Document:

exv10w7

Exhibit 10.7

SHARE PURCHASE AGREEMENT

     AGREEMENT, dated as of September 22, 2009 between Hicks Acquisition Company I, Inc., a
Delaware corporation (“Parent”), and Milton Arbitrage Partners, LLC, a Delaware limited liability
company (“Stockholder”).

     WHEREAS, Parent has requested Stockholder, and Stockholder has agreed, to enter into this
Agreement with respect to the number of shares of common stock, par value $0.001 per share, of
Parent (“Parent Common Stock”) set forth on Schedule 1 hereto that Stockholder beneficially owns
(the “Shares”).

     WHEREAS, Stockholder has agreed not to transfer any of the Shares to any Person prior to the
Closing of that certain Purchase and IPO Reorganization Agreement dated as of August 2, 2009 (as
amended, the “Transaction Agreement”) among the Parent, Resolute Holdings, LLC (the “Company”) and
the other parties named therein, pursuant to which Parent has agreed to merge with an affiliate of
the Company (the “Transaction”).

     NOW, THEREFORE, the parties hereto agree as follows:

ARTICLE 1

Purchase and Sale

     Section 1. Purchase and Sale of the Shares. (a) at the Share Sale Closing (as defined
hereinafter), and subject to the provisions of Sections 4.05 and 4.06, Stockholder and all of its
Affiliates shall sell to Parent, and Parent shall purchase from Stockholder and all of its
Affiliates, the Shares for a purchase price per Share (the “Purchase Price Per Share”), in cash
equal to $9.78. (the “Purchase Price”).

     (b) The closing of the purchase and sale of the Shares shall occur on the date on which (i)
the Trust Account is liquidated and (ii) Stockholder delivers the Shares to Parent (the “Share Sale
Closing”). Parent shall use commercially reasonable efforts to cause the trust account to be
liquidated on the date of Closing but in no event shall such liquidation occur more than three
business days after the Closing. At the Share Sale Closing, (i) in the case of Shares that are
certificated, (A) Parent shall cause its transfer agent to deliver to Stockholder the aggregate
Purchase Price, from the Account (as defined hereinafter), for such Shares in immediately available
funds by wire transfer to the order of the Stockholder and (B) Stockholder and all of its
Affiliates shall deliver to Parent a certificate or certificates evidencing such Shares duly
endorsed or accompanied by a written instrument or instruments of transfer in form satisfactory to
Parent’s transfer agent, duly executed by Stockholder and its Affiliates or by the duly appointed
representative thereof and (ii) in the case of Shares that are not

 

 

certificated, (A) Stockholder
(on behalf of itself and all of its Affiliates) shall cause their respective brokers or banks to
have the Shares delivered to Parent’s transfer agent, Continental Stock Transfer & Trust Company,
electronically using the Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) system
and (B) Parent shall cause its transfer agent to deliver to Stockholder the aggregate Purchase
Price, from the Account, for such Shares in immediately available funds by wire transfer to the
order of the Stockholder.

ARTICLE 2

Voting Agreement; Grant of Proxy; waiver of rights

     Section 2.01. Voting Agreement. From the date hereof and until the Closing, Stockholder and
all if its Affiliates hereby agree to vote or exercise their rights to consent with respect to the
Shares at the time of any stockholder vote or action by written consent to approve and adopt, as
set forth in the Company’s proxy statement: (i) the Transaction; (ii) amendments to the Parent
Certificate of Incorporation; (iii) the adjournment proposal; (iv) the election of four directors;
and (v) any actions related thereto at any meeting of the stockholders of Parent, and at any
adjournment thereof, at which the Transaction Agreement and other related agreements (or any
amended version thereof), or such other actions, are submitted for the consideration and vote of
the stockholders of Parent. Stockholder and all of its Affiliates hereby agree that they will not
vote any of the Shares in favor of, or consent to, and will vote against and not consent to, the
approval of any corporate action the consummation of which would frustrate the purposes, or prevent
or delay the consummation, of the transactions contemplated by the Transaction Agreement;
provided, however, Stockholder shall have no obligation to vote in favor of any
extension of time beyond the current Termination Date as set forth in Parent’s Amended and Restated
Certificate of Incorporation.

     Section 2.02. Irrevocable Proxy. Stockholder and all of its Affiliates hereby revoke any and
all previous proxies granted with respect to the Shares. By entering into this Agreement,
Stockholder and all of its Affiliates hereby grant a proxy appointing Parent as the
attorney-in-fact and proxy of Stockholder and all of its Affiliates, with full power of
substitution, for and in the Stockholder’s and all of its Affiliates’ name, to vote, express
consent or dissent, or otherwise to utilize such voting power in the manner contemplated by Section
2.01 as Parent or its proxy or substitute shall, in Parent’s sole discretion, deem proper with
respect to the Shares. The proxy granted by Stockholder and all of its Affiliates pursuant to this
Article 2.02 is irrevocable and is granted in consideration of Parent entering into this Agreement.
The proxy granted by Stockholder and all of its Affiliates shall be revoked upon termination of
this Agreement in accordance with its terms. If the Stockholder and all of its Affiliates are not
the record holders of the Shares, concurrent with the execution of this Agreement, Stockholder (on
behalf of itself and all of its Affiliates) shall cause their respective brokers or

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banks to
deliver to Parent a legal proxy, substantially in form of Exhibit A attached hereto.

     Section 2.03. Waiver of Right of Redemption. By entering into this Agreement, Stockholder
and all of its Affiliates hereby waive their rights to redeem the Shares. The waiver granted by
Stockholder and all of its Affiliates pursuant to this Article 2.03 is irrevocable and is granted
in consideration of Parent entering into this Agreement. The waiver granted by Stockholder and all
of its Affiliates shall be revoked upon the Termination of this Agreement.

ARTICLE 3

Representations and Warranties of Stockholder

     Stockholder represents and warrants to Parent as of the date hereof and as of the Share Sale
Closing that:

     Section 3.01. Authorization. The execution, delivery and performance by Stockholder of this
Agreement and the consummation by Stockholder of the transactions contemplated hereby are within
the corporate and all other powers of Stockholder and have been duly authorized by all necessary
corporate and all other action. This Agreement constitutes a valid and binding Agreement of
Stockholder.

     Section 3.02. Non-Contravention. The execution, delivery and performance by Stockholder of
this agreement and the consummation of the transactions contemplated hereby do not and will not (i)
violate the certificate of incorporation or bylaws of Stockholder, (ii) require any consent or
other action by any Person under, constitute a default under, or give rise to any right of
termination, cancellation or acceleration or to a loss of any benefit to which Stockholder or any
of its Affiliates is entitled under any provision of any agreement or other instrument binding on
such Person or (iii) result in the imposition of any Lien on any asset of Stockholder or any of its
Affiliates.

     Section 3.03. Ownership of Shares. Each of Stockholder and its Affiliates is the legal and
beneficial owner of the Shares, free and clear of any Lien and any other limitation or restriction
(including any restriction on the right to vote or otherwise dispose of the Shares). None of the
Shares is subject to any voting trust or other agreement or arrangement with respect to the voting
of such Shares.

     Section 3.04. Total Shares. The Shares being purchased by Parent pursuant to this Agreement
and set forth on Schedule 1 represent all the Parent Common Stock owned by Seller as of the date
hereof.

     Section 3.05 Information. (a) Stockholder is an informed and sophisticated investor, and
has engaged expert advisors, experienced in transactions of the type contemplated by this
Agreement. Stockholder has been

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given the opportunity to ask questions of and receive answers from
Parent concerning Parent and the Company, the consideration to be received, the transactions
contemplated herein and all other related matters. Stockholder further represents that it has been
furnished with, and has evaluated, all information it deems necessary, desirable and appropriate to
evaluate the merits and risks of the transactions contemplated herein and has received such legal
and financial other advice as deemed to be necessary, desirable and appropriate to enable it to
make an informed and intelligent decision with respect to the execution, delivery and performance
of this Agreement. In evaluating the suitability of the transactions contemplated herein,
Stockholder has not relied upon any other representations or other information (other than as
contemplated by the preceding sentences and this Agreement) whether oral or written made by or on
behalf of Parent.

     (b) Each of Stockholder and its Affiliates understands and acknowledges that Parent has
access to (and may be or is in possession of ) information about the Company, Parent and the Shares
(which may include material, non-public information) that may be or is material and superior to the
information available to Stockholder and its Affiliates, that Stockholder and its Affiliates do not
have access to such information, and that Parent is not sharing any such information with
Stockholder or its Affiliates. Each of Stockholder and its Affiliates represents to Parent that
it, together with its professional advisers, is capable of evaluating the risks associated with a
transaction involving the Shares, including the risk of transacting on the basis of inferior
information, and that it is capable of sustaining any loss resulting therefrom without material
injury.

     Section 3.06 Finder’s Fees. No investment banker, broker, finder or other intermediary is
entitled to a fee or commission from Parent or the Company in respect of this Agreement based upon
any arrangement or agreement made by or on behalf of Stockholder or any of its Affiliates.

ARTICLE 4

Representations and Warranties of Parent

     Parent represents and warrants to Stockholder and its Affiliates as of the date hereof and as
of the Share Sale Closing that:

     Section 4.01. Authorization. The execution, delivery and performance by Parent of this
Agreement and the consummation by Parent of the transactions contemplated hereby are within the
corporate powers of Parent and have been duly authorized by all necessary corporate action. This
Agreement constitutes a valid and binding agreement of Parent.

     Section 4.02. Non-Contravention. The execution, delivery and performance by Parent of this
agreement and the consummation of the transactions contemplated hereby do not and will not (i)
violate the certificate of

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incorporation or bylaws of Parent, (ii) violate any applicable law,
rule, regulation, judgment, injunction, order or decree, (iii) require any consent or other action
by any Person under, constitute a default under, or give rise to any right of termination,
cancellation or acceleration or to a loss of any benefit to which Parent is entitled under any
provision of any agreement or other instrument binding on Parent or (iv) result in the imposition
of any Lien on any asset of Parent.

     Section 4.03 Governmental Approvals. All consents, approvals, orders, authorizations,
registrations, qualifications, designations, declarations or filings with any governmental or other
authority on the part of Parent required in connection with the consummation of the transactions
contemplated in this Agreement have been or shall have been obtained prior to and be effective as
of the Closing.

     Section 4.04 Sophisticated Buyer; Independent Investigation. Parent is sophisticated in
financial matters and is able to evaluate the risks and benefits attendant to the purchase of
Shares from Stockholder. Parent, in making the decision to purchase the Shares from Stockholder,
has not relied upon any oral or written representations or assurances from Stockholder or any of
its officers, directors, partners or employees or any other representatives or agents of
Stockholder.

     Section 4.05 Trust Account. Parent’s Trust Account contains sufficient funds to satisfy the
full payment of the Purchase Price. Furthermore, upon the liquidation of the Trust Account, Parent
shall cause its transfer agent to distribute funds in the full amount of the Purchase Price to a
bank account established by the transfer agent for the sole purpose of the payment of the Purchase
Price at the Share Sale Closing. In the event the Trust Account does not contain sufficient funds
to satisfy the Purchase Price at the Share Sale Closing, Parent, or its Affiliates, shall satisfy
the Purchase Price from sources other than the Trust Account, by wire transfer to the order of
Stockholder, or its Affiliates.

     Section 4.06 Best Price. Parent has made no Purchase Price Per Share offer to any other party
in excess of such Purchase Price Per Share being offered to Stockholder (or its Affiliates). If
Parent offers a Purchase Price Per Share to any party in excess of the Purchase Price Per Share
offered to Stockholder (any such offer, a “Greater Offer”), Parent shall (a) inform Stockholder in
writing of the Greater Offer pursuant to Section 7.10 and (b) within three business days, shall pay
to Stockholder the difference between (A) the Greater Offer and (B) the Purchase Price Per Share
offered to Stockholder. For purposes of this Section 4.06, “Purchase Price Per Share”
shall not include any fees paid to a third party “aggregator” engaged by the Parent to buy shares
from Parent stockholders who have indicated an intention to convert their shares and/or vote
against the Transaction.

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ARTICLE 5

Covenants

     Stockholder hereby covenants and agrees that:

     Section 5.01. No Proxies for or Encumbrances on Shares. Except pursuant to the terms of this
Agreement, Stockholder and its Affiliates shall not, without the prior written consent of Parent,
directly or indirectly, (i) grant any proxies or enter into any voting trust or other agreement or
arrangement with respect to the voting of any of the Shares or (ii) sell, assign, transfer,
encumber or otherwise dispose of, or enter into any contract, option or other arrangement or
understanding with respect to the direct or indirect assignment, transfer, encumbrance or other
disposition of, any of the Shares during the term of this Agreement. Each of Stockholder and its
Affiliates shall not seek or solicit any such assignment, transfer, encumbrance or other
disposition or any such contract, option or other arrangement or understanding and agrees to notify
Parent promptly, and to provide all details requested by Parent, if Stockholder or any of its
Affiliates shall be approached or solicited, directly or indirectly, by any Person with respect to
any of the foregoing.

     Parent hereby covenants and agrees that:

     Section 5.02 Filing Obligations. Parent shall comply with all filing obligations, if any,
under the Securities Exchange Act of 1934, as amended, with respect to its ownership of the Shares,
or the transactions contemplated by this Agreement.

ARTICLE 6

Conditions

     Section 6.01. Conditions to Share Sale Closing. (a) Each party’s obligations to consummate
the Share Sale Closing shall be subject to the conditions that (i) the Closing shall have occurred
and (ii) the other party’s representations and warranties are true and correct and the other party
shall have complied with its agreements and covenants.

     (b) Parent shall have delivered to Stockholder, in substantially the form of Exhibit B
hereof, instructions to its transfer agent which shall be irrevocable in all respects as of the
date hereof (the “Irrevocable Instructions”); provided, however, if Parent makes a
Greater Offer, the Irrevocable Instructions shall be amended and revised to reflect such changes to
the Purchase Price and the Shares to be delivered (if applicable).

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ARTICLE 7

Miscellaneous

     Section 7.01. Definitional and Interpretative Provisions. Capitalized terms used but not
defined herein shall have the respective meanings set forth in the Transaction Agreement. Unless
specified otherwise, in this Agreement the obligations of any party consisting of more than one
person are joint and several. The captions herein are included for convenience of reference only
and shall be ignored in the construction or interpretation hereof. Any singular term in this
Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the
words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be
followed by the words “without limitation”, whether or not they are in fact followed by those words
or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and
other means of reproducing words (including electronic media) in a visible form. References to any
Person include the successors and permitted assigns of that Person. References from or through any
date mean, unless otherwise specified, from and including or through and including, respectively.

     Section 7.02. Further Assurances. Parent and Stockholder and its Affiliates will each
execute and deliver, or cause to be executed and delivered, all further documents and instruments
and use it reasonable best efforts to take, or cause to be taken, all actions and to do, or cause
to be done, all things necessary, proper or advisable under applicable law, to consummate and make
effective the transactions contemplated by this Agreement.

     Section 7.03. Amendments; Termination. Any provision of this Agreement may be amended or
waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an
amendment, by each party to this Agreement or in the case of a waiver, by the party against whom
the waiver is to be effective. This Agreement shall terminate upon the earlier of (i) the
termination of the Transaction Agreement in accordance with its terms and (ii) 11:59 pm, eastern
time, on October 31, 2009 (either occurrence, the “Termination”).

     Section 7.04. Expenses. All costs and expenses incurred in connection with this Agreement
shall be paid by the party incurring such cost or expense.

     Section 7.05. Successors and Assigns. The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns;
provided that no party may assign, delegate or otherwise transfer any of its rights or
obligations under this Agreement without the consent of the other parties hereto.

     Section 7.06. Governing Law. This Agreement shall be construed in accordance with and
governed by the laws of the State of Delaware.

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     Section 7.07. Counterparts; Effectiveness. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument. This Agreement shall become effective when each party
hereto shall have received counterparts hereof signed by all of the other parties hereto. Until
and unless each party has received a counterpart hereof signed by the other party hereto, this
Agreement shall have no effect and no party shall have any right or obligation hereunder (whether
by virtue of any other oral or written agreement or other communication).

     Section 7.08. Severability. If any term, provision or covenant of this Agreement is held by
a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the
remainder of the terms, provisions and covenants of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated.

     Section 7.09. Specific Performance. The parties hereto agree that irreparable damage would
occur in the event any provision of this Agreement is not performed in accordance with the terms
hereof and that the parties shall be entitled to specific performance of the terms hereof in
addition to any other remedy to which they are entitled at law or in equity.

     Section 7.10. Notice. All notices, statements or other documents which are required or
contemplated by this Agreement shall be in writing and delivered personally or sent by first class
registered or certified mail, overnight courier service or facsimile transmission to the address or
fax number most recently provided to such Person or such other address or fax number as may be
designated in writing by such Person. Any notice or other communication so transmitted shall be
deemed to have been given on the day of delivery, if delivered personally, on the business day
following receipt of written confirmation, if sent by facsimile transmission, one (1) business day
after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

     Section 7.11. Non-Waiver of Claims. Unless and until the Purchase Price, as revised by Section
4.06, is paid to Stockholder, Parent, and its Affiliates, acknowledge and agree that Stockholder,
and its Affiliates, shall have, a claim to, or against, the Trust Account and any assets contained
therein, as well as Parent and its Affiliates, for the full amount of the Purchase Price, as
revised by Section 4.06 and that Stockholder shall be entitled to recover from Parent, and its
Affiliates, the associated legal fees and costs in connection with any such action to recover the
Purchase Price. Assuming the Purchase Price is paid, Stockholder acknowledges that it waives any
right, title or interest it may have in receiving any such Resolute Energy Corporation common stock
distributed pursuant to the Transaction in exchange for Parent Common Stock (as it would be
receiving the Purchase Price in lieu of such shares of Resolute Energy Corporation common stock).

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the day and year first above written.

	 	 	 	 	 
	 	HICKS ACQUISITION COMPANY I, INC.

 	 
	 	By:  	/s/ Joseph B. Armes
 	 
	 	 	Name:  	Joseph B. Armes 	 
	 	 	Title:  	CEO 	 
	 
	 	MILTON ARBITRAGE PARTNERS, LLC

 	 
	 	By:  	/s/ James E. Buck II
 	 
	 	 	Name:  	James E. Buck II 	 
	 	 	Title:  	Managing Member,
Milton Arbitrage Partners LLC 	 
	 

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Schedule 1

	 	 	 	 	 	 	 	 	 
	Holder
	 	No. of Shares	 	 	 	 	 
	J.E. and Z.B. Butler Foundation
	 	 	96,712	 	 	$	945,843.36	 
	Admiral Insurance
	 	 	493,068	 	 	$	4,822,205.04	 
	 
	 	 	 	 	 	 	 	 
	Berkley Insurance Co
	 	 	785,215	 	 	$	7,679,402.70	 
	 
	 	 	 	 	 	 	 	 
	Milton Arbitrage Partners, LLC
	 	 	6,395	 	 	$	62,543.10	 
	Berkley Reginoal Insurance Co.
	 	 	302,935	 	 	$	2,962,704.30	 
	Nautilus Insurance Company
	 	 	143,876	 	 	$	1,407,107.28	 
	 
	 	 	 	 	 	 
	TOTAL
	 	 	1,828,201	 	 	$	17,879,805.78	 

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Exhibit A

LEGAL PROXY

KNOW ALL PERSONS BY THESE PRESENTS, that we

[Stockholder]1

the undersigned holder of
[                     ]2 shares of common stock of

HICKS ACQUISITION COMPANY I, INC.

do hereby revoke any proxy hereunder given by us for said securities;

Further know, that we hereby appoint and constitute

[Name of Proxy]3

or either or any of them, as our true and lawful attorney to vote as our proxy, for said securities
only, in our stead at the SPECIAL meeting of stockholders of Hicks Acquisition Co I, or at any
adjournment thereof, on any matter which may properly and legally come before such meeting,
including, but not limited to, the election of directors, if any;

And finally know, that we appoint the above named to act in the same capacity and as fully as we
could act if we were personally present at such meeting.

CUSIP:

MEETING DATE: 09/24/2009

	 	 	 
	DATED:

	 	SIGNED:

 

			
	1	 	Insert the name of the Stockholder or its Affiliate.
	 
	2	 	Insert number of Shares.
	 
	3	 	Insert name of Proxy.

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Exhibit B

[HACI LETTERHEAD]

August ___, 2009

Continental Stock Transfer & Trust Company

[ADDRESS]

Attn:

Re:      Trust Account No.

Gentlemen:

     Hicks Acquisition Company I, Inc. (the “Company”) is providing these irrevocable instructions
to you in connection with the above described Trust Account established in connection with and
pursuant to an [Agreement] dated as of [DATE] between the Company and Continental Stock Transfer &
Trust Company as Trustee (the “Trust Agreement”). Upper case terms used herein shall have the
meanings ascribed to such terms in the Trust Agreement.

     In the event the Company delivers to you a Termination Letter substantially in the form of
[Exhibit A] to the Trust Agreement, in addition to the other documents required to be delivered
pursuant to [Exhibit A] of the Trust Agreement, assuming you are the Trustee on such date, then,
upon the liquidation of the Company’s Trust Account, who shall establish a separate bank account
for the sole purpose of the payment of the sum specified below (the “Account”). In consideration
for the electronic transfer of [NUMBER] shares of the Company’s common stock, using the Depository
Trust Company’s DWAC (Deposit/Withdrawal at Custodian) System, to an account specified by the
Company, you are irrevocably instructed to deliver the sum of [AMOUNT] from the Account, which must
be delivered in accordance with the bank wire instructions provided to you below:

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Exhibit B

	 	 	 
	[INSERT WIRE INSTRUCTIONS]

	 	See Schedule 1

     The contact person for Milton Arbitrage Partners, LLC is James E. Buck II. He can be reached
at (203)-629-7500.

     Kindly acknowledge where indicated below, your receipt and understanding of these instructions
and return a copy to [DPW], attn: [PERSON], facsimile number [NUMBER].

     A facsimile signed and electronically delivered copy of this letter shall be deemed an
original.

	 	 	 	 	 
	 	               Very truly yours,

HICKS ACQUISITION COMPANY I, INC.

 	 
	 	By:  	 	/s/ Joseph B. Armes
 	 
	 	Name: 	  	Joseph B. Armes 	 
	 	Title: 	  	CEO 	 
	 

	 	 	 	 	 
	 	Acknowledged and Agreed:

AMERICAN STOCK TRANSFER & TRUST COMPANY

 	 
	 	By:  	 	 
	 	Name: 	  	 	 
	 	Title: 	  	 	 
	 
	 	MILTON ARBITRAGE PARTNERS, LLC

 	 
	 	By:  	 	/s/ James E. Buck II
 	 
	 	Name: 	  	James E. Buck II 	 
	 	Title: 	  	Managing Member, Milton Arbitrage Partners LLC 	 
	 

2exv10w8

Exhibit
10.8

STOCK PURCHASE AGREEMENT

     STOCK
PURCHASE AGREEMENT (this “Agreement”) made as
of this 22nd day of September, 2009 between
Hicks Acquisition Company I, Inc., a Delaware corporation (“Buyer” or “HACI”) and the signatory on
the execution page hereof (“Seller”).

     WHEREAS, Buyer was organized for the purpose of acquiring, through a merger, capital stock
exchange, asset acquisition or other similar business combination, an operating business (“Business
Combination”); and

     WHEREAS, Buyer consummated an initial public offering in October, 2007 (“IPO”) in connection
with which it raised net proceeds of approximately $529.1 million, a significant portion of which
was placed in a trust account pending the consummation of a Business Combination, or the
dissolution and liquidation of Buyer in the event it is unable to consummate a Business Combination
on or prior to September 28, 2009; and

     WHEREAS, Buyer has entered into that certain Purchase and IPO Reorganization Agreement dated
as of August 2, 2009 (the “Acquisition Agreement”), by and among HACI, Resolute Energy Corporation,
a Delaware corporation (the “REC”), Resolute Subsidiary Corporation, a Delaware corporation,
Resolute Aneth, LLC, a Delaware limited liability company, Resolute Holdings, LLC, a Delaware
limited liability company, Resolute Holdings Sub, LLC, a Delaware limited liability company
(“Holdings Sub”), and HH-HACI, L.P., a Delaware limited partnership (collectively, the
“Acquisition”), pursuant to which, through a series of transactions, HACI stockholders will acquire
a majority of the outstanding common stock of REC, par value $0.0001 per share (the “REC Common
Stock”), and REC will acquire HACI and the business and operations of Holdings Sub; and

     WHEREAS, the approval of the Acquisition is contingent upon, among other things, the
affirmative vote of holders of a majority of the outstanding common shares of HACI at the special
meeting called to approve the Acquisition; and

     WHEREAS, pursuant to certain provisions in Buyer’s certificate of incorporation, a holder of
shares of Buyer’s common stock issued in the IPO may, if it votes against the Acquisition, demand
that Buyer convert such common shares into cash (“Conversion Rights”); and

     WHEREAS the Acquisition cannot be consummated if holders of 30% or more of HACI common stock
issued in the IPO exercise their Conversion Rights; and

     WHEREAS, Seller has agreed to sell to Buyer and Buyer has agreed to purchase from Seller the
common shares set forth on the execution page of this Agreement (“Shares”) for the purchase price
per share set forth therein (“Purchase Price Per Share”) and for the aggregate purchase price set
forth therein (“Aggregate Purchase Price”).

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and other good
and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereby
agree as follows:

     1. Purchase. Subject to Section 7, Seller hereby sells to Buyer and Buyer
hereby purchases from Seller at the Closing (as defined in Section 4(c)) the Shares at the
Purchase Price Per Share, for the Aggregate Purchase Price.

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     2. Agreement not to Convert; Appointment of Proxy and Attorney-in-Fact. In further
consideration of the Aggregate Purchase Price, Seller hereby agrees it has not and will not
exercise its Conversion Rights or, if it has already exercised its Conversion Rights, it hereby
withdraws and revokes such exercise and will execute all necessary documents and take all actions
required in furtherance of such revocation. Seller acknowledges that the record date to vote on
the proposals set forth in the proxy statement/prospectus (the “Proxy Statement”) filed by Buyer
with the U.S. Securities Exchange Commission (the “SEC”) has passed. Accordingly, solely with
respect to the vote for the Acquisition and the other proposals set forth in the Proxy Statement,
Seller hereby irrevocably appoints Joseph B. Armes and Robert M. Swartz and each of them each with
full power of substitution, as his proxy and attorney-in-fact, to the full extent of Seller’s
rights with respect to the Shares (and any and all other shares or securities or rights issued or
issuable in respect thereof) to vote in such manner as each such person or his substitute shall in
his sole discretion deem proper, and to otherwise act (including without limitation acting by
written consent) with respect to all the Shares at any meeting of stockholders (whether annual or
special and whether or not an adjourned meeting) of Buyer held on or prior to September 22, 2009.
This proxy is coupled with an interest and is irrevocable. Execution by Seller of this Agreement
shall revoke, without further action, all prior proxies granted by Seller at any time with respect
to the Shares (and such other shares or other securities) and no subsequent proxies will be given
by Seller (and if given will be deemed not to be effective).

     3. No Right to Additional Shares. HACI’s stockholders of record are entitled to
receive one share of REC Common Stock for each share of HACI common stock owned immediately prior
to the consummation of the Acquisition (the “Exchange”). Although Seller will be a stockholder of
record immediately prior to the Acquisition, Seller hereby acknowledges that Seller irrevocably
waives any right, title or interest it may have in receiving any such REC Common Stock distributed
pursuant to the Exchange if the sale hereunder is consummated. Seller hereby acknowledges that by
virtue of the sale hereunder, Seller will not become a stockholder of REC, and the Shares shall
automatically be cancelled and shall cease to exist and shall represent only the right to receive
the Aggregate Purchase Price there for in accordance with the terms of the Agreement. Additionally,
each of Buyer and Seller hereby agree and acknowledge that this provision is material to this
Agreement and a significant consideration in Buyer’s willingness to enter into this Agreement.
Notwithstanding the foregoing, such waiver shall not be effective in the event that the sale
contemplated by this Agreement does not close.

     4. Closing Matters.

          (a) Within three business days of the date of this Agreement, but in no event later than
September 23, 2009, (i) Seller shall provide Buyer with a true and correct copy of the voting
instruction form with respect to the Shares held by Seller indicating the financial institution
through which such shares are held and the control number provided by Broadridge Financial
Solutions (or other similar service provider) regarding the voting of the Shares or written
confirmation of such information as would appear on the voting instruction form; and (ii) Buyer
shall send the notice attached as Annex 1 hereto to HACI’s transfer agent.

          (b) Prior to the Closing, Seller shall deliver or cause to be delivered to Buyer appropriate
instructions for book entry transfers of ownership of the Shares from Seller to Buyer.

          (c) The closing of the purchase and sale of the Shares (“Closing”) will occur on the date on
which Buyer’s trust account is liquidated after the Acquisition is consummated (the “Closing
Date”). At the Closing, Buyer shall pay Seller the Aggregate Purchase Price by wire transfer from
HACI’s trust account of immediately available funds to an account specified by Seller and Seller
shall deliver the Shares to Buyer electronically using the Depository Trust Company’s DWAC
(Deposit/Withdrawal at Custodian) System to an account specified by Buyer. It shall be a
condition to the

2

 

obligation of Buyer on the one hand and Seller on the other hand, to consummate
the transfer of the Shares contemplated hereunder that the other party’s representations and
warranties are true and correct on the Closing Date with the same effect as though made on such
date, unless waived in writing by the party to whom such representations and warranties are made.

     5. Representations and Warranties of the Seller. Seller hereby represents and
warrants to Buyer on the date hereof and on the Closing that:

          (a) Sophisticated Seller. Seller is sophisticated in financial matters and is able to
evaluate the risks and benefits attendant to the sale of Shares to Buyer.

          (b) Independent Investigation. Seller, in making the decision to sell the Shares to
Buyer, has not relied upon any oral or written representations or assurances from Buyer or any of
its officers, directors or employees or any other representatives or agents of Buyer. Seller has
had access to all of the filings made by HACI and REC with the SEC, pursuant to the Securities
Exchange Act of 1934 (the “Exchange Act”) and the Securities Act of 1933 in each case to the extent
available publicly via the SEC’s Electronic Data Gathering, Analysis and Retrieval system.

          (c) Authority. This Agreement has been validly authorized, executed and delivered by
Seller and, assuming the due authorization, execution and delivery thereof by Buyer, is a valid and
binding agreement enforceable in accordance with its terms, subject to the general principles of
equity and to bankruptcy or other laws affecting the enforcement of creditors’ rights generally.
The execution, delivery and performance of this Agreement by Seller does not and will not conflict
with, violate or cause a breach of, constitute a default under, or result in a violation of (i) any
agreement, contract or instrument to which Seller is a party which would prevent Seller from
performing its obligations hereunder or (ii) any law, statute, rule or regulation to which Seller
is subject.

          (d) No Legal Advice from Buyer. Seller acknowledges that it has had the opportunity
to review this Agreement and the transactions contemplated by this Agreement with Seller’s own
legal counsel and investment and tax advisors. Seller is not relying on any statements or
representations of Buyer or any of its representatives or agents for legal, tax or investment
advice with respect to this Agreement or the transactions contemplated by the Agreement.

          (e) Ownership of Shares. Seller is the legal and beneficial owner of the Shares and
will transfer to Buyer on the Closing Date good and marketable title to the Shares free and clear
of any liens, claims, security interests, options, charges or any other encumbrance whatsoever.
The Seller beneficially owned all of the Shares as of the close of the trading day on August 31,
2009 and has the sole right to exercise conversion rights with respect to all of the Shares.

          (f) Seller Taxes. Seller understands that Seller (and not the Buyer) shall be
responsible for any and all tax liabilities of Seller that may arise as a result of the
transactions contemplated by this Agreement.

          (g) Aggregate Purchase Price Negotiated. Seller represents that both the amount of
Shares and the Aggregate Purchase Price were negotiated figures by the parties as a result of
arm’s-length negotiations and that the terms and conditions by the parties of this Agreement may
differ from arrangements entered into with other holders of Buyer’s common stock as a result of
such arm’s-length negotiations.

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     6. Representations and Warranties of Buyer. Buyer hereby represents to the Seller
that:

          (a) Sophisticated Buyer. Buyer is sophisticated in financial matters and is able to
evaluate the risks and benefits attendant to the purchase of Shares from Seller.

          (b) Independent Investigation. Buyer, in making the decision to purchase the Shares
from Seller, has not relied upon any oral or written representations or assurances from Seller or
any of its officers, directors, partners or employees or any other representatives or agents of
Seller.

          (c) Authority. This Agreement has been validly authorized, executed and delivered by
Buyer and, assuming the due authorization, execution and delivery thereof by Seller, is a valid and
binding agreement enforceable in accordance with its terms, subject to the general principles of
equity and to bankruptcy or other laws affecting the enforcement of creditors’ rights generally.
The execution, delivery and performance of this Agreement by Buyer does not and will not conflict
with, violate or cause a breach of, constitute a default under, or result in a violation of (i) any
agreement, contract or instrument to which Buyer is a party which would prevent Buyer from
performing its obligations hereunder or (ii) any law, statute, rule or regulation to which Buyer is
subject.

          (d) No Legal Advice from Seller. Buyer acknowledges that it has had the opportunity
to review this Agreement and the transactions contemplated by this Agreement with Buyer’s own legal
counsel and investment and tax advisors. Buyer is relying solely on such counsel and advisors and
not on any statements or representations of Seller or any of its representatives or agents for
legal, tax or investment advice with respect to this Agreement or the transactions contemplated by
this Agreement.

     7. Termination. Notwithstanding any provision in this Agreement to the contrary, this
Agreement shall become null and void and of no force and effect upon the termination of the
Acquisition. Notwithstanding any provision in this Agreement to the contrary, Buyer’s obligation
to purchase the Shares from Seller shall be conditioned on the consummation of the Acquisition.

     For the avoidance of any doubt and notwithstanding anything to the contrary in this Agreement,
any agreement or obligation of Seller under Section 1 through Section 4 of this
Agreement or any obligation assumed by Seller under this Agreement shall be null and void and of no
force and effect upon the termination of the Acquisition Agreement or this Agreement or if the
Aggregate Purchase Price is not paid to Seller on the Closing Date. For the purposes of clarity,
in no event shall Seller sell the Shares unless the Aggregate Purchase Price is paid at Closing.

     8. [Intentionally Blank].

     9. Acknowledgement; Waiver. Seller (i) acknowledges that Buyer may possess or have
access to material non-public information which has not been communicated to Seller; (ii) hereby
waives any and all claims, whether at law, in equity or otherwise, that he, she, or it may now have
or may hereafter acquire, whether presently known or unknown, against Buyer or any of its officers,
directors, employees, agents, affiliates, subsidiaries, successors or assigns relating to any
failure to disclose any non-public information in connection with the transaction contemplated by
this Agreement, including, without limitation, any claims arising under Rule 10-b(5) of the
Exchange Act; and (iii) is aware that Buyer is relying on the truth of the representations set
forth in Section 5 of this Agreement and the foregoing acknowledgement and waiver in
clauses (i) and (ii) above, respectively, in connection with the transactions contemplated by this
Agreement.

     10. Counterparts; Facsimile. This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original and all of which
taken

4

 

together shall constitute one and the same instrument. This Agreement or any counterpart may
be executed via facsimile transmission, and any such executed facsimile copy shall be treated as an
original.

     11. Governing Law. This Agreement shall for all purposes be deemed to be made under
and shall be construed in accordance with the laws of the State of New York. Each of the parties
hereby agrees that any action, proceeding or claim against it arising out of or relating in any way
to this Agreement shall be brought and enforced in the courts of the State of New York or the
United States District Court for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

     12. Remedies. Each of the parties hereto acknowledges and agrees that, in the event
of any breach of any covenant or agreement contained in this Agreement by the other party, money
damages may be inadequate with respect to any such breach and the non-breaching party may have no
adequate remedy at law. It is accordingly agreed that each of the parties hereto shall be
entitled, in addition to any other remedy to which they may be entitled at law or in equity, to
seek injunctive relief and/or to compel specific performance to prevent breaches by the other party
hereto of any covenant or agreement of such other party contained in this Agreement.

     13. Binding Effect; Assignment. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective legal representatives, successors and permitted
assigns. This Agreement shall not be assigned by either party without the prior written consent of
the other party hereto.

     14. Headings. The descriptive headings of the Sections hereof are inserted for
convenience only and do not constitute a part of this Agreement.

     15. Entire Agreement; Changes in Writing. This Agreement constitutes the entire
agreement among the parties hereto and supersedes and cancels any prior agreements, representations
and warranties, whether oral or written, among the parties hereto relating to the transaction
contemplated hereby. Neither this Agreement nor any provision hereof may be changed or amended
orally, but only by an agreement in writing signed by the other party hereto.

     16. Trust Waiver. Seller agrees that, provided the Aggregate Purchase Price is
indefeasibly paid to Seller, Seller hereby irrevocably waives any claim to, or against, the Trust
Fund arising out of or in connection with this Agreement or the Acquisition, regardless of whether
such claim arises based on contract, tort, equity or any other theory of legal liability, and in
the event that the Aggregate Purchase Price is not indefeasibly paid to Seller, any such claims
shall be limited to claims for the Aggregate Purchase Price payable in accordance with the terms of
this Agreement or for the liquidation value per share Seller is otherwise entitled to receive.
“Trust Fund” shall mean the net proceeds of HACI’s initial public offering in the amount of $529.1
million which are held in a trust fund, plus accrued interest thereon, established by HACI for the
benefit of its public stockholders.

[Signature Page Follows]

5

 

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set forth on
the first page of this Agreement.

	 	 	 	 	 
	 	HICKS ACQUISITION COMPANY I, INC.

 	 
	 	By:  	/s/
Joseph B. Armes	 
	 	 	Name:  	Joseph B. Armes	 
	 	 	Title:  	CEO	 
	 
	 	CITIGROUP GLOBAL MARKETS INC.

 	 
	 	By:  	/s/
Ramakrishna Putcha
	 
	 	 	Name:  	Ramakrishna Putcha	 
	 	 	Title:  	Managing Director	 
	 

	 	 	 
	Purchase Price Per Share:

	 	$9.76 (subject to adjustment at Closing so that
such amount will be an amount per share equal to
the amount per share converting stockholders
receive pursuant to Section 9.3 of Buyer’s
amended and restated certificate of
incorporation)
	 
	 	 
	Number of Shares:

	 	250,000

Signature Page to

Stock Purchase Agreement

 

 

Annex 1

HICKS ACQUISITION COMPANY I, INC.

100 CRESCENT COURT, SUITE 1200

DALLAS, TEXAS 75201

September
22, 2009

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven Nelson

	 	Re:	 	Hicks Acquisition Company I, Inc. Trust Account No. 530-065681

Gentlemen:

     Hicks Acquisition Company I, Inc. (the “Company”) is providing these irrevocable instructions
to you in connection with the above described Trust Account established in connection with and
pursuant to an Investment Management Trust Agreement, dated as of September 27, 2007 between the
Company and Continental Stock Transfer & Trust Company as Trustee (the “Trust Agreement”). Upper
case terms used herein shall have the meanings ascribed to such terms in the Trust Agreement.

     In the event (i) the Company delivers to you a Termination Letter substantially in the form of
Exhibit A to the Trust Agreement and (ii) the Consummation Date (as defined in such Exhibit A)
occurs, in addition to the other documents required to be delivered pursuant to Exhibit A of the
Trust Agreement, assuming you are the Trustee on such date, then, in consideration for the
electronic transfer of 250,000 shares of the Company’s common stock, using the Depository Trust
Company’s DWAC (Deposit/Withdrawal at Custodian) System, to an account specified by the Company, on
the Consummation Date you are irrevocably instructed to deliver as the initial distribution of
funds the sum of $2,440,000.00, which must be delivered to Citigroup Global Markets Inc. in
accordance with the bank wire instructions provided to you below:

1

 

Annex 1

     The address for Citigroup Global Markets Inc. is [ADDRESS]. The contact person for Citigroup
Global Markets Inc. is Lalit Das. He can be reached at 44 20 7866 4714.

     Kindly acknowledge where indicated below, your receipt and understanding of these instructions
and return a copy to Akin Gump Strauss Hauer & Feld LLP, attention: James A. Deeken, facsimile
number (214) 969-4343.

     A facsimile signed and electronically delivered copy of this letter shall be deemed an
original.

	 	 	 	 	 
	 	Very truly yours,

HICKS ACQUISITION COMPANY I, INC.

 	 
	 	By:  	/s/
Joseph B. Armes 	 
	 	 	Name:  	Joseph B. Armes 	 
	 	 	Title:  	CEO	 
	 

Acknowledged and Agreed:

	 	 	 	 	 
	CONTINENTAL STOCK TRANSFER &

TRUST COMPANY

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 
	CITIGROUP GLOBAL MARKETS INC.

 	 	 
	By:  	/s/ Ramakrishna Putcha
	 	 
	 	Name:  	Ramakrishna Putcha  	 	 
	 	Title:  	Managing Director	 	 
	 

2

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