Document:

Registration Rights Agreement

 Exhibit 10.8 
 Execution Copy 
 Registration Rights Agreement 
 This Registration Rights Agreement (“Agreement”) is entered into as of December 12, 2005 by and between Transmeridian Exploration
Incorporated, a Delaware corporation (the “Company”) and Kornerstone Investment Group Ltd. (the “Investor”). In order to induce the Investor to enter into that certain Purchase Agreement (herein so called) by and between
Transmeridian Exploration, Inc., a wholly-owned subsidiary of the Company, and the Investor dated of even date herewith, the Company has agreed to provide the registration rights set forth in this Agreement. The effectiveness of this Agreement is
conditioned upon the consummation of the closing of such Purchase Agreement. 
 NOW THEREFORE, for and in consideration of the mutual
covenants and conditions as set forth in the Purchase Agreement and in this Agreement, the parties hereto hereby agree as follows: 
 1) Registration
Rights 
 (a) Piggyback Registration Rights. In the event the Company intends to file a Registration Statement under the Securities Act
(other than on Form S-4 or Form S-8 or any successor form for the registration of securities issued or to be issued in connection with a merger or acquisition or employee benefit plan) covering the offer and sale of Common Stock by the Company or by
other selling shareholders, the Company shall give written notice thereof to the Investor, and the Company shall include in such registration such number of Registrable Securities for which it has received written requests from the Investor to
include within such Registration Statement within fifteen (15) days after the Company has sent written notice to such Investor. 
 (b)
Underwritten Offerings. If for any reason the Form S-3 Registration Statement under Subsection (a) above is to cover an Underwritten Offering, such Registrable Securities shall be included in the underwriting on the same terms and conditions as
the securities otherwise being sold through the underwriters. If in the good faith judgment of the managing underwriter in any Underwritten Offering, the inclusion of all of the shares of Registrable Securities and any other Common Stock requested
to be registered in such Underwritten Offering would interfere with the successful marketing of a smaller number of such shares, then the number of shares of Registrable Securities and other Common Stock to be included in the offering (except for
shares to be issued by the Company in an offering initiated by the Company) shall be reduced to such smaller number as the managing underwriter shall in its sole discretion determine. In this event, the reduction in participation by holders of
Registrable Securities shall occur on a pro rata basis with all other participating holders of securities to be registered under such Form S-3 Registration Statement or other Registration Statement (as applicable), except to the extent that certain
holders of other securities may have a contractual preference to participate. In such case, the Company and the managing underwriter shall use their reasonable best efforts to accommodate the selling desires of the holders of Registrable Securities
and the holders of other shares of Common Stock of the Company who possess such registration rights. Any shares for which the Company has received written request to register such shares and which are excluded from an underwritten public offering as
discussed above, shall be withheld from the market by 

  

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the holders thereof for a period of time, not to exceed 30 days prior to the effective date and 180 days thereafter, that the managing underwriter reasonably
determines is necessary in order to effect the underwritten public offering. 
 2) Termination 
 If the Investor participates in an offering but ultimately decides not to sell upon the effectiveness of the Registration Statement including such shares,
the obligations of the Company under this Registration Rights Agreement shall cease. In any event, this Registration Rights Agreement shall immediately terminate without further action on the part of the Company at such time as the securities that
have registration rights under this Agreement shall no longer be Transfer Restricted Securities. 
 3) Registration Procedures 
 If and whenever the Company is required to register Registrable Securities, the Company will use its reasonable best efforts to effect such registration
to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company will as expeditiously as possible: 
 (a) prepare and file with the SEC as soon as practicable a Form S-3 Registration Statement with respect to such Registrable Securities and use its best
efforts to cause such Registration Statement to become effective and remain effective until the Registrable Securities covered by such Registration Statement have been sold, provided, however, in no event shall the Company be required to maintain
the effectiveness of the Form S-3 Registration Statement for longer than one hundred eighty (180) days; 
 (b) prepare and file with the
SEC such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be reasonably requested by the Investor or any underwriter of Registrable Securities or as may be required by the rules,
regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such
Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus; 
 (c) deliver to the Investor and the underwriters, if any, without charge, as many copies of each Prospectus (and each preliminary prospectus) as such Persons may reasonably request (the Company hereby consenting to
the use of each such Prospectus (or preliminary prospectus) by the Investor and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus (or preliminary prospectus); and 

(d) register or qualify or cooperate with the Investor, the underwriters, if any, and their respective counsel in connection with the registration or
qualification of such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions as the Investor or underwriters may designate in writing and do anything else necessary or advisable to 

  

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enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided that the Company shall not be
required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to general service of process in any such jurisdiction where it is not then so subject. 
 Notwithstanding the undertakings in this Section 3, the Company may decline to file a Registration Statement after giving notice to any holder of
Registrable Securities as discussed in Section 1, or withdraw a Registration Statement after filing and after such notice, but prior to the effectiveness thereof, provided, that the Company shall promptly notify each holder in writing of any
such action and provided, further, that the Company shall bear all expenses which would otherwise have been charged to the holder in connection with such withdrawn Registration Statement. In taking such action, the Company shall have no liability to
the holders of Registrable Securities to the extent it did not have a contractual requirement to file such Registration Statement or obtain its effectiveness. 
 4) Registration Expenses 
 The Registration Expenses of all Registrations shall be borne by the Company, except that
(i) the fees and disbursements of any counsel to the selling security holders shall be paid by such holders if such security holders are unwilling to be represented by counsel to the Company, and (ii) the selling security holders shall pay
all underwriting discounts or commissions, any selling commissions and stock transfer taxes attributable to sales of Registrable Securities. 
 5)
Requirements for Participation in Underwritten Offerings 
 No person may participate in any Underwritten Offering pursuant to a
Registration initiated by the Company hereunder unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Company and (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements; provided, that the term of such underwriting arrangement in connection with the sale of
Registrable Securities shall be no less favorable than the terms afforded to any other holder of securities participating in the Underwritten Offering. 
 6)
Suspension of Sales 
 Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a
Misstatement, each Holder of Registrable Securities shall forthwith discontinue disposition of Registrable Securities until such Holder has received copies of a supplemented or amended Prospectus, or until such Holder is advised in writing by the
Company that the use of the Prospectus may be resumed, and, if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession,
of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. 
  

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 7) Miscellaneous 
 Any notice, demand or other communication which any party hereto may be required, or may elect, to give to anyone interested hereunder shall be sufficiently given if (a) deposited, postage prepaid, in a United
States mail letter box, registered or certified mail, return receipt requested, addressed to such address as may be given herein, or (b) delivered personally at such address. This Agreement may be executed through the use of separate signature
pages or in any number of counterparts, and each of such counterparts shall, for all purposes, constitute one agreement binding on all the parties, notwithstanding that all parties are not signatories to the same counterpart. Except as otherwise
provided herein, this Agreement shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and assigns. If the Investor is more than one person, the obligation of the
Investor shall be joint and several and the agreements, representations, warranties and acknowledgments herein contained shall be deemed to be made by and be binding upon each such person and its heirs, executors, administrators and successors. This
instrument contains the entire agreement of the parties, and there are no representations, covenants or other agreements except as stated or referred to herein. This Agreement is not transferable or assignable by the Investor. This Agreement shall
be governed by and construed in accordance with the laws of the State of Texas. 
 8) Definitions 
 Registration Expenses: Registration Expenses shall mean: 
 (1) all registration and filing fees (including fees with respect to filings required to be made with the Securities and Exchange Commission and the National Association of Securities Dealers, Inc.); 
 (2) fees and expenses of compliance with securities or blue sky laws (including fees and disbursements of counsel for the underwriters in connection with
blue sky qualifications of the Registrable Securities); 
 (3) printing, messenger, telephone and delivery expenses; 
 (4) fees and disbursements of counsel for the Company; and 
 (5) fees and disbursements of all independent certified public accountants of the Company incurred specifically in connection with such Registration. 
 Registration Expenses shall not include: (i) the fees and disbursements of any counsel to the selling security holders, which shall be paid by such
holders if such security holders are unwilling to be represented by counsel to the Company, and (ii) any underwriting discounts or commissions, any selling commissions and stock transfer taxes attributable to sales of Registrable Securities.

 Registrable Securities: (a) One Million (1,000,000) shares of Common Stock, $0.0006 

  

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par value, of the Company (the “TMI Stock”) issued to the Investor under the Purchase Agreement, and (b) any securities issued or issuable
with respect to such TMI Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however, that any such shares or securities shall be
deemed to be Registrable Securities only if and so long as it is a Transfer Restricted Security. 
 Registration Statement: Any other
form of registration statement that the Company determines, in its sole discretion to file, and in each case including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such
registration statement, and all exhibits to and all material incorporated by reference in such registration statement. 
 Securities
Act: The Securities Act of 1933, as from time to time amended. 
 SEC: The Securities and Exchange Commission. 
 Transfer Restricted Security: A security that has not been sold to or through a broker, dealer or underwriter in a public distribution or other
public securities transaction or sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Rule 144(k) promulgated thereunder (or any successor rule other than proposed Rule 144A). The
foregoing notwithstanding, a security shall remain a Transfer Restricted Security until (i) all stop transfer instructions or notations and restrictive legends with respect to such security are eligible to be removed and (ii) the Holder of
such security has received an opinion of counsel to the Company, to the effect that such shares in such Holder’s hands are freely transferable in any public or private transaction without registration under the Securities Act (or such Holder
has waived receipt of such opinion). 
 Underwritten Registration or Underwritten Offering: A registration in which securities
of the Company are sold to an underwriter for distribution to the public. 
  

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

			
	TRANSMERIDIAN EXPLORATION INCORPORATED
		
	By:	 	 /s/ Lorrie T. Olivier

		 	Lorrie T. Olivier
		 	President and CEO
	
	KORNERSTONE INVESTMENT GROUP LTD.
		
	By:	 	 /s/ Nurzhan S. Kurmanov

		 	Nurzhan S. Kurmanov
		 	President

  

 6Conditional Share Transfer Agreement

 Exhibit 10.9 
 Execution Copy 
 CONDITIONAL SHARE TRANSFER AGREEMENT 
 THIS CONDITIONAL SHARE TRANSFER AGREEMENT (this “Agreement”) dated as of January 3, 2006, is entered into among: 

JSC TuranAlem Securities, a joint stock company registered under the laws of Kazakhstan and holding broker-dealer license No. 0401200159,
as Securities Agent under the Securities Agency Agreement of even date, acting on behalf of The Bank of New York, as trustee under the Indenture described below (in such capacity, together with its successors and assigns in such capacity, the
“Securities Agent”), and 
 Transmeridian Exploration, Inc., a British Virgin Islands company
(“TME”), and Bramex Management, Inc., a British Virgin Islands company (Bramex, together with TME, the “Shareholders”). 
 RECITALS: 
 A. JSC Caspi Neft TME (“Caspi Neft”) is a Kazakhstan joint stock company
registered under the laws of the Republic of Kazakhstan, with an authorized Charter Capital of 50,000,000 tenge consisting of 50,000 common shares with a nominal value of 1,000 tenge per share, all of which shares are now issued and outstanding
(National Identification Number KZ1C41630019); of which 25,000 are legally and beneficially owned by TME and 25,000 are legally and beneficially owned by Bramex. 
 B. Visor Investment Solutions, a joint stock company registered under the laws of Kazakhstan and holding broker-dealer license No. 0401201058, shall act as nominee for the Shareholders and the Securities Agent pursuant to an
Agreement for Brokerage Services (Including Custody Services) of even date (in such capacity, together with its successors and assigns in such capacity, the “Nominee”). Nominee shall be instructed by the Parties to act
pursuant to this Agreement and the Nominee shall acknowledge in writing receipt hereof. 
 C. All of the shares of Caspi Neft owned by the
Shareholders are recorded in the share register maintained by JSC “Securities Registrar System”, License No. 20050017 of the National Companies and Securities Commission of the Republic of Kazakhstan (located at Republic of
Kazakhstan, Almaty, 75 Muratbayeva St.) in the name of the Nominee, and all such shares are fully paid and, subject to the encumbrance and pledge appearing in the records of the Nominee, are free of all other Encumbrances excepting only as may be
created by the Transaction Documents; 
 D. TME has issued its Senior Secured Notes due 2010 (the “Notes”) under an Indenture
dated as of December 12, 2005 (as heretofore and hereafter supplemented as amended, the “Indenture”) with The Bank of New York, as trustee thereunder (in such capacity, the “Trustee”) for the
benefit of the holders of the Notes, and the Notes, and all of TME’s obligations with respect thereto and otherwise under the Indenture are guaranteed by Bramex; 
  

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 E. As contemplated by the several purchase agreements with the initial purchasers of Notes, to secure the
obligations of TME and the guarantee of Bramex as described above and all other obligations of the Shareholders under the Transaction Documents (collectively, the “Obligations”), the Shareholders are required to enter into
this Agreement with the Securities Agent. 
 SECTION 1 
 INTERPRETATION 
 1.1 Definitions. 
 In this Agreement, unless something in the subject matter or context is inconsistent therewith, the following terms shall have the meanings set forth below: 
 “Business Day” means any day, other than a Saturday, Sunday or statutory holiday, on which the principal commercial banks located
in Almaty, in the Republic of Kazakhstan and New York, New York, are open for business during normal banking hours; 
 “Encumbrances” means any encumbrance, lien, charge, hypothec, pledge, mortgage, title retention agreement, security interest of any nature, adverse claim, exception, reservation, easement, right of occupation,
transfer “blockage” notice or any other matter capable of registration against title, option, right of pre-emption, privilege or any contract to create any of the foregoing; 
 “Losses” has the meaning given in Section 5.1 hereof; 
 “Parties” means the Securities Agent and the Shareholders, and “Party” means any of them; 
 “Person” includes any natural person, corporation, company, limited liability company, trust, joint venture, association,
incorporated organization, partnership, governmental authority or other entity; 
 “Sales Proceeds” means the
aggregate proceeds of any sale by or at the direction of the Securities Agent of Transferred Shares, net of any stamp or transfer taxes or statutory withholdings, customary brokerage commissions or similar fees and reasonable out-of-pocket expenses
of the Securities Agent incurred in connection with such sale; 
 “Securities” means: 
  

	 	(i)	equity securities of Caspi Neft, including common shares, together with all dividends accrued thereon; 

  

	 	(ii)	rights, warrants, options and other instruments issued by Caspi Neft which entitle the holder, either under all circumstances or under some circumstances, to acquire from Caspi Neft
equity securities of Caspi Neft; and 

  

	 	(iii)	instruments which are convertible or exchangeable, either under all circumstances or under some circumstances, into any of the foregoing; 

  

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 “Securities Agency Agreement” means the Securities Agency Agreement of even date
herewith among JSC TuranAlem Securities, the Trustee and TME. 
 “Share Transfer” has the meaning given in
Section 2.1 hereof; 
 “Shares” means the common shares of Caspi Neft owned by the Shareholders as described in
Recital A at the date hereof, and includes any additional Securities hereafter acquired by the Shareholders; 
 “Subsidiary” in relation to any Person or corporation, means any body corporate of which more than 50% of the outstanding shares carrying voting rights at all times are owned directly or indirectly by or for the
Person or corporation and/or by or for any body corporate in like relation to the Person nor corporation, provided that the ownership of such shares confers at all times the right to elect at least a majority of the board of directors of such body
corporate, and includes any body corporate in like relation to a Subsidiary; 
 “Termination Date” means the first to
occur of (i) the date upon which all Transferred Shares have been disposed of, or the ownership thereof re-transferred to the Shareholders pursuant to Section 2.2(b) hereof and (ii) the date that all Obligations (other than
indemnification obligations for which no claim has been made) have been paid or otherwise satisfied in full; 
 “Transaction
Documents” means the Notes, the Indenture, the Security Documents (as defined in the Indenture, of which this Agreement is one), each purchase agreement with each initial purchaser of the Notes and each and every other agreement,
contract or undertaking executed by Transmeridian Exploration Incorporated, either Shareholder or any other Subsidiary of Transmeridian Exploration Incorporated in connection therewith; 
 “Transfer Instructions” has the meaning given in Section 2.1 hereof; and 
 “Transferred Shares” means the Shares, after the occurrence of a share Transfer. 
 1.2 Extended Meanings. 
 In this Agreement, unless
something in the subject matter or context is inconsistent therewith: words importing the singular number shall include the plural and vice versa; words importing a gender shall include the masculine, feminine and neuter genders; and words importing
Persons shall include individuals, partnerships, corporations, associations, trusts, government agencies and any other form of organization or entity whatsoever. 
 1.3 Headings. 
 The division of this Agreement into Sections, sections and subsections and the insertion of headings are for
convenience of reference only and shall not affect the construction nor interpretation of this Agreement. The terms “this Agreement”, “hereof”, “hereunder” and similar expressions refer to this Agreement in its entirety
and not to any particular Section, section, 

  

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subsection, or other portion thereof and include any agreement supplemental hereto. Unless something in the subject matter or context is inconsistent
therewith, references herein to Sections, sections, subsections and Schedules are to Sections, sections and subsections and Schedules of this Agreement. 
 1.4 Business Days. 
 If any payment is required to be made or other action is required to be taken pursuant to this Agreement
on a day which is not a Business Day, then such payment or action shall be made or taken on the next Business Day. 
 SECTION 2

 TRANSFER AND DISPOSITION 
 2.1
Transfer of Shares. 
 Subject to the terms and conditions hereof, if (but only if) the Securities Agent shall be directed to do so in
writing by the Trustee pursuant to the Securities Agency Agreement, the Securities Agent shall deliver a written notice to the Nominee (a “Transfer Instruction”) instructing the Nominee to transfer on the Nominee’s books
and records ownership of the Shares to, or as otherwise directed by (in accordance with the Trustee’s instructions) the Securities Agent (a “Share Transfer”). Each Shareholder hereby authorizes, directs, requests and
instructs the Nominee to accept and comply with any such Transfer Instruction without any duty of further inquiry of the Shareholders. The Securities Agent hereby agrees that it will not effect any transfer of the Shares prior to the Termination
Date other than pursuant to a Transfer Instruction. 
 2.2 Disposition of Transferred Shares. 
  

	 	(a)	Following completion of a Share Transfer, the Securities Agent shall at the direction of the Trustee given pursuant to the Securities Agency Agreement sell the Transferred Shares
for cash or other consideration in one or more transactions pursuant to the written instructions of the Trustee and in a manner consistent with applicable law. Without the express written consent of the Trustee, the Securities Agent shall not sell
or otherwise transfer, or place or permit any Encumbrance on, the Transferred Shares. 

  

	 	(b)	All Sale Proceeds shall be remitted by the Securities Agent forthwith to the Trustee until the Trustee shall have received at its offices in New York, New York an aggregate amount
equal to all amounts certified by the Trustee as owed with respect to the Obligations. Upon receipt by the Securities Agent of a written certification from the Trustee that the Trustee has received Sale Proceeds from the sales of Transferred Shares
in accordance with this Agreement in an aggregate amount sufficient to have satisfied in full all of the Obligations, the Securities Agent shall (i) remit any remaining Sale Proceeds to the Shareholders, as they shall jointly direct and
(ii) if applicable, instruct the Nominee to transfer ownership of any remaining Shares to the Shareholders, as they shall jointly direct. 

  

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	 	(c)	If so directed in writing by the Trustee, the Securities Agent shall acquire Transferred Shares for the account of the Trustee, or its assigns, pursuant to the exercise of the
set-off rights provided for in Section 7(g). The Securities Agent shall not otherwise exercise such rights under this Agreement or otherwise arising in favor of the Securities Agent. 

 SECTION 3 
 TERM; REIMBURSEMENT OF
EXPENSES 
 3.1 Term. The term of this Agreement shall commence on the date hereof and shall terminate upon the Termination Date. 
 3.2 Reimbursement of Expenses. The Shareholders agree to reimburse the reasonable and necessary fees, expenses and other amounts incurred by the Securities Agent
under this Agreement (including the reasonable fees and expenses of the Securities Agent’s counsel), in addition to any other fees, expenses and other amounts payable that may arise under the Securities Agency Agreement. 
 SECTION 4 
 SECURITIES AGENT

 4.1 Duties of the Securities Agent. 
  

	 	(a)	The Securities Agent does not owe fiduciary duties to the Shareholders or any other Person in connection with the performance of its duties hereunder. At the expense of the
Shareholders, the Securities Agent may retain counsel and other experts, and may rely conclusively on the advice of such counsel and other experts. 

  

	 	(b)	Beyond the exercise of reasonable care in the custody thereof, the Securities Agent shall have no duty as to any Transferred Shares in its possession or control or in the possession
or control of the Nominee or any other nominee, agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto. The Securities Agent shall be deemed to have exercised reasonable
care in the custody of the Transferred Shares in its possession or control if the Transferred Shares are accorded treatment substantially equal to that which it accords its other property and shall not be liable or responsible for any loss or
diminution in the value of any of the Transferred Shares. 

  

	 	(c)	If so instructed by the Trustee under the Securities Agency Agreement, the Securities Agent will have the right to appoint a Person who will be in charge of exercising the rights
derived from or related to the Transferred Shares under this Agreement or that may be applicable to their disposition, in which case, the Securities Agent may grant the necessary powers of attorney. In the event the Securities Agent desires to make
such an appointment, the Securities Agent shall give prior written notice of such appointment to the Trustee and the Shareholders. The Trustee shall have no liability for the negligence or willful misconduct of either the Securities Agent or such
other Person appointed hereunder. 

  

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 4.2 Responsibilities of Securities Agent. The obligations of the Securities Agent under this Agreement shall be
to: 
  

	 	(a)	duly execute and deliver and act as securities agent, custodian or beneficiary under this Agreement on behalf of the Trustee under the Indenture as requested by the Trustee in
writing pursuant to the Securities Agency Agreement; 

  

	 	(b)	take such action as requested by written instructions of the Trustee under the Securities Agency Agreement in a manner consistent with applicable law. In this regard, the Securities
Agent shall be entitled to rely and act upon, and shall be fully protected in relying and acting upon, any note, writing, resolution, notice consent, certificate, request, demand, direction, instruction, waiver, receipt, agreement, affidavit,
letter, statement, order or written document or written communication from the Trustee reasonably believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal
counsel and other experts retained or employed by the Securities Agent in its reasonable discretion; 

  

	 	(c)	The Securities Agent shall have no obligation whatsoever either prior to or after receiving any such written notice or certificate to inquire whether an Event of Default (as defined
in the Indenture) has in fact occurred and shall be entitled to rely conclusively, and shall be fully protected in so relying, on any notice or certificate so furnished to it by the Trustee; 

  

	 	(d)	remit according to the written instructions of the Trustee any Sale Proceeds recovered from disposition of the Transferred Shares pursuant to Section 2.2(a) in a manner
consistent with applicable law; and 

  

	 	(e)	take such other actions reasonably requested pursuant to the Securities Agency Agreement by the Trustee in accordance with this Agreement. 

 Except as otherwise expressly set forth in this Agreement, (i) the Securities Agent shall not take any action with respect to the Shares, except pursuant to the
written instructions of the Trustee, and (ii) the Nominee shall not take any action with respect to the Shares, except pursuant to a Transfer Instruction from the Securities Agent. 
 4.3 Securities Agent’s Individual Capacity. 
 The Securities Agent or any affiliate thereof may
accept deposits from, lend money to, and generally engage in any kind of banking, trust or other business with Caspi Neft or the Shareholders or any of their affiliates or respective Subsidiaries as if it were not performing the duties specified
herein, and may accept fees and other consideration from the Shareholders for services in connection with this Agreement and otherwise without having to account for the same to the Trustee or to the holders of Notes from time to time. 
  

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 4.4 Limitation of Responsibility. 
  

	 	(a)	The Securities Agent will not be liable for any facts, acts or omissions of the parties on the Transaction Documents or third parties that may prevent the Securities Agent to
complying with its obligations and duties under this Agreement. 

  

	 	(b)	The Securities Agent shall not have any implied liability or obligation under this Agreement or the Transaction Documents with respect to obligations that are not expressly provided
herein or therein. 

  

	 	(c)	The Parties agree that the Securities Agent shall not be liable for any act or omission, including without limitation, the failure to deliver any notice in accordance with this
Agreement, to be performed by any other party hereto or any third party (including the Trustee) that may result in a failure to comply with the Securities Agent’s obligations. 

  

	 	(d)	The Securities Agent shall not be liable for any act performed in good faith and in accordance with the written instructions delivered by the Trustee to the Securities Agent
pursuant to the Securities Agency Agreement. 

  

	 	(e)	Notwithstanding any other limitation to the Securities Agent’s liability under this Agreement, the Parties agree that the Securities Agent shall not be liable for, and shall
not have any obligation to verify or investigate: 

  

	 	(i)	any representation or warranty made by the Parties in this Agreement or any other document related to this Agreement, including but not limited to the Transaction Documents;

  

	 	(ii)	the content of any certificate, report or any other document delivered by any Party or any other third party, including the Trustee; and 

  

	 	(iii)	the fulfillment by each of the Shareholders of its obligations under this Agreement or any agreement related to this Agreement, including but not limited to the Transaction
Documents. 

  

	 	(f)	Without limiting the above and notwithstanding any provision to the contrary in any other Transaction Document, the Securities Agent and its officers, representatives, employees and
agents: 

  

	 	(i)	shall not have any liability or obligation hereunder other than those expressly provided in this Agreement, and the Securities Agent shall not have any implied liability or
obligation hereunder; 

  

	 	(ii)	 at any time, upon determination by the Securities Agent after consultation with legal counsel that it is prohibited by applicable law to perform or refrain from
performing an act or requirement set forth herein, the Securities Agent may postpone or refrain from performing such act until 

  

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the Securities Agent has received legal advice from counsel or other evidence reasonably satisfactory to the Securities Agent that such act (or omission to
act) is not prohibited by applicable law; 

  

	 	(iii)	may, at its own election, seek advice from any legal or any other kind of advisor (provided that Securities Agent shall not retain financial advisors unless directed to do so by the
Trustee in writing); 

  

	 	(iv)	shall not have any liability whatsoever to determine or investigate the fulfillment or compliance by any of the Parties of the terms, conditions and obligations under this Agreement
or any other agreement they are part of; 

  

	 	(v)	shall not incur in any liability whatsoever for any delay, cancellation or modification of any notice, consent, certificate, representation, communication, copy or any other
communication not delivered to the Securities Agent; and 

  

	 	(vi)	shall not be deemed to have knowledge of any fact or circumstance, unless the Securities Agent has received a written notice in the domicile and to the attention of the individual
appointed (or that will be appointed) for such purposes in accordance with this Agreement. 

 SECTION 5 
 INDEMNIFICATION; DISCLAIMERS, ETC. 
 5.1
Shareholders’ Indemnification Obligations. The Shareholders shall be liable for and shall reimburse and indemnify the Securities Agent and hold the Securities Agent harmless from and against any and all claims, losses, liabilities, costs,
damages or expenses (including reasonable attorney’s fees and expenses) (collectively, “Losses”) arising from or in connection with or related to this Agreement or being Securities Agent hereunder (including but not
limited to Losses incurred by the Securities Agent in connection with its successful defense, in whole or in part, of any claim of willful misconduct or negligence on its part); provided, however, that the Securities Agent shall not be indemnified
for Losses caused by its own willful misconduct or negligence. 
  

	 	(a)	No provision of this Agreement, the Securities Agency Agreement or any other the Transaction Document shall require the Securities Agent to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder or under the other Transaction Documents or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

  

	 	(b)	 The Securities Agent shall have no liability (whether sounding in tort, contract or otherwise) for Losses in connection with, arising out of, or in any way related
to, performance by the Securities Agent under this Agreement, or any act, omission or event occurring in connection therewith, unless it is determined by a final and 

  

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nonappealable judgment of a court of the competent jurisdiction that is binding on the Securities Agent that such Losses were the result of acts or omissions
on the part of the Securities Agent constituting willful misconduct or negligence. 

  

	 	(c)	The Securities Agent shall be reimbursed and indemnified by the Shareholders (whether by way of payment in advance or otherwise) against all Losses and other costs, claims, expenses
(including legal fees) and liabilities, including any transfer, stamp, documentary or similar taxes in connection with any Share Transfer, that the Securities Agent will or may expend or incur in carrying out any instructions from the Trustee to act
hereunder given in accordance with the Securities Agency Agreement, or in taking any legal action or commencing any legal proceedings or other steps to enforce or realize upon any rights or remedies of the Trustee under the Securities Agency
Agreement. 

 SECTION 6 
 ILLEGALITY; NO INCONSISTENCY 
 Nothing in this Agreement or the Transaction Documents shall require
the Securities Agent to take any action which is in violation of or prohibited by (i) applicable laws or (ii) the Securities Agency Agreement. 
 SECTION 7 
 MISCELLANEOUS PROVISIONS 
  

	 	(a)	Notices. All notices, approvals, comments or other communications required or desired to be given hereunder shall be in writing and delivered in person or mailed by certified
mail or courier, postage prepaid, addressed as follows, or by facsimile transmission, and shall be deemed given when received: 

 If to the Securities Agent: 
 TuranAlems Securities JSC 
 281 Khusainov Street 
 Almaty 050060 
 Attention: Laura Likerova, Managing Director 
 Fax: +7-3272-991025 
 If to the Shareholders: 
 c/o Transmeridian Exploration Incorporated 
 397 N. Sam Houston Parkway East, Suite 300 
 Houston, Texas 77060 
 Attention: Earl W. McNeil 
 Fax: (281) 999-9094 
  

	 	(b)	 Severability. The provisions of this Agreement are severable, and if any clause or provision shall be held invalid, illegal or unenforceable in whole or in
part in any jurisdiction, then such invalidity or unenforceability shall affect in that 

  

 -9- 

	 	 
jurisdiction only such clause or provision, or part thereof, and shall not in any manner affect such clause or provision in any other jurisdiction or any
other clause or provision of this Agreement in any jurisdiction. 

  

	 	(c)	Amendments. This Agreement may be changed, waived, discharged or terminated only by an instrument in writing signed by all of the Parties and consented to by the Trustee in
writing. 

  

	 	(d)	Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the Republic of Kazakhstan. The Parties agree that any suit for the
enforcement of this Agreement may be brought in the courts of the Republic of Kazakhstan court sitting therein and consent to the nonexclusive jurisdiction of such court. 

  

	 	(e)	Dispute Resolution 

  

	 	(i)	The Parties shall make attempts to settle disputes hereunder amicably through good faith negotiations within thirty (30) days from the moment of submission of a written notice
about such dispute by one Party to the other Party. If such negotiations are not successful a dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination or invalidity hereof, shall be settled by
arbitration. 

  

	 	(ii)	Each of the Parties hereby irrevocably agrees that, if any dispute, claim or disagreement arises from or in connection with this Agreement (or any supplement, modification or
addition thereto, including as to the terms or conditions of the execution, breach, termination or invalidity hereof or thereof) (together, Disputes) and the negotiations referred to in Clause (i) are not successful, such Dispute shall be
submitted to arbitration. Disputes submitted to arbitration shall be conducted in English and be resolved by arbitration in London by the Arbitration Court of the International Chamber of Commerce (the Arbitration Court) in accordance with the rules
of the Arbitration Court, which rules are deemed to be incorporated by reference into this Clause. The tribunal shall consist of three arbitrators, one appointed by each of the Parties with the third being agreed between the first two arbitrators
but, in the absence of agreement between them, shall be appointed by the Arbitration Court. All decisions of the Arbitration Court shall be binding on the Parties and the Dispute shall be considered finally settled under the rule of the Arbitration
Court by the said arbitrators. 

  

	 	(f)	Further Assurances. Each of the Parties hereto shall from time to time execute and deliver all such further documents and instruments and do all acts and things as the other
Party may, either before or after any Share Transfer, as may be reasonably required to effectively carry out or better evidence or perfect the full intent and meaning of this Agreement. 

  

 -10- 

	 	(g)	Assignment. This Agreement may not be assigned by any Party without the prior written consent of the other Parties and the Trustee. If such consent is granted, such consent
will not in any way release or relieve the assigning Party of any of its obligations hereunder. This Agreement shall enure to the benefit of and, except as otherwise provided herein, be binding upon the respective heirs, executors, administrators,
successors and permitted assigns of the Parties. 

  

	 	(h)	No Restrictions on Set-Off. Nothing in this Agreement shall restrict the right of the Securities Agent to exercise on behalf of the Trustee any right of set-off against any
Shareholder that may exist in favor of the Trustee or the Securities Agent, under this Agreement or any other Transaction Document, by operation of law or otherwise; provided, however, that the right of set-off is exercised in respect of an
Obligation arising under a Transaction Document and is exercised for the benefit of, and only at the express written direction of, the Trustee, or its assigns. 

  

	 	(i)	Counterparts and Facsimiles. The Parties agree that this Agreement may be signed in counterparts at different times and in different places without the Parties being in each
other’s presence, each of which so executed shall be deemed to be an original and such counterparts together shall be but one and the same instrument. A copy of this Agreement executed by any Party and transmitted by facsimile shall be binding
upon the Parties in the same manner as an original executed and delivered in person. 

 [signature page follows]

  

 -11- 

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

			
	 JSC TURANALEM SECURITIES,
 as the
Securities Agent

		
	By:	 	 /s/ Kairat K. Bektanov

	Name:	 	Kairat K. Bektanov
	Title:	 	Director
	
	 TRANSMERIDIAN EXPLORATION, INC.,
 as a
Shareholder

		
	By:	 	 /s/ Earl W. McNiel

	Name:	 	Earl W. McNiel
	Title:	 	Vice President
	
	 BRAMEX MANAGEMENT, INC.,
 as a
Shareholder

		
	By:	 	 /s/ Earl W. McNiel

	Name:	 	Earl W. McNiel
	Title:	 	Vice President

  

 -12-

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