Document:

Exhibit 10.4  

FORM OF INVESTMENT MANAGEMENT TRUST AGREEMENT  

        This Agreement is made as of                        , 2007 by and
between Hicks Acquisition Company I, Inc. (the
"Company") and Continental Stock Transfer & Trust Company ("Trustee"). 

        WHEREAS,
the Company has entered into an Underwriting Agreement with Citigroup Global Markets Inc. ("Citi") as representative of
the several underwriters (the "Underwriters") named therein, relating to the Company's initial public offering (the "Offering") of the Company's common
stock, par value $0.0001 per share (the "Common Stock") and warrants to purchase the Company's common stock (the
"Warrants") pursuant to a Registration Statement on Form S-1 (the "Registration
Statement") which has been declared effective as of the date hereof by the Securities and Exchange Commission; and 

        WHEREAS,
as described in the Registration Statement, and in accordance with the Company's Amended and Restated Certificate of Incorporation (the "Certificate of
Incorporation"), $390,000,000 of the gross proceeds of the Offering and sale of the Sponsor Private Placement Warrants (or $447,600,000 if the Underwriters'
over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company and the holders of the Company's
Common Stock issued in the Offering as hereinafter provided (the amount to be delivered to the Trustee will be referred to herein as the "Property", the
stockholders for whose benefit the Trustee shall hold the Property will be referred to as the "Public Stockholders," and the Public Stockholders and the
Company will be referred to together as the "Beneficiaries"); and 

        WHEREAS,
the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property; 

        IT
IS AGREED: 

        1.     Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: 

        (a)   Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated interest bearing trust account (the
"Trust Account") established by the Trustee; 

        (b)   Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein; 

        (c)   Collect
and receive, when due, all interest arising from the Property, which shall become part of the "Property," as such term is used herein; 

        (d)   Promptly
notify the Company and Citi of all communications received by it with respect to any Property requiring action by the Company; 

        (e)   Supply
any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company's preparation of the tax
returns relating to assets held in the Trust Account; 

        (f)    Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company to do so; 

        (g)   Render
to the Company monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account;
and 

        (h)   Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter
("Termination Letter"), in a form substantially similar to that attached hereto as either  Exhibit A or Exhibit B hereto, signed on behalf of the Company by its Chief Operating
Officer or Chairman of the Board or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the
Termination Letter and the other documents referred to 

 

therein.
The Trustee understands and agrees that, except as provided in Section 1(i) hereof, disbursements from the Trust Account shall be made only pursuant to the terms of a duly
executed Tax Payment Withdrawal Instruction or Interest Withdrawal Instruction, as set forth in Section 1(i) or 1(j), as the case may be; provided
however, that in the event that a Termination Letter has not been received by the Business Combination Deadline Date (as determined in accordance with this
Section 1(h)), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as  Exhibit B hereto and distributed to the stockholders of
record on the Business Combination Deadline Date. The "Business
Combination Deadline Date" means the date that is 24 months after the date of the final prospectus filed with the Securities and Exchange Commission relating to the
Offering. The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances. "Business Combination"
means a business combination with one or more target businesses that have an aggregate fair market value of at least 80% of the initial amount held in the Trust Account (excluding the amount held in
the Trust Account representing the Underwriters' deferred commission). 

        (i)    Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as  Exhibit C (a "Tax Payment Withdrawal
Instruction"), the Trustee shall distribute to the Company
the amount requested by the Company to cover any income or franchise tax obligation owed by the Company as a result of interest or other income earned on the funds held in the Trust Account, which
amount shall be paid directly to the Company by electronic funds transfer, account debit or other method of payment, and the Company shall forward such payment to the relevant taxing authority. 

        (j)    Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as  Exhibit D (an "Interest Withdrawal
Instruction"), the Trustee shall distribute to the Company the
amount requested by the Company to be used for working capital requirements; provided, however, that the
aggregate amount of all such distributions shall not exceed $3,500,000; and 

        (k)   The
limited distributions referred to in Sections 1(i) and 1(j) above shall be made only from interest collected on the Property and, in the case of
Section 1(j), the aggregate amount distributed by the Trustee to the Company may not exceed $3,500,000, less any applicable income taxes on the Property. Except as provided in Sections
1(i) and 1(j), no other distributions from the Trust Account shall be permitted. 

        2.     Agreements and Covenants of the Company. The Company hereby agrees and covenants to: 

        (a)   Give
all instructions to the Trustee hereunder in writing, signed by the Company's Chairman of the Board or Chief Operating Officer or other authorized officer. In
addition, except with respect to its duties under Sections 1(i) and 1(j) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice
or instruction which it in good faith believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions
in writing; 

        (b)   Hold
the Trustee harmless and indemnify the Trustee from and against, any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the
Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises out of or relates to
this Agreement, the services of the Trustee hereunder, or the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee's gross negligence or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification
under this Section 2(b), it shall notify the Company in writing of such claim 

2

 

(hereinafter
referred to as the "Indemnified Claim"). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim,
provided, that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any
Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel; and 

        (c)   Pay
the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Sections 1(i) or 1(j) as set
forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees unless
and until it is distributed to the Company pursuant to Section 1(i) or 1(j). The Company shall pay the Trustee the initial acceptance fee and first year's fee at the consummation of the
Offering and thereafter on the anniversary of the Effective Date. The Trustee shall refund to the Company the annual fee (on a pro rata basis) with respect to any period after the liquidation of the
Trust Fund. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c) and as may be provided in Section 2(b) hereof (it
being expressly understood that the Property shall not be used to make any payments to the Trustee under such Sections); and 

        (d)   In
connection with any vote of the Company's Public Stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of the inspector of
elections for the stockholder meeting verifying the vote of the Public Stockholders regarding such Business Combination. 

        (e)   Provide
Citi with a copy of any Termination Letters and/or any other correspondence that it sends to the Trustee with respect to any proposed withdrawal from the Trust
Account promptly after it issues the same. 

        (f)    Instruct
the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make any distributions that
are not permitted under this Agreement. 

        3.     Limitations of Liability. The Trustee shall have no responsibility or liability for: 

        (a)   Taking
any action with respect to the Property, other than as directed in Section 1 hereof and the Trustee shall have no liability to any party except for
liability arising out of its own gross negligence or willful misconduct; 

        (b)   Instituting
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any
of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay
any expenses incident thereto; 

        (c)   Refunding
any depreciation in principal of any Property; 

        (d)   Assuming
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation,
or unless the Company shall have delivered a written revocation of such authority to the Trustee; 

        (e)   Any
action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross
negligence or willful misconduct whether to the other parties hereto or anyone else. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of
its provisions, but 

3

 

also
as to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or
persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written
instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto; 

        (f)    Verifying
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company or any other action
taken by it is as contemplated by the Registration Statement; 

        (g)   Filing
information returns with the United States Internal Revenue Service and payee statements with the Company, documenting the taxes payable by the Company, if any,
relating to interest earned on the Property. 

        (h)   Preparing,
executing and filing tax reports, income or other tax returns and paying any taxes with respect to income and activities relating to the Trust Account,
regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, income tax obligations (it being expressly understood that, as set forth in
Section 1(i), if there is any income tax obligation relating to the income of the Property in the Trust Account, then, only at the written instruction of the Company, the Trustee shall make
funds available in cash from the Property in the Trust Account in an amount specified by the Company as owing to the applicable tax authority), which amount shall be paid directly to the Company by
electronic funds transfer, account debit or other method of payment, and the Company shall forward such payment to the taxing authority. 

        (i)    Verifying
calculations, qualifying or otherwise approving Company requests for distributions pursuant to Section 1(i), 1(j) and 1(k). 

        4.     Trust Account Waiver. The Trustee has no right, title, interest or claim of any kind
("Claim") in or to any monies in the Trust Account, and hereby waives any claim in or to any monies in the Trust Account it may have in the future. 

        5.     Termination. This Agreement shall terminate as follows: 

        (a)   If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor
trustee. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee
shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon
this Agreement shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days of receipt of the resignation notice from the Trustee, the
Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever; or 

        (b)   At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(h) hereof, and distributed the
Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b). 

        6.     Miscellaneous. 

        (a)   The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust
Account. Upon receipt 

4

 

of
written instructions, the Trustee will confirm such instructions with an Authorized Individual at an Authorized Telephone Number listed on the attached  Exhibit E. The Company and the Trustee will
each restrict access to confidential information relating to such security procedures to authorized
persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information, or of any change in its authorized personnel.
In executing funds transfers, the Trustee will rely upon account numbers or other identifying numbers of a beneficiary, beneficiary's bank or intermediary bank, rather than names. The Trustee shall
not be liable for any loss, liability or expense resulting from any error in an account number or other identifying number, provided it has accurately transmitted the numbers provided. 

        (b)   This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles
that would result in the application of the substantive laws of another jurisdiction. It may be executed in several original or facsimile counterparts, each one of which shall constitute an original,
and together shall constitute but one instrument. 

        (c)   This
Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto;  provided, however, that no
such change, amendment or modification may be made to Sections 1(h) without
the consent of the Public Stockholders, it being the specific intention of the parties hereto that each Public Stockholder is and shall be a third party beneficiary of this Section 6(c) with
the same right and power to enforce this Section 6(c) as either of the parties hereto. For purposes of this Section 6(c), the "consent of the Public Stockholders" means receipt by the
Trustee of a certificate from the inspector of elections of the stockholder meeting certifying that either (a) 70% of the Public Stockholders of record as of a record date established in
accordance with Section 213(a) of the Delaware General Corporation Law, as amended ("DGCL"), have voted in favor of such change, amendment or
modification or (b) 70% of the Public Stockholders of record as of the record date has delivered to such entity a signed writing approving such change, amendment or modification. 

        (d)   The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for purposes of resolving
any disputes hereunder. 

        (e)   Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or
similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile transmission: 

if
to the Trustee, to: 

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson

Fax No.: (212) 509-5150 

if
to the Company, to: 

Hicks
Acquisition Company I, Inc.

100 Crescent Court, Suite 1200

Dallas, Texas 75201

Attn: Joseph B. Armes

Fax No.: (214) 615-2221 

5

 

in
either case with a copy to: 

Citigroup
Global Markets Inc.

388 Greenwich Street

New York, New York 10013

Attn:

Fax No.: (            )            -            

and

Akin
Gump Strauss Hauer & Feld LLP

590 Madison Avenue

New York, New York 10022

Attn: Bruce Mendelsohn

Fax No.: (212) 872-1002 

and

Bingham
McCutchen LLP

399 Park Avenue

New York, New York 10022

Attn: Ann F. Chamberlain

Fax No.: (212) 702-3604 

        (f)    This
Agreement may not be assigned by the Trustee without the prior consent of the Company and Citi. 

        (g)   Each
of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its
respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off,
and shall not be entitled to any funds in the Trust Account under any circumstance. 

        (h)   Each
of the Company and the Trustee hereby acknowledge that Citi is third party beneficiary of this Agreement and the Public Stockholders, solely for purposes of
Section 6(c) hereof, are third party beneficiaries of this Agreement. 

[Signature Page Follows]

6

 

        IN
WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above. 

	

 	

CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	

 	

By:	
 	

	 	Name:	 	

	 	Title:	 	

	

 	

Hicks Acquisition Company I, Inc.
	

 	

By:	
 	

 Joseph B. Armes

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

7

SCHEDULE A  

	Fee Item
 
	 	Time and method of payment
	 	Amount

	Initial acceptance fee	 	Initial closing of Offering by wire transfer	 	$	1,000
	Annual fee	 	First year, initial closing of Offering by wire transfer; thereafter on the anniversary of the effective date of the Offering by wire transfer or check	 	$	3,000
	Transaction processing fee for disbursements to Company under Sections 1(h), 1(i) and 1(j)	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250

   EXHIBIT A  

[Letterhead of Company]

[Insert date]

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven Nelson 

	Re:
	Trust Account No.                        Termination
Letter

Gentlemen:

        Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Hicks Acquisition Company I, Inc.
("Company") and Continental Stock Transfer & Trust Company ("Trustee"), dated as of
                        , 2007 ("Trust Agreement"), this is to advise you
that the Company has entered into an agreement ("Business
Agreement") with                        ("Target
Business") to consummate a business combination with Target Business
("Business Combination") on or about [insert date]. The Company shall notify you at least 48 hours in advance of the
actual date of the consummation of the Business Combination ("Consummation Date").

        In
accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the Consummation Date, all of funds held
in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date. 

        On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated
("Counsel's Letter") and (ii) the Company shall deliver to you (a) [an affidavit] [a
certificate] of                        , which verifies the vote of the Company's stockholders in connection with the Business
Combination and (b) written instructions with respect to the
transfer of the funds held in the Trust Account ("Instruction Letter"). You are hereby directed and authorized to transfer the funds held in the Trust
Account immediately upon your receipt of the Counsel's Letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust
Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust
Account and distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated
and the Trust Account closed. 

        In
the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation
Date of a new Consummation Date, then the funds held in the Trust Account shall, upon written instruction from the Company, be redeposited as provided in the Trust Agreement on the business day
immediately following the Consummation Date as set forth in the notice. 

	

 	

Very truly yours,
	

 	

Hicks Acquisition Company I, Inc.
	

 	

By:	
 	

	 	Name:	 	

	 	Title:	 	

	
cc:
	

        Citigroup
Global Markets Inc. 

A-1

   EXHIBIT B  

[Letterhead of Company]

[Insert date]

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven Nelson 

	Re:
	Trust Account No.                        Termination
Letter

Gentlemen:

        Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Hicks Acquisition Company I, Inc.
("Company") and Continental Stock Transfer & Trust Company ("Trustee"), dated as of
                        , 2007 ("Trust Agreement"), this is to advise you
that the Company has been unable to effect a Business Combination with a Target Company
prior to the Business Combination Deadline Date. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

        In
accordance with the terms of the Trust Agreement, we hereby authorize you, to commence liquidation of the Trust Account as promptly as practicable to stockholders of record on the
Business Combination Deadline Date. You will notify the Company in writing as to when all of the funds in the
Trust Account will be available for immediate transfer ("Transfer Date") in accordance with the terms of the Trust Agreement and the Certificate of
Incorporation. You shall commence distribution of such funds in accordance with the terms of the Trust Agreement and the Certificate of Incorporation and you shall oversee the distribution of the
funds. Upon the distribution of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated. 

	

 	

Very truly yours,
	

 	

Hicks Acquisition Company I, Inc.
	

 	

By:	
 	

	 	Name:	 	

	 	Title:	 	

	cc:
	Citigroup
Global Markets Inc. 

B-1

   EXHIBIT C  

[Letterhead of Company]

[Insert date]

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven Nelson 

	Re:
	Trust Account No.

Gentlemen:

        Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Hicks Acquisition Company I, Inc.
("Company") and Continental Stock Transfer & Trust Company ("Trustee"), dated as of
                        , 2007 ("Trust Agreement"), this is to advise you
that the Company hereby requests that you deliver to the Company $            of
the income earned on the Property as of the date hereof. The Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the
terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company's operating account at: 

[WIRE
INSTRUCTION INFORMATION] 

	

 	

Very truly yours,
	

 	

Hicks Acquisition Company I, Inc.
	

 	

By:	
 	

	 	Name:	 	

	 	Title:	 	

	cc:
	Citigroup
Global Markets Inc. 

C-1

   EXHIBIT D  

[Letterhead of Company]

[Insert date]

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven Nelson 

	Re:
	Trust Account No.

Gentlemen:

        Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Hicks Acquisition Company I, Inc. ("Company")
and Continental Stock Transfer & Trust Company ("Trustee"), dated as
of                        , 2007 ("Trust
Agreement"), this is to advise you that the Company hereby requests that you deliver to the Company $            of the interest, net of the taxes payable on such
interest,
earned on the Property as of the date hereof, which does not exceed, in the aggregate with all such prior disbursements pursuant to Section 1(k), if any, the maximum amount set forth in
Section 1(k). The Company needs such funds to cover its expenses relating to investigating and selecting a target business and other working capital requirements. In accordance with the terms
of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company's operating account at: 

[WIRE
INSTRUCTION INFORMATION] 

	

 	

Very truly yours,
	

 	

Hicks Acquisition Company I, Inc.
	

 	

By:	
 	

	 	Name:	 	

	 	Title:	 	

	cc:
	Citigroup
Global Markets Inc. 

D-1

   EXHIBIT E  

	AUTHORIZED INDIVIDUAL(S)

FOR TELEPHONE CALL BACK	 	AUTHORIZED

TELEPHONE NUMBER(S)
	Company:	 	 
	

Hicks Acquisition Company I, Inc.

100 Crescent Court, Suite 1200

Dallas, Texas 75201

Attn: Joseph B. Armes	
 	

(214) 615-2300
	

Trustee:	
 	

 
	

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Frank A. Di Paolo, CFO	
 	

(212) 845-3270

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Exhibit 10.9  

 
 

FORM OF SPONSOR WARRANTS PURCHASE AGREEMENT    
    

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

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

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

 
 

AGREEMENT    
    

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

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

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

        C.    Terms of the Sponsor Warrants.    

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

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

Section 2.    Representations and Warranties of the Company.  

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

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

1

 

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

        B.    Authorization; No Breach.    

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

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

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

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

Section 3.    Representations and Warranties of the Sponsor.  

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

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

        B.    Authorization; No Breach.    

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

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

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

        C.    Investment Representations.    

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

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

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

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

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

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

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

3

 

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

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

Section 4.    Conditions of the Sponsor's Obligations.  

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

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

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

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

Section 5.    Conditions of the Company's Obligations.  

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

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

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

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

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

4

 

Section 6.    Termination.  

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

Section 7.    Survival of Representations and Warranties.  

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

Section 8.    Definitions.  

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

Section 9.    Transfer and Redemption Restrictions.  

        A.    In
addition to the transfer restrictions set forth in Section 3, the Sponsor agrees that it shall not sell or transfer the Sponsor Warrants or any underlying
Shares until the expiration of 180 days from the date on which the Company consummates its initial business combination, meeting the requirements to be set forth in the Prospectus, and
acknowledges that the certificates for the Sponsor Warrants and the Shares to be issued upon exercise of the Sponsor Warrants shall contain a legend, indicating, among other things, such restriction
on transferability. 

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

Section 10.    Miscellaneous.  

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

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

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

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

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

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

[SIGNATURE PAGES FOLLOW]

5

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

	 	 	COMPANY:
	

 	
 	

Hicks Acquisition Company I, Inc.
	

 	
 	

By:	

    
 Joseph B. Armes

Chief Operating Officer, Chief Financial Officer,

Executive Vice President and Secretary
	    	 	 	 
	

 	
 	
SPONSOR:
	

 	
 	

HH-HACI, L.P.,
	

 	
 	

By:	

HH-HACI GP, LLC, its general partner
	

 	
 	

By:	

    

	 	 	Name:	    

	 	 	Title:	    

   

   

   

   

   

   

   

   

   

   

   

   

   

Sponsor Warrants Purchase Agreement

QuickLinks

FORM OF SPONSOR WARRANTS PURCHASE AGREEMENT

AGREEMENT

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