Document:

Registration Rights Agreement

 Exhibit 4.1 
 Execution Version 
 370,000 Shares 
 TRANSMERIDIAN EXPLORATION INCORPORATED 
 15% Senior Redeemable Convertible
Preferred Stock 
 REGISTRATION RIGHTS AGREEMENT 
 December 1, 2006 
 JEFFERIES & COMPANY, INC.

 520 Madison Avenue 
 New York, New York 10022 
 Ladies and Gentlemen: 
 Transmeridian Exploration
Incorporated, a Delaware corporation (the “Company”), proposes to issue and sell to Jefferies & Company, Inc. (the “Initial Purchaser”), upon the terms set forth in a purchase agreement, dated
November 28, 2006 (the “Purchase Agreement”), 370,000 shares of its 15% Senior Redeemable Convertible Preferred Stock, par value $0.0006 per share (liquidation preference $100 per share) (the “Convertible Preferred
Stock”). The Convertible Preferred Stock will be convertible into shares of Common Stock, par value $0.0006 per share, of the Company (the “Common Stock”) at the conversion price set forth in the Offering Memorandum, dated
November 28, 2006 (the “Offering Memorandum”), subject to adjustment in accordance with the Certificate of Designations governing the Convertible Preferred Stock (the “Certificate of Designations”). The
Convertible Preferred Stock and the Common Stock issuable upon conversion of any shares of the Convertible Preferred Stock and any shares of Convertible Preferred Stock or Common Stock issued in lieu of cash dividends on the Convertible Preferred
Stock are collectively referred to as “Securities” and each is referred to singularly as a “Security.” As an inducement to the Initial Purchaser to enter into the Purchase Agreement, the Company agreed with the
Initial Purchaser, for the benefit of the Initial Purchaser and the holders of the Securities, including the holders who purchased Securities in the concurrent private placement of 70,000 shares of the Convertible Preferred Stock (collectively the
“Holders”), as follows: 
 1. Shelf Registration. So long as any Transfer Restricted Security (as defined below)
exists, the Company shall take the following actions: 
 (a) The Company shall, within 60 days after the date on which the
Initial Purchaser purchases the Convertible Preferred Stock pursuant to the Purchase Agreement (the “Closing Date”), file with the Securities and Exchange Commission (the “Commission”), and thereafter use its
reasonable best efforts to cause to be declared effective within 150 days after the Closing Date, a registration statement (together with all documents incorporated by reference or deemed incorporated by reference therein, the “Shelf
Registration Statement”) on an appropriate form under the Securities Act of 1933 (as amended, the “Securities Act”) relating to the offer and sale of the Transfer Restricted Securities by the Holders thereof from time to
time in accordance with the methods of distribution designated by the Holders and set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the “Shelf Registration”); provided, however, that
no Holder (other than the Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all the provisions of this Agreement applicable to such
Holder. If the Company shall file a post-effective amendment to the Shelf Registration Statement, it shall use its reasonable best efforts to cause such post-effective amendment to be declared effective as promptly as practicable, but in any event
within 30 days after the date such post-effective amendment is filed. “Transfer Restricted Securities” means each Security until (i) the date on which such Security has been effectively registered under the Securities Act and
disposed of pursuant to the Shelf Registration Statement or (ii) the date on which such Security is distributed to the public pursuant to Rule 144 under the Securities Act or is saleable pursuant to Rule 144(k) under the Securities Act.

  

 (b) The Company shall use its reasonable best efforts to keep the Shelf Registration
Statement continuously effective, in order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, until such time as all of the Securities covered by the Shelf Registration Statement
(i) have been sold in the manner provided for therein and pursuant thereto, (ii) are eligible to be sold under Rule 144(k) under the Securities Act (or any successor rule thereof), assuming for this purpose that the Holders thereof
are not affiliates of the Company or (iii) cease to be outstanding (in any such case, such period being called the “Shelf Registration Period”). The Company shall be deemed not to have used its reasonable best efforts to keep
the Shelf Registration Statement effective during the Shelf Registration Period if it voluntarily takes any action that would result in Holders of Securities covered thereby not being able to offer and sell such Securities during that period, unless
such action is required by applicable law. 
 (c) Notwithstanding any other provisions of this Agreement to the contrary, the
Company shall cause the Shelf Registration Statement and the related prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply in all material
respects with the applicable requirements of the Securities Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, the Company shall have no such obligations or liabilities with respect to any written information
pertaining to any Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein. 
 2.
Registration Procedures. In connection with the Shelf Registration contemplated by Section 1 hereof, the following provisions shall apply so long as any Transfer Restricted Security exists: 
 (a) The Company shall (i), if requested by the Initial Purchaser, furnish, without charge, to the Initial Purchaser, prior to the filing
thereof with the Commission, a copy of the Shelf Registration Statement and each amendment thereof and each supplement, if any, to the prospectus included therein and, in the event that the Initial Purchaser (with respect to any portion of an unsold
allotment from the original offering) is participating in the Shelf Registration Statement, the Company shall use its best efforts to reflect in each such document, when so filed with the Commission, such comments as the Initial Purchaser reasonably
may propose, (ii) include in each such document the names of the Holders who have delivered written notice, and a duly completed selling stockholder questionnaire in the form attached as Annex A to the Offering Memorandum (a
“Questionnaire”) to the Company at least five business days prior to the date that the Shelf Registration Statement is first declared effective, that they propose to include Transfer Restricted Securities in the Shelf Registration
Statement as selling securityholders and (iii) file pursuant to Rule 424(b) under the Securities Act a supplement to the prospectus contained in the Shelf Registration Statement or, if required, file a post-effective amendment to the Shelf
Registration Statement, in each case, to cover new Holders of Securities upon at least seven business days prior written notice by such new Holders to such effect and the delivery by such new Holder of duly completed Questionnaires. 
 (b) The Company shall give written notice to the Initial Purchaser and, through the Company’s transfer agent and registrar for the
Convertible Preferred Stock and Common Stock, to the Holders of the Securities and the Holders of Transfer Restricted Securities included within the coverage of the Shelf Registration Statement (which notice pursuant to clauses (ii)-(v) hereof
shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 
 (i) when the Shelf Registration Statement or any amendment thereto has been filed with the Commission and when the Shelf Registration Statement or any post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission for amendments or supplements to the Shelf Registration Statement or the prospectus included therein
or for additional information; 
 (iii) of the issuance by the Commission of any stop order suspending the effectiveness of
the Shelf Registration Statement or the initiation of any proceedings for that purpose; 
  

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 (iv) of the receipt by the Company or its legal counsel of any notification with respect
to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 
 (v) of the happening of any event that requires the Company to make changes in the Shelf Registration Statement or the prospectus in order
that the Shelf Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading. 
 (c) The Company shall make every reasonable effort to obtain the withdrawal at
the earliest possible time, of any order suspending the effectiveness of the Shelf Registration Statement. 
 (d) The Company
shall furnish to each Holder of Transfer Restricted Securities included within the coverage of the Shelf Registration Statement, without charge, if the Holder so requests in writing, at least one copy of the Shelf Registration Statement and any
post-effective amendment thereto, including, but only if expressly requested by such Holder, financial statements and schedules and all exhibits thereto (including those, if any, incorporated by reference). 
 (e) The Company shall, during the Shelf Registration Period, deliver to each Holder of Transfer Restricted Securities included within the
coverage of the Shelf Registration Statement, without charge, as many copies of the prospectus (including each preliminary prospectus, if any) included in the Shelf Registration Statement and any amendment or supplement thereto as such person may
reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Transfer
Restricted Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 
 (f) Prior to any public offering of the Securities pursuant to the Shelf Registration Statement, the Company shall register, or qualify or cooperate with the Holders of the Transfer Restricted Securities included
therein and their respective counsel in connection with the registration or qualification of, the Securities for offer and sale under the securities or “blue sky” laws of such states of the United States as any Holder reasonably requests
in writing and do any and all other acts or things necessary or advisable to enable the offer and sale in such jurisdictions of the Securities covered by the Shelf Registration Statement; provided, however, that the Company shall not be required to
(i) qualify generally to do business in any jurisdiction where it is not then so qualified or (ii) take any action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so subject.

 (g) The Company shall cooperate with the Holders of the Transfer Restricted Securities to facilitate the timely preparation
and delivery of certificates representing the Securities to be sold pursuant to the Shelf Registration Statement free of any restrictive legends and in such denominations and registered in such names as the Holders may request a reasonable period of
time prior to sales of the Securities pursuant to the Shelf Registration Statement, except in such cases where such Transfer Restricted Securities are required to be issued only in book-entry form pursuant to the terms of the Certificate of
Designations. 
 (h) Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of
Section 2(b) above during the Shelf Registration Period, the Company shall promptly prepare and file a post-effective amendment to the Shelf Registration Statement or a supplement to the related prospectus and any other required document so
that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Initial Purchaser or the Holders of Transfer Restricted Securities included within the coverage of the Shelf Registration
Statement to suspend the use of the prospectus as a result of any of the events described in paragraphs (ii) through (v) of Section 2(b) above or as a result of the filing of any post-effective amendment pursuant to
Section 2(a)(iii), until the requisite changes to the prospectus have been made or the post-effective amendment has become effective, as the case may be, the Initial Purchaser and the Holders shall suspend use of such prospectus. 
  

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 (i) [reserved] 
 (j) The Company will comply with all rules and regulations of the Commission to the extent and so long as they are applicable to the Shelf
Registration and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of Section 11(a) of the Securities Act, no
later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Shelf Registration Statement,
which statement shall cover such 12-month period. 
 (k) The Company may require each Holder of Securities to be sold pursuant
to the Shelf Registration Statement to furnish to the Company, pursuant to the Questionnaire or otherwise, such information regarding the Holder and the distribution of the Securities as the Company may from time to time reasonably require for
inclusion in the Shelf Registration Statement, and the Company may exclude from such registration the Securities of any Holder that fails to furnish such information within the applicable time period specified in Section 2(a) above. 

(l) The Company shall enter into such customary agreements and take all such other action, if any, as any Holder of the Securities
shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. 
 (m)
In the case of any Shelf Registration, the Company shall (i) make reasonably available for inspection by the Holders of the Securities, any underwriter participating in any disposition pursuant to the Shelf Registration Statement and any
attorney, accountant or other agent retained by the Holders of the Securities or any such underwriter all relevant financial and other records, pertinent corporate documents and properties of the Company and (ii) cause the Company’s
officers, directors, employees, accountants and auditors to supply all relevant information reasonably requested by the Holders of the Securities or any such underwriter, attorney, accountant or agent in connection with the Shelf Registration
Statement, in each case, as shall be reasonably necessary to enable such persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that the foregoing inspection and information
gathering shall be coordinated on behalf of the Initial Purchaser by you and on behalf of the other parties, by one counsel designated by and on behalf of such other parties as described in Section 3 hereof. 
 (n) In the case of any Shelf Registration, the Company, if requested by any Holder of Securities covered thereby in connection with an
underwritten offering of the Securities pursuant to the Shelf Registration Statement, shall cause (i) its counsel (which may include the Company’s general counsel and/or the Company’s outside counsel) to deliver an opinion or opinions
and updates thereto relating to the Securities in customary form addressed to the Managing Underwriters (as defined in Section 7) thereof and dated, in the case of the initial opinion, the effective date of such Shelf Registration Statement (it
being agreed that the matters to be covered by such opinion shall include, without limitation, the due incorporation and good standing of the Company and its subsidiaries; the qualification of the Company and its subsidiaries to transact business as
foreign corporations; the due authorization, execution and delivery of the relevant agreement of the type referred to in Section 7 hereof; the due authorization, execution, authentication and issuance, and the validity and enforceability, of
the applicable Securities; the absence of material legal or governmental proceedings involving the Company and its subsidiaries; the absence of governmental approvals required to be obtained in connection with the Shelf Registration Statement, the
offering and sale of the applicable Securities, or any agreement of the type referred to in Section 7 hereof; the compliance as to form of such Shelf Registration Statement and any documents incorporated by reference therein with the
requirements of the Securities Act; and, as of the date of the opinion and as of the effective date of the Shelf Registration Statement or most recent post-effective amendment thereto, as the case may be, the absence from such Shelf Registration
Statement and the prospectus included therein, as then amended or supplemented, and from any documents incorporated by reference therein of an untrue statement of a material fact or the omission to state therein a material fact required to be stated
therein or necessary 
  

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 to make the statements therein not misleading (in the case of any such documents, in the light of the
circumstances existing at the time that such documents were filed with the Commission under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”)); (ii) its officers to execute and deliver all customary
documents and certificates and updates thereof requested by any underwriters of the applicable Securities and (iii) its independent public accountants to provide to the underwriter(s) of the applicable Securities a comfort letter in customary
form and covering matters of the type customarily covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of Auditing
Standards No. 72. 
 (o) The Company shall use its reasonable best efforts to cause the Common Stock included in such
Shelf Registration Statement to be, upon resale thereunder, listed on each U.S. securities exchange, if any, on which any shares of Common Stock are then listed. 
 (p) The Company shall use its reasonable best efforts to take all other steps necessary to effect the registration of the Transfer
Restricted Securities covered by the Shelf Registration Statement contemplated hereby. 
 3. Registration Expenses. 
 (a) All fees and expenses incident to the Company’s performance of and compliance with this Agreement will be borne by the Company,
regardless of whether the Shelf Registration Statement is ever filed or becomes effective, including without limitation: 
 (i) all registration and filing fees and expenses; 
 (ii) all fees and expenses of compliance with federal
securities and state “blue sky” or securities laws; 
 (iii) all expenses of printing (including printing
certificates and printing of prospectuses), messenger and delivery services and telephone usage; 
 (iv) all fees and
disbursements of counsel for the Company; 
 (v) all application and filing fees in connection with listing on a national
securities exchange or automated quotation system pursuant to the requirements hereof; and 
 (vi) all fees and disbursements
of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance); 
 provided that, notwithstanding any provision of this Agreement to the contrary , in no event shall the Company bear or be responsible for the payment or reimbursement of underwriting discounts, commissions or similar
compensation in connection with an underwritten offering of the Securities. 
 The Company will bear its internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any person, including special experts, retained by the Company. 
 (b) In connection with the Shelf Registration Statement, the Company will reimburse the Initial Purchaser and the Holders of Transfer
Restricted Securities who are selling or reselling Securities pursuant to the “Plan of Distribution” section contained in the Shelf Registration Statement for the reasonable fees and disbursements, which shall not exceed $15,000, of not
more than one counsel, who shall be a nationally recognized firm experienced in securities laws matters that is chosen by the Holders of a majority in number of shares of the Transfer Restricted Securities for whose benefit such Registration
Statement is being prepared or, if the Holders do not so choose, the Initial Purchaser. 
  

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 4. Indemnification. 
 (a) The Company agrees to indemnify and hold harmless each Holder and each person, if any, who controls any such Holder within the meaning
of the Securities Act or the Exchange Act and the respective officers, directors, partners, employees, representatives and agents of any Holder (including any predecessor holder) or any controlling person of a Holder (each Holder and such persons
are referred to as an “Indemnified Holder”) from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but not limited to, any losses, claims, damages, liabilities or
actions relating to purchases and sales of the Securities) to which each Indemnified Holder may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or
are based upon any untrue statement or alleged untrue statement of a material fact contained in the Shelf Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to the Shelf
Registration or any other materials or information provided to investors by, or with the written approval of, the Company in connection with any offering pursuant to the Shelf Registration Statement, or arise out of, or are based upon, the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and shall reimburse, as incurred, the
Indemnified Holders for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action in respect thereof; provided, however, that (i) the Company shall
not be liable under this Section 4(a) in any such case to the extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in the Shelf
Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration in reliance upon and in conformity with written information pertaining to such Holder and furnished to
the Company by or on behalf of such Holder specifically for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to the Shelf
Registration Statement, the indemnity agreement contained in this subsection (a) shall not inure to the benefit of any Holder from whom the person asserting any such losses, claims, damages or liabilities purchased the Securities concerned, to
the extent that a prospectus relating to such Securities was required to be delivered by such Holder under the Securities Act in connection with such purchase and any such loss, claim, damage or liability of such Holder results from the fact that
there was not sent or given to such person, at or prior to the written confirmation of the sale of such Securities to such person, a copy of the final prospectus if the Company had previously furnished or made available copies thereof to such
Holder. This indemnity agreement will be in addition to any liability which the Company may otherwise have to any Indemnified Holder. The Company shall notify each Indemnified Party promptly of this institution, threat or assertion of any Claim,
proceeding (including any governmental investigation) or litigation in connection with the matters addressed by this Agreement that involves the Company or such Indemnified Party. 
 (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, its officers and directors and each person,
if any, who controls the Company, its officers and directors within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the Company or any such
person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in a Shelf Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a Shelf Registration or any other materials or information provided to investors by, or with the written
approval of, the Company in connection with any offering pursuant to the Shelf Registration Statement, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in reliance upon and in conformity with written
information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein. The liability of any Holder under this Section 4(b) shall in no event exceed the net proceeds received by such
Holder from sales of Registrable Securities giving rise to such obligation. 
  

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 (c) Promptly after receipt by a party of notice of the commencement of any action or
proceeding (including a governmental investigation), such party (the “Indemnified Person”) will, if a claim in respect thereof is to be made against any party under this Section 4 (each an “Indemnifying
Person”), notify the Indemnifying Person of the commencement thereof; but the omission so to notify the Indemnifying Person will not, in any event, relieve the Indemnifying Person from any obligations to any Indemnified Person (including
the contribution provision hereof) that the Indemnifying Person may have under paragraph (a) or (b) above, except to the extent that the Indemnifying Person has been materially prejudiced (through the forfeiture of substantive rights or
defenses) by such failure, or otherwise than under paragraph (a) or (b) above. In case any such action is brought against any Indemnified Person, and it notifies the Indemnifying Person of the commencement thereof, the Indemnifying Person
will be entitled to participate therein and, to the extent that it may wish, jointly with any other Indemnifying Person similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnified Person (who shall
not, except with the consent of the Indemnified Person, be counsel to the Indemnifying Person), and after notice from the Indemnifying Person to such Indemnified Person of its election so to assume the defense thereof the Indemnifying Person will
not be liable to such Indemnified Person under this Section 4 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such Indemnified Person in connection with the defense thereof. In any such
proceeding, any Indemnified Person shall have the right to retain its own counsel at its own expense. Notwithstanding the foregoing, the Indemnifying Person shall pay as incurred (or within 30 days of presentation) the fees and expenses of the
counsel retained by the Indemnified Person in the event (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any
impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the
Indemnifying Person shall have failed to assume the defense of and employ counsel reasonably acceptable to the Indemnified Person within a reasonable period of time after notice of commencement of the action. The Indemnifying Person shall not be
liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify the Indemnified Person from and against
any loss or liability by reason of such settlement or judgment. No Indemnifying Person shall, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened action in respect of which any Indemnified
Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person unless such settlement (i) includes an unconditional release of such Indemnified Person from all liability on any claims that are the
subject matter of such action, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 
 (d) If the indemnification provided for in this Section 4 is unavailable or insufficient to hold harmless an Indemnified Person under
subsections (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to therein, except by reason of the exceptions set forth in Section 4(a) or (b) or the
failure of the Indemnified Person to give notice as required in Section 4(c), then each Indemnifying Person shall contribute to the amount paid or payable by such Indemnified Person as a result of the losses, claims, damages or liabilities (or
actions in respect thereof) referred to in subsection (a) or (b) above in such proportion as is appropriate to reflect the relative fault of the Indemnifying Person or Persons on the one hand and the Indemnified Person on the other in
connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or such Holder or such
other Indemnified Person, as the case may be, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an Indemnified Person as a
result of the losses, claims, damages or 
  

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 liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any
legal or other expenses reasonably incurred by such Indemnified Person in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding any other provision of this Section 4(d), no
Holder shall be required to contribute any amount in excess of the amount by which the net proceeds received by such Holder from the sale of the Securities pursuant to the Shelf Registration Statement exceeds the amount of damages which such Holder
would have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls such Indemnified Person within the meaning of the Securities Act or the
Exchange Act shall have the same rights to contribution as such Indemnified Person and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the
Company. 
 (e) The remedies provided by this Section 4 are not exclusive and shall not limit any rights or remedies that
may otherwise be available to any indemnified party at law or in equity. The agreements contained in this Section 4 shall survive the sale of the Securities pursuant to the Shelf Registration Statement and shall remain in full force and effect,
regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 
 5.
Additional Dividends Under Certain Circumstances. 
 (a) Additional dividends (“Additional Dividends”)
with respect to the Convertible Preferred Stock shall accrue as follows if any of the following events occur (each such event in clauses (i) through (iii) below being herein called a “Registration Default”): 
 (i) the Shelf Registration Statement required by this Agreement is not filed with the Commission within 60 days after the Closing Date;

 (ii) the Shelf Registration Statement required by this Agreement is not declared effective by the Commission within 150
days after the Closing Date; or 
 (iii) after the Shelf Registration Statement required by this Agreement has been declared
effective by the Commission (A) such Shelf Registration Statement thereafter ceases to be effective or (B) the Shelf Registration Statement or the related prospectus ceases to be usable in connection with resales of Transfer Restricted
Securities during the Shelf Registration Period. 
 Each of the foregoing will constitute a Registration Default whatever the reason for any
such event and whether it is voluntary or involuntary or is beyond the control of the Company or pursuant to operation of law or as a result of any action or inaction by the Commission. 
 Additional Dividends shall accrue on the shares of Convertible Preferred Stock from and including the date on which any such Registration Default shall
occur to but excluding the date on which all such Registration Defaults have been cured, at a rate of 1.00% per annum, in addition to the dividends otherwise accruing on the Convertible Preferred Stock. 
 (b) Additional Dividends shall not accrue as a result of any Registration Default referred to in Section 5(a)(iii) hereof if
(i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to the Shelf Registration Statement to incorporate annual audited financial information with respect to the Company where such
post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related prospectus, (y) the filing of a post-effective amendment to the Shelf Registration Statement pursuant to
Section 2(a)(iii) or (z) other material events with respect to the Company that would need to be described in the Shelf Registration Statement or the related prospectus and (ii) in the case of clauses (x) and (z), the Company is
proceeding promptly and in good faith to amend or supplement such Shelf Registration Statement and related prospectus to describe such events; provided, however, that in the case of clauses (x) or (z) if such Registration Default occurs
for a continuous period in excess of 30 days or for more than 90 days 
  

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 in the aggregate during any 365-day period, Additional Dividends shall be payable in accordance with the
above paragraph from the day such Registration Default occurs until such Registration Default is cured. 
 (c) Any amounts of
Additional Dividends due pursuant to Section 5(a) will be payable on the regular dividend payment dates with respect to the Convertible Preferred Stock on the same terms and conditions and subject to the same limitations as pertain at such time
for the payment of regular quarterly dividends. The amount of Additional Dividends will be determined by multiplying 1.00% by the aggregate liquidation preference of the outstanding shares of Convertible Preferred Stock and further multiplied by a
fraction, the numerator of which is the number of days such Additional Dividend rate was applicable during such period, and the denominator of which is 360. 
 6. Rules 144 and 144A. The Company shall file the reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time during the Shelf Registration Period the
Company is not required to file such reports, it will, upon the request of any Holder of Transfer Restricted Securities, make publicly available other information so long as necessary to permit sales of their Securities pursuant to Rules 144 and
144A. The Company covenants that it will take such further action as any Holder of Transfer Restricted Securities may reasonably request, all to the extent required from time to time to enable such Holder to sell Transfer Restricted Securities
without registration under the Securities Act within the limitation of the exemptions provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). The Company will provide a copy of this Agreement to prospective purchasers of
Securities identified to the Company by the Initial Purchaser upon request. Upon the request of any Holder of Transfer Restricted Securities, the Company shall deliver to such Holder a written statement as to whether it is subject to and has
complied with the reporting requirements referenced in the first sentence of this Section 6. Notwithstanding the foregoing, nothing in this Section 6 shall be deemed to require the Company to register any of its securities or to file
periodic, current or other reports pursuant to the Exchange Act. 
 7. Underwritten Registrations. If any of the Transfer Restricted
Securities covered by any Shelf Registration are to be sold in an underwritten offering, (a) the investment banker or investment bankers and manager or managers that will administer the offering (“Managing Underwriters”) will
be selected by the Holders of a majority in number of shares of such Transfer Restricted Securities to be included in such offering and (b) the Company shall, if requested, enter into an underwriting agreement in customary form in connection
therewith. 
 No person may participate in any underwritten registration hereunder unless such person (i) agrees to sell such
person’s Transfer Restricted Securities on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
 8. Miscellaneous. 
 (a) Remedies. The Company acknowledges and agrees that any failure by the Company
to comply with its obligations under Section 1 hereof may result in material injury to the Initial Purchaser or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of any such failure and in addition to the Additional Dividends or other rights of the Initial Purchaser or any Holder, the Initial Purchaser or any Holder may obtain such relief as may be required to specifically
enforce the Company’s obligations under Section 1 hereof. The Company further agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 
 (b) No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter into any agreement with respect
to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of the Company’s securities under any agreement in effect on the date hereof. 
  

 9 

 (c) Amendments and Waivers. The provisions of this Agreement may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority in number of the shares of the Transfer Restricted Securities
affected by such amendment, modification, supplement, waivers or consents (provided that Holders of Common Stock issued upon conversion of Convertible Preferred Stock shall be deemed to be Holders of the aggregate number of shares of Convertible
Preferred Stock from which such Common Stock was converted) without the consent of each Holder of each share of Convertible Preferred Stock then outstanding, including in the case of an amendment, modification or supplement of Section 4, any
person who was a holder of Transfer Restricted Securities disposed of pursuant to the Shelf Registration Statement (provided that Holders of Common Stock issued upon conversion of Convertible Preferred Stock shall be deemed to be Holders of the
aggregate number of shares of Convertible Preferred stock from which such Common Stock was converted). Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the
rights of Holders of Transfer Restricted Securities whose Securities are being sold pursuant to the Shelf Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Transfer
Restricted Securities may be given by Holders of at least a majority in number of shares of the Transfer Restricted Securities being sold by such Holders pursuant to such Shelf Registration Statement (provided that Holders of Common Stock issued
upon conversion of Convertible Preferred Stock shall be deemed to be Holders of the aggregate number of shares of Convertible Preferred Stock from which such Common Stock was converted). Each Holder of Transfer Restricted Securities outstanding at
the time of any amendment, modification, supplement, waiver, or consent or thereafter shall be bound by any such amendment, modification, supplement, waiver, or consent effected pursuant to this Section, whether or not any notice of such amendment,
modification, supplement, waiver, or consent is delivered to such Holder 
 (d) Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing by hand delivery, registered first-class mail, facsimile transmission, or courier which guarantees overnight delivery: 
 (1) if to the Holders, at the most current address shown for the Holders in the records of the Company’s transfer agent and registrar
for the Convertible Preferred Stock and Common Stock, unless the Holder shall have provided notice information in a notice and questionnaire related to the Shelf Registration Statement or any amendment thereto, in which case such information shall
control: 
 (2) if to the Initial Purchaser: 
 Jefferies & Company, Inc. 
 520 Madison Avenue 
 New York, New York 10022 
 Attention: David Pritchard 
 with a copy (which shall not constitute notice) to: 
 Jefferies & Company, Inc.

 520 Madison Avenue 
 New York, NY 10022 
 Attention: Ashley Geller 
 (3) if to the Company, at its address as follows: 
 Transmeridian Exploration Incorporated 
 397 N. Sam Houston Parkway E., Suite 300 
 Houston, Texas 77060 
 Attention: Nicolas J. Evanoff 
  

 10 

 with a copy (which shall not constitute notice) to: 
 Akin Gump Strauss Hauer & Feld LLP 
 1111 Louisiana Street, 44th Floor 
 Houston, Texas 77002 
 Attention: James L. Rice III 
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; the earlier of the date indicated on the notice of receipt and five business days after being deposited in
the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent by facsimile transmission during normal business hours; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery. 
 (e) Third Party Beneficiaries. The Holders shall be third party beneficiaries to the
agreements made hereunder between the Company, on the one hand, and the Initial Purchaser, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem such enforcement necessary or advisable to protect
their rights or the rights of Holders hereunder. 
 (f) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the parties, including, without the need for an express assignment or any consent by the Company thereto, subsequent Holders of Transfer Restricted Securities. The Company hereby
agrees to extend the benefits of this Agreement to any Holder of Transfer Restricted Securities and any such Holder may specifically enforce the provisions of this Agreement as if an original party hereto. 
 (g) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts,
including by facsimile, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS SITTING IN MANHATTAN, NEW YORK CITY, THE STATE OF NEW YORK, IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (j) Severability. If any one or more of the
provisions contained herein, or the application thereof in any circumstance, is held by a court of competent jurisdiction to be invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect
and of the remaining provisions contained herein shall not be affected or impaired thereby, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that
contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (k) Securities Held by the Company.
Whenever the consent or approval of Holders of a specified number of Transfer Restricted Securities is required hereunder, Securities held by the Company or its affiliates (other than the Initial Purchaser or other Holders of Transfer Restricted
Securities deemed to be affiliates solely by reason of their holdings of such Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
  

 11 

 (l) Entire Agreement. This Agreement, together with the Purchase Agreement and the
Certificate of Designations related to the Convertible Preferred Stock, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and
therein and any and all prior oral or written agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Initial Purchaser, on the one hand, and the Company, on the other, or
between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  

 12 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to the
Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the Initial Purchaser and the Company in accordance with its terms. 
  

			
	Very truly yours,
	
	Transmeridian Exploration Incorporated
		
	By:	 	 /s/ Nicolas J. Evanoff

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

  

 13 

			
	The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written.
	
	JEFFERIES & COMPANY, INC.
		
	By:	 	 /s/ David Pritchard

	Name:	 	David Pritchard
	Title:	 	Managing Director

  

 14Form of Subscription Agreement

 Exhibit 10.1 
 FORM OF SUBSCRIPTION AGREEMENT AND INVESTMENT REPRESENTATION 
 Effective November 28, 2006

 THE SECURITIES OF TRANSMERIDIAN EXPLORATION INCORPORATED ISSUED PURSUANT TO THIS SUBSCRIPTION AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE. THERE ARE RESTRICTIONS ON THE TRANSFERABILITY OF THE SECURITIES WHICH ARE DESCRIBED IN SECTION 3 OF THIS SUBSCRIPTION AGREEMENT. 
 [THE INVESTOR CERTIFIES THAT IT IS NOT A U.S. PERSON AND IS NOT ACQUIRING THE SECURITIES FOR THE ACCOUNT OR BENEFIT OF ANY U.S. PERSON.] THE INVESTOR AGREES THAT IT WILL
HOLD THE SECURITIES FOR INVESTMENT PURPOSES ONLY AND THAT ANY RESALE OF SUCH SECURITIES WILL BE MADE STRICTLY IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT,
OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION. THE INVESTOR FURTHER AGREES NOT TO ENGAGE IN ANY SHORT SALES, HEDGING TRANSACTIONS OR OTHER TRANSACTIONS WITH REGARD TO THE COMPANY’S SECURITIES UNLESS IN STRICT COMPLIANCE WITH THE
SECURITIES ACT. THE INVESTOR UNDERSTANDS THAT THE COMPANY IS RELYING UPON THE REPRESENTATIONS, COVENANTS AND AGREEMENTS CONTAINED IN THIS SUBSCRIPTION AGREEMENT (AND ANY SUPPLEMENTAL INFORMATION) FOR THE PURPOSE OF DETERMINING WHETHER THIS
TRANSACTION MEETS THE REQUIREMENTS FOR SUCH EXEMPTION. 
 IT IS IMPOSSIBLE TO FORECAST THE RESULTS TO A PURCHASER FROM AN INVESTMENT IN THE SECURITIES. NO
ONE CAN PREDICT WHETHER, TO WHAT EXTENT, OR OVER WHAT TIME FRAME THE BUSINESS OF TRANSMERIDIAN EXPLORATION INCORPORATED MAY BE SUCCESSFUL. THE PURCHASE OF SECURITIES INVOLVES A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN
BEAR THE RISK OF AN ENTIRE LOSS OF THEIR INVESTMENT. 
 SECTION 1 
 1.1 Subscription. This Subscription Agreement (the “Agreement”) is made by and between Transmeridian Exploration Incorporated, a
corporation organized under the laws of the State of Delaware (the “Company”, and the investor set forth below on the signature page hereof (the “Investor”). The Investor, intending to be legally bound, is purchasing from the
Company, and the Company is selling to the Purchaser, on the terms and conditions of this Agreement the aggregate number of shares of 15% Senior Redeemable Convertible Preferred Stock, par value $0.0006 per share (the “Preferred Stock”),
as is set forth below on the signature page hereof. 
  

 -1- 

 The purchase price is $100.00 per share of Preferred Stock. The Preferred Stock is convertible into shares of common
stock, par value $0.0006 per share (the “Common Stock”) under certain conditions, which together with the other terms and conditions of the Preferred Stock are more fully described in the offering memorandum dated November 28, 2006
attached hereto as Exhibit “A” (the “Offering Memorandum”). The Investor hereby agrees that this Agreement shall be irrevocable and binding on the Investor and any successors in interest, representatives or assigns of the
Investor. The Preferred Stock, and the Common Stock into which the Preferred Stock is convertible, are sometimes hereinafter referred to as the “Securities.” 
 1.2 Acceptance or Rejection. The Investor understands and acknowledges that this Agreement shall be deemed to be accepted by the Company only when it is signed by an authorized officer of the Company on behalf
of the Company. Notwithstanding anything in this Agreement to the contrary, the Company shall have no obligation to consummate a closing of the transactions contemplated hereby and issue the Preferred Stock to any person to whom the issuance of the
Preferred Stock would constitute a violation of the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any State of the United States or any foreign country. 
 1.3 Closing. The purchase and sale of the Preferred Stock hereunder (the “Closing”) shall occur on December 1, 2006 at the offices
of the Company or its counsel in Houston, Texas, U.S.A., or such other place or time as shall by mutually agreed by the Company and the Investor. 
 1.4 Expenses of Transaction. In the absence of an agreement in writing, each party shall bear its own direct expenses of the transaction. The Company shall bear all costs of issuing the Preferred Stock and the Common Stock to the
Investor. 
 1.5 No Brokerage Fees. The Investor possesses sufficient knowledge and experience in financial matters to evaluate the
financial and business considerations of this transaction and the Investor has not engaged an Investment Representative to represent it in this transaction. Accordingly, no brokerage or other financial advisory fees are payable to any third party
out of the proceeds of the investment. This provision shall not restrict the use by either party of any business, financial, legal, engineering, accounting, tax or other professional services to evaluate and consummate the transaction. 

SECTION 2 
 2.1 Registration
Rights. The Company shall grant to the Investor certain registration rights to register the Securities on a registration statement as determined by the Company. The terms and conditions of such registration rights shall be set forth in a
registration rights agreement to be entered into by and between the Company and the Investor substantially in the form attached to this Agreement as Exhibit “B” (the “Registration Rights Agreement”). 
 SECTION 3 
 3.1 Investor
Representations and Warranties. The Investor hereby acknowledges, represents and warrants to, and agrees with, the Company, as follows: 
  

 -2- 

 (a) General: 
 (i) The Investor is acquiring the Securities for its own account as principal, for investment purposes only, and not with a view to, or
for, resale, distribution or fractionalization thereof, in whole or in part and no other person has a direct or indirect beneficial interest in such Securities (excluding, if applicable, the current stockholders and management of the Investor).

 (ii) The Investor acknowledges its understanding that the offering and sale of the Securities is intended to be exempt from
registration under the Securities Act and, in furtherance thereof, the Investor represents and warrants to and agrees with the Company as follows: 
 (A) The Investor has the financial ability to bear the economic risk of its investment, has adequate means for providing for its current financial needs and contingencies and has no need for liquidity with respect to
its investment in the Company; and 
 (B) The Investor has such knowledge and experience in financial and business matters,
including the risks associated with operating in the Republic of Kazakhstan, as to be fully capable of evaluating the merits and risks of the prospective investment. 
 (b) Information Concerning the Company: The Investor and such of its business, financial, legal, engineering and tax advisors as
it, in its sole discretion, may choose to engage (collectively, the “Advisors”), acknowledge that it: 
 (i) Has
been furnished with (A) a copy of the Company’s most recent Form 10-K (and amendments thereto) and Forms 10-Q filed under the rules and regulations of the United States Securities and Exchange Commission (the “Commission”); and
(B) a copy of the Offering Memorandum. All of these materials are collectively referred to as the “Information”. As a condition to consummating the purchase of Preferred Stock hereunder, the Investor represents that it and/or its
Advisors have carefully read the Information and understand and have evaluated the risks of the purchase of Securities and the considerations described in the Information; and have relied solely (except as indicated in subsections (ii) and
(iii) below) on the Information; 
 (ii) Is familiar with the business and financial condition, properties, operations,
and prospects of the Company, all as generally described in the Information; has been given the opportunity to ask questions of, and receive answers from, the appropriate officers of the Company concerning the terms and conditions of the offering
and other matters pertaining to this investment and has asked such questions as it desires to ask and all such questions have been answered to the full satisfaction of the Investor; has been given the opportunity to obtain such additional
information necessary to verify the accuracy of the 
  

 -3- 

 information contained in the Information or that which was otherwise provided in order for it to evaluate
the merits and risks of purchase of the Securities to the extent the Company possesses such information or can acquire it without unreasonable effort or expense; and has not been furnished any other offering literature or prospectus except as
mentioned herein or in the Information; 
 (iii) Has not been furnished with any oral representation or warranty in connection
with the offering of the Securities by the Company or any officer, employee, agent, affiliate or subsidiary, which is not contained in the Information, and is relying solely on the information contained in the Information and the answers to
questions with respect thereto furnished to the Investor by the Company; 
 (iv) Understands that the purchase of the
Securities involves various risks including, but not limited to, those outlined in the Information and in this Agreement, and has determined that the Securities are a suitable investment and that it could bear a complete loss of its investment;

 (v) Is not relying on the Company with respect to the economic considerations of the Investor related to this investment.
The Investor has relied on the advice of, or has consulted with, regarding the economic considerations related to this investment, only its own Advisors; 
 (vi) The Investor is authorized and qualified to become a stockholder in, and authorized to make its capital contributions to, the Company, and the person signing this Agreement on behalf of such entity, if
applicable, has been duly authorized by such entity to do so; 
  

 -4- 

 (vii) Any information which the Investor has heretofore represented or furnished to the
Company with respect to its financial position and business experience is correct and complete as of the date of this Agreement and if there should be any material change in such information it will immediately furnish such revised or corrected
information to the Company; and 
 (viii) The Investor understands that, unless the Investor notifies the Company in writing
to the contrary before the Closing, all the representations and warranties contained in this Agreement will be deemed to have been reaffirmed and confirmed as of the closing and any subsequent closings, taking into account all information received
by the Investor. 
 (c) Investor Awareness. The Investor acknowledges, represents, agrees and is aware that:

 (i) Substantially all of the Company’s current operations are located in the Republic of Kazakhstan and the Company is
subject to the political and economic risks of operating in this country and region of the world. 
 (ii) No United States
federal, state or foreign agency has passed upon the Securities or made any finding or determination as to the fairness of this investment; 
 (iii) The Company is subject to substantial risks, including those described in the Information, and the Investor acknowledges that these risks, as well as others incident to the investment in the Securities of the
Company, could result in the loss of part or all of its investment; 
 (iv) Any projections or forward looking information
provided to the Investor are based on various estimates and forecasts by the Company and/or its consultants and are subject to the caveats set forth in the Information. The Investor specifically acknowledges that actual results may differ materially
from these estimates and forecasts; and 
 (v) The investment in the Company may be an illiquid investment and the Investor
must bear the economic risk of investment in the Securities potentially for an indefinite period of time. 
 (d) Accredited
Investor Status. The Investor represents that the Investor qualifies as an “accredited investor” under U.S. securities laws and regulations and any similar laws and regulations which may be applicable to this transaction in
                     or any other foreign jurisdiction which may govern this transaction. 
 (e) Restrictions on Transfer or Sale of the Securities: 
 (i) The Investor is acquiring the Securities subscribed for solely for the Investor’s own beneficial account, for investment
purposes, and not with a 

 view to, or for resale in connection with, any distribution of the Securities. The Investor understands
that the offer and sale of the Securities has not been registered under the Securities Act, or the securities laws of any State of the United States, by reason of specific exemptions under the provisions thereof. These exemptions depend in part upon
the investment intent of the Investor and of the other representations made by the Investor in this Agreement. [In particular, the Investor certifies that it is not a U.S. person and is not acquiring the Securities for the account or benefit of any
U.S. person, nor is the Investor a U.S. person who purchased securities in a transaction that did not require registration under the Securities Act of 1933.] The Investor agrees that it will hold the Securities for investment purposes
only and that any resale of such Securities will be made strictly in accordance with (A) the provisions of Regulation S promulgated under the Securities Act, (B) an effective registration statement under the Securities Act, or
(C) pursuant to an available exemption from registration. The Investor further agrees not to engage in any short sales, hedging transactions or other similar transactions with regard to the Company’s securities unless in strict compliance
with the Securities Act. The Investor understands that the Company is relying upon the representations, covenants and agreements contained in this Agreement (and any supplemental information) for the purpose of determining whether this transaction
meets the requirements for such exemptions. 
 (ii) The Investor understands that the Securities are restricted securities
under applicable federal securities laws and that the Securities Act and the rules of the Commission provide in substance that the Investor may dispose of the Securities only pursuant to an effective registration statement under the Securities Act
or an exemption therefrom, and the Investor understands that the Company has no obligation or intention to register any of the Securities purchased by the Investor hereunder, or to take any affirmative action so as to permit sales pursuant to the
Securities Act, except pursuant to the Registration Rights Agreement. As a consequence, the Investor understands that it may be required to bear the economic risks of the investment in the Securities for an indefinite period of time. The Investor
understands that the Investor may not at any time demand the purchase by the Company of the Investor’s Securities. 
 (iii) The Investor agrees: (A) that the Investor will not sell, assign, pledge, give, transfer or otherwise dispose of the Securities or any interest therein, or make any offer or attempt to do any of the foregoing, except pursuant to
a registration of the Securities under the Securities Act and all applicable State securities laws or in a transaction which is exempt from the registration provisions of the Securities Act and all applicable State securities laws; (B) that the
Company and any transfer agent for the Securities shall not be required to give effect to any purported transfer of any of the Securities except upon compliance with the foregoing restrictions; and (C) that a legend in substantially the
following form will be placed on any certificates representing the Securities: 
  

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN TAKEN WITHOUT A VIEW TO THE DISTRIBUTION
THEREOF WITHIN THE MEANING OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE
OFFERED, SOLD, PLEDGED, HYPOTHECATED, ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO REGULATION S PROMULGATED UNDER THE SECURITIES ACT, AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT, OR AN EXEMPTION FROM
REGISTRATION UNDER SUCH SECURITIES ACT WHICH, IN THE OPINION OF COUNSEL FOR THE COMPANY, IS AVAILABLE. THE HOLDER AGREES NOT TO ENGAGE IN ANY SHORT SALES, HEDGING TRANSACTIONS OR OTHER SIMILAR TRANSACTIONS WITH REGARD TO THE SECURITIES OR THE
SECURITIES OF THE COMPANY UNLESS IN STRICT COMPLIANCE WITH THE SECURITIES ACT. 
 (iv) The Investor has not offered or
sold any portion of the subscribed for Securities and has no present intention of dividing such Securities with others or of reselling or otherwise disposing of any portion of such Securities either currently or after the passage of a fixed or
determinable period of time or upon the occurrence or nonoccurrence of any predetermined event or circumstance. 
 SECTION 4

 4.1 Survival; Indemnification. All representations, warranties and covenants contained in this Agreement and the
indemnification contained in this Section 4.1 shall survive (i) the acceptance of the Agreement by the Company, (ii) the Closing, (iii) changes in the transactions, documents and instruments described in the Information which are
not material or which are to the benefit of the Investor, and (iv) the merger, sale, bankruptcy, insolvency or other change in the legal status of the Investor. The Investor acknowledges the meaning and legal consequences of the
representations, warranties and covenants in Section 3 hereof and that the Company has relied upon such representations, warranties and covenants in determining the Investor’s qualification and suitability to purchase the Securities. The
Investor hereby agrees to indemnify, defend and hold harmless the Company, its officers, directors, employees, agents and controlling persons, from and against any and all losses, claims, damages, liabilities, expenses (including attorneys’
fees and disbursements), judgments or amounts paid in settlement of actions arising out of or resulting from the failure of any representation herein or the breach of any warranty or covenant herein. Notwithstanding the foregoing, however, no
representation, warranty, covenant or acknowledgment made herein by the Investor shall in any manner be deemed to constitute a waiver of any rights granted to it under the Securities Act or the securities laws of any State of the United States.

  

 4.2 Modification. Neither this Agreement nor any provisions hereof shall be modified, discharged
or terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought. 
 4.3 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile number specified in this Section prior to 5:00 p.m. (Houston time) on a business day, (ii) the next business day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified in this Section on a day that is not a business day or later than 5:00 p.m. (Houston time) on any business day, or (iii) the business day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service such as Federal Express. The address for such notices and communications shall be as follows: 
 If to the Investor, addressed to: 
 or with respect to the Company, addressed to: 
 Transmeridian Exploration Incorporated 
 397 N. Sam Houston Pkwy E, Suite 300 
 Houston, Texas 77060 
 Attention: General Counsel 
 Facsimile No.: 281-999-9094 
 or to such other address or addresses or facsimile number or numbers as any such party may
most recently have designated in writing to the other parties hereto by such notice. 
 4.4 Counterparts. This Agreement may be
executed through the use of separate signature pages or in any number of counterparts, and each of such counterparts shall, for all purposes, constitute one agreement binding on all the parties, notwithstanding that all parties are not signatories
to the same counterpart. Delivery of a signed counterpart of this Agreement by facsimile transmission shall be effective as delivery of the original hereof. 
 4.5 Binding Effect. 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. 

 4.6 Entire Agreement. This instrument contains the entire agreement of the parties, and there are
no representations, covenants or other agreements except as stated or referred to herein. 
 4.7 Assignability. This Agreement is not
transferable or assignable by the Investor except as may be provided herein. 
 4.8 Applicable Law. This Agreement shall be governed
by and construed in accordance with the laws of the State of Texas. 
 4.9 State Securities Laws. The offering and sale of the
Securities is intended to be exempt from registration under the securities laws of certain States of the United States. All subscribers must note that there are restrictions on transfer of all Securities, as agreed upon in Section 3 of this
Agreement. 
  

			
	EXHIBITS:	 	 
	A	 	OFFERING MEMORANDUM
		
	B	 	REGISTRATION RIGHTS AGREEMENT

  

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

			
	TRANSMERIDIAN EXPLORATION INCORPORATED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	INVESTOR:
		
	By:	 	  

	Name:	 	N/A
	Title:	 	N/A
	
	 Number of Shares of Preferred Stock Purchased Hereby:
 Purchase Price: $

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