Document:

Investor Rights Agreement

 Exhibit 4.3 
 Execution Version 
 INVESTOR RIGHTS AGREEMENT 
 This Investor Rights Agreement (this “Agreement”) is entered into as of July 9, 2007 by and between Transmeridian Exploration
Incorporated, a Delaware corporation (the “Company”), and Jefferies & Company, Inc., (the “Investor” and, individually or with any subsequent holders of Registrable Securities, a “Holder”). 
 WHEREAS, pursuant to the Engagement Letter, dated May 4, 2007 as amended by Amendment to Engagement Letter dated June 18, 2007, as amended (the
“Engagement Letter”), between the Company and the Investor, the Company has granted to the Investor a warrant (the “Warrants”) to purchase 550,000 shares of common stock, $0.0006 par value, of the Company (the “Common
Stock”); and 
 WHEREAS, the Company has agreed to provide the registration rights set forth in this Agreement in connection with the
Warrants; 
 NOW, THEREFORE, for and in consideration of the mutual covenants and conditions as set forth in the in the Engagement Letter,
the Warrants and this Agreement, the parties hereto hereby agree as follows: 
  

	1.	Registration Rights 

 (a) Demand Registration
Rights. Upon the written request of Holders of a majority of the Registrable Securities, the Company will use commercially reasonable efforts to promptly file and cause to become effective in accordance with Section 2 a Registration
Statement under the Securities Act on such form as is appropriate covering the offer and sale from time to time, by the methods of distribution designated by the Holders to the Company in writing, such number of Registrable Securities as it has
received written requests from Holders to include within such Registration Statement, which shall include a duly completed selling stockholder questionnaire in the form provided by the Company. Notwithstanding the foregoing and notwithstanding any
provision of this Agreement to the contrary, the Company shall not be obligated to file and cause to become effective more than one (1) Registration Statement pursuant to this Section 1(a). 
 (b) Piggyback Registration Rights. In the event the Company intends to file a Registration Statement under the Securities Act (other than on Form
S-4 or Form S-8 or any successor form for the registration of securities issued or to be issued in connection with a merger or acquisition or employee benefit plan) covering the offer and sale of Common Stock by the Company or by other selling
shareholders, the Company shall give written notice thereof to the Holders, and the Company shall include in such registration such number of Registrable Securities for which it has received written requests (which shall include a duly completed
selling stockholder questionnaire in the form provided by the Company) from Holders to include within such Registration Statement within fifteen (15) days after the Company has sent written notice to such Holders. 

 (c) Underwritten Offerings. If the Registration Statement under subsection (b) above is to
cover an Underwritten Offering, the Registrable Securities shall be included in the underwriting on the same terms and conditions as the securities otherwise being sold through the underwriters. If, in the good faith judgment of the managing
underwriter in any Underwritten Offering, the inclusion of all of the shares of Registrable Securities and any other Common Stock requested to be registered in such Underwritten Offering would interfere with the successful marketing of a smaller
number of such shares, then the number of shares of Registrable Securities and other Common Stock to be included in the offering (except for shares to be issued by the Company in an offering initiated by the Company) shall be reduced to such smaller
number as the managing underwriter shall in its sole discretion determine. The reduction in participation by Holders of Registrable Securities shall occur on a pro rata basis with all other participating holders of securities to be registered under
such Registration Statement, except to the extent that certain holders of other securities may have a contractual preference to participate granted prior to the date hereof. In such case, the Company and the managing underwriter shall use their
reasonable best efforts to accommodate the selling desires of the Holders of Registrable Securities and the Holders of other shares of Common Stock of the Company who possess such registration rights. Any shares for which the Company has received
written request to register and are excluded from an Underwritten Offering as discussed above, shall be withheld from the market by the holders thereof for a period of time, not to exceed 30 days prior to the effective date and 90 days thereafter,
that the managing underwriter reasonably determines is necessary in order to effect the Underwritten Offering. 
  

	2.	Registration Procedures 

 If and whenever the
Company is required to register Registrable Securities, the Company will use its reasonable best efforts to effect such registration to permit the sale of such Registrable Securities in accordance with the Holders, intended plan of distribution
thereof (as communicated in writing to the Company), and pursuant thereto the Company will as expeditiously as possible: 
 (a)
(i) (A) prepare and file with the SEC as soon as practicable (and in any event, subject to the last paragraph of this Section 2, within 45 days after any written request made pursuant to Section 1(a)) a Form S-3 Registration
Statement, or a Form S-1 Registration Statement if the Company is not then eligible to use Form S-3 (or in the last case the successor form), with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration
Statement to become effective as soon as possible and remain continuously effective and (B) prepare and file with the SEC such amendments and post-effective amendments to the Registration Statement, and such supplements to the related
prospectus, as may be reasonably requested by the Holders or any underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act
or rules and regulations thereunder to keep the Registration Statement effective, in the case of either foregoing clause (A) or foregoing clause (B), until all of the Registrable Securities covered by such Registration Statement have been sold
under the Registration Statement or cease to be Registrable Securities, (ii) include in such Registration Statement and/or Prospectus (as the case may be) the names of the Holders who have delivered written notice, and a duly completed selling
stockholder questionnaire (in the form provided by the Company) to the Company at least five business days prior to the date that 

  

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the Registration Statement is first declared effective, that they propose to include Registrable Securities in the Registration Statement as selling
securityholders, and (iii) file pursuant to Rule 424(b) under the Securities Act a supplement to the prospectus contained in the registration Statement or, if required, file a post-effective amendment to the Registration Statement, in each
case, to cover new Holders of Registrable Securities upon at least seven business days prior written notice by such new Holders to such effect and the delivery by such new Holders of duly completed selling stockholder questionnaires (in the form
provided by the Company). 
 (b) [reserved] 
 (c) deliver to the Holders and the underwriters, if any, without charge, as many copies of each prospectus (and each preliminary prospectus) and any amendments or supplements thereto as such Persons may reasonably
request (the Company hereby consenting to the use of each such prospectus (or preliminary prospectus) by the Holders and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such prospectus (or
preliminary prospectus). 
 (d) register or qualify or cooperate with the Holders, the underwriters, if any, and their respective counsel in
connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions as the Holders or underwriters may designate in writing and do anything else necessary or
advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not
then so qualified or to take any action which would subject it to general service of process in any such jurisdiction where it is not then so subject. 
 (e) The Company shall give written notice to the Holders of the Registrable Securities included within the coverage of the Registration Statement (which notice pursuant to clauses (ii)-(v) hereof shall be
accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 
 (i) when
the Registration Statement or any amendment thereto has been filed with the SEC and when the Registration Statement or any post-effective amendment thereto has become effective; 
 (ii) of any request by the SEC for amendments or supplements to the Registration Statement or the prospectus included therein or for
additional information; 
 (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration
Statement or the initiation of any proceedings for that purpose; 
 (iv) of the receipt by the Company or its legal counsel of
any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 
 (v) of the happening of any event that requires the Company to make changes in the Registration Statement or the prospectus in order that
the Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading. 
  

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 (f) The Company shall make every reasonable effort to obtain the withdrawal, at the earliest possible
time, of any order suspending the effectiveness of the Registration Statement. 
 (g) The Company shall furnish to each Holder of Registrable
Securities included within the coverage of the Registration Statement, without charge, if the Holder so requests in writing, at least one copy of the Registration Statement and any post-effective amendment thereto, including, but only if expressly
requested by such Holder, financial statements and schedules and all exhibits thereto (including those, if any, incorporated by reference). 
 (h) The Company shall cooperate with the Holders of the Registrable Securities to facilitate the timely preparation and delivery of certificates (if any) representing the Registrable Securities to be sold pursuant to the Registration
Statement free of any restrictive legends and in such denominations and registered in such names as the Holders may request a reasonable period of time prior to sales of the Registrable Securities pursuant to the Registration Statement. 

(i) Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of Section 2(e) above, the Company shall promptly
prepare and file a post-effective amendment to the Registration Statement or a supplement to the related prospectus and any other required document so that, as thereafter delivered to Holders of the Registrable Securities or purchasers of
Registrable Securities, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading. If the Company notifies the Holders of Registrable Securities included within the coverage of the Registration Statement to suspend the use of the prospectus as a result of any of the events described in paragraphs
(ii) through (v) of Section 2(e) above, until (A) the requisite changes to the prospectus have been made and the Holders have received copies of a supplemented or amended prospectus or (B) the Holders have been advised in
writing by the Company that the use of the prospectus may be resumed, the Holders shall suspend use of such prospectus. 
 (j) The Company
may require each Holder of Registrable Securities to be sold pursuant to the Registration Statement to furnish to the Company, pursuant to a questionnaire or otherwise, such information regarding the Holder and the distribution of the Registrable
Securities as the Company may from time to time reasonably require for inclusion in the Registration Statement, and the Company may exclude from such registration the Registrable Securities of any Holder that fails to furnish such information within
the applicable time period specified in this Agreement. 
 (k) In the case of any registration, the Company shall (i) make reasonably
available for inspection by the Holders of the Registrable Securities, any underwriter participating in any disposition pursuant to the Registration Statement and any attorney, accountant or other agent retained by the Holders of the Registrable
Securities or any such underwriter all relevant financial and other records, pertinent corporate documents and properties of the Company and (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply all
relevant information reasonably requested by the Holders of the Registrable Securities or any 

  

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such underwriter, attorney, accountant or agent in connection with the Registration Statement, in each case, as shall be reasonably necessary to enable such
persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that the foregoing inspection and information gathering shall be coordinated on behalf of Holders by the Investor or by
one counsel designated by the Holders. 
 (l) In the case of any registration, the Company, if requested by any Holder of Registrable
Securities covered thereby in connection with an underwritten offering of the Registrable Securities pursuant to the Registration Statement, shall cause (i) its counsel (which may include the Company’s general counsel and/or the
Company’s outside counsel) to deliver an opinion or opinions and updates thereto relating to the Registrable Securities in customary form addressed to the underwriters thereof and dated, in the case of the initial opinion, the effective date of
such Registration Statement (it being agreed that the matters to be covered by such opinion shall include, without limitation, the due incorporation and good standing of the Company and its subsidiaries; the qualification of the Company and its
subsidiaries to transact business as foreign corporations; the due authorization, execution and delivery of the relevant underwriting agreement; the due authorization, execution, authentication and issuance, and the validity and enforceability, of
the Registrable Securities; the absence of material legal or governmental proceedings involving the Company and its subsidiaries; the absence of governmental approvals required to be obtained in connection with the Registration Statement, the
offering and sale of the Registrable Securities; the compliance as to form of such Registration Statement and any documents incorporated by reference therein with the requirements of the Securities Act and the Exchange Act; and, as of the date of
the opinion and as of the effective date of the Registration Statement or most recent post-effective amendment thereto, as the case may be, the absence from such Registration Statement and the prospectus included therein, as then amended or
supplemented, and from any documents incorporated by reference therein of an untrue statement of a material fact or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading (in the case of any such documents, in the light of the circumstances existing at the time that such documents were filed with the Commission under the Exchange Act); (ii) its officers to execute and deliver all customary documents
and certificates and updates thereof requested by any underwriters of the Registrable Securities and (iii) its independent public accountants to provide to the underwriter(s) of the Registrable Securities a comfort letter in customary form and
covering matters of the type customarily covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of Auditing Standards
No. 72. 
 (m) The Company shall use its reasonable best efforts to cause the Common Stock included in such Registration Statement to
be, upon resale thereunder, listed on each U.S. securities exchange or national quotation system, if any, on which any shares of Common Stock are then listed. 
 Notwithstanding the undertakings in this Section 2, in the event the Board of Directors of the Company in good faith determines that significant corporate developments preclude the filing of a Registration
Statement or its being declared effective, the Company may delay the filing or effectiveness of such Registration Statement for a period not to exceed 30 days from the date of such request, after giving notice to any Holder of Registrable Securities
to be covered by such Registration Statement. 
  

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	3.	Registration Expenses 

 The Registration Expenses in
connection with all registrations shall be borne by the Company, except that (i) the fees and disbursements of any counsel to the Holders shall be paid by such Holders if such Holders are unwilling to be represented by counsel to the Company,
and (ii) the Holders shall pay all underwriting discounts or commissions, any selling commissions and stock transfer taxes attributable to sales of their Registrable Securities. The Company will bear its internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any person, including special experts, retained by the Company. 
  

	4.	Indemnification 

 (a) The Company agrees to
indemnify and hold harmless the Holders and each person, if any, who controls any Holder within the meaning of the Securities Act or the Exchange Act and the respective officers, directors, partners, employees, representatives and agents of such
Holder or any controlling person of such Holder (the Holders and such persons are referred to as an “Indemnified Holder”) from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof
(including, but not limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Holder may become subject under the Securities Act, the Exchange Act or otherwise,
insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or prospectus or in any amendment or
supplement thereto or in any preliminary prospectus relating to the Registration Statement or any other materials or information provided to investors by, or with the written approval of, the Company in connection with any offering pursuant to the
Registration Statement, or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading, and shall reimburse, as incurred, the Indemnified Holders for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action in
respect thereof; provided, however, that the Company shall not be liable under this Section 4(a) in any such case to the extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue
statement or omission or alleged omission made in the Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a registration in reliance upon and in conformity with written
information pertaining to the Holder and furnished to the Company by or on behalf of the Holder specifically for inclusion therein. This indemnity agreement will be in addition to any liability which the Company may otherwise have to any Indemnified
Holder. The Company shall notify each Indemnified Holder promptly of the institution, threat or assertion of any claim, proceeding (including any governmental investigation) or litigation in connection with the matters addressed by this Agreement
that involves the Company or such Indemnified Holder. 
  

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 (b) Each of the Holders by its request for inclusion of Registrable Securities in any Registration
Statement agrees, severally and not jointly, to indemnify and hold harmless the Company, its officers and directors and each person, if any, who controls the Company, its officers and directors within the meaning of the Securities Act or the
Exchange Act from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the Company or any such person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses,
claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or prospectus or in any amendment or supplement thereto or in any
preliminary prospectus relating to the Registration Statement or any other materials or information provided to investors by, or with the written approval of, the Company in connection with any offering pursuant to the Registration Statement, or
arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, but in each case only to the extent
that the untrue statement or omission or alleged untrue statement or omission was made in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for
inclusion therein. The liability of a Holder under this Section 4(b) shall in no event exceed the net proceeds received by such Holder from sales of Registrable Securities giving rise to such obligation. 
 (c) Promptly after receipt by a party of notice of the commencement of any action or proceeding (including a governmental investigation), such party (the
“Indemnified Person”) will, if a claim in respect thereof is to be made against any party under this Section 4 (each an “Indemnifying Person”), notify the Indemnifying Person of the commencement thereof; but the omission so
to notify the Indemnifying Person will not, in any event, relieve the Indemnifying Person from any obligations to any Indemnified Person (including the contribution provision hereof) that the Indemnifying Person may have under paragraph (a) or
(b) above, except to the extent that the Indemnifying Person has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure, or otherwise than under paragraph (a) or (b) above. In case any
such action is brought against any Indemnified Person, and it notifies the Indemnifying Person of the commencement thereof, the Indemnifying Person will be entitled to participate therein and, to the extent that it may wish, jointly with any other
Indemnifying Person similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Person (who shall not, except with the consent of the Indemnified Person, be counsel to the Indemnifying Person), and
after notice from the Indemnifying Person to such Indemnified Person of its election so to assume the defense thereof the Indemnifying Person will not be liable to such Indemnified Person under this Section 4 for any legal fees, other than
reasonable costs of investigation, subsequently incurred by such Indemnified Person in connection with the defense thereof. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel at its own expense.
Notwithstanding the foregoing, the Indemnifying Person shall pay as incurred (or within 30 days of presentation) the fees and expenses of the counsel retained by the Indemnified Person in the event (i) the Indemnifying Person and the
Indemnified Person shall have mutually agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them or (iii)

  

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the Indemnifying Person shall have failed to assume the defense of and employ counsel reasonably acceptable to the Indemnified Person within a reasonable
period of time after notice of commencement of the action. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for
the plaintiff, the Indemnifying Person agrees to indemnify the Indemnified Person from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Person shall, without the prior written consent of the Indemnified
Person, effect any settlement of any pending or threatened action in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person unless such settlement
(i) includes an unconditional release of such Indemnified Person from all liability on any claims that are the subject matter of such action, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to
act by or on behalf of any Indemnified Person. 
 (d) If the indemnification provided for in this Section 4 is unavailable or
insufficient to hold harmless an Indemnified Person under subsections (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to therein, except by reason of the
exceptions set forth in Section 4(a) or (b) or the failure of the Indemnified Person to give notice as required in Section 4(c), then each Indemnifying Person shall contribute to the amount paid or payable by such Indemnified Person
as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above in such proportion as is appropriate to reflect the relative fault of the Indemnifying Person or Persons
on the one hand and the Indemnified Person on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable
considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the Company, on the one hand, or the Holder, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an
Indemnified Person as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Person in
connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding any other provision of this Section 4(d), a Holder shall not be required to contribute any amount in excess of the
amount by which the net proceeds received by such Holder from the sale of the Registrable Securities pursuant to the Registration Statement exceeds the amount of damages which the Holder would have otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls such Indemnified Person within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as
such Indemnified Person and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Company. 
  

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 (e) The remedies provided by this Section 4 are not exclusive and shall not limit any rights or
remedies that may otherwise be available to any indemnified party at law or in equity. The agreements contained in this Section 4 shall survive the sale of the Registrable Securities pursuant to the Registration Statement and shall remain in
full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 
  

	5.	Underwritten Offerings 

 If any of the Registrable
Securities covered by any registration pursuant to Section 1(a) are to be sold in an Underwritten Offering, (a) the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the
Holders of a majority in number of such Registrable Securities to be included in such offering and (b) the Company shall, if requested, enter into an underwriting agreement in customary form in connection therewith. No person may participate in
any Underwritten Offering pursuant to a registration initiated by the Company unless such person (a) agrees to sell such person’s Registrable Securities on the basis reasonably provided in any underwriting arrangements approved by the
Company, which approval may not be withheld unreasonably, and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting
arrangements; provided, that the term of such underwriting arrangement in connection with the sale of Registrable Securities shall be no less favorable than the terms afforded to the Company or any other holder of securities participating in the
Underwritten Offering. 
  

	6.	Rule 144 

 The Company shall file the reports
required to be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time while there are outstanding securities that constitute Registrable Securities hereunder the Company is not required to file such reports,
it will, upon the request of any Holders, make publicly available other information so long as necessary to permit sales of their Registrable Securities pursuant to Rule 144. The Company covenants that it will take such further action as any Holder
may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144. Upon the written
request of any Holder, the Company shall deliver to such Holder a written statement as to whether it is subject to and has complied with the reporting requirements referenced in the first sentence of this Section 6. Notwithstanding the
foregoing, nothing in this Section 6 shall be deemed to require the Company to register any of its securities or to file periodic, current or other reports in each case pursuant to the Exchange Act. 
  

	7.	Miscellaneous 

 (a) Counterparts. This
Agreement may be executed through the use of separate signature pages or in any number of counterparts, and each of such counterparts shall, for all purposes, constitute one agreement binding on all the parties, notwithstanding that all parties are
not signatories to the same counterpart. 
  

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 (b) Entire Agreement. This instrument contains the entire agreement of the parties, and there are
no representations, covenants or other agreements except as stated or referred to herein. 
 (c) Preemptive Rights. For so long as any
Warrants are outstanding, the Investor will be entitled to participate in any of the Company’s future offerings of Common Stock of the Company or securities of the Company convertible into, or exercisable for, Common Stock of the Company (as
the case may be, “Additional Securities”) in which the aggregate offering price of such securities is equal to or exceeds $15 million. 
 Each time the Company proposes to offer any Additional Securities in which the aggregate offering price is equal to or exceeds $15 million, the Company shall make an offering of such Additional Securities to the Investor in accordance with
the following provisions: 
 (i) The Company shall deliver a notice (the “Issuance Notice”) to the Investor stating
(a) its bona fide intention to offer such Additional Securities, (b) the number of such Additional Securities to be offered, (c) the price and terms, if any, upon which it proposes to offer such Additional Securities, and (d) the
anticipated closing date of the sale of such Additional Securities. 
 (ii) By written notification delivered to the Company
within five trading days after the date of the Issuance Notice, the Investor may elect to purchase, at the price and on the terms specified in the Issuance Notice, Additional Securities equal to the number of Registrable Securities then held by the
Investor (for purposes of clarification, in the event such Additional Securities are securities convertible into, or exercisable for, shares of the Common Stock of the Company, the number or amount of such Additional Securities which the Investor
shall be entitled to purchase pursuant to this Section 7(c) shall be equal to the number or amount of such Additional Securities which are initially convertible into, or exercisable for, the number of shares of Common Stock of the Company equal
to the number of Registrable Securities then held by the Investor). 
 The rights of the Investor under this Section 7(c) shall not
apply to: (A) the exercise of any warrants, options or other convertible securities of the Company outstanding on the date hereof, (B) the issuance to employees and directors of Common Stock, stock awards or options under, or the exercise
of any such options granted pursuant to, any employee stock option or similar employee incentive or benefit plan for the issuance of stock awards, options or capital stock of the Company approved by the Board of Directors, (C) the issuance of
shares of Common Stock of the Company in connection with a bona-fide strategic transaction, partnership or acquisition or (D) the issuance of shares of Common Stock of the Company pursuant to a stock split, combination or subdivision of the
outstanding shares of Common Stock or preferred stock (as the case may be) of the Company. 
 (d) Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing by hand delivery, registered first-class mail, facsimile transmission, or courier which guarantees overnight delivery: 
  

	(1)	if to the Investor: 

 Jefferies & Company, Inc.

 520 Madison Avenue 
 New York,
New York 10022 
 Attention: David Pritchard 
 Fax No.: (212) 284-2280 
  

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 with a copy (which shall not constitute notice) to: 
 Jefferies & Company, Inc. 
 520
Madison Avenue 
 New York, New York 10022 
 Attention: Ashley Geller 
 Fax No.: (212) 284-2280 
  

	(2)	if to the Company, at its address as follows: 

 Transmeridian Exploration Incorporated 
 397 N. Sam Houston Parkway E., Suite 300 
 Houston, Texas 77060 
 Attention: Nicolas J.
Evanoff 
 Fax No.: (281) 999-9094 
 with a copy (which shall not constitute notice) to: 
 Akin Gump Strauss Hauer & Feld LLP 
 1111 Louisiana Street, 44th Floor 
 Houston,
Texas 77002 
 Attention: James L. Rice III 
 Fax No.: (713) 236-0822 
 All such notices and communications shall be deemed to have been duly given:
at the time delivered by hand, if personally delivered; the earlier of the date indicated on the notice of receipt and five business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s
facsimile machine operator, if sent by facsimile transmission during normal business hours; and on the day delivered, if sent by overnight air courier guaranteeing next day delivery. 
 (e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties,
including, without the need for an express assignment or any consent by the Company thereto, subsequent holders of the Warrants or Registrable Securities. The Company hereby agrees to extend the benefits of this Agreement to any holder of the
Warrants or Registrable Securities and any such holder may specifically enforce the provisions of this Agreement as if an original party hereto. 
 (f) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS WITHOUT REGARD TO THE PROVISIONS THEREOF RELATING TO CONFLICTS OF LAWS. THE COMPANY HERETO IRREVOCABLY
CONSENTS TO THE NON-EXCLUSIVE 

  

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JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN HOUSTON, TEXAS IN CONNECTION WITH ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT. IN ANY SUCH LITIGATION THE COMPANY AGREES THAT THE SERVICE THEREOF MAY BE MADE BY CERTIFIED OR REGISTERED MAIL DIRECTED TO THE COMPANY PURSUANT TO SECTION 7(d). 
 (g) Remedies. The Company acknowledges and agrees that any failure by the Company to comply with its obligations under Section 1 hereof may
result in material injury to the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, any Holder may obtain such relief as may
be required to specifically enforce the Company’s obligations under Section 1 hereof. The Company further agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 
 (h) No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the
rights granted to the holders of the Company’s securities under any agreement in effect on the date hereof. 
 (i) Amendments and
Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority
in number of the Restricted Securities affected by such amendment, modification, supplement, waivers or consents, provided, however, that without the consent of each Holder of the Restricted Securities, the provisions of Section 4 of this
Agreement may not be amended, modified or supplemented and waivers or consents to departures from the provisions therefrom may not be given. Each Holder of Registrable Securities outstanding at the time of any amendment, modification, supplement,
waiver, or consent or thereafter shall be bound by any such amendment, modification, supplement, waiver, or consent effected pursuant to this Section 7(i), whether or not any notice of such amendment, modification, supplement, waiver, or
consent is delivered to such Holder. 
  

	8.	Definitions 

 Exchange Act: The Securities
Exchange Act of 1934, as from time to time amended. 
 Registration Expenses: Registration Expenses shall mean: 
 (1) all registration and filing fees (including fees with respect to filings required to be made with the SEC and the National Association of Securities
Dealers, Inc.); 
 (2) fees and expenses of compliance with securities or blue sky laws (including fees and disbursements of counsel for the
underwriters in connection with blue sky qualifications of the Registrable Securities) and all application and filing fees in connection with listing on a national securities exchange or automated quotation system pursuant to the requirements
hereof; 
  

 12 

 (3) printing, messenger, telephone and delivery expenses; 
 (4) fees and disbursements of counsel for the Company; and 
 (5) fees and disbursements of all independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance). 
 Registration Expenses shall not include: (i) the fees and disbursements of any counsel to the Holders, which shall be paid by such Holders if such
security Holders are unwilling to be represented by counsel to the Company, and (ii) any underwriting discounts or commissions, any selling commissions and stock transfer taxes attributable to sales of Registrable Securities. 
 Registrable Securities: (a) the shares of Common Stock of the Company or other securities issued or issuable upon exercise of the Warrants
(b) any securities issued or issuable with respect to such Common Stock or other securities by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization and
(c) any Additional Securities issued to the Investor pursuant to Section 7(c) of this Agreement; provided, however, that any such securities shall be deemed to be Registrable Securities only if and so long as they are Transfer Restricted
Securities. 
 Registration Statement: With respect to Section 1(a), a registration statement which covers Registrable Securities
pursuant to the provisions of this Agreement, and with respect to Section 1(b), any other form of registration statement that the Company determines, in its sole discretion to file, and in each case including the related prospectus included in
such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement. 
 SEC: The Securities and Exchange Commission. 
 Securities Act: The Securities Act of 1933, as from time to time amended. 
 Transfer Restricted Security: A security
that has not been sold to or through a broker, dealer or underwriter in a public distribution or other public securities transaction or sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act
under Rule 144(k) promulgated thereunder (or any successor rule other than proposed Rule 144A). The foregoing notwithstanding, a security shall remain a Transfer Restricted Security until (i) all stop transfer instructions or notations and
restrictive legends with respect to such security are eligible to be removed and (ii) the Holder has received an opinion of counsel to the Company, to the effect that such shares in the Holder’s hands are freely transferable in any public
or private transaction without registration under the Securities Act (or such Holder has waived receipt of such opinion). 
 Underwritten
Registration or Underwritten Offering: A registration or offering in which securities of the Company are sold to an underwriter for distribution to the public. 
  

 13 

 This Agreement is effective as of the date first written above. 
  

			
	TRANSMERIDIAN EXPLORATION INCORPORATED
		
	By:	 	 /s/ Nicolas J. Evanoff

	Name:	 	Nicolas J. Evanoff
	Title:	 	Vice President, General Counsel and Secretary
	
	JEFFERIES & COMPANY, INC.
		
	By:	 	 /s/ J. David Lucke

	Name:	 	J. David Lucke
	Title:	 	Managing Director

 Signature Page to 
 Investor Rights Agreement dated as of July 9, 2007Common Stock Purchase Warrant

 Exhibit 4.4 
 Execution Version 
 THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD, ASSIGNED OR TRANSFERRED, IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY THAT REGISTRATION UNDER SAID ACT IS NOT REQUIRED. 
 Warrant No. J-102 
 COMMON STOCK PURCHASE WARRANT 
 To Purchase 550,000 Shares of Common Stock of

 TRANSMERIDIAN EXPLORATION INCORPORATED 
 THIS IS TO CERTIFY THAT Jefferies & Company, Inc., or registered assigns (the “Holder”), is entitled, during the Exercise Period (as hereinafter defined), to purchase from Transmeridian Exploration Incorporated, a
Delaware corporation (the “Company”), the Warrant Stock (as hereinafter defined and subject to adjustment as provided herein), in whole or in part, at the Current Warrant Price (as hereinafter defined), all on and subject to the terms and
conditions hereinafter set forth. 
 1. Definitions. As used in this Warrant, the following terms have the respective meanings set
forth below: 
 “Affiliate” means any person or entity that, directly or indirectly through one or more intermediaries,
controls or is controlled by or is under common control with a person or entity, as such terms are used in and construed under Rule 144 under the Securities Act. With respect to a Holder, any investment fund or managed account that is managed on a
discretionary basis by the same investment manager as such Holder will be deemed to be an Affiliate of such Holder. 
 “Business
Day” means any day except Saturday, Sunday and any day that is a legal holiday or a day on which banking institutions in the State of New York generally are authorized or required by law or other government actions to close. 
 “Cashless Exercise” has the meaning set forth in Section 2.1(b). 
 “Change of Control” means the (i) acquisition by an individual or legal entity or group (as set forth in Section 13(d) of the
Exchange Act) of more than one-half of the voting rights or equity interests in the Company; or (ii) sale, conveyance, or other disposition of all or substantially all of the assets, property or business of the Company or the merger into or
consolidation with any other entity (other than a wholly owned subsidiary corporation) or effectuation of any transaction or series of related transactions where holders of the Company’s voting securities prior to such transaction or series of
transactions fail to continue to hold at least 50% of the voting power of the Company. 
 “Closing Date” means June 18,
2007. 

 “Commission” means the Securities and Exchange Commission or any other federal agency
then administering the Securities Act and other federal securities laws. 
 “Common Stock” means (except where the context
otherwise indicates) the Common Stock, $0.0006 par value per share, of the Company as constituted on the Closing Date, and any capital stock into which such Common Stock may thereafter be changed or converted, and shall also include (i) capital
stock of the Company of any other class (regardless of how denominated) issued to the holders of shares of Common Stock upon any reclassification thereof which is also not preferred as to dividends or assets on liquidation over any other class of
stock of the Company and which is not subject to redemption and (ii) shares of common stock of any successor or acquiring corporation received by or distributed to the holders of Common Stock of the Company in the circumstances contemplated by
Section 4.4. 
 “Common Stock Equivalents” means any stock or security convertible into or exchangeable for Common
Stock and any right, warrants or option to acquire Common Stock or any such convertible or exchangeable security. 
 “Current Warrant
Price” means, in respect of a share of Common Stock at any date herein specified, the price at which a share of Common Stock may be purchased pursuant to this Warrant on such date. Until the Current Warrant Price is adjusted pursuant to the
terms hereof, the Current Warrant Price shall be equal to the Original Market Price. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, or any similar federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect from time to time. 
 “Exercise Period” means the period during which this Warrant is exercisable pursuant to Section 2.1. 
 “Expiration Date” means June 18, 2014. 
 “GAAP” means generally accepted accounting principles in the United States of America as from time to time in effect. 
 “Market Price” means, as of any date of determination, the closing sale price per share (or if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in
either case, the average of the average closing bid and the average closing ask prices) on such date as reported on the principal United States securities exchange on which the Warrant Stock is then traded or, if the Warrant Stock is not listed on a
United States national or regional securities exchange, as reported by Nasdaq or by the Pink Sheets LLC, or if the Warrant Stock is not publicly traded, then as determined in good faith by the Company’s Board of Directors upon review of
relevant factors. 
 “NASD” means the National Association of Securities Dealers, Inc., or any successor corporation
thereto. 
 “Original Market Price” means, in respect of any share of Common Stock, $2.25 per share. 
  

 2 

 “Other Property” has the meaning set forth in Section 4.4. 
 “Person” means any individual, sole proprietorship, partnership, joint venture, trust, incorporated organization, association,
corporation, limited liability company, institution, public benefit corporation, entity or government (whether federal, state, county, city, municipal or otherwise, including, without limitation, any instrumentality, division, agency, body or
department thereof). 
 “Restricted Common Stock” means shares of Common Stock which are, or which upon their issuance upon
the exercise of any Warrant would be required to be, evidenced by a certificate bearing the restrictive legend set forth in Section 3.2. 
 “Securities Act” means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 “Time of Sale” means June 18, 2007, at which time Jefferies & Company, Inc., acting as placement agent, completed the
initial closing with respect to a private placement of an aggregate 550,000 shares of the Company’s 20% Junior Redeemable Convertible Preferred Stock. 
 “Trading Day” means any day on which the primary market on which shares of Common Stock are listed is open for trading. 
 “Transfer” means any disposition of any Warrant or Warrant Stock or of any interest in either thereof, which would constitute a sale thereof within the meaning of the Securities Act. 
 “Warrant Price” means an amount equal to (i) the number of shares of Common Stock being purchased upon exercise of this Warrant
pursuant to Section 2.1, multiplied by (ii) the Current Warrant Price. 
 “Warrant Stock” means any of the shares
of Common Stock issued upon the exercise hereof. 
 “Warrant Shares” means the shares of Common Stock or other securities
issuable upon exercise of the Warrants. 
 “Warrants” means this Warrant and all warrants issued upon transfer, division or
combination of, or in substitution for, any thereof. All Warrants shall at all times be identical as to terms and conditions and date, except as to the number of shares of Common Stock for which they may be exercised. 
 2. Exercise of Warrant. 
 2.1
Manner of Exercise. From and after the Closing Date, and until 5:00 P.M., New York time, on the Expiration Date (the “Exercise Period”), the Holder may exercise this Warrant, on any Business Day, for all or any part of the number of
Warrant Shares then purchasable hereunder. 
  

 3 

 In order to exercise this Warrant, in whole or in part, the Holder shall deliver to the Company at its
principal office or at the office or agency designated by the Company pursuant to Section 12, (i) a written notice of Holder’s election to exercise this Warrant, which notice shall specify the number of shares of Warrant Stock to be
purchased, (ii) payment of the Warrant Price as provided herein, and (iii) this Warrant. Such notice shall be substantially in the form of the subscription form appearing at the end of this Warrant as Exhibit A, duly executed by the Holder
or its agent or attorney (the “Exercise Notice”). Upon receipt thereof, the Company shall, as promptly as practicable, and in any event within three Business Days thereafter, execute or cause to be executed and deliver or cause to be
delivered to the Holder a certificate or certificates representing the aggregate number of full shares of Warrant Stock issuable upon such exercise, together with an additional full share of Common Stock in lieu of any fraction of a share, as
hereinafter provided. The stock certificate or certificates so delivered shall be, to the extent possible, in such denomination or denominations as the Holder shall request in the notice and shall be registered in the name of the Holder or such
other name as shall be designated in the notice. This Warrant shall be deemed to have been exercised and such certificate or certificates shall be deemed to have been issued, and the Holder or any other Person so designated to be named therein shall
be deemed to have become a Holder of record of such shares for all purposes, as of the date when the notice, together with the payment of the Warrant Price and this Warrant, is received by the Company as described above. If this Warrant shall have
been exercised in part, the Company shall, at the time of delivery of the certificate or certificates representing Warrant Stock, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares
called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant, or at the request of the Holder, appropriate notation may be made on this Warrant and the same returned to the Holder. 
 The Holder may pay the Warrant Price in either of the following forms or, at the election of Holder, a combination thereof: 
 (a) through a cash exercise by payment of immediately available funds in the form of (i) a certified or official bank check payable to the order of
the Company or (ii) wire transfer to the account of the Company, or 
 (b) if at any time after the first year following the Closing
Date, an effective Registration Statement is not available for the resale of all of the Warrant Stock issuable hereunder at the time an Exercise Notice is delivered to the Company, through a cashless exercise (a “Cashless Exercise”). The
Holder may effect a Cashless Exercise by surrendering this Warrant to the Company and noting on the Exercise Notice that the Holder wishes to effect a Cashless Exercise, upon which the Company shall issue to the Holder the number of shares of
Warrant Stock determined as follows: 
  

			
		  	X = Y x (A-B)/A
		
	where:	  	X = the number of shares of Warrant Stock to be issued to the Holder;
		
		  	Y = the number of shares of Warrant Stock with respect to which this Warrant is being exercised;
		
		  	A = the Market Price as of the date the Exercise Notice is received by the Company; and
		
		  	B = the Current Warrant Price.

  

 4 

 2.2 Fractional Shares. The Company shall not be required to issue a fractional share of Common
Stock upon exercise of any Warrant. As to any fraction of a share which the Holder of one or more Warrants, the rights under which are exercised in the same transaction, would otherwise be entitled to purchase upon such exercise, the Company shall
deliver an additional full share of Common Stock in lieu of such fractional share. 
 2.3 Continued Rights. A holder of shares of
Warrant Stock issued upon the exercise of this Warrant (other than a holder who acquires such shares after the same have been publicly sold pursuant to an effective registration statement (as defined in the Investor Rights Agreement referred to in
Section 9 below) under the Securities Act or sold pursuant to Rule 144 thereunder), shall continue to be entitled with respect to such shares to all rights to which it would have been entitled as the Holder under Sections 10 and 13 of this
Warrant. 
 2.4 Restrictions on Exercise Amount. 
 In the event the Company is prohibited at any time from issuing shares of Warrant Stock as a result of any restrictions or prohibitions under applicable law or the rules or regulations of any stock exchange,
interdealer quotation system or other self-regulatory organization, the Company shall as soon as possible seek the approval of its stockholders and take such other action to authorize the issuance of the full number of shares of Common Stock
issuable upon exercise of this Warrant. 
 3. Transfer, Division and Combination. 
 3.1 Transfer. The Warrants and the Warrant Stock shall be freely transferable, subject to compliance with all applicable laws, including, but not
limited to the Securities Act. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant or the resale of the Warrant Stock, this Warrant or the Warrant Stock, as applicable, shall not be registered under the
Securities Act, the Company may require, as a condition of allowing such transfer (i) that the Holder or transferee of this Warrant or the Warrant Stock, as the case may be, furnish to the Company a written opinion of counsel that is reasonably
acceptable to the Company to the effect that such transfer may be made without registration under the Securities Act, (ii) that the Holder or transferee execute and deliver to the Company an investment letter in form and substance acceptable to
the Company and substantially in the form attached as Exhibit C hereto and (iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated under the Securities Act. Transfer of this Warrant and all rights
hereunder, in whole or in part, in accordance with the foregoing provisions, shall be registered on the books of the Company to be maintained for such purpose, upon surrender of this Warrant at the principal office of the Company referred to in
Section 2.1 or the office or agency designated by the Company pursuant to Section 12, together with a written assignment of this Warrant substantially in the form of Exhibit B hereto duly executed by the Holder or its agent or attorney and
funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if 

  

 5 

 
required, such payment, the Company shall as promptly as practicable and in any event within five Business Days execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees and in the denomination specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be
cancelled. Following a transfer that complies with the requirements of this Section 3.1, the Warrant may be exercised by a new Holder for the purchase of shares of Common Stock regardless of whether the Company issued or registered a new
Warrant on the books of the Company. 
 3.2 Restrictive Legends. Each certificate for Warrant Stock initially issued upon the exercise
of this Warrant, and each certificate for Warrant Stock issued to any subsequent transferee of any such certificate, unless, in each case, such Warrant Stock is eligible for resale without registration pursuant to Rule 144(k) under the Exchange Act
or such Warrant Stock has been sold pursuant to an effective registration statement under the Securities Act, shall be stamped or otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD, ASSIGNED OR
TRANSFERRED, IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT REGISTRATION UNDER SAID ACT IS NOT REQUIRED.” 
 3.3 Division and Combination; Expenses; Books. This Warrant may be divided or combined with other Warrants upon presentation hereof at the
aforesaid office or agency of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 3.1 as to
any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice and
Section 3.1. The Company shall prepare, issue and deliver at its own expense the new Warrant or Warrants under this Section 3. The Company agrees to maintain, at its aforesaid office or agency, books for the registration and the
registration of transfer of the Warrants. 
 4. Adjustments. The number of Warrant Shares and the Current Warrant Price shall be
subject to adjustment from time to time as set forth in this Section 4. The Company shall give the Holder notice of any event described below which requires an adjustment pursuant to this Section 4 in accordance with Section 5.

 4.1 Stock Dividends, Subdivisions and Combinations. If at any time while this Warrant is outstanding the Company shall: 

(i) declare a dividend or make a distribution on its outstanding shares of Common Stock in shares of Common Stock, 
  

 6 

 (ii) subdivide its outstanding shares of Common Stock into a larger number of shares of Common Stock, or

 (iii) combine its outstanding shares of Common Stock into a smaller number of shares of Common Stock, then: 
 (1) the number of shares of Common Stock acquirable upon exercise of this Warrant immediately after the occurrence of any such event shall be adjusted to
equal the number of shares of Common Stock which a record holder of the same number of shares of Common Stock that would have been acquirable under this Warrant immediately prior to the record date for such dividend or distribution or the effective
date of such subdivision or combination would own or be entitled to receive after such record date or the effective date of such subdivision or combination, as applicable, and 
 (2) the Current Warrant Price shall be adjusted to equal: 
 (A) the Current Warrant Price in effect at the time of the record date for such dividend or distribution or of the effective date of such subdivision or combination, multiplied by the number of shares of Common Stock
into which this Warrant is exercisable immediately prior to the adjustment, divided by 
 (B) the number of shares of Common
Stock into which this Warrant is exercisable immediately after such adjustment. 
 Any adjustment made pursuant to clause (i) of this
paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clauses (ii) or (iii) of this paragraph shall become
effective immediately after the effective date of such subdivision or combination. 
 4.2 Certain Other Distributions. If at any time
while this Warrant is outstanding the Company shall cause the holders of its Common Stock to be entitled to receive any dividend or other distribution of: 
 (i) cash, 
 (ii) any evidences of its indebtedness, any shares of stock of any class or any other securities
or property or assets of any nature whatsoever (other than cash or additional shares of Common Stock as provided in Section 4.1 hereof), or 
 (iii) any warrants or other rights to subscribe for or purchase any evidences of its indebtedness, any shares of stock of any class or any other securities or property or assets of any nature whatsoever, then: 
 (1) the number of shares of Common Stock acquirable upon exercise of this Warrant shall be adjusted to equal the product of the number of shares of Common
Stock acquirable upon exercise of this Warrant immediately prior to the record date for such dividend or distribution, multiplied by a fraction (x) the numerator of which shall be the Current Warrant Price at the date of taking such record and
(y) the denominator of which shall be such Current Warrant Price 

  

 7 

 
minus the amount allocable to one share of Common Stock of any such cash so distributable and of the fair value (as determined in good faith by the Board of
Directors of the Company) of any and all such evidences of indebtedness, shares of stock, other securities or property or warrants or other subscription or purchase rights so distributable; and 
 (2) the Current Warrant Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such
distribution shall be adjusted to equal (x) the Current Warrant Price multiplied by the number of shares of Common Stock acquirable upon exercise of this Warrant immediately prior to the adjustment, divided by (y) the number of shares of
Common Stock acquirable upon exercise of this Warrant immediately after such adjustment. 
 (3) a reclassification of the Common Stock (other
than a change in par value, or from par value to no par value or from no par value to par value) into shares of Common Stock and shares of any other class of stock shall be deemed a distribution by the Company to the holders of its Common Stock of
such shares of such other class of stock within the meaning of this Section 4.2 and, if the outstanding shares of Common Stock shall be changed into a larger or smaller number of shares of Common Stock as a part of such reclassification, such
change shall be deemed a subdivision or combination, as the case may be, of the outstanding shares of Common Stock within the meaning of Section 4.1. 
 4.3 Adjustment for Dilutive Issuances. If the Company shall issue any shares of Common Stock, or shall issue any Common Stock Equivalents (as defined below), for a consideration per share less than the Current
Warrant Price then in effect immediately prior to the issuance of such Common Stock or Common Stock Equivalents, then, except as provided for in clause (iv) below, the Current Warrant Price in effect immediately prior to each such issuance
shall be decreased to the amount determined in accordance with the following formula: 
  

							
		 		 	Current Warrant Price =	 	(P1 * Q1) + (P2 * Q2)
		 		 		 	 Q1 + Q2

				
	Where:	 		 		 	
			
		 	P1 =	 	the Current Warrant Price in effect immediately prior to such issuance
			
		 	Q1 =	 	the number of shares of Common Stock and Common Stock Equivalents outstanding immediately prior to such issuance
			
		 	P2 =	 	the average price per share received by the Corporation upon such issuance (determined in accordance with clauses (ii) and (iii) below).
			
		 	Q2 =	 	the number of shares of Common Stock and Common Stock Equivalents issued or sold, or deemed to have been issued or sold (in accordance with clause (iii) below) upon such
issuance

  

 8 

 No further adjustment to the Current Warrant Price shall be made upon the subsequent issue of shares of
Common Stock upon the exercise, conversion or exchange of any Common Stock Equivalents. 
 For purpose of any adjustment of the Current
Warrant Price pursuant to this Section 4.3, the following provisions shall be applicable: 
 (i) The per share consideration for the sale
or issuance of Common Stock Equivalents shall be the price per share received by the Company before payment of commissions, discounts and other expenses. The value of any non-cash consideration received or receivable upon the sale or issuance of
Common Stock or Common Stock Equivalents shall be determined in good faith by the Board of Directors of the Company. 
 (ii) In the case of
the sale or issuance of Common Stock Equivalents, the per share consideration shall be determined by dividing the maximum number of shares of Common Stock issuable with respect to such Common Stock Equivalents into the aggregate consideration
received by the Company upon the sale of issuance of such Common Stock Equivalents plus the minimum aggregate amount of any additional consideration receivable by the Company upon the conversion or exercise of such Common Stock Equivalents. Such
maximum number of shares shall be deemed issued on the earlier of the payment date or record date for a distribution of Common Stock Equivalents. 
 (iii) If any Common Stock Equivalents included in adjustments under this Section 4.3 expire or terminate without the Common Stock to which they related having been issued, the Current Warrant Price shall be readjusted to eliminate the
effect of the assumed issuance of such Common Stock. If any Common Stock Equivalents by their terms provide for subsequent increases in the additional consideration payable for the related Common Stock or for subsequent decreases in the number of
shares of Common Stock obtainable, upon any such increase or decrease, the Current Warrant Price shall be appropriately readjusted to the extent such Common Stock Equivalents have not then expired or been exercised or converted. The aggregate
increase in the Current Warrant Price caused by all such readjustments shall not exceed the decrease in Current Warrant Price made upon the issuance of the Common Stock Equivalents to which such readjustment relates. 
 (iv) The following issuances of Common Stock or Common Stock Equivalents shall be excluded from the adjustment of the Current Warrant Price: (A) any
dividend or distribution on the Common Stock for which adjustment of the Current Warrant Price is made pursuant to Sections 4.1 or 4.2; (B) shares of Common Stock issued to, or issuable upon exercise of Common Stock Equivalents issued to,
employees, directors, consultants or advisors of the Company pursuant to a plan approved by the Board of Directors of the Company; (C) shares of Common Stock or Common Stock Equivalents issued as dividends on, or otherwise pursuant to, the
Company’s 15% Senior Redeemable Convertible Preferred Stock, 20% Junior Redeemable Convertible Preferred Stock or pursuant to other Common Stock Equivalents outstanding at the Closing Date; or (D) shares of Common Stock or Common Stock
Equivalents issued to lenders to the Company or purchasers of its debt securities in bona fide financing transactions that principally involve the incurrence of indebtedness for money borrowed. 
  

 9 

 4.4 Other Provisions Applicable to Adjustments. The following provisions shall be applicable to
the making of adjustments of the number of Warrant Shares and the Current Warrant Price provided for in Section 4: 
 (a) When
Adjustments to Be Made. The adjustments required by Section 4 shall be made whenever and as often as any specified event requiring an adjustment shall occur, except that any that would otherwise be required may be postponed (except in the
case of a subdivision or combination of shares of the Common Stock, as provided for in Section 4.1) up to, but not beyond, the date of exercise if such adjustment either by itself or with other adjustments not previously made adds or subtracts
less than 1% of the shares of Common Stock into which this Warrant is exercisable immediately prior to the making of such adjustment. Any adjustment representing a change of less than such minimum amount (except as aforesaid) which is postponed
shall be carried forward and made as soon as such adjustment, together with other adjustments required by this Section 4 and not previously made, would result in a minimum adjustment or on the date of exercise, whichever is earlier. 

(b) Fractional Interests. In computing adjustments under this Section 4, fractional interests in Common Stock shall be taken into account
to the nearest 1/100th of a share. 
 (c) When Adjustment Not Required. If the Company undertakes a transaction contemplated under
this Section 4 and as a result takes a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend or distribution or subscription or purchase rights or other benefits contemplated under this Section 4
and shall, thereafter and before the distribution to stockholders thereof, legally abandon its plan to pay or deliver such dividend, distribution, subscription or purchase rights or other benefits contemplated under this Section 4, then
thereafter no adjustment shall be required by reason of the taking of such record and any such adjustment previously made in respect thereof shall be rescinded and annulled. 
 (d) Escrow of Distribution. If after any property becomes distributable pursuant to Section 4 by reason of the taking of any record of the
holders of Common Stock, but prior to the occurrence of the event for which such record is taken, a Holder of this Warrant exercises the Warrant during such time, then such Holder shall continue to be entitled to receive any shares of Common Stock
issuable upon exercise hereunder by reason of such adjustment and such shares or other property shall be held in escrow for the Holder of this Warrant by the Company to be issued to the Holder of this Warrant upon and to the extent that the event
actually takes place. Notwithstanding any other provision to the contrary herein, if the event for which such record was taken fails to occur or is rescinded, then such escrowed shares shall be canceled by the Company and escrowed property returned
to the Company. 
 4.5 Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets. If there shall occur a Change
of Control which is approved by the Company’s Board of Directors, then the Holder of this Warrant shall be entitled, at such Holder’s option, either: 
 (a) if pursuant to the terms of the transaction that constitutes such Change of Control, shares of common stock of the successor or acquiring entity, or any cash, shares of stock or other securities or property of any
nature whatsoever (including warrants or other subscription or purchase rights) in addition to or in lieu of common stock or other equity interests of the 

  

 10 

 
successor or acquiring entity (“Other Property”), are to be received by or distributed to the holders of Common Stock of the Company, then the
Holder of this Warrant shall have the right thereafter to receive, upon the exercise of the Warrant, the number of shares of common stock or other equity interests of the successor or acquiring entity or of the Company, if it is the surviving
corporation, and the Other Property receivable upon or as a result of such Change of Control by a holder of the number of shares of Common Stock into which this Warrant is exercisable immediately prior to such event; or 
 (b) In case of any transaction that constitutes such Change of Control described above, the successor or acquiring entity (if other than the Company)
and, if an entity different from the successor or surviving entity, the entity whose capital stock or assets the holders of Common Stock are entitled to receive as a result of such transaction, shall expressly assume the due and punctual observance
and performance of each and every covenant and condition contained in this Warrant to be performed and observed by the Company and all the obligations and liabilities hereunder, subject to such modifications as may be deemed appropriate (as
determined by resolution of the Board of Directors of the Company prior to such Change of Control) in order to provide for adjustments of shares of the Common Stock into which this Warrant is exercisable which shall be as nearly equivalent as
practicable to the adjustments provided for in Section 4. For purposes of Section 4, common stock or other equity interests of the successor or acquiring entity shall include stock of such corporation of any class which is not preferred as
to dividends or assets on liquidation over any other class of stock or other equity interests of such entity and which is not subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities which are
convertible into or exchangeable for any such stock, either immediately or upon the arrival of a specified date or the happening of a specified event and any warrants or other rights to subscribe for or purchase any such stock or other equity
interests. The foregoing provisions of this Section 4 shall similarly apply to successive Change of Control transactions. 
 4.6
Other Action Affecting Common Stock. In case at any time or from time to time the Company shall take any action in respect of its Common Stock, other than the payment of dividends described in Section 4 or any other action described in
Section 4, then, unless such action will not have a materially adverse effect upon the rights of the Holder of this Warrant, the number of Warrant Shares for which this Warrant is exercisable and/or the purchase price thereof shall be adjusted
in such manner as may be equitable in the circumstances. 
 4.7 Certain Limitations. Notwithstanding anything herein to the contrary,
(a) the Company agrees not to enter into any transaction which, by reason of any adjustment hereunder, would cause the Current Warrant Price to be less than the par value per share of Common Stock and (b) in no event, by reason of any
adjustment under Sections 4.2 and/or 4.3, prior to any necessary approval referred to in Section 2.4 will the number of shares of Common Stock into which the Warrant is exercisable exceed such number equal to 19.9% of the shares of Common Stock
outstanding at the Time of Sale. 
 4.8 Stock Transfer Taxes. The issue of stock certificates upon exercise of this Warrant shall be
made without charge to the Holder for any tax in respect of such issue. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and the delivery of shares in any name other
than that of the 

  

 11 

 
Holder, and the Company shall not be required to issue or deliver any such stock certificate unless and until the Person or Persons requesting the issue
thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 
 5. Notices to Warrant Holders. 
 5.1 Certificate as to Adjustments. Upon the occurrence of each
adjustment or readjustment of the number of Warrant Shares or Current Warrant Price, the Company, at its expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof and prepare and furnish to the Holder a
certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Company shall, upon the written request at any time of the Holder of this Warrant, furnish or cause to
be furnished to such Holder a like certificate setting forth (i) such adjustments and readjustments, (ii) the Current Warrant Price at the time in effect and (iii) the number of shares of Common Stock and the amount, if any, or other
property which at the time would be received upon the exercise of Warrants owned by such Holder. 
 5.2 Notice of Corporate Action. If
at any time: 
 (a) the Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend
(other than a cash dividend payable out of earnings or earned surplus legally available for the payment of dividends under the laws of the jurisdiction of incorporation of the Company) or other distribution, or any right to subscribe for or purchase
any evidences of its indebtedness, any shares of stock of any class or any other securities or property, or to receive any other right, or 
 (b) there shall be any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any consolidation or merger of the Company with, or any sale, transfer or other disposition of all
or substantially all the property, assets or business of the Company to, another entity, or 
 (c) there shall be a voluntary or involuntary
dissolution, liquidation or winding up of the Company; 
 then, in any one or more of such cases, the Company shall give to the Holder (i) at least 20
days’ prior written notice of the date on which a record date shall be selected for such dividend, distribution or right or for determining rights to vote in respect of any such reorganization, reclassification, merger, consolidation, sale,
transfer, disposition, dissolution, liquidation or winding up, and (ii) in the case of any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation or winding up, at least 20 days’
prior written notice of the date when the same shall take place. Such notice in accordance with the foregoing clause also shall specify (x) the date on which any such record is to be taken for the purpose of such dividend, distribution or
right, the date on which the holders of Common Stock shall be entitled to any such dividend, distribution or right, and the amount and character thereof, and (y) the date on which any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding up is to take place 

  

 12 

 
and the time, if any such time is to be fixed, as of which the holders of Common Stock shall be entitled to exchange their shares of Common Stock for
securities or other property deliverable upon such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation or winding up. Each such written notice shall be sufficiently given if addressed to the
Holder at the last address of the Holder appearing on the books of the Company and delivered in accordance with Section 15.2. 
 5.3
No Rights as Stockholder. This Warrant does not entitle the Holder to any voting or other rights as a stockholder of the Company prior to exercise and payment of the Warrant Price in accordance with the terms hereof. 
 6. No Impairment. The Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in
good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of the Holder against impairment. Without limiting the generality of the foregoing, the Company
will (a) not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the amount payable therefor upon such exercise immediately prior to such increase in par value, (b) take all such action
as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (c) use its reasonable best efforts to obtain all such
authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant. Upon the request of the Holder, the Company will at any time
during the period this Warrant is outstanding acknowledge in writing, in form satisfactory to the Holder, the continuing validity of this Warrant and the obligations of the Company hereunder. 
 7. Reservation and Authorization of Common Stock; Registration With Approval of Any Governmental Authority. From and after the Closing Date, the
Company shall at all times reserve and keep available for issue upon the exercise of Warrants such number of its authorized but unissued shares of Common Stock as will be sufficient to permit the exercise in full of all outstanding Warrants (without
regard to any ownership limitations provided in Section 2.4(i)). All shares of Common Stock which shall be so issuable, when issued upon exercise of any Warrant and payment therefor in accordance with the terms of such Warrant, shall be duly
and validly issued and fully paid and nonassessable, and not subject to preemptive rights. Before taking any action which would cause an adjustment reducing the Current Warrant Price below the then par value, if any, of the shares of Common Stock
issuable upon exercise of the Warrants, the Company shall take any corporate action which may be necessary in order that the Company may validly and legally issue fully paid and non-assessable shares of such Common Stock at such adjusted Current
Warrant Price. Before taking any action which would result in an adjustment in the number of shares of Common Stock for which this Warrant is exercisable or in the Current Warrant Price, the Company shall obtain all such authorizations or exemptions
thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. If any shares of Common Stock required to be reserved for issuance upon exercise of Warrants require registration or
qualification with any governmental authority 

  

 13 

 
under any federal or state law before such shares may be so issued (other than as a result of a prior or contemplated distribution by the Holder of this
Warrant), the Company will in good faith and as expeditiously as possible and at its expense endeavor to cause such shares to be duly registered. 
 8. Taking of Record; Stock and Warrant Transfer Books. In the case of all dividends or other distributions by the Company to the holders of its Common Stock with respect to which any provision of Section 4 refers to the taking
of a record of such holders, the Company will in each such case take such a record and will take such record as of the close of business on a Business Day. The Company will not at any time, except upon dissolution, liquidation or winding up of the
Company, close its stock transfer books or Warrant transfer books so as to result in preventing or delaying the exercise or transfer of any Warrant. 
 9. Registration Rights. The resale of the Warrant Stock shall be registered in accordance with the terms and conditions contained in that certain Investor Rights Agreement dated of even date hereof, among the
Holder and the Company (the “Investor Rights Agreement”). The Holder acknowledges that pursuant to the Investor Rights Agreement, the Company has the right to request that the Holder furnish information regarding such Holder and the
distribution of the Warrant Stock as is required by law or the Commission to be disclosed in the Registration Statement (as such term is defined in the Investor Rights Agreement), and the Company may exclude from such registration the shares of
Warrant Stock acquirable hereunder if Holder fails to furnish such information within a reasonable time prior to the filing of each registration statement, supplemental prospectus included therein and/or amended registration statement. 

10. Supplying Information. Upon any default by the Company of its obligations hereunder or under the Investor Rights Agreement, the Company
shall cooperate with the Holder in supplying such information as may be reasonably necessary for such Holder to complete and file any information reporting forms presently or hereafter required by the Commission as a condition to the availability of
an exemption from the Securities Act for the sale of any Warrant or Warrant Stock. 
 11. Loss or Mutilation. Upon receipt by the
Company from the Holder of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of this Warrant and a contractual indemnity reasonably satisfactory to it and reimbursement to the Company of all
reasonable expenses incidental thereto and in case of mutilation upon surrender and cancellation hereof, the Company will execute and deliver in lieu hereof a new Warrant of like tenor to the Holder; provided, however, that in the case of
mutilation, no indemnity shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation. 
 12.
Office of the Company. As long as any of the Warrants remain outstanding, the Company shall maintain an office or agency (which may be the principal executive offices of the Company) where the Warrants may be presented for exercise,
registration of transfer, division or combination as provided in this Warrant. 
  

 14 

 13. Financial and Business Information. 
 13.1 Quarterly Information. The Company will deliver to the Holder, as soon as available and in any event within 45 days after the end of each of
the first three quarters of each fiscal year of the Company, one copy of an unaudited consolidated balance sheet of the Company and its subsidiaries as at the end of such quarter, and the related unaudited consolidated statements of income and cash
flow of the Company and its subsidiaries for such quarter and, in the case of the second and third quarters, for the portion of the fiscal year ending with such quarter, setting forth in each case in comparative form the figures for the
corresponding periods in the previous fiscal year. Such financial statements shall be prepared by the Company in accordance with GAAP and accompanied by the certification of the Company’s chief executive officer or chief financial officer that
such financial statements present fairly the consolidated financial position, results of operations and cash flow of the Company and its subsidiaries as at the end of such quarter and for such year-to-date period, as the case may be; provided,
however, that the Company shall have no obligation to deliver such quarterly information under this Section 13.1 to the extent it is publicly available; and provided further, that if such information contains material non-public information,
the Company shall so notify the Holder prior to delivery thereof and the Holder shall have the right to refuse delivery of such information. 
 13.2 Annual Information. The Company will deliver to the Holder as soon as available and in any event within 90 days after the end of each fiscal year of the Company, one copy of an audited consolidated balance sheet of the Company
and its subsidiaries as at the end of such year, and audited consolidated statements of income, retained earnings and cash flow of the Company and its subsidiaries for such year; setting forth in each case in comparative form the figures for the
corresponding periods in the previous fiscal year; all prepared in accordance with GAAP, and which audited financial statements shall be accompanied by an opinion thereon of the independent certified public accountants regularly retained by the
Company, or any other firm of independent certified public accountants of recognized national standing selected by the Company; provided, however, that the Company shall have no obligation to deliver such annual information under this
Section 13.2 to the extent it is publicly available; and provided further, that if such information contains material non-public information, the Company shall so notify the Holder prior to delivery thereof and the Holder shall have the right
to refuse delivery of such information. 
 13.3 Filings. The Company will file on or before the required date all regular or periodic
reports (pursuant to the Exchange Act) with the Commission. 
  

 15 

 14. Limitation of Liability. No provision hereof, in the absence of affirmative action by the
Holder to purchase shares of Common Stock, and no enumeration herein of the rights or privileges of the Holder hereof, shall give rise to any liability of the Holder for the purchase price of any Common Stock, whether such liability is asserted by
the Company or by creditors of the Company. 
 15. Miscellaneous. 
 15.1 Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of the Holder shall operate
as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies. If the Company fails to make, when due, any payments provided for hereunder, or fails to comply with any other provision of this Warrant, the Company shall
pay to the Holder such amounts as shall be sufficient to cover any third party costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any
amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 
 15.2 Notice Generally. Any
and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile number specified in this Section prior to 5:00 p.m. (Houston time) on a Business Day, (b) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number specified in this Section on a day that is not a Business Day or later than 5:00 p.m. (Houston time) on any Business Day, or (c) the Business Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service such as Federal Express. The address for such notices and communications shall be as follows: 
 If to the Holder,
addressed to: 
  

	
	 Jefferies & Company, Inc.

	 333 Clay Street, Suite 1000

	 Houston, Texas 77002

	 Attention: Nick Dell’Osso

	 Facsimile No.: (281) 774-2151

 with a copy to: 
  

			
	Jefferies & Company, Inc.
	520 Madison Avenue
	New York, New York 10022
	Attention:	 	Ashley Geller,
		 	Vice President and Asst. General Counsel
	Facsimile No.: (212) 284-2280

  

 16 

 or with respect to the Company, addressed to: 
 Transmeridian Exploration Incorporated 
 397
N. Sam Houston Pkwy E, Suite 300 
 Houston, Texas 77060 
 Attention: General Counsel 
 Facsimile No.: 281-999-9094 
 or to such other address or addresses or facsimile number or numbers as any such party may most recently have designated in writing to the other parties hereto by such
notice. 
 Unless otherwise stated above, such communications shall be effective when they are received by the addressee thereof in
conformity with this section. Any party may change its address for such communications by giving notice thereof to the other parties in conformity with this section. 
 15.3 Successors and Assigns. Subject to compliance with the provisions of Section 3.1, this Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the successors of the
Company and the successors and assigns of the Holder. The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant, and shall be enforceable by any such Holder. 
 15.4 Amendment. This Warrant may be modified or amended or the provisions of this Warrant waived with the written consent of both the Company and
the Holder. 
 15.5 Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be modified to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Warrant. 
 15.6 Headings. The headings used in this Warrant are for
the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 15.7 Governing Law. This
Warrant and the transactions contemplated hereby shall be deemed to be consummated in the State of Texas and shall be governed by and interpreted in accordance with the local laws of the State of Texas without regard to the provisions thereof
relating to conflicts of laws. The Company hereby irrevocably consents to the non-exclusive jurisdiction of the State and Federal courts located in Houston, Texas in connection with any action or proceeding arising out of or relating to this
Warrant. In any such litigation the Company agrees that the service thereof may be made by certified or registered mail directed to the Company pursuant to Section 15.2. 
  

 17 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly authorized officers.

 Dated: July 9, 2007 
  

			
	TRANSMERIDIAN EXPLORATION INCORPORATED
		
	By:	 	 /s/ Nicolas J. Evanoff

	Name:	 	Nicolas J. Evanoff
	Title:	 	Vice President, General Counsel and Secretary

  

			
	Attest:
		
	By:	 	 /s/ Jeffrey S. Tucker

	Name:	 	Jeffrey S. Tucker
	Title:	 	Assistant Secretary

 Signature Page to Common Stock Purchase 
 Warrant dated July 9, 2007 

 EXHIBIT A 
 SUBSCRIPTION FORM 
 [To be executed only upon exercise of Warrant] 
 1. The undersigned hereby elects to purchase shares of the Common Stock of Transmeridian Exploration Incorporated pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price of such shares in full. 
 2. The undersigned hereby elects to convert the
attached Warrant into Common Stock of Transmeridian Exploration Incorporated through “cashless exercise” in the manner specified in the Warrant. This conversion is exercised with respect to
                     of the Shares covered by the Warrant. 
 3. Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified below: 
  

	
	  

	 (Name)

	
	  

	
	  

	
	  

	 (Address)

 [and, if such shares of Common Stock shall not include all of the shares of Common Stock
issuable as provided in this Warrant, that a new Warrant of like tenor and date for the balance of the shares of Common Stock issuable hereunder be delivered to the undersigned.] 
  

	
	  

	 (Name of Registered Owner)

	
	  

	 (Signature of Registered Owner)

	
	  

	 (Street Address)

	
	  

	 (State) (Zip Code)

 NOTICE: The signature on this subscription must correspond with the name as written upon the face of the Warrant
in every particular, without alteration or enlargement or any change whatsoever. 
  

 A-1 

 EXHIBIT B 
 ASSIGNMENT FORM 
 FOR VALUE RECEIVED the undersigned registered owner of this Warrant for the purchase of shares of Common
Stock of Transmeridian Exploration Incorporated hereby sells, assigns and transfers unto the Assignee named below all of the rights of the undersigned under this Warrant, with respect to the number of shares of Common Stock set forth below:

  

	
	
	  

	
	  

	
	  

	 (Name and Address of Assignee)

	
	  

	 (Number of Shares of Common Stock)

 and does hereby irrevocably constitute and appoint
                                        
                                        
attorney-in-fact to register such transfer on the books of the Company, maintained for the purpose, with full power of substitution in the premises. 
  

			
	 Dated:
	 	  

	
	  

	 (Print Name and Title)

	
	  

	 (Signature)

	
	  

	 (Witness)

 NOTICE: The signature on this assignment must correspond with the name as written upon the face of the Warrant in
every particular, without alteration or enlargement or any change whatsoever. 
  

 B-1 

 EXHIBIT C 
 FORM OF INVESTMENT REPRESENTATION LETTER 
 In connection with the acquisition of [warrants (the “Warrants”) to
purchase                      shares of common stock of Transmeridian Exploration Incorporated (the “Company”), par value $0.0006
per share (the “Common Stock”)][                     shares of common stock of Transmeridian Exploration Incorporated (the
“Company”), par value $0.0006 per share (the “Common Stock”) upon the exercise of warrants by                     ], by
                     (the “Holder”) from
                    , the Holder hereby represents and warrants to the Company as follows: 
 The Holder (i) is an “Accredited Investor” as that term is defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended
(the “Act”); and (ii) has the ability to bear the economic risks of such Holder’s prospective investment, including a complete loss of Holder’s investment in the Warrants and the shares of Common Stock issuable upon the
exercise thereof (collectively, the “Securities”). 
 The Holder, by acceptance of the Warrants, represents and warrants to the Company that the
Warrants and all securities acquired upon any and all exercises of the Warrants are purchased for the Holder’s own account, and not with view to distribution of either the Warrants or any securities purchasable upon exercise thereof in
violation of applicable securities laws. 
 The Holder acknowledges that (i) the Securities have not been registered under the Act, (ii) the
Securities are “restricted securities” and the certificate(s) representing the Securities shall bear the following legend, or a similar legend to the same effect, until (i) in the case of the shares of Common Stock underlying the
Warrants, such shares shall have been registered for resale by the Holder under the Act and effectively been disposed of in accordance with a registration statement that has been declared effective; or (ii) in the opinion of counsel reasonably
acceptable to the Company such Securities may be sold without registration under the Act: 
 “[NEITHER] THE SECURITIES REPRESENTED BY THIS CERTIFICATE
[NOR THE SECURITIES INTO WHICH THEY ARE EXERCISABLE] HAVE [NOT] BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND ALL SUCH SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AS SET FORTH IN THIS
CERTIFICATE. [NEITHER] THE SECURITIES REPRESENTED HEREBY [NOR THE SECURITIES INTO WHICH THEY ARE EXERCISABLE] MAY [NOT] BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN OPINION
OF COUNSEL, REASONABLY ACCEPTABLE TO COUNSEL FOR THE COMPANY, TO THE EFFECT THAT THE PROPOSED SALE, TRANSFER, OR DISPOSITION MAY BE EFFECTUATED WITHOUT REGISTRATION UNDER THE ACT.” 
  

 C-1 

 IN WITNESS WHEREOF, the Holder has caused this Investment Representation Letter to be executed in its corporate name by
its duly authorized officer this      day of              20        . 
  

			
	 [Name]
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 C-2

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