Document:

EX-4.1

Exhibit 4.1

FORM OF CANARGO ENERGY CORPORATION SUBSCRIPTION RIGHTS CERTIFICATE

TO SUBSCRIBE FOR SHARES OF COMMON STOCK

THE RIGHTS REPRESENTED BY THIS SUBSCRIPTION RIGHTS CERTIFICATE ARE EXERCISABLE ON OR BEFORE •
P.M., U.S EASTERN TIME (• CET), ON •, 2008, UNLESS EXTENDED BY THE COMPANY.

Pursuant to the rights offering (the “Rights Offering”) of CanArgo Energy Corporation, a Delaware
corporation (the “Company”), each subscription right represented by this Subscription Rights
Certificate (each a “Right”) entitles the holder hereof to subscribe for and purchase one (1) share
of the Company’s common stock, par value $0.10 per share (“Common Stock”), at a subscription price
of $0.10 per full share. All exercises of the Rights are irrevocable. Fractional shares of Common
Stock will not be issued in the Rights Offering. Certificates representing shares of Common Stock
purchased pursuant to the Rights Offering will be issued by Computershare, the U.S. Subscription
Agent for the Rights Offering (the “U.S. Subscription Agent”), as soon as practicable
following the expiration date of the Rights Offering.

For a more complete description of the terms and conditions of the Rights and the Rights Offering,
please refer to the accompanying prospectus dated •, 2008 (the “Prospectus”), which is
incorporated herein by reference and controls in the event that there is a conflict between this
Subscription Rights Certificate and the Prospectus. Copies of the Prospectus are available upon
request from the U.S. Subscription Agent (303) 262-0600 and banks and
brokerage firms can call the U.S. Subscription Agent toll free at
(800) 962-4284.

The Rights represented by this Subscription Rights
Certificate are transferable and may be combined or divided
(but only into whole Rights) at the office of the either
the U.S. Subscription Agent. The U.S. Subscription Agent will only
facilitate transfers of the Rights until • p.m., U.S.
Eastern time (• CET), on  •, 2008, three
business days prior to the scheduled  •, 2008 expiration date. The holder of this Subscription Rights
Certificate should be aware that if such holder chooses to
exercise, assign, transfer or sell only part of the Rights,
they may not receive a new Subscription Rights Certificate
in sufficient time to exercise, assign, transfer or sell
the remaining Rights evidenced hereby.
-

	 	 	 
	Œ

	 	Please complete the back if you would like to request special mailing.

	 	 	 	 	 
	 

	 	                        	 	 
	 

SUBSCRIPTION RIGHTS CERTIFICATE NUMBER

	 	 

CUSIP #
	 	 

 

NUMBER OF RIGHTS

     SUBSCRIPTION FOR SHARES: To subscribe for shares of Common Stock pursuant to your Rights,
please complete boxes “A,” “B” and “C”
and Section 1. If you want a new Subscription Rights
Certificate evidencing any unexercised Rights delivered to you or to someone else, check box “E”
below, and indicate the address to which the shares of Common Stock should be delivered in Section
1. Full payment for shares of Common Stock subscribed for pursuant to the Rights should be
made payable to Computershare, the U.S. Subscription Agent, and accompanied by either a
Notice of Guaranteed Delivery or this Subscription Rights
Certificate. Please reference the Number of
this Subscription Rights Certificate (set forth above) on your check, cashier’s check, bank draft,
money order or Notice of Guaranteed Delivery.

     If you do not indicate the number of Rights being exercised, or do not forward full payment
of the total Subscription Price payment for the number of Rights that you indicate are being
exercised, then you will be deemed to have exercised the maximum number of Rights that may be
exercised with the aggregate Subscription Price payment you delivered
to the U.S. Subscription
Agent. If you subscribe for fewer than all of the shares represented by the Subscription Rights
Certificate and do not indicate in box “E” below that you want a new Subscription Rights
Certificate evidencing any unexercised Rights delivered to you or to someone else, you will be
deemed to have elected not to subscribe for the remaining shares represented by the Subscription
Rights Certificate, after which the remaining shares shall be purchased by the Standby
Underwriters (as described in the Prospectus).

     TRANSFER OF RIGHTS: If you want some or all of your unexercised Rights transferred to a
designated transferee, or to a bank or broker to sell for you, check box “F” below and complete
Section 2. If you do not indicate the number of Rights to be transferred, then you will be deemed
to have requested the transfer of all of such Rights.

     SALE
OF RIGHTS: If you want the U.S. Subscription Agent to sell all of your unexercised
Rights, check box “D” below and complete Section 1.

	 	 	 	 	 	 	 	 	 	 	 
	A.	 	Rights (1 Right = 1 share of Common Stock) I exercise	 	 	  X  	1	  =  	 
	 

	 	 	 	 	 	(no. of Rights)
	 	(ratio)
	 	(no. of new shares)
	 
	 	 	 	 	 	 	 	 	 	 
	B.	 	Therefore, I apply for (do not include fractional
shares in “no. of new shares”):	 	 	  X  	$0.10	  =$  	 
	 

	 	 	 	 	 	(no. of new shares)
	 	(subscription price)
	 	(amount enclosed)
	 
	 	 	 	 	 	 	 	 	 	 
	C.	 	Amount Enclosed (from Box B) $                    	 	 	 	 
	D.	 	o Sell unexercised Rights
	E.	 	o Deliver a Subscription Rights Certificate representing                      unexercised Rights to the address in Section 1 below.
	F.	 	o Transfer                      unexercised Rights to the Transferee designated in Section 2 below.
	G.	 	o Issue                                         shares of Common Stock received upon exercise of your Rights or any refund check in someone else’s name as provided
in Section 3.

 

 

SECTION 1:

o TO SUBSCRIBE: I hereby irrevocably subscribe for the number
of shares of Common Stock indicated in box “A” upon the terms and
conditions specified in the Prospectus. I hereby agree that if I
fail to pay for the shares of Common Stock for which I have
subscribed, the Company may exercise any remedies available to it
under law.

o TO SELL RIGHTS: I authorize the sale of all of the Rights
by the U.S. Subscription Agent according to the procedures described in
the Prospectus.

I hereby acknowledge receipt of the Prospectus, which is incorporated
by reference herein.

	 	 	 
	 
	 	 
	 

Signature of Subscriber(s)

	 	 

Address for delivery of shares of Common Stock or Subscription Rights
Certificates representing unexercised Rights (if permanent change of
address, check here o)

Your telephone number:                                        

Your email address:                                        

IMPORTANT: Signature guarantee by an eligible guarantor institution
(as defined in Rule 17Ad-15 of the Securities Exchange Act of 1934),
such as (a) a commercial bank or trust company; (b) a member firm of
a domestic stock exchange; or (c) a savings bank or credit union
is
required if this Rights certificate provides that the shares of
Common Stock subscribed for, or Subscription Rights Certificates
representing unexercised Rights are not to be delivered to you as
record holder of this Subscription Rights Certificate, unless you are
an eligible guarantor institution:

	 	 	 	 	 
	 
	 	 	 	 
	Signature:
	 	 	 	 
	 

	 	 

(name of bank or firm)
	 	 
	 
	 	 	 	 
	Guaranteed By:
	 	 	 	 
	 

	 	 

(signature/title)
	 	 

SECTION 2:

o TO TRANSFER RIGHTS: For value received, I authorize
the transfer of the number of Rights indicated in box “F” to:

	 	 	 
	 
	 	 
	 

(Print full Name of Transferee)

	 	 
	 
	 	 
	 

(Print full Address of Transferee)

	 	 
	 
	 	 

I hereby acknowledge receipt of the Prospectus, which is
incorporated by reference herein.

	 	 	 
	 
	 	 
	 

(Signature of Transferor)

	 	 
	 
	 	 

IMPORTANT: Unless the transferor is an eligible guarantor
institution, the signature of the transferor must be guaranteed
by an eligible guarantor institution (as defined in Rule
17Ad-15 of the Securities Exchange Act of 1934), such as: (a)
a commercial bank or trust company; (b) a member firm of a
domestic stock exchange; or (c) a savings bank or credit
union.

	 	 	 	 	 
	 
	 	 	 	 
	Signature:
	 	 	 	 
	 

	 	 

(name of bank or firm)
	 	 
	Guaranteed By:
	 	 	 	 
	 

	 	 

(signature/title)
	 	 

SECTION 3:

Special Transfer Instructions

o If you want your shares of Common Stock received upon exercise of Rights or any refund
check to be issued in another name, fill in this section with the information for the new account
name.

	 	 	 
	 
	 	 
	 

Name (Please Print First, Middle & Last Name)

	 	 
	 
	 	 
	 

     Address                    (Number and Street)

	 	 
	 
	 	 
	 

                     (City, State & Zip Code)

	 	 
	 
	 	 
	 

(Tax Identification or Social Security Number

	 	 

o If you want your shares of Common Stock
received upon exercise of Rights or any refund check to be mailed to someone other than the
undersigned or to the undersigned at an address other than that shown on the front of this card.
Mail certificate(s) and check(s) to:

	 	 	 
	 
	 	 
	 

Name (Please Print First, Middle & Last Name)

	 	 
	 
	 	 
	 

     Address                    (Number and Street)

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

                     (City, State & Zip Code)

	 	 

Signature Guarantee Medallion

If Special Transfer Instructions are selected, the signature of the Rights
holder must be guaranteed by an eligible guarantor institution (unless you are an eligible guarantor
institution).

	 	 	 
	 
	 	 
	 

(Title of Officer Signing this Guarantee)

	 	 
	 
	 	 
	 

(Name of Guarantor – Please Print)

	 	 
	 
	 	 
	 

(Address of Guarantor Firm)

	 	 
	 
	 	 
	 

	 	 

 

 

PLEASE SEND THIS COMPLETED SUBSCRIPTION RIGHTS CERTIFICATE (OR NOTICE OF

GUARANTEED DELIVERY) AND PAYMENT BY MAIL, BY HAND OR BY OVERNIGHT
COURIER TO:

U.S. Subscription Agent:

Computershare

350 Indiana Street, Suite 800

Golden, CO 80401

(303) 262-0600 (phone)

(303 262-0609 (fax)

THIS
RIGHTS OFFERING EXPIRES AT • P.M., U.S. EASTERN TIME
(• CET), ON •, 2008, UNLESS
EXTENDED, AND THIS SUBSCRIPTION RIGHTS CERTIFICATE IS VOID THEREAFTER.EX-10.1

Exhibit 10(1)

Oslo, 26 June 2008

Dear Vincent McDonnell,

ENGAGEMENT LETTER

We refer to our discussions regarding the contemplated rights issue in CanArgo Energy Corporation
(the “Company”) with contemplated gross proceeds of minimum USD 24.2 million (based on a one for
one rights issue) (the “Transaction”).

Through the execution of letters of intent with a group of private investors (the “Underwriters”),
the Company has tentatively secured the full underwriting of the Transaction. The Transaction will
be a rights share issue to stockholders possibly with tradable rights.

The Transaction is expected to take place after an Annual General Meeting of stockholders (AGM)
scheduled to be held on July 18, 2008 subject to any adjournments or postponements thereof. The
completion of the Transaction is expected to take place in Q3/Q4, 2008.

In this letter including the attached Terms and Conditions (the “Engagement Letter”), we will
describe the role, services, remuneration, rights and obligations of Glitnir Securities AS
(“Glitnir Securities”) together with the Company’s role, rights and obligations in connection with
the contemplated Transaction.

Except if disclosure is required by applicable laws and regulations, including applicable stock
exchange regulations, the Company agrees to keep the terms of this Engagement Letter confidential.

1      ROLE OF GLITNIR SECURITIES

Glitnir Securities shall provide the Company, with the following financial advice and assistance
together with any additional assistance we agree with the Company in writing (the “Engagement”):

	(i)	 	advise on the structuring, timing and project management of the Transaction;
	 

	(ii)	 	advice and assistance, in conjunction with such legal and other advisors as the Company
consider appropriate, on the preparation of any documents related to the Transaction including
formal offering documents, information for the Company’s corporate bodies and press releases
and other announcements;
	 

	(iii)	 	assistance in connection with preparation of documentation to Oslo Børs and meetings with
Oslo Børs, including with respect to an offering prospectus if this is required under the Oslo
Børs rules (generally if the rights issue (together with other share issues during the last 12
months) exceeds 10% of the current share capital);
	 

	(iv)	 	act as manager for the Transaction;
	 

	(v)	 	act as the Norwegian subscription agent for the Transaction;
	 

	(vi)	 	advise the Company in its dealings with Computershare and Brown Brothers in the US as
subscription agents in respect of the Transaction and liaise with Computershare and Brown
Brothers to ensure the Transaction is undertaken and completed in a seamless manner;
	 

	(vii)	 	advise and give recommendations on allocation and pricing in connection with the
Transaction; and
	 

	(viii)	 	assist in the co-ordination of the closing and settlement of the Transaction.
	 

 

 

For the avoidance of doubt, the duties and responsibilities of Glitnir Securities shall not include
(i) tax, legal, regulatory, accountancy or other specialist or technical advice or services; or
(ii) general financial or strategic advice.

2      FEES

The following fee(s) will be payable by the Company to Glitnir Securities:

	a)	 	Commencement fee. USD 10.000, payable within 10 business days from the date of this
Engagement Letter, provided this has been accepted, and payable irrespective of whether the
Transaction is successfully completed or not, provided, however, that 100% of the commencement
fee shall be deducted from the Transaction Fees if the Transaction is completed.

	b)	 	Transaction Fees.

	 	(i)	 	Arrangement fee: 2.5%, but no less than USD 600.000, of the gross proceeds
from the Issue (being the aggregate number of shares multiplied by the price per share
in the Transaction).

	 	(ii)	 	Discretionary fee: Up to 0.5% of the gross proceeds from the Issue, payable
only and entirely at the Company’s discretion, taking into consideration the Company’s
satisfaction of the services provided by us in relation to the Transaction, taking
into account the quality, efficiency and ability to complete the Transaction as well
as compensation for any prolonged work in connection with any unforeseen delay in the
contemplated closing of the Transaction.

          The Transaction Fees fall due upon completion of the Transaction.

	c)	 	Reimbursement of expenses. Please see Clause 6 of the attached Terms and Conditions.

The further payment terms are set out in Clause 6 and 7 of the attached Terms and Conditions.

3      OTHER TRANSACTIONS

During a period of 12 months from the execution of this Engagement Letter, the Company gives
Glitnir Securities the right to make an offer or participate in negotiations for new assignments or
transactions, falling outside the scope of this Engagement, where the Company decides to appoint an
investment firm.

4      TERMINATION AND SURVIVAL

This Engagement Letter and the Engagement may be terminated with or without cause by the Company or
by Glitnir Securities by written notice at any time and without any continuing obligation.

The following shall, notwithstanding the above termination right, survive any termination and
remain in full force and effect:

	(i)	 	accrued rights and liabilities, including any fees earned and reimbursement of expenses
incurred by Glitnir Securities at the date of termination, cf section 2 above; and

	(ii)	 	the confidentiality obligation included in the preface above, clause 3 (other transactions),
clause 4 (termination and survival) and clause 6 (governing law and jurisdiction) of this
letter and clause 5 (confidentiality), clause 9 (limitation of liability), clause 10
(indemnification),

 

 

	 	 	          clause 12 (conflicts of interest) and clause 14 (entire agreement) of the attached Terms
and Conditions.

In addition, where (i) the Company terminates the Engagement and this is not due to material breach
by Glitnir Securities of the terms and conditions of the Engagement or (ii) Glitnir Securities
terminates the Engagement due to the Company’s material breach of the terms and conditions of the
Engagement, Glitnir Securities’ right to fees pursuant to this Engagement Letter shall survive and
remain in full force and effect where, within 12 months from the date of execution of this letter,
any transaction of a nature covered by this Engagement Letter or a similar transaction, is agreed
(whether subject to conditions or otherwise) or concluded by the Company. The fees payable in
accordance with the foregoing shall be payable when the transaction is completed.

5      TERMS AND CONDITIONS

The Engagement is governed by this Engagement Letter and the attached terms and conditions (the
“Terms and Conditions”), which are incorporated by reference in this Engagement Letter. To the
extent there is a conflict between the terms and conditions set out in this Engagement Letter and
the terms and conditions set out in the Terms and Conditions, the Engagement Letter shall prevail.
To the extent there is a conflict between the English and Norwegian versions of the Terms and
Conditions, the English version shall prevail.

6      GOVERNING LAW AND JURISDICTION

This Engagement Letter including the attached Terms and Conditions shall be governed by, and
construed in accordance with, the laws of Norway. Any disagreement, difference or dispute between
the parties hereto relating to this Engagement Letter including the attached Terms and Conditions
which is not settled amicably, shall be settled by arbitration in Oslo pursuant to the procedures
set forth in the Norwegian Arbitration Act (“voldgiftsloven”). The arbitration and the decision of
the court of arbitration shall be confidential, and the parties shall confirm such confidentiality
with respect to each arbitration case.

We hope the above terms and conditions are satisfactory and ask the Company to kindly counter-sign
the letter below and return it to us. Should the Company have any questions or wish to discuss any
issues regarding the Engagement and this Engagement Letter, please do not hesitate to contact us.

We look forward to working with the Company on the Transaction.

Yours sincerely,

Glitnir Securities AS

/s/ Anders
Rønningen              

Anders
Rønningen

Head of Corporate Finance

By signing below the Company confirm the Company’s agreement to the Engagement on the terms and
conditions set out herein, including the attached Terms and Conditions.

CanArgo Energy Corporation

	 	 	 
	/s/
Vincent McDonnell              

	 	/s/ Jeffrey Wilkins              
	Vincent McDonnell 

Chairman, CEO

	 	Jeffrey Wilkins

CFO

Enclosure: Terms and Conditions

 

 

	 	 	 
	STANDARDVILKÅR

	 	TERMS AND CONDITIONS
	1 GENERELT. Disse vilkårene og betingelsene (“Standardvilkår”)
utgjør en del av avtalen (“Oppdragsbekreftelsen”) som de er et
vedlegg til. Alle definisjoner i Oppdragsbekreftelsen skal gjelde
for disse Standardvilkår med mindre noe annet er beskrevet.
2 GLITNIR KONSERNET. Glitnir Securities kan utføre Oppdraget
sammen med Glitnir banki hf. med datterselskaper og alle andre
medlemmer og selskaper tilknyttet Glitnir konsernet (sammen kalt
“Glitnir Group”), og Glitnir Group skal ha de rettigheter og
forpliktelser etter som fremgår av Oppdragsbekreftelsen.
3 SELSKAPETS INFORMASJONSPLIKT.
 

Selskapet og dets datterselskaper (samlet kalt “Konsernet”) skal i
forbindelse med Oppdraget;
(i) gi Glitnir Group og dets rådgivere slik tilgang til
styremedlemmene, ledelsen og revisorene og rådgiverne for
Konsernet, som den Glitnir Securities etterspør;
(ii) sørge for at Glitnir Group har, og gi Glitnir Group tilgang
til, all informasjon som er relevant i forbindelse med Oppdraget,
og sikre at Konsernet under utføringen av dette ikke bryter og påse
at Glitnir Group’s mottak og bruk av slik informasjon ikke bryter
noen taushetsplikt, og at informasjonen som leveres er fullstendig,
riktig og nøyaktig på alle måter og ikke villedende på grunn av
utelatelser eller lignende. Glitnir Group skal kunne stole på all
slik informasjon, inkludert, men ikke begrenset til, eventuell
regnskapsinformasjon, prognoser og antakelser, samt offentlig
tilgjengelig informasjon fremskaffet av Konsernet, uten uavhengig
kontroll;
(iii) umiddelbart varsle Glitnir Securities hvis de senere oppdager
at informasjon fremlagt av dem, er blitt eller vil bli,
ufullstendig, uriktig, unøyaktig eller villedende, eller at slik
informasjon er feilaktig innhentet eller at Glitnir Group’s
anskaffelse eller bruk av denne vil være uautorisert, eller bryte
med lov, pålegg eller forpliktelse;
(iv) påse at alle kunngjøringer og dokumenter som gjøres og
publiseres av Konsernet eller på vegne av Konsernet i forbindelse
med eller i tilknytning til Oppdraget (“Kommunikasjonen”) bare
gjøres eller publiseres i samråd med Glitnir Securities (bortsett
fra eventuell Kommunikasjon som refererer direkte eller indirekte
til Glitnir Group, som bare skal gjøres med skriftlig samtykke fra
Glitnir Securities (og slikt samtykke skal ikke til
bakeholdes uten
rimelig grunn)) og er riktig, nøyaktig og ikke villedende, og at
den, dersom relevant, vil inneholde all informasjon og alle
erklæringer som er nødvendig for juridiske eller regulatoriske
formål (inkludert, men ikke begrenset til, kravene til Oslo Børs
eller eventuelle andre gjeldende børskrav), og all slik informasjon
og slike erklæringer skal gis etter behørig og nøyaktig vurdering;
og

	 	1 GENERAL. These terms and conditions (the “Terms and Conditions”)
form part of the letter (the “Engagement Letter”) to which they
are attached. All definitions in the Engagement Letter shall apply
to these Terms and Conditions, unless otherwise stated herein.
2 THE GLITNIR GROUP. Glitnir Securities may perform the
Engagement in conjunction with Glitnir banki hf. with subsidiaries
and all other members and affiliates of the Glitnir group of
companies (together the “Glitnir Group”) and the Glitnir Group
shall be entitled to the rights and obligations of the Engagement
letter.
3 INFORMATION OBLIGATIONS OF THE COMPANY. The Company and its
subsidiaries (together the “Group”) will in connection with the
Engagement;
(i) provide the Glitnir Group and its advisers with such access to
the directors, management, and auditors of, and advisers to, the
Group as requested by Glitnir Securities;
(ii) provide the Glitnir Group with, and give Glitnir Group access
to, all information which is relevant for the purposes of the
Engagement and ensure that, in so doing, it will not breach and
will ensure that the receipt and use of such information by th
e
Glitnir Group will not breach any confidentiality obligation, and
that the information so supplied is complete, true and accurate in
all material respects and not misleading, whether by omission or
otherwise. The Glitnir Group shall be entitled to rely on all such
information, including but not limited to, any accounting data,
forecasts and projections, as well as all publicly available
information, provided by the Group, without independent verification;
(iii) immediately notify Glitnir Securities if it subsequently
discovers that any information provided by it is, or becomes,
incomplete, untrue, inaccurate or misleading or that any such
information has been improperly obtained or that its provision or
use by Glitnir Group would be unauthorized or in breach of any
law, duty or obligation;
(iv) ensure that all announcements and documents published or
statements made by it or on its behalf in the course of, and
relevant to, the Engagement (“Communications”) will only be made
or published after consultation with Glitnir Securities (save in
the case of any Communication which refers directly or indirectly
to Glitnir Group, which shall only be made with the prior written
consent of Glitnir Securities (such consent not to be unreasonably
withheld)) and will be true and accurate and not misleading and,
where appropriate, will contain all information and expressions of
opinion necessary for legal or regulatory purposes (including, but
not limited to, the requirements of Oslo Børs (the Oslo Stock
Exchange) or any other applicable stock exchange requirements) and
all such information and opinions will be provided after due and
careful consideration; and
	(v) til enhver tid holde Glitnir Securities fullstendig informert 

om strategi, utvikling og diskusjoner som er relevante for 

Oppdraget, og ikke utføre noen handlinger
	 	 

Page 1 of 6

 

	 	 	 
	som kan, indirekte eller
direkte, påvirke Oppdraget, uten å konsultere Glitnir Securities
først.
4 TEGNINGSINNBYDELSE/SALG AV AKSJER. En eventuell
tegningsinnbydelse skjer under forutsetning av, blant annet (i
hvert tilfelle hvis ikke annet er bestemt av Glitnir Securities);
(i) Selskapets overholdelse av Oppdragsbekreftelsens forpliktelser;
(ii) tilfredsstillende utførelse av virksomhets-, finansiell og
juridisk due diligence av Glitnir Securities og Glitnir Securities’
rådgivere;

	 	(v) at all times keep Glitnir Securities fully informed of all
strategies, developments and discussions of relevance to the
Engagement and not take any action which may, indirectly or
directly, affect the Engagement, without prior consultation with
Glitnir Securities.
4 OFFERING OF SECURITIES. Any offering of securities shall be
subject to, among other things (in each case unless waived by
Glitnir Securities);
(i) compliance by the Company with its obligations under the
Engagement Letter;
(ii) satisfactory completion of business, financial and legal due
diligence by Glitnir Securities and Glitnir Securities’ advisors;
(iii) Glitnir Securities receiving statements of completeness and
indemnity in form and substance satisfactory to Glitnir Securities
from such persons within the Company as it deems necessary,
pertaining to the information provided by the Group to Glitnir
Securities, including, without limitation, information provided in
any financial and legal due-diligence and the information provided
in the marketing material published in connection with the
Transaction;
	(iii) Glitnir Securities mottar tilfredsstillende erklæringer om 

fullstendighet og skadesløshet fra slike personer i Selskapet som 

Glitnir anser nødvendig, vedrørende informasjon fremskaffet av 

Konsernet til Glitnir Securities, inkludert, men ikke begrenset

	 	(iv) in connection with a secondary sale of shares (“Share Sale”),
it is acknowledged that it is a precondition that the relevant
shareholders have undertaken (which the Company shall use its best
endeavors to procure):
	til, informasjon fremskaffet til eventuelle finansielle og
juridiske due diligencer og informasjon i presentasjons- og
markedsføringsmateriell publisert i forbindelse med Transaksjonen;
(iv) i forbindelse med et annenhåndssalg av aksjer (“Aksjesalget”)
er Selskapet innforstått med at det er en forutsetning at de
relevante aksjeeierne har påtatt seg å (som Selskapet skal gjøre
sitt beste for å fremskaffe):

	 	- to give Glitnir Securities customary representations and
warranties from the Company and its shareholders; and
	- gi Glitnir Securities vanlige inneståelser og garantier
fra Selskapet og dets aksjeeiere; og
- overføre aksjene som dekkes av Aksjesalget til en
blokkert VPS-konto som Glitnir Securities innehar (eller en
annen bank/finansinstitusjon oppgitt av Glitnir Securities)
innen datoen for Styrets godkjenning av prospektet eller
annet presentasjonsmateriell, samt aksjene som skal
overføres uten pant eller heftelser av noe slag; og
- ikke selge aksjer i Selskapet, inngå avtale om slikt salg
eller opsjon eller lignende instrument om å selge,
pantsette eller på annen måte overføre eller gjøre aksjer i
Selskapet tilgjengelig for en tredjepart, innenfor en
periode som Glitnir Securities krever, som samsvarer med
markedspraksis, etter at salgsprisen er fastsatt, bortsett
fra i de tilfeller som er beskrevet i prospektet eller
annet presentasjonsmateriell som brukes i forbindelse med
Transaksjonen, eller når Glitnir Securities gir skriftlig
samtykke på forhånd.
(v) adekvate skadesløshets- og force majeure-bestemmelser;
(vi) anskaffelse av ”comfort letters” fra Selskapets revisorer,
samt juridiske erklæringer (legal opinion), hvis relevant for
tilbudet, i en form som er tilfredsstillende for Glitnir
Securities; og
(vii) gjensidig akseptable parametere for tegningsstørrelse,

	 	- to transfer the shares covered by the Share Sale to a blocked
VPS account with Glitnir Securities (or another bank/financial
institution as instructed by Glitnir Securities) no later than the
date on which the board of the Company approves the prospectus or
other presentation material, such shares to be transferred without
encumbrances of any kind; and
- not to sell shares in the Company, enter into an agreement on
such sale or any option or similar instrument to sell, pledge or
otherwise transfer or dispose of shares in the Company to a third
party, within such a period as requested by Glitnir Securities,
given in accordance with market practises, after the sale price
has been determined, save in cases as described in the prospectus
or other presentation material used for the Transaction or when
Glitnir Securities gives its prior written consent.
(v) adequate indemnification and force majeure provisions;
(vi) the provision of comfort letters, from the auditors to the
Company, and legal opinions, if relevant for the offering, in form
and substance satisfactory to Glitnir Securities; and
(vii) mutually acceptable parameters for offering size, structure
and pricing.

Page 2 of 6

 

	 	 	 
	tegningsstruktur og pris.
Selskapet skal innhente skriftlig forhåndssamtykke fra Glitnir
dersom Selskapet ønsker å disponere beløpet fra Transaksjonen før
registrering av kapitalforhøyelsen i Foretaksregisteret.
Ingenting i dette Oppdraget skal forstås som et tilbud fra Glitnir
Group om noen form for finansiering eller garanti for fulltegning
av Transaksjonen.
5 KONFIDENSIALITET. Glitnir Securities skal behandle Informasjon
(slik det er definert nedenfor) som det har mottatt fra Konsernet,
som konfidensiell i henhold til betingelsene nedenfor.
”Informasjon” skal bety all ikke-offentlig informasjon om
Selskapets virksomhet og aktiviteter som Glitnir Securities får av
eller på vegne av Selskapet og Konsernet, fra og med datoen for
Oppdragsbekreftelsen, men skal ikke inkludere;
(i) Informasjon som var kjent for Glitnir Securities før datoen for
Oppdragsbekreftelsen;
(ii) Informasjon som er, eller heretter blir alminnelig
tilgjengelig for offentligheten, bortsett fra hvis denne blir
tilgjengelig som et resultat av Glitnir Securities’ brudd på
konfidensialitetsforpliktelsene etter Oppdragsbekreftelsen; eller
(iii) Informasjon innehentet av Glitnir Securities fra en
tredjepart.
Glitnir Securities skal uavhengig av det overnevnte ha rett til å
fremlegge Informasjon til sine agenter og/eller profesjonelle
Glitnir Group may include
rådgivere, i forbindelse med Oppdraget, forutsatt at slike agenter
og/eller rådgivere er gjort oppmerksomme på Informasjonens
konfidensialitet og forplikter seg til å overholde dette. Videre
skal Glitnir Group ha rett til å fremlegge eller kunngjøre
informasjon som påkrevd i henhold til lover, forskrifter,
rettskjennelser eller tilsynsorganer, eller i henhold til vedtak
truffet av forvaltningsorganer, lovpålagte krav eller forespørsler,
eller anses nødvendig av Glitnir Securities eller andre medlemmer
av Glitnir Group ved forberedelse av forsvar i eventuelle
rettssaker, forvaltningssaker eller etterforskning, og ellers for å
etterkomme Glitnir Groups lovpålagte forpliktelser.
Etter det tidspunktet da Selskapet offentlig har kunngjort sine
intensjoner om å delta i Transaksjonen, kan Glitnir Group inkludere
referanser til sin utvelgelse og rolle i markedsføringsøyemed
(inkludert, uten begrensning, plassering av annonser i aviser og
tidsskrifter), og kan i slike forbindelser gjøre bruk av Selskapets
og Konsernets navn og logo.
Børsnoterte selskaper, innsideinformasjon
Hvis Selskapet er notert på Oslo Børs, Oslo Axess eller eventuelle
andre regulerte markeder, erkjenner Glitnir Securities at i
forbindelse med Oppdragset, kan det være eller bli, underlagt
forpliktelser i forhold til “Innsideinformasjon” slik det er
definert i verdipapirhandelloven, og bekrefter at;
(i) Glitnir Securities skal føre lister over personer (utenfor
Selskapet og Selskapets andre rådgivere) som i forbindelse med
Oppdraget av Glitnir Securities gis tilgang til Innsideinformasjon
knyttet til Selskapet

	 	Any decision by the Company to use the proceeds from the
Transaction prior to registration of the share capital increase
with the Register of Business Enterprises, is subject to prior
written consent from Glitinr.
Nothing in this Engagement shall be construed as an offer by the
Glitnir Group of any financing or a commitment to underwrite any
offering.
5 CONFIDENTIALITY. Glitnir Securities will treat Information
(as defined below) provided to it by the Group as confidential
subject to the following terms. ”Information” shall mean any and
all non-public information concerning the business and affairs of
the Company that is provided to Glitnir Securities, by or on
behalf of the Company and the Group, on or after the date hereof,
but shall not include;
(i) Information which was already in the possession of Glitnir
Securities’ prior to the date hereof;
(ii) Information which is, or hereafter becomes, generally
available to the public other than as result of a disclos
ure by
Glitnir Securities in breach of the Engagement Letter; or
(iii) Information obtained by Glitnir Securities from a third
party.
Glitnir Securities shall notwithstanding the above be entitled to
disclose any Information to its agents and/or professional
advisers, for the purposes of the Engagement, provided that such
agents and/or advisers are made aware of the confidential nature
of the Information and agree to treat it as such. Further, the
Glitnir Group shall be entitled to make disclosures or
announcements required by any law, regulation or order of a court
or regulatory body, or pursuant to governmental action, regulatory
requirement or request, or necessary in the view of Glitnir
Securities or any other member of the Glitnir Group to seek to
establish any defence in any legal or regulatory proceeding or
investigation or otherwise to comply with its own regulatory
obligations.
After such time as the Company has publicly announced its
intention to engage in the Transaction,
reference to its appointment and role for public marketing
purposes (including, without limitation, the placement of
tombstone advertisements in newspapers and journals), and may in
such connection make use of the Company’s and the Group’s name and
logo.
Listed Companies, Inside information
If the Company is listed on Oslo Børs, Oslo Axess or any other
regulated market, Glitnir Securities acknowledges that in the
course of the Engagement, it may be, or become, subject to
obligations in relation to “Inside information” as defined in the
Norwegian Securities Trading Act, and confirms that;
(i) Glitnir Securities shall maintain its own list of persons
(outside of the Company and the Company’s other advisors) who in
connection with the Engagement are given access to Inside
information by Glitnir Securities, relating to the Company (the
"Glitnir Securities List”); and

Page 3 of 6

 

	 	 	 
	(“Glitnir Securities-listen”); og
(ii) ved forespørsel til Selskapet fra en relevant myndighet, skal
Glitnir Securities gi Selskapet en kopi av Glitnir
Securities-listen så snart som mulig etter Selskapets egen
skriftlige forespørsel om det samme til Glitnir Securities.
Selskapet forplikter seg til å informere Glitnir Securities når det
gir Glitnir Securities Informasjon Selskapet med rimelighet anser å
være Innsideinformasjon knyttet til Selskapet.
6 UTGIFTER. Selskapet godtar, ved forespørsel, å betale eller
refundere Glitnir Group for kostnader og utgifter som det pådrar
seg i forbindelse med Oppdraget (inkludert, uten begrensning, til
reise, kommunikasjons- og dokumentproduksjons-kostnader samt
honorarer og utlegg til eventuelle juridiske rådgivere,
regnskaps-/finansielle rådgivere og andre konsulenter), uavhengig
av om Oppdraget fullføres eller ikke. Glitnir Securities skal gi
Selskapet dokumentasjon som det er rimelig å be om i tilknytning
til disse utgiftene. Alle andre kostnader, betalinger og utgifter
for, eller som har påløpt eller er pådratt i forbindelse med dette
Oppdraget (inkludert betaling for juridisk bistand,
regnskapsbistand, andre honorarer til fagfolk og andre utgifter)
skal være gjort på vegne av, og skal betales av Selskapet. Glitnir
Securities skal ikke engasjere rådgivere uten å konsultere
Selskapet først.
7 BETALINGSBETINGELSER. Honorar som beskrevet i
Oppdragsbekreftelsen skal betales innen ti virkedager fra datoen på
den relevante fakturaen.
Alle honorarer, tilbakebetalinger av utgifter og andre beløp som
skal betales til Glitnir Securities, skal betales i norske kroner
(med mindre en annen valuta er avtalt) med tillegg av
merverdiavgift (dersom dette påløper) og andre gjeldende avgifter
eller skatter. Hvis Selskapet er forpliktet til å gjøre fradrag
eller holde tilbake eventuelle skatter, skal beløpet som skal
betales, samles opp i den grad det er nødvendig, for å sikre at,
etter fradrag eller tilbakeholdelse, det resterende beløpet som
skal betales, er uendret. Ingen betalinger som gjøres til
tredjeparter av Selskapet, skal redusere beløpet som skyldes av
Selskapet til Glitnir Securities. Selskapet har ikke rett til å
gjøre noen motregning eller lignende for honorarer, tilbakebetaling
av utgifter og andre beløp som skal betales av Selskapet, til
Glitnir Securities.
Glitnir Securities skal, hvis beløpet fra Transaksjonen blir
behandlet gjennom Glitnir Securities, ha rett til å trekke
Transaksjonsavgiften fra det nevnte beløpet, før overføring av
nettobeløpet til Selskapet.
Selskapet godtar, ved forespørsel, i den grad det er rimelig i
forhold til omfanget av Transaksjonen, å betale et beløp à konto
til Glitnir Securities som dekker Glitnir Securities’ utgifter.
Selskapet godtar at utgiftene fra eksterne konsulenter kan
faktureres direkte av slike konsulenter hvis Glitnir Securities
ønsker det. Hvis, ved undertegnelse av denne oppdragsbekreftelsen,
Selskapet er mer enn én privatperson eller juridisk enhet, vil
disse stå solidarisk ansvarlige for forpliktelsene som Glitnir
Securities har påtatt seg.

	 	(ii) following a request to the Company by a relevant regulator,
Glitnir Securities will provide the Company with a copy of the
Glitnir Securities List as soon as possible following the
Company’s own written request of same to Glitnir Securities. The
Company agrees to inform Glitnir Securities when it provides
Glitnir Securities with any Information which the Company
reasonably considers to be Inside information relating to the
Company.
6 EXPENSES. The Company agrees, upon request, to pay
or reimburse Glitnir Group for cost and expenses it incurs in
connection with the Engagement (including, without limitation,
travel, communication, document production expenses, and fees and
disbursements of any legal, accounting or other advisers), whether
or not the Engagement is completed. Glitnir Securities shall
provide the Company with any documentation reasonably requested to
support
 such expenses. All other costs, charges and expenses of,
or incidental to, or incurred in connection with, this Engagement
(including legal, accounting and other professional fees and
expenses which may be payable) shall be for the account of and
shall be paid by the Company. Glitnir Securities will not engage
advisers without prior consultation with the Company.
7 PAYMENT TERMS. The fees under the Engagement Letter
shall be paid within ten business days of the date of the relevant
invoice.
All fees, reimbursements of expenses and other sums payable to
Glitnir Securities are payable in Norwegian kroner (unless any
other currency is agreed) plus value-added tax (if applicable) and
other applicable charges or taxes. If the Company is obliged to
make any deduction or withholding on account of any tax of any
nature, the amount payable shall be grossed up to the extent
necessary to ensure that, after such deduction or withholding, the
amount otherwise payable remains unchanged. No payments made to
third parties by the Company shall reduce amounts owed by the
Company to Glitnir Securities. The Company is not entitled to make
any set-offs or similar with regard to the fees, reimbursements of
expenses and other sums payable by the Company to Glitnir
Securities.
Glitnir Securities shall, if the proceeds from the Transaction are
processed through Glitnir Securities, be entitled to deduct the
Transaction Fee from said proceeds, prior to transferring the net
proceeds to the Company.
The Company agrees, upon request, to the extent reasonable in
relation to the scope of the Transaction, to pay an amount on
account to Glitnir Securities to cover Glitnir Securities’
expenses. The Company agrees that expenses from external advisors
may be invoiced directly by such advisors if Glitnir so wishes.
If, on the signing of this engagement letter, the Company is more
than one natural or legal person, each person will be jointly and
severally liable for the obligations that are undertaken by
Glitnir Securities.

Page 4 of 6

 

	 	 	 
	8 OVERHOLDELSE. Selskapet skal overholde, samt sørge for at
Konsernet overholder, i forbindelse med Oppdraget, alle gjeldende
juridiske og lovmessige forskrifter, inkludert, men ikke begrenset
til, fra Oslo Børs og eventuelle andre relevante børser og
myndigheter.

	 	8 COMPLIANCE. The Company shall, and shall cause the
Group to, in connection with the Engagement, comply with all
applicable legal and regulatory provisions including, but not
limited to, those of Oslo Børs and any other applicable stock
exchange/regulator.
	9 ANSVARSBEGRENSNING. Selskapet godtar at verken Glitnir Securities
eller noe annet medlem av Glitnir Group (eller noen av dets
respektive eiere, styremedlemmer, ledere, ansatte, konsulenter og
agenter) skal være ansvarlig overfor Selskapet eller noen av dets
styremedlemmer, ledere, ansatte eller agenter for noe krav, tap,
skade, ansvar eller kostnad eller utgift som er påløpt Selskapet,
eller påløpt noen annen person på grunn av eller knyttet til
Oppdraget, med mindre dette skyldes grov uaktsomhet eller forsett
fra Glitnir Securities’ side. Glitnir Securities skal ikke under
noen omstendighet være ansvarlig for noe indirekte tap eller
konsekvenstap. Glitnir Securities’ ansvar i forhold til Selskapet
skal under alle omstendigheter være begrenset til honorarene som
Selskapet skal betale til Glitnir Securities under Oppdraget, slik
det er beskrevet i Oppdragsbekreftelsen.
10 SKADESLØSHOLDELSE. Selskapet godtar å holde skadesløs og
forsvare Glitnir Securities, Glitnir Group og respektive eiere,
styremedlemmer, ledere, ansatte, konsulenter og agenter (hver
enkelt en “Skadesløs Person”) fra og mot alle krav, handlinger,
saksanlegg, tap, skadeserstatning, forpliktelser, kostnader og
utgifter;
(i) i forbindelse med en eventuell uriktig kunngjøring eller
påstått uriktig kunngjøring av et faktum, eventuell vesentlig
utelatelse eller påstått utelatelse eller villedende kunngjøring i
en investorpresentasjon, prospekt eller annet presentasjons- eller
markedsføringsmateriale eller informasjon fremlagt eller publisert
av Konsernet i forbindelse med Oppdraget; eller
(ii) i forbindelse med Oppdraget eller noen annen sak eller
aktivitet som det refereres til eller som er tiltenkt i denne
Oppdragsbekreftelsen, eller i forbindelse med en eventuell mangel
på overholdelse av Konsernet av dets forpliktelser, ansvar eller
garantier i forbindelse med Oppdraget, som en Skadesløs Person kan
lide eller pådra seg i en rettkrets, og alle kostnader og utgifter
som den Skadesløse Personen pådrar seg, skal snarlig dekkes av
Konsernet på forespørsel, inkludert det som er påløpt i forbindelse
med gransking av, klargjøring av eller forsvar av, eventuelle
forestående eller varslede prosesser eller krav som dekkes av
betingelsene av denne skadesløsheten eller hendelser knyttet til
dette.
Under forutsetning av punkt (ii) ovenfor, skal det bare være unntak
fra slik skadesløshet for alle slike krav, tap, skadeserstatning,
forpliktelser, kostnader og utgifter i forbindelse med eller basert
hovedsakelig på en handling eller mangel på handling av Glitnir
Securities (annet enn en handling eller mangel på handling som er
forsøkt ved forespørsel eller med samtykke fra Selskapet) som
ansees som grov uaktsom eller forsettlig fra Glitnir Securities’
side.
11 INGEN TREDJEPARTSRETTIGHETER. Glitnir Securities er bare
engasjert av Selskapet, og Selskapets engasjement av Glitnir
Securities skal ikke anses å være på vegne av, og skal ikke
overføre rettigheter til noen eier av

	 	9 LIMITATION OF LIABILITY. The Company accepts that
neither Glitnir Securities nor any other member of the Glitnir
Group (nor any of its or their respective owners, directors,
officers, employees, consultants and agents) shall be liable to
the Company or any of its directors, officers, employees or agents
for any claim, loss, damage, liability, cost or expense suffered
by the Company or any such other person arising out of, or related
to, the Engagement, except if caused by gross or willful
negligence on the part of Glitnir Securities. Glitnir Securities
shall under no circumstances be liable for any indirect or
consequential losses. Glitnir Securities’ liability towards the
Company shall in all circumstances be limited to the fees due and
payable by the Company to Glitnir Securities under the Engagement
as set out in the Engagement Letter.
10 INDEMNIFICATION The Company accepts to indemnify, defend
and hold harmless Glitnir Securities, the Glitnir Group and their
re
spective owners, directors, officers, employees, consultants and
agents (each an “Indemnified Person”) from and against all claims,
actions, proceedings, demands, losses, damages, liabilities, costs
and expenses;
(i) arising out of or in connection with any untrue statement or
alleged untrue statement of a fact, any material omission or
alleged material omission or misleading statement contained in any
investor presentation, prospectus or other marketing material or
information disclosed or published by the Group in connection with
the Engagement; or
(ii) otherwise arising out of or in connection with the Engagement
or any other matter or activity referred to or contemplated by
this Engagement Letter or which arise out of any breach by the
Group of any of its obligations, duties or any warranties in
connection with the Engagement, which any Indemnified Person may
suffer or incur in any jurisdiction and all costs and expenses
incurred by any Indemnified Person shall be reimbursed by the
Group promptly on demand, including those incurred in connection
with the investigation of, preparation for or defence of, any
pending or threatened litigation or claim within the terms of this
indemnity or any matter incidental thereto.
Provided that in the case of clause (ii) above only, there shall
be excluded from such indemnification any such claims, losses,
damages, liability, costs or expenses that arise primarily out of
or are based primarily upon any action or failure to act by
Glitnir Securities (other than an action or failure to act
undertaken at the request or with the consent of the Company) that
constitutes gross or willful negligence on the part of Glitnir
Securities.
11 NO THIRD PARTY RIGHTS. Glitnir Securities has been
engaged by the Company only, and the Company’s engagement of
Glitnir Securities shall not be deemed to be on behalf of, and is
not intended to confer rights upon any owner

Page 5 of 6

 

	 	 	 
	Selskapet eller noen annen
person som ikke er part til denne avtalen. Råd (inkludert enhver
erklæring eller rapport) enten det er skriftlig eller muntlig fra
Glitnir Securities eller andre medlemmer av Glitnir Group til
Selskapet, kan bare bli brukt og stolt på av Selskapet og kan ikke
brukes eller bli stolt på av noen tredjepart og kan ikke fremlegges
noen tredjepart uten skriftlig samtykke fra Glitnir Securities
(annet enn Selskapets profesjonelle rådgivere, men slik at disse
heller ikke kan basere seg på slike råd).
12 INTERESSEKONFLIKTER. Selskapet er inneforstått med at Glitnir
Group er involvert i omfattende investeringsbank- og andre
bankaktiviteter (inkludert analyse-, emisjon-, verdipapirhandels-,
verdipapirmegling-, finansierings- og lånevirksomhet) der
interessekonflikter eller forpliktelser kan oppstå, og derfor kan
konflikter oppstå mellom Glitnir Securities’ forpliktelser i
forbindelse med Oppdraget og andre forpliktelser eller interesser
for Glitnir Securities og andre medlemmer av Glitnir Group.
13 UGYLDIGHET. Hver bestemmelse i Oppdragsbekreftelsen inkludert
Standardvilkår skal ansees å være av selvstendig gyldighet. Hvis en
av bestemmelsene er eller blir funnet å være ugyldig, ikke rettslig
gjennomførbar eller den bryter med gjeldende lov eller forskrift,
skal de resterende bestemmelsene bestå uforandret.
14 FULLSTENDIG AVTALE. Oppdragsbekreftelsen, inkludert disse
Standardvilkårene, beskriver hele avtalen og forståelsen mellom
Selskapet og Glitnir Securities i forbindelse med Oppdraget.
Eventuelle endringer heretter må avtales skriftlig.

	 	of the Company or any
other person not a party hereto. Advice (including any opinion or
report) whether written or oral made by Glitnir Securities or any
other member of the Glitnir Group to the Company may only be used
and relied upon by the Company and may not be used or relied upon
by any third party and may not be disclosed to any third party
without the prior written consent of Glitnir Securities (other
than the Company’s professional advisers who may place no reliance
on such advice).
12 CONFLICTS OF INTEREST. The Company acknowledges that the
Glitnir Group is involved in a wide range of investment banking
and other bank activities (including research, securities
issuance, trading, brokerage, financing and lending) from which
conflicting interests or duties may arise and therefore, conflicts
may arise between duties of Glitnir Securities under the
Engagement and other duties or interests of Glitnir Securities or
another member of the Glitnir Group.
13 SEVERABILITY. Each provision of the Engagement Letter
including the Terms and Conditions is severable and, if any
provision is or becomes invalid or unenforceable or contravenes
any applicable regulations or law, the remaining provisions shall
not be affected.
14 ENTIRE AGREEMENT. The Engagement Letter, including these
Terms and Conditions, sets out the entire agreement and
understanding between the Company and Glitnir Securities in
connection with the Engagement. Any subsequent changes hereto
shall be agreed upon in writing.

Page 6 of 6

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