforts to obtain the consent of O&G Tech (if necessary), to cause the Company to become a party to this Agreement by executing a joinder agreement reasonably acceptable to the Minority
Shareholder. By executing such joinder agreement, the Company shall 

  
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agree that wherever it is provided herein that the Majority Shareholder shall take all Necessary Action to cause the Company to take, or refrain from taking, any action, then the Company shall
take, or refrain from taking, such action. 
 Section 5.07 Participation Right. In the event that Parent or the Majority
Shareholder seeks to enter into any change of control (pursuant to clause (a), (c) or (d) of the definition thereof) transaction or any direct or indirect sale of the Majority Shareholder’s Subject Shares (any such transaction, a
“Sale Transaction”), the Majority Shareholder shall take all Necessary Action, and take all Necessary Action to cause Parent, to provide the Minority Shareholder with (x) notice that the Majority Shareholder intends to
commence discussions with regard to a Sale Transaction, (y) any and all information reasonably requested by the Minority Shareholder for the purpose of evaluating and entering into a Sales Transaction (subject to the Minority Shareholder
entering into a confidentiality agreement reasonably acceptable to the Minority Shareholder) and (z) the same opportunity to negotiate and submit proposals in respect of any such Sale Transaction as provided to any other potential buyer. 

ARTICLE VI 
 TAX MATTERS

 Section 6.01 Administration of Tax Matters. The Majority Shareholder shall, at its own expense, prepare or cause to be
prepared and timely file, or cause to be timely filed, all Company Tax Returns and Tax Returns of a VAT Fiscal Unity (taking into account all extensions properly obtained). The Majority Shareholder shall (i) prepare such Tax Returns on a basis
consistent with past practices and accounting methods of the Majority Shareholder and the Company and its Subsidiaries except to the extent otherwise required by applicable Law, and (ii) provide a copy of such Tax Return(s) to the Minority
Shareholder (with supporting documentation and computations) at least thirty (30) days prior (except, in the case of a Periodic Tax Return, ten (10) days prior) to filing such Tax Return(s). The Minority Shareholder shall, within fifteen
(15) days (except, in the case of a Periodic Tax Return, five (5) days) of receiving such Tax Return(s), notify the Majority Shareholder in writing of any matters in such Tax Returns with which the Minority Shareholder reasonably
disagrees. In such case, the Majority Shareholder and the Minority Shareholder shall reasonably cooperate with each other to reach a timely and mutually satisfactory solution to the disputed matters and, to the extent they are unable to reach such a
solution within ten (10) days, shall resolve the dispute in accordance with Section 6.03. 
 Section 6.02
Cooperation; Audits; Tax-Related Actions. 
 (a) In connection with the preparation of Tax Returns (including amended Tax Returns),
audit examinations, Tax refund claims, applications for relief or ruling and any actions relating to the Tax liabilities imposed on the Company or its Subsidiaries (or any successor thereof), the Majority Shareholder, on the one hand, and the
Minority Shareholder, on the other hand, shall cooperate fully with each other, including the furnishing or making available during normal business hours of records, personnel (as reasonably required and to the extent not unduly burdensome), books
of account, powers of attorney or other materials necessary or helpful for the preparation of such Tax Returns, the conduct of audit examinations or the defense of actions by Taxing Authorities as to the imposition of Taxes. The Majority Shareholder
shall and to the extent practicable shall take all Necessary Action to cause the Company and is Subsidiaries to (i) retain all books and records with respect to Tax matters pertinent to the Company and is Subsidiaries until the expiration of
the applicable statute of limitations (including any extension thereof) for the respective taxable periods, and to abide by all record retention agreements entered into with any Taxing Authority, and (ii) give the Minority Shareholder
reasonable written notice prior to transferring, destroying or discarding any such books and records and shall allow such other party to take possession of such books and records at such party’s own expense. 

(b) The Majority Shareholder and the Minority Shareholder shall, upon request, use commercially reasonable efforts to obtain any certificate
or other document from any Person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed (including with respect to the transactions contemplated hereby). 

  
 19 

 Section 6.03 Referee. If, after negotiating in good faith, the Majority Shareholder
and the Minority Shareholder are unable to reach an agreement relating to any Tax matter under this Article VI, the dispute shall be submitted to a mutually acceptable independent accounting firm of national repute (the
“Referee”) jointly selected by the Majority Shareholder and the Minority Shareholder within five (5) Business Days of the date on which a party makes the request to refer such dispute to an expert. The Majority
Shareholder and the Minority Shareholder shall instruct the Referee to resolve any disputed items within fifteen (15) Business Days of having such items referred to it, pursuant to such procedures as it may require. The parties shall cooperate
with the Referee, provide it promptly with all information that it reasonably requires and shall promptly act to implement the decision of the Referee. The costs, fees and expenses of the Referee shall be allocated between 50% to the Majority
Shareholder and 50% to the Minority Shareholder. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.01 Term and Termination. The terms and conditions set forth in this Agreement shall become effective as of the date of
any termination of the SPA prior to consummation of the Final Closing thereunder and shall continue in accordance with their respective terms; provided this Agreement shall terminate: 

(a) by the mutual consent of all Shareholders at any time; or 

(b) automatically in the event: 

(i) the Final Closing occurs; 

(ii) a Tag Right pursuant to Section 3.02, Change of Control Put Option pursuant to Section 3.03 or Litigation Put
Option pursuant to Section 3.04 is exercised and consummated. 
 Section 7.02 Specific Performance. 

(a) The parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, may occur in
the event that the parties hereto do not perform the provisions of this Agreement (including failing to take such actions as are required of it hereunder to consummate the transactions contemplated by this Agreement) in accordance with its specified
terms or otherwise breach such provisions. Accordingly, except as otherwise set forth in this Section 7.02, the parties acknowledge and agree that the parties hereto shall be entitled, without posting a bond, security or other indemnity,
to an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. 

(b) Each party hereby agrees not to raise any objections to the availability of the equitable remedy of specific performance to prevent or
restrain breaches of this Agreement by such party, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants and obligations of such party under
this Agreement all in accordance with the terms of this Section 7.02. The parties hereto further agree that (i) by seeking the remedies provided for in this Section 7.02, a party shall not in any respect waive its right
to seek any other form of relief that may be available to a party, and (ii) neither the commencement of any legal proceeding pursuant to this Section 7.02 nor anything set forth in this Section 7.02 shall restrict or
limit any party’s right to pursue any other remedies that may be available then or thereafter. 
 Section 7.03 Successors and
Assigns; Third Party Beneficiaries. Neither this Agreement nor any rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of Law or otherwise); provided that all rights and
obligations of the Minority Shareholder shall be assigned to any 

  
 20 

 
transferee of the Minority Shareholder, and all obligations of the Majority Shareholder shall be binding upon any transferee of the Majority Shareholder, in each case in connection with any
Transfer of Subject Shares made in accordance with Article III. Any attempted assignment or transfer, which does not comply with the provisions of this Section 7.03, shall be null and void ab initio. Subject to the preceding
sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective permitted successors and assigns. This Agreement is not intended to and shall not confer any rights or remedies upon any
Person other than the parties hereto and their respective successors and permitted assigns. 
 Section 7.04 Amendments; Waiver.
This Agreement may be amended only by an agreement in writing executed by the parties hereto. Either party may waive in whole or in part any benefit or right provided to it under this Agreement, such waiver being effective only if contained in a
writing executed by the waiving party. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon breach thereof shall constitute a
waiver of any such breach or of any other covenant, duty, agreement or condition, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter. 

Section 7.05 Notices. Any notice required to be given hereunder shall be sufficient if in writing and sent by facsimile
transmission (providing confirmation of transmission by the transmitting equipment) or e-mail of a .pdf attachment (with confirmation of receipt by non-automated reply e-mail from the recipient); provided, that any notice received by
facsimile or e-mail transmission or otherwise at the addressee’s location on any Business Day after 5:00 p.m. (local time) shall be deemed to have been received at 9:00 a.m. (local time) on the next Business Day), by reliable overnight delivery
service (with proof of service), hand delivery or certified or registered mail (return receipt requested and first-class postage prepaid), addressed as follows (or at such other address for a party as shall be specified in a notice given in
accordance with this Section 7.05): 
 if to the Majority Shareholder: 

c/o Harvest Natural Resources, Inc. 

1177 Enclave Parkway, Suite 300 

Houston, Texas 77077 
 Phone:
(281) 899-5700 
 Fax: (281) 899-5702 

e-mail: khead@harvestnr.com 

Attention: Keith Head, Vice President and General Counsel 

with a copy (which shall not constitute notice) to: 
  

	
	 Baker Botts L.L.P.
 One Shell Plaza

910 Louisiana St.
 Houston, TX 77002

Phone: (713) 229-1137
 Fax: (713) 229-1522

e-mail: thomas.moore@bakerbotts.com

            bill.lamb@bakerbotts.com

Attention: Thomas J. Moore

                 William S.
Lamb

  
 21 

 if to the Minority Shareholder: 

 

	
	 Petroandina Resources Corporation N.V.

Muiderstraat 7/A
 1011PZ Amsterdam, The Netherlands

Phone: +31 20 662 2199
 Fax: +31 20 364 0323

e-mail: mstorni@pluspetrol.net
 Attention: María Ximena
Storni

 with a copy (which shall not constitute notice) to: 

 

	
	 Cleary Gottlieb Steen & Hamilton LLP
 One
Liberty Plaza
 New York, NY 10006
 Phone: (212) 225-2000

Fax: (212) 225-3999
 e-mail: jlewis@cgsh.com;
nwhoriskey@cgsh.com
 Attention: Jeffrey S. Lewis

                 Neil Q. Whoriskey

 Section 7.06 Governing Law and Exclusive Jurisdiction; Service of Process; Waiver of Jury Trial.

 (a) This Agreement shall be governed by and construed in accordance with the Laws of the State of New York (without regard to principles
of conflicts of law thereof that would cause the application of Laws of any other jurisdiction other than the State of New York). 
 (b)
Each of the parties hereto irrevocably submit to the exclusive jurisdiction of the Court of Chancery of the State of Delaware, County of New Castle (or, if (but only if) such court shall be unavailable, any other court of the State of Delaware or
any Federal court sitting in the State of Delaware), for the purpose of any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Agreement and each of the parties hereto hereby
irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined exclusively in the Court of Chancery of the State of Delaware, County of New Castle (or, if (but only if) such court shall be unavailable, any
other court of the State of Delaware or any Federal court sitting in the State of Delaware). 
 (c) Each of the parties hereto
(a) irrevocably consents to the service of the summons and complaint and any other process in any other action or proceeding relating to the transactions contemplated by this Agreement, on behalf of itself or its property, by personal delivery
of copies of such process to such party and nothing in this Section 7.06 shall affect the right of any party to serve legal process in any other manner permitted by Law, (b) consents to submit itself to the personal jurisdiction of
the Delaware Court of Chancery, County of New Castle, any other court of the State of Delaware, County of New Castle, and any Federal court sitting in the State of Delaware for the purpose of any dispute arising out of this Agreement or the
transactions contemplated by this Agreement, (c) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (d) agrees that it will not bring any action
relating to this Agreement or the transactions contemplated by this Agreement in any court other than the Delaware Court of Chancery located in the County of New Castle (or, if (but only if) such court shall be unavailable, any other court of the
State of Delaware or any Federal court sitting in the State of Delaware). Each of Buyer, Seller and HNR agrees that a final judgment in any action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by Law. 
 (d) EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, 

  
 22 

 
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF BUYER, SELLER OR HNR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF. 

Section 7.07 Headings. The heading references herein and the table of contents hereof are for convenience purposes only, and shall
not be deemed to limit or affect any of the provisions hereof. 
 Section 7.08 Entire Agreement. This Agreement (including the
Exhibits hereto and other documents delivered pursuant hereto), together with the Related Agreements, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and
undertakings, both written and oral, among the parties and their Affiliates, or any of them, with respect to the subject matter hereof. 

Section 7.09 Severability. If any term or other provision of this Agreement is held by a court of competent jurisdiction or other
authority to be invalid, void, illegal or incapable of being enforced under any present or future Law or public policy, (a) such term or other provision shall be fully separable, (b) this Agreement shall be construed and enforced as if
such invalid, illegal or unenforceable provision had never comprised a part hereof, and (c) all other conditions and provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or
unenforceable term or other provision or by its severance herefrom so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent
permitted by applicable Law in a mutually acceptable manner in order that the transactions contemplated hereby are fulfilled as originally contemplated to the fullest extent possible. 

Section 7.10 Certain Limitations. Notwithstanding anything in this Agreement to the contrary, no Person other than the Majority
Shareholder and Parent, including without limitation, any officer, director, employee, agent or representative of the Company, the Majority Shareholder or Parent, shall have any liability or obligation to the Minority Shareholder or any other Person
as a result of the breach or any representation, warranty, covenant, agreement or obligation of the Majority Shareholder in this Agreement. 

Section 7.11 Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile
transmission or by e-mail of a .pdf attachment shall be effective as delivery of a manually executed counterpart of this Agreement. 

[Signature Page Follows] 

  
 23 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their
respective authorized officers as of the date first written above. 
  

			
	 HNR ENERGIA B.V.

		
	By:	 	 /s/ James A. Edmiston

	Name:	 	James A. Edmiston
	Title:	 	Attorney-in-Fact

  

			
	PETROANDINA RESOURCES CORPORATION N.V.
		
	By:	 	 /s/ Maria Ximena Storni

	Name:	 	Maria Ximena Storni
	Title:	 	Attorney-in-fact

  
 24 

 EXHIBIT A 

FORM OF SHAREHOLDER JOINDER 

THIS SHAREHOLDER JOINDER (this “Agreement”) dated as of [Insert Date] is made by [Insert Name of
Transferee] (the “Transferee”). 
 WHEREAS, HNR Energia B.V., a private company with limited liability
(besloten vennootschap met beperkte aansprakelijkheid) organized and existing under the Laws of Curaçao (the “Majority Shareholder”) and Petroandina Resources Corporation N.V., a company with limited liability
(naamloze vennootschap) organized and existing under the Laws of the Netherlands (the “Minority Shareholder”) have entered into a shareholders agreement dated as of December 16, 2013 (the “Shareholders
Agreement”), as amended from time to time; 
 WHEREAS, [Insert name of transferor] desires to transfer all of its
Subject Shares to the Transferee in accordance with the provisions of Article III of the Shareholders Agreement; and 
 WHEREAS,
Article III of the Shareholders Agreement requires that, prior to such transfer, the Transferee must deliver an executed copy of this Agreement. 

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Transferee agrees as follows: 
 Section 1. Definitions. Capitalized terms used herein and not
otherwise defined shall have the meanings given to them in the Shareholders Agreement. 
 Section 2. Adherence to Shareholders
Agreement. The Transferee hereby agrees with each party to the Shareholders Agreement that it will comply with and be bound by all of the provisions of the Shareholders Agreement (a copy of which has been delivered to the Transferee and which
has been initialed by such Transferee and is attached hereto for identification) in all respects and is hereby made a party to such Agreement as if such Transferee were named therein as a party and on the basis that references therein to [Insert
name of Majority Shareholder if transferor is the Majority Shareholder or one of its Permitted Transferees][Insert name of Minority Shareholder if transferor is the Minority Shareholder] shall be deemed to refer to the Transferee. 

Section 3. Representations and Warranties. The Transferee hereby represents and warrants to each Shareholder on the date hereof as
follows: 
  

	 	(a)	Execution. This Agreement has been duly and validly executed and delivered by the Transferee and this Agreement constitutes a legal and binding obligation of the Transferee, enforceable against the Transferee in
accordance with its terms. 

  
 25 

	 	(b)	No Conflict. The execution and delivery by the Transferee of this Agreement and performance by the Transferee of this Agreement and the consummation by the Transferee of the transactions contemplated hereby will
not, with or without the giving of notice or lapse of time, or both (i) violate any Law applicable to it, or (B) conflict with, or result in a breach or default under, any term or condition of any agreement or other instrument to which the
Transferee is a party or by which the Transferee is bound, except for such violations, conflicts, breaches or defaults that would not, in the aggregate, materially affect the Transferee’s ability to perform its obligations hereunder.

  

	 	(c)	[Insert if a Permitted Transferee of Majority Shareholder][Permitted Transferee. The Transferee is a Permitted Transferee of the Majority Shareholder.] 

Section 4. [Insert if a Permitted Transferee of Majority Shareholder][Covenant to Transfer. Before the Transferee ceases to
be a Qualified Affiliate of the Majority Shareholder, it shall Transfer, in a manner permitted by the Shareholders Agreement, all the Subject Shares held by it back to the Majority Shareholder or another Qualified Affiliate of the Majority
Shareholder that shall remain a Qualified Affiliate after such Transfer.] 
 Section 5. Notice. The notice details of the
Transferee for purposes of Section 7.05 of the Shareholders Agreement are as follows: 
 [
                                        ] 

Section 6. Governing law. Section 7.06 of the Shareholders Agreement is incorporated herein by reference, mutatis
mutandis. 

  
 26 

 IN WITNESS WHEREOF, the Transferee has executed this Agreement as of the date first above
written. 
  

			
	[NAME OF TRANSFEREE]
		
	By:	 	  

	Name:	 	
	 Title:
	 	

  
 27 

 EXHIBIT B 

PARENT GUARANTEE 
 This
Parent Guarantee, dated as of December 16, 2013 (this “Guarantee”), is made by Harvest Natural Resources, Inc., a Delaware corporation (the “Guarantor”) in favor of Petroandina Resources
Corporation N.V., a company with limited liability (naamloze vennootschap) organized and existing under the Laws of the Netherlands (“Minority Shareholder”). 

WHEREAS, HNR Energia B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized
and existing under the Laws of Curaçao (the “Majority Shareholder”) and the Minority Shareholder are parties to a Shareholders’ Agreement, dated as of the date hereof (the “Shareholders
Agreement”) and an Ancillary Agreement (the “Ancillary Agreement”), with respect to certain rights and obligations of the Majority Shareholder and the Minority Shareholder in connection with the purchase of
Subject Shares (as defined in the Shareholders Agreement) from the Majority Shareholder by the Minority Shareholder; and 
 WHEREAS, it is a
condition and inducement to the willingness of Minority Shareholder to enter into the Shareholders Agreement and the Ancillary Agreement that the Guarantor execute and deliver this Guarantee in favor of the Minority Shareholder. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

Section 1. Definitions. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the
Shareholders Agreement. 
 Section 2. Guarantee. In connection with the transactions contemplated by the Shareholders Agreement
and the Ancillary Agreement, the Guarantor hereby irrevocably, absolutely and unconditionally guarantees the due, punctual and complete performance and payment (and not merely collection) in full of all obligations and liabilities of the Majority
Shareholder and any of its Affiliates or Permitted Transferees under the Shareholders Agreement and the Ancillary Agreement, as and when due and payable or required to be performed pursuant to any provisions of the Shareholders Agreement and the
Ancillary Agreement, subject to the terms and conditions thereof (the “Guaranteed Obligations”) and agrees that Minority Shareholder shall be entitled to enforce directly against Guarantor any of the Guaranteed Obligations.
To the fullest extent permitted by applicable Law, the Guarantor waives presentment to, demand of payment from and protest to any other Person of any of the Guaranteed Obligations, and also waives notice of acceptance of its guarantee and notice of
protest for nonpayment. The obligations of the Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall
not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations, or otherwise. Notwithstanding any of the foregoing, nothing herein
shall be deemed to waive or limit the Guarantor’s ability to assert any claims, defenses or other rights that the Majority Shareholder or its Affiliates or Permitted Transferees may have under the Shareholders Agreement or the Ancillary
Agreement. In the event that the Guarantor or any of its successors or assigns (a) consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger or
(b) other than as contemplated by the SPA, transfers or conveys all or substantially all of its properties and other assets to any Person, then, and in each such case, the Guarantor shall cause proper provision to be made so that such
successor or assign shall expressly assume the obligations set forth in this Section 2. 
 Section 3. Term and
Termination. This Guarantee shall become effective as of the date of any termination of the SPA prior to consummation of the Final Closing thereunder and shall remain in full force and effect, and the obligations of the Guarantor hereunder shall
continue and not be discharged until such time as the 

  
 28 

 
Shareholders Agreement and the Ancillary Agreement have terminated and are of no further force and effect; provided that any such termination shall not release or discharge any Guaranteed
Obligation that shall have accrued prior to the date of such termination. 
 Section 4. Notices. Any notice required to be given
hereunder shall be sufficient if in writing and sent by facsimile transmission (providing confirmation of transmission by the transmitting equipment) or e-mail of a .pdf attachment (with confirmation of receipt by non-automated reply e-mail from the
recipient); provided, that any notice received by facsimile or e-mail transmission or otherwise at the addressee’s location on any Business Day after 5:00 p.m. (local time) shall be deemed to have been received at 9:00 a.m. (local time)
on the next Business Day), by reliable overnight delivery service (with proof of service), hand delivery or certified or registered mail (return receipt requested and first-class postage prepaid), addressed as follows (or at such other address for a
party as shall be specified in a notice given in accordance with this Section 4): 
 if to the Guarantor: 

c/o Harvest Natural Resources, Inc. 

1177 Enclave Parkway, Suite 300 

Houston, Texas 77077 
 Phone:
(281) 899-5700 
 Fax: (281) 899-5702 

e-mail: khead@harvestnr.com 

Attention: Keith Head, Vice President and General Counsel 

with a copy (which shall not constitute notice) to: 

Baker Botts L.L.P. 
 One Shell
Plaza 
 910 Louisiana St. 

Houston, TX 77002 
 Phone: (713)
229-1137 
 Fax: (713) 229-1522 

e-mail: thomas.moore@bakerbotts.com 

               bill.lamb@bakerbotts.com 

Attention: Thomas J. Moore 

                 William S. Lamb 

if to Minority Shareholder: 

Petroandina Resources Corporation N.V. 

Muiderstraat 7/A 
 1011PZ
Amsterdam, The Netherlands 
 Phone: +31 20 662 2199 

Fax: +31 20 364 0323 
 e-mail:
mstorni@pluspetrol.net 
 Attention: María Ximena Storni 

  
 29 

 with a copy (which shall not constitute notice) to: 

Cleary Gottlieb Steen & Hamilton LLP 

One Liberty Plaza 
 New York, NY
10006 
 Phone: (212) 225-2000 

Fax: (212) 225-3999 
 e-mail:
jlewis@cgsh.com; nwhoriskey@cgsh.com 
 Attention: Jeffrey S. Lewis 

                 Neil Q. Whoriskey 

Section 5. Miscellaneous. Except for Section 7.01 and Section 7.05, Article VII of the Shareholders
Agreement is incorporated herein, mutatis mutandis. 
 [Signature Page Follows] 

  
 30 

 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be executed and delivered as of
the date first above written. 
  

			
	HARVEST NATURAL RESOURCES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	ACKNOWLEDGED AND AGREED
	
	PETROANDINA RESOURCES CORPORATION N.V.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 31 

 EXECUTION VERSION 

EXHIBIT C 
 FORM OF
PUT CONTRACT 
 DEED OF SALE, PURCHASE AND TRANSFER OF SHARES 

On the [—] day of [—] 

two thousand and [—], appearing before me, 

[—], a civil-law notary in Rotterdam (the “Notary”), are: 

 

	I.	[—], acting pursuant to a power of attorney from: 

Petroandina Resources Corporation N.V., a company with limited liability (naamloze vennootschap), existing under the laws of the
Netherlands, with its corporate seat in Amsterdam (The Netherlands) and its place of business at (1011 PZ) Amsterdam (The Netherlands), Muiderstraat 7 A, registered with the trade register under number 50187511 (“Seller”); 

 

	II.	[—], acting pursuant to a power of attorney from:  

HNR Energia B.V., a private limited liability company (besloten vennootschap), existing under the laws of Curaçao, with
its corporate seat in Curaçao and its place of business at (1097 JB) Amsterdam (The Netherlands), Prins Bernhardplein 200, registered with the trade register under number 34311729 (“Buyer”); and 

 

	III.	[—], acting pursuant to a power of attorney from: 

Harvest-Vinccler Dutch Holding B.V., a private company with limited liability (besloten vennootschap met beperkte
aansprakelijkheid), existing under the laws of the Netherlands, with its corporate seat in Amsterdam (The Netherlands) and its place of business at (1097 JB) Amsterdam (The Netherlands), Prins Bernhardplein 200, registered with the trade
register under number 14037775 (“Company”). 
 RECITALS 

Seller and Buyer agree that: 
  

	A.	Share Purchase Agreement; Shareholders’ Agreement 

 Pursuant to a share purchase
agreement (the “Share Purchase Agreement”) dated the [—] day of [—] two thousand and thirteen by and among Buyer, and, solely
with respect to Article V and Section 11.13 thereof, Pluspetrol Resources Corporation B.V., Seller and Harvest Natural Resources, Inc. (“HNR”), Seller acquired seven thousand two hundred fifty (7,250) of the
ordinary Class A shares in the capital of the Company (the “Subject Shares”), numbered A1 up to and including A7,250, each ordinary Class A share having a par value of one euro (€1), constituting twenty-nine per cent
(29%) of the issued and outstanding capital of the Company. 
 Buyer and Seller are Party to a shareholders’ agreement (the
“Shareholders Agreement”), dated the [—] day of [—] two thousand and thirteen, in respect of Seller’s ownership of the
Subject Shares and certain rights and obligations of Seller and Buyer with respect thereto. 
  

	B.	[Change of Control Put Option][Litigation Put Option] 

 [Pursuant to
Section 3.03 of the Shareholders Agreement, in connection with any change of control (as defined in the Shareholders Agreement) of Buyer, Seller shall have the right and option, exercisable upon written notice to Buyer, to sell to Buyer
and to cause Buyer to purchase, or cause to be purchased, all but not less than all of the Subject Shares for an aggregate purchase price equal to the Fair Market Value of 

  
 32 

 
the Subject Shares determined in accordance with Section 3.06 of the Shareholders Agreement (the “Change of Control Put Option”).] [Pursuant to
Section 3.04 of the Shareholders Agreement, in connection with Buyer’s commencement of any Litigation Event], Seller shall have the right and option, exercisable upon written notice to Buyer, to sell to Buyer and to cause Buyer to
purchase, or cause to be purchased, all but not less than all of the Subject Shares for an aggregate purchase price equal to the Fair Market Value of the Subject Shares determined in accordance with Section 3.06 of the Shareholders
Agreement (the “Litigation Put Option”). 
  

	C.	Exercise of [Change of Control Put Option] [Litigation Put Option] 

 [Buyer has delivered
a Change of Control Notice to Seller and, following determination of the Fair Market Value of the the Subject Shares in accordance with Section 3.06 of the Shareholders Agreement, Seller has exercised the Change of Control Put Option in
accordance with Section 3.04(c) of the Shareholders Agreement.] [Buyer has delivered a Litigation Notice to the Seller and the Seller has exercised the Litigation Put Option in accordance with Section 3.04(e) of the
Shareholders Agreement.] In performance of their respective obligations under the Shareholders’ Agreement, Seller hereby wishes to sell and transfer the Subject Shares to Buyer, and Buyer hereby wishes to purchase and accept the Subject Shares
from Seller (the “Transaction”). 
 SALE, PURCHASE AND TRANSFER OF THE SUBJECT SHARES 

Seller and Buyer agree: 
 Article 1. Definitions 

 

	1.1.	All capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Shareholders Agreement and, where not so defined in the Shareholders Agreement, in the Share Purchase
Agreement. 

 Article 2. Conditions precedent 
  

	2.1.	The following are the conditions precedent (opschortende voorwaarden) for the Transaction to occur, which Seller and Buyer declare have been satisfied or waived (and which waiver has been accepted by Seller and
Buyer) prior to the execution of this deed: 

  

	 	a.	Buyer shall have delivered to the Notary: 

  

	 	(i)	(A) a written shareholders’ resolution approving the transfer of the Subject Shares, duly executed by all shareholders of the Company, or (B) duly adopted minutes of a duly convened shareholder’s
meeting approving the transfer of the Subject Shares, which in each case is effective pursuant to the articles of association of the Company; 

  

	 	(ii)	duly legalized powers-of-attorney with respect to execution of this deed; 

  

	 	(iii)	the shareholders’ register of the Company; 

  

	 	(iv)	and such other documents as may be customary and required under applicable Law, or reasonably required by the Notary; 

  

	 	b.	Seller shall cause the written shareholders’ resolution approving the transfer of the Subject Shares referenced in Article 2.1(a)(i)(A) above to be duly executed by Seller, if applicable. 

 

	 	c.	Seller shall deliver to the Notary: 

  

	 	(i)	a duly legalized power-of-attorney with respect to execution of this deed; 

  

	 	(ii)	and such other documents as may be customary and required under applicable Law, or reasonably required by the Notary; 

  
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	 	d.	Buyer shall transfer the Purchase Price in accordance with Article 4.2 hereof. 

  

	 	e.	Buyer shall deliver to Seller a certificate, dated as of the date hereof, and signed by an executive officer of Buyer, certifying that each of the representations and warranties of Buyer contained in this deed are true
and correct in all respects at and as of the date hereof; and 

  

	 	f.	Seller shall deliver to Buyer a certificate, dated as of the date hereof, and signed by a duly authorized signatory of Seller, certifying that each of the representations and warranties of Seller contained in this deed
are true and correct in all respects at and as of the date hereof. 

 Article 3. Sale, purchase and transfer 

 

	3.1.	In performance of their respective obligations under [Section 3.03] [Section 3.04] of the Shareholders Agreement, Seller hereby sells and transfers the Subject Shares to Buyer, and Buyer hereby purchases and
accepts the Subject Shares from Seller. 

 Article 4. Purchase Price and discharge 

 

	4.1.	The purchase price payable for the Subject Shares is an amount equal to [—] United States Dollars (US$ [—])
(the “Purchase Price”). 

  

	4.2.	The Purchase Price has been paid by wire transfer of immediately available funds by Buyer to an account designated in writing by Seller at least two Business Days prior to the date hereof. 

 

	4.3.	Seller hereby discharges Buyer from the obligation to pay the Purchase Price. 

 Article 5. Representations
and Warranties of Seller 
  

	5.1.	Organization and Qualification. Seller is a company with limited liability (naamloze vennootschap) duly organized or formed, validly existing and (to the extent applicable) in good standing, under the laws
of its jurisdiction of incorporation and has the requisite corporate power and authority to conduct its business as it is now being conducted. Seller is duly qualified or licensed as a foreign corporation to do business, and (to the extent
applicable) is in good standing, in each jurisdiction in which the character of the properties owned, leased or operated by it or the nature of its business makes such qualification or licensing necessary, except where the failure to be so qualified
or licensed or to be in good standing would not reasonably be expected to, individually or in the aggregate, materially impair the ability of Seller to consummate the transactions contemplated by this deed. 

 

	5.2.	Title to the Subject Shares. Immediately following the execution of this deed, Buyer will have such title to the Subject Shares as Seller received from Buyer upon consummation of the Initial Closing under the
Share Purchase Agreement, free and clear of any Liens (other than Permitted Liens and any other Liens on the Subject Shares existing upon the consummation of the Initial Closing). 

 

	5.3.	Authority Relative to Deed. Seller has all necessary power and authority to execute and deliver this deed and to perform its obligations hereunder and to consummate the transactions contemplated hereby. The
execution of this deed by Seller and the consummation by Seller of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action of Seller and no other corporate proceedings on the part of Seller are
necessary to authorize the execution and delivery of this deed or to consummate the transactions contemplated hereby. This deed has been duly and validly executed by Seller and, assuming the due authorization and execution by Buyer, this deed
constitutes a legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other
similar laws of general applicability relating to or affecting creditor’s rights, and subject to general equitable principles). 

  
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	5.4.	No Conflict; Required Filings and Consents. 

  

	 	a.	None of the execution and delivery of this deed by Seller, the consummation by Seller of the transactions contemplated by this deed or performance of its obligations hereunder will (i) conflict with or violate the
organizational documents of Seller, (ii) assuming the consents, registrations, filings, notices, approvals and authorizations specified in Article 5.4(b) hereof have been obtained or made and the waiting periods referred to therein have
expired, and any condition precedent to such consent, approval, authorization, or waiver has been satisfied, conflict with or violate any Law applicable to Seller or by which any property or asset of Seller is bound or affected or (iii) result
in any breach of, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any right of termination, amendment, acceleration or cancellation of, or result in the creation of a
Lien on any of the properties or assets of Seller pursuant to, any note, bond, mortgage, indenture or credit agreement, or any other Contract or other instrument or obligation to which Seller is a party or by which Seller or any property or asset of
Seller is bound, other than, in the case of clauses (ii) and (iii), for any such violation, breach, default, right, termination, amendment, acceleration, or cancellation that would not reasonably be expected to, individually or in the
aggregate, materially and adversely impair the ability of Seller to consummate the transactions contemplated by this deed. 

  

	 	b.	None of the execution of this deed by Seller, the consummation by Seller of the transactions contemplated by this deed, or performance of its obligations hereunder will require any consent, approval, authorization,
waiver or permit of, or filing with or notification to, any Governmental Authority, except for (i) the filing with the SEC of such reports under the Exchange Act as may be required in connection with this deed and the transactions contemplated
by this deed and (ii) such other consents, approvals, authorizations or permits, filings or notifications, the failure of which to have, make or obtain, as applicable, would not reasonably be expected to, individually or in the aggregate,
materially impair the ability of Seller to consummate the transactions contemplated by this deed. 

  

	5.5.	Disclaimer of other Representations and Warranties. Except for the representations and warranties expressly set forth in this Article 5 and Article 9 hereof, none of the Seller or any of its
Affiliates or any other Person on behalf of any of them makes any express or implied representation or warranty (and there is and has been no reliance by Buyer or any of its Affiliates or Representatives on any such representation or warranty) with
respect to the Seller or any of its Affiliates or their respective businesses or with respect to any other information provided, or made available, to HNR or any of its Representatives or Affiliates in connection with the transactions contemplated
hereby, including the accuracy or completeness thereof. 

 Article 6. Representations and Warranties of the Buyer. 

 

	6.1.	Organization and Qualification. Buyer is a private limited liability company (besloten vennootschap) duly organized or formed, validly existing and (to the extent applicable) in good standing, under the
laws of its jurisdiction of organization or formation and has the requisite corporate or similar entity power and authority to conduct its business as it is now being conducted. Buyer is duly qualified or licensed as a foreign entity to do business,
and (to the extent applicable) is in good standing, in each jurisdiction in which the character of the properties owned, leased or operated by it or the nature of its business makes such qualification or licensing necessary, except where the failure
to be so qualified or licensed or to be in good standing would not reasonably be expected to, individually or in the aggregate, materially impair the ability of Buyer to consummate the transactions contemplated by this deed. 

 

	6.2.	 Authority Relative to Deed. Buyer has all necessary corporate power and authority to execute and deliver this deed and to perform its
obligations hereunder and to consummate the transactions contemplated hereby. The execution of this deed by Buyer and the consummation by Buyer of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate
action, and no other corporate proceedings on the part of Buyer are necessary to authorize the execution and delivery of this 

  
 35 

	 	
deed or to consummate the transactions contemplated hereby. This deed has been duly and validly executed by Buyer and, assuming the due authorization and execution by Seller, constitutes a legal,
valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general
applicability relating to or affecting creditor’s rights, and subject to general equitable principles). 

  

	6.3.	No Conflict; Required Filings and Consents.1 

  

	 	a.	None of the execution of this deed [or any agreement in respect of transactions substantially related to this deed], the consummation by Buyer of the acquisition of the Subject Shares [or any substantially related
transactions], or the performance by Buyer of its obligations hereunder [or under any agreement in respect of transactions substantially related to this deed] will (i) conflict with or violate the organizational documents of Buyer,
(ii) assuming the consents, registrations, filings, notices, approvals and authorizations specified in Article 6.3(b) hereof have been obtained or made, and any condition precedent to such consent, approval, authorization, or waiver has
been satisfied, conflict with or violate any Law applicable to Buyer or by which any property or asset of Buyer is bound or affected or (iii) result in any breach of, or constitute a default (or an event which with notice or lapse of time or
both would become a default) under, relieve a Person from an obligation under or give to others any right of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien upon any of the properties or assets of Buyer
pursuant to (A) any of the Core Petrodelta Documents or (B) any other Acquired Company Material Contract, other than, in the case of clauses (ii) and (iii)(B), any such violation, breach, default, right of termination, amendment,
acceleration, cancellation or Lien that would not be reasonably be expected to, individually or in the aggregate, materially and adversely impair the ability of Buyer to consummate the transactions contemplated by this deed. 

 

	 	b.	None of the execution of this deed [or any agreement in respect of transactions substantially related to this deed], the consummation by Buyer of the transactions contemplated by this deed [or any substantially related
transactions], or Buyer’s performance of its obligations hereunder [or under any agreement in respect of transactions substantially related to this deed] will require any consent, approval, authorization, waiver or permit of, or filing with or
notification to, any Governmental Authority, except for (i) the filing with the SEC of such reports under the Exchange Act as may be required in connection with this deed and the transactions contemplated by this deed, (ii) any filings
required under the rules of NYSE and (iii) such other consents, approvals, authorizations or permits, filings or notifications, the failure of which to have, make or obtain, as applicable, would not be reasonably be expected to, individually or
in the aggregate, materially and adversely impair the ability of Buyer to consummate the transactions contemplated by this deed. 

  

	6.4.	Disclaimer of other Representations and Warranties. Except for the representations and warranties expressly set forth in this Article 6 and Article 9 hereof, none of HNR, Buyer or any of their
respective Affiliates nor any other Person on behalf of HNR makes any express or implied representation or warranty (and there is and has been no reliance by Seller or any of its Affiliates or Representatives on any such representation or warranty)
with respect to any information provided, or made available, to Seller or its Representatives or Affiliates in connection with the transactions contemplated hereby, including the accuracy or completeness thereof. 

Article 7. Acquisition of the Subject Shares 
  

	7.1.	Seller declares that Seller acquired the Subject Shares by deed executed on the [—] day of [—] two thousand and
thirteen before Ph. H.F. König , aforementioned. 

  

	1 	Bracketed text to be included if Buyer acquiring the Subject Shares in connection with a change of control of Buyer. 

  
 36 

 Article 8. Restrictions on transfer 

 

	8.1.	With respect to compliance with the restrictions on the transfer of shares in the Company’s articles of association, each of Seller and Buyer declare that as appears from a shareholders’ resolution dated [—], a copy of which is attached to this deed, the general meeting of the Company has approved the transfer of the Subject Shares. 

Article 9. Representation of Seller and Buyer 
  

	9.1.	Seller and Buyer declare that neither the legal act(s) included in this deed nor the title(s) of such act(s) conflict with Chapter 5 of the Competition Act (Mededingingswet). 

Article 10. Company’s representation 
  

	10.1.	The Company hereby declares that it acknowledges the transfer of the Subject Shares and undertakes to enter the transfer of the Subject Shares in the shareholders’ register of the Company. 

Article 11. Civil-law notary 
  

	11.1.	[The parties hereby acknowledge that [—], the civil law notary (notaris) before whom this deed is executed (gepasseerd), is associated with Houthoff
Buruma Coöperatief U.A., a firm of civil-law notaries and lawyers that advises and represents Seller in connection with this deed and other matters. With reference to the Regulation establishing the Professional Rules of Conduct of the Dutch
Royal Notarial Society (Koninklijke Notariële Beroepsorganisatie), Buyer and the Company hereby (i) acknowledge and agree that Seller is being advised and/or represented by civil-law notaries and/or lawyers of Houthoff Buruma
Coöperatief U.A. in connection with this deed and other matters, and (ii) agree that Seller may request lawyers of Houthoff Buruma Coöperatief U.A. to represent Buyer in any dispute arising out of this deed against Seller and/or the
Company.] 

 Article 12. Rescission 
  

	12.1.	The parties shall not be entitled, on any grounds whatsoever, to rescind the agreement laid down in this deed. 

Article 13. Applicable law and jurisdiction 
  

	13.1.	The transactions (rechtshandelingen) contemplated by this deed shall be governed exclusively by Dutch law. 

  

	13.2.	Each of the parties hereto hereby irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware, County of New Castle (or, if (but only if) such court shall be unavailable, any
other court of the State of Delaware or any Federal court sitting in the State of Delaware), for the purpose of any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this deed and each of
the parties hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined exclusively in the Court of Chancery of the State of Delaware, County of New Castle (or, if (but only if) such court
shall be unavailable, any other court of the State of Delaware or any Federal court sitting in the State of Delaware). 

  

	13.3.	 Each of the parties hereto (a) irrevocably consents to the service of the summons and complaint and any other process in any other action or
proceeding relating to the transactions contemplated by this deed, on behalf of itself or its property, by personal delivery of copies of such process to such party and nothing in this Article 13.3 shall affect the right of any party to serve
legal process in any other manner permitted by law, (b) consents to submit itself to the personal jurisdiction of the Delaware Court of Chancery, County of 

  
 37 

	 	
New Castle, any other court of the State of Delaware, County of New Castle, and any Federal court sitting in the State of Delaware for the purpose of any dispute arising out of this deed or the
transactions contemplated by this deed, (c) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (d) agrees that it will not bring any action relating to
this deed or the transactions contemplated by this deed in any court other than the Delaware Court of Chancery located in the County of New Castle (or, if (but only if) such court shall be unavailable, any other court of the State of Delaware or any
Federal court sitting in the State of Delaware). Each of the parties hereto agrees that a final judgment in any action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. 

 CONCLUDING STATEMENT 

The above-mentioned powers of attorney are evidenced by three (3) instruments annexed to the present deed. 

CONCLUSION 
 The persons appearing in connection with this
deed are known to me, civil-law notary. 
 THIS DEED  

is executed in Rotterdam on the date stated at the head of the deed. 

The substance of this deed and an explanation of the deed have been communicated to the persons appearing, who have expressly taken cognisance of its contents
and have agreed to its limited reading. 
 After a limited reading in accordance with the law, this deed was signed by the persons appearing and by me,
civil-law notary. 

  
 38

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