Document:

EX-4.9

Exhibit 4.9

 

SECOND AMENDED AND RESTATED

SHAREHOLDERS AGREEMENT

by and among

AEI

AND

THE SHAREHOLDERS OF AEI IDENTIFIED HEREIN

Dated as of May 9, 2008

      

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	ARTICLE I CERTAIN DEFINITIONS
	 	 	1	 
	Section 1.1
	 	 	1	 
	ARTICLE II BOARD OF DIRECTORS
	 	 	6	 
	Section 2.1. Election of Directors
	 	 	6	 
	Section 2.2. Expenses
	 	 	7	 
	Section 2.3. D&O Insurance
	 	 	8	 
	Section 2.4. Indemnification Agreements
	 	 	8	 
	Section 2.5. Observer Rights
	 	 	8	 
	Section 2.6. Other Management Rights
	 	 	8	 
	Section 2.7. Rule of the Board
	 	 	8	 
	Section 2.8. Board Meetings and Company Policies
	 	 	8	 
	ARTICLE III LIMITATIONS ON SALE OF STOCK BY STOCKHOLDERS
	 	 	9	 
	Section 3.1. Limitations
	 	 	9	 
	Section 3.2. Sales to Affiliates
	 	 	9	 
	Section 3.3. Right of First Refusal
	 	 	9	 
	Section 3.4. Legends
	 	 	11	 
	ARTICLE IV PREEMPTIVE RIGHTS ON ISSUANCES BY THE COMPANY
	 	 	11	 
	Section 4.1. Preemptive Rights
	 	 	11	 
	Section 4.2. Procedures for Acceptance of Preemptive Rights
	 	 	12	 
	Section 4.3. Closings of Sales
	 	 	12	 
	ARTICLE V TAG-ALONG RIGHTS
	 	 	12	 
	Section 5.1. Right to Sell Capital Securities
	 	 	12	 
	Section 5.2. Procedures for Tag-Along Sale
	 	 	13	 
	Section 5.3. Closing of Sales
	 	 	14	 
	ARTICLE VI REPRESENTATIONS AND WARRANTIES
	 	 	14	 
	Section 6.1. Representations and Warranties
	 	 	14	 
	ARTICLE VII COVENANTS
	 	 	15	 
	Section 7.1. Delivery of Financial Statements
	 	 	15	 
	Section 7.2. Inspection
	 	 	15	 
	Section 7.3. Initial Public Offering
	 	 	15	 
	Section 7.4. Protective Provisions
	 	 	16	 
	Section 7.5. Shareholder Covenants
	 	 	17	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	ARTICLE VIII MISCELLANEOUS
	 	 	17	 
	Section 8.1. Calculations
	 	 	17	 
	Section 8.2. Severability
	 	 	17	 
	Section 8.3. Successors and Assigns
	 	 	18	 
	Section 8.4. Notices
	 	 	18	 
	Section 8.5. No Inconsistent Agreements
	 	 	19	 
	Section 8.6. Further Assurances
	 	 	19	 
	Section 8.7. Amendment
	 	 	19	 
	Section 8.8. Headings
	 	 	19	 
	Section 8.9. Nouns and Pronouns
	 	 	19	 
	Section 8.10. Remedies
	 	 	19	 
	Section 8.11. Several Obligations
	 	 	20	 
	Section 8.12. Limitation of Liability
	 	 	20	 
	Section 8.13. Entire Agreement
	 	 	20	 
	Section 8.14. Counterparts
	 	 	20	 
	Section 8.15. Merger
	 	 	20	 
	Section 8.16. Public Announcements
	 	 	20	 
	Section 8.17. Confidentiality
	 	 	21	 
	Section 8.18. Amended and Restated Shareholders Agreement Superseded
	 	 	22	 

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AEI

SECOND AMENDED AND RESTATED

SHAREHOLDERS AGREEMENT

     SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”), dated as of
May 9, 2008 (the “Effective Date”), by and among AEI, a Cayman Islands exempted company
(the “Company”), and the shareholders of the Company listed on Appendix A hereto (together
with any other Person who agrees to be bound by the terms of this Agreement (other than the
Company) as permitted hereunder, the “Shareholders”).

     WHEREAS, the Company changed its name from Ashmore Energy International to AEI;

     WHEREAS, the Company was a party to that certain Amended and Restated Shareholders Agreement,
dated as of December 29, 2006 (the “Amended and Restated Shareholders Agreement”), by and
among the Company and the shareholders of the Company a party thereto;

     WHEREAS, as of the date hereof, the Company has accepted the subscription of Buckland to
become a shareholder to the Company and, as a condition of such acceptance, Buckland has agreed to
become a party to this Agreement; and

     WHEREAS, the Company and the Shareholders desire to amend and restate the Amended and
Restated Shareholders Agreement in its entirety as hereinafter provided.

     NOW, THEREFORE, the parties hereby agree as follows:

ARTICLE I

CERTAIN DEFINITIONS

     Section 1.1. Defined Terms. As used herein, the following terms shall have the
following meanings:

     “Adjusted Preemption Price” means the Initial Preemption Price multiplied by 0.90.

     “Affiliate” means, with respect to a given Person (in this definition, the
“Relevant Person”), any Person who (a) directly or indirectly, Controls, or is Controlled
by, or is under a common Control with, the Relevant Person or (b) from time to time, is managed by
(i) the same investment manager as the Relevant Person is managed by, or (ii) an investment manager
that is Controlled by the same Person that Controls the Relevant Person; provided, that for
the avoidance of doubt, no Shareholder shall be deemed to be an Affiliate of the Company for
purposes of this Agreement solely as a result of its board seat or other contractual “protection
rights”, each as provided in this Agreement.

     “Agent” shall have the meaning set forth in Section
8.19(a).

     “Agreement” shall have the meaning set forth in
the Preamble.

     “Amalgamation” shall have the meaning set
forth in the Recitals.

 

 

     “Amended and Restated Registration Rights Agreement” means the Amended and Restated
Registration Rights Agreement, dated as of December 29, 2006, by and among the Company and the
shareholders of the Company party thereto.

     “Amended and Restated Shareholders Agreement” shall have the meaning set forth in the
Recitals.

     “Ashmore” means the Ashmore Funds and their Affiliates.

     “Ashmore Directors “ shall have the meaning set forth in Section 2.1(c).

     “Ashmore Fund” means each of Ashmore Global Special Situations Ireland Plc, EMDCD
Ltd, Ashmore Global Special Situations Fund Limited, Ashmore Global Special Situations Fund 2
Limited, Fidelity Cayman Investment Company Limited, Asset Holder PCC No. 2 Limited in respect of
Ashmore Emerging Economy Portfolio, Ashmore Global Special Situations Fund 3 Limited Partnership
and Asset Holder PCC Limited in respect of Ashmore Emerging Markets Liquid Investment Portfolio.

     “Beneficially Own” means, with respect to any securities, to directly or indirectly
through any contract, arrangement, undertaking, relationship or otherwise, have or share (i) voting
power which includes the power to vote, or direct the voting of, such security, (ii) investment
power which includes the power to dispose, or to direct the disposition of, such security or (iii)
the right to acquire such voting or investment power with respect to such security, whether such
right is exercisable immediately or only after the passage of time; provided,
however, that no Shareholder shall be deemed to Beneficially Own any securities of any
other Person by virtue of this Agreement or the arrangements provided for herein. “Beneficially
Ownership” and “Beneficial Owner” shall have the correlative meaning.

     “Board of Directors” means the board of directors of the Company having the
characteristics required under the Amended and Restated Memorandum and Articles of Association and
this Agreement.

     “Bridge Credit Agreement” means the Bridge Credit Agreement, effective as of May 25,
2006, among the Company, as borrower, the lenders referred to therein, ABN AMRO BANK N.V., as
Administrative Agent and LaSalle Bank National Association, as Collateral Agent.

     “Business Day” means a day (other than Saturday or Sunday) on which commercial banks
are open for business in London, England, New York, New York and Houston, Texas.

     “Buckland” means Buckland Investment Pte Ltd.

     “Capital Securities” means (i) any Shares, (ii) any Share Equivalents, and (iii) any
other securities issued by the Company convertible or exchangeable into equity securities of the
Company, in each case, whether Beneficially Owned on May 25,2006 or acquired thereafter.

     “Company” shall have the meaning set forth in the Recitals.

     “Confidential Information” shall have the meaning set forth in Section 8.19(a).

     “Control”, “Controls”, “Controlled”, “Controlling” means the
possession, directly or indirectly, of the power to direct or cause the direction of the
management policies or affairs of a Person, whether through Beneficial Ownership of voting
securities, by contract, or otherwise, or as agent, executor, trustee, or otherwise.

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     “D.E. Shaw” means D.E. Shaw Composite Side Pocket Series 2, L.L.C., D.E. Shaw
Composite Side Pocket Series 4, L.L.C. and/or any Affiliate of either that may at any time become
a party to this Agreement.

     “Effective Date” shall have the meaning set forth in the
Preamble.

     “Excess Unallocated Share” shall have the meaning set
forth in Section 4.2.

     “Excluded Securities” means: (i) Capital Securities issued up to an aggregate amount
of 10% of the outstanding Shares as of December 29, 2006 (giving effect to any stock splits,
combinations or similar transactions effected after such date) issued to employees of the Company,
whether pursuant to an employee stock plan approved by the Board of Directors or otherwise; (ii)
Shares issued pursuant to a bona fide, firm commitment, underwritten public offering of Shares
pursuant to a registration statement under the Securities Act; (iii) Capital Securities issued in
connection with any stock split, stock dividend or recapitalization in which all classes or series
of stock of the Company are adjusted equally; (iv) Capital Securities issued in connection with an
acquisition or business combination that is approved by the Board of Directors of the Company
(other than Capital Securities issued in connection with the funding of any such acquisition or
business combination); (v) Capital Securities issued pursuant to the Bridge Credit Agreement and
the Warrant Agreement, dated as of May 23, 2006, executed by the Company pursuant to the Bridge
Credit Agreement; (vi) Shares issued upon exchange, conversion or exercise of Share Equivalents;
(viii) Shares issued pursuant to the Letter Agreement, dated as of May 25, 2006, between Deutsche
Bank Securities and the Company pursuant to which Deutsche Bank Securities had the right to acquire
up to 98,974 Shares on or prior to the two month anniversary of May 25, 2006 and (ix) Shares issued
pursuant to the Letter Agreement, dated as of May 25, 2006, between ABN AMRO BANK N.V., London
Branch and the Company pursuant to which ABN AMRO BANK N.V., London Branch had the right to acquire
up to 24,445 Shares on or prior to the two month anniversary of
May 25, 2006.

     “Formation Agreement” means that certain Formation Agreement, dated as of March 6,
2006, by and among the Company and the other parties named therein.

     “Founding Shareholders” means those Shareholders listed under the heading “Founding
Shareholders” on Appendix A hereto and/or any Affiliate of any such Shareholder that may at any
time become a party to this Agreement.

     “GAAP” shall have the meaning set forth in Section 7.1(a).

     “Initial Preemption Price” shall have the meaning set forth in Section 4.2.

     “IPO Date” shall have the meaning set forth in Section 7.3.

     “Memorandum and Articles of Association” means the Company’s Amended and Restated
Memorandum and Articles of Association, adopted by Special Resolution dated December 20, 2007, as
the same may be amended from time to time in accordance with the terms hereof and thereof.

     “Minority Consent” means an affirmative decision evidenced in writing of the Person
or Persons Beneficially Owning a majority in number determined on a fully diluted basis of the
outstanding Shares not Beneficially Owned by Ashmore.

     “Non-electing ROFR Shareholder” shall have the meaning set forth in Section 3.3.

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     “Note Purchase Agreement” means the Note Purchase Agreement, dated as of May 24,
2007, by and among the Company and the purchasers named therein providing for the issuance of the
Notes.

     “Notes” means the 10.00% Payment-in-Kind Notes due 2018 issued by the Company in
accordance with the Note Purchase Agreement.

     “Notice of Acceptance” shall have the meaning set forth in
Section 4.2.

     “Notice of Preemptive Rights” shall have the meaning
set forth in Section 4.1.

     “Other Purchasers” shall have the
meaning set forth in Section 4.3.

     “Other Shareholders” means, for purposes of Article V (Tag-Along Rights), the
Shareholders other than Ashmore.

     “Person” shall mean any natural person, association, corporation, general
partnership, limited partnership, limited liability company, limited liability partnership,
proprietorship, joint venture, trust or any other entity, organization or Governmental Entity.

     “Preemptive Offer” shall have the meaning set forth in
Section 4.1.

     “Prisma” means Prisma Energy International Inc.

     “Pro Rata Share” means, with respect to each Shareholder, the quotient of (i) the
amount of Capital Securities directly or indirectly owned by such Shareholder on the date of a
Preemptive Offer divided by (ii) the total amount of Capital Securities issued and outstanding on
the date of, and immediately prior to, the Preemptive Offer, in each case and notwithstanding
Section 8.1, on a fully diluted, as-converted basis.

     “Public Sale” means a Sale pursuant to an effective registration statement filed
under the Securities Act or pursuant to Rule 144 under the Securities Act, without any
restrictions under Rules 144(k) and (l) thereunder.

     “Qualified Public Offering” means an offering, involving not less than $400 million
of gross proceeds (to the Company and/or its shareholders), upon the completion of which the
Shares will be listed on a Specified Exchange.

     “Recipient” shall have the meaning set forth in Section 8.19(a).

     “Related Party” means (i) any Shareholder; (ii) any Affiliate of such Shareholder;
(iii) any director, officer, partner or employee of the Persons specified in clause (i) and (ii)
above; or (iv) (a) any member of the immediate family of the Persons specified in clause (iii)
above, (b) any trust established for the benefit of any such individual, or (c) any executor or
administrator of the estate of any such individual.

     “Related Party Transaction” means (i) any transaction by the Company, on the one
hand, with a Related Party, on the other and (ii) any merger, scheme of amalgamation or similar
transaction with, acquisition of, or disposition of assets of the Company to, any Significant
Shareholder Debtor; provided, that the appointment of a director, officer, manager or
employee of the Company or any Subsidiary of the Company, including, without limitation, the
determination of the terms on which such director, officer,

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manager or employee shall serve and any remuneration to be paid, shall not be considered a Related
Party Transaction.

     “ROFR Shareholders” shall have the meaning set forth in Section 3.3.

     “Sale Percentage” means, with respect to each Sale, or proposed Sale, of Capital
Securities, the amount of Capital Securities Sold, or to be sold, divided by the aggregate amount
of Capital Securities outstanding on the date of such Sale (or the date on which a Sale Notice is
given with respect to a proposed Sale).

     “Sale Notice” shall have the meaning set forth in
Section 3.3(i).

     “Sale Threshold” shall have the meaning
set forth in Section 3.3.

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.

     “Sell” means, as to any shares of Capital Securities, to, directly or indirectly,
sell, or in any other way transfer, assign, exchange distribute or otherwise dispose of, either
voluntarily or involuntarily, any shares of Capital Securities; and the terms “Sale” and “Sold”
shall have meanings correlative to the foregoing. If by reason of any transaction or other
arrangement, Buckland ceases to be an Affiliate of Government of Singapore Investment Corporation
(Ventures) Pte Ltd, such transaction or other arrangement shall be deemed to be a Sale by Buckland
at such time of the shares of the Company then held by Buckland for all purposes of this Agreement,
including, without limitation, the right of first refusal of the Ashmore Funds set forth in Section
3.3.

     “Selling Ashmore Shareholder” shall have the meaning set forth in Section
5.1.

     “Selling Shareholder” shall have the meaning set forth in Section
3.3.

     “Shareholder Excess Election” shall have the meaning set forth in
Section 4.1.

     “Shareholders” shall have the meaning set forth in the
Preamble.

     “Shares” means the shares in the capital of the Company, par
value $0.002 per share.

     “Share Equivalents” means securities issued by the Company that are convertible into,
or exchangeable or exercisable for, Shares.

     “Significant Shareholder Debtor” means a Person in whom a Shareholder Beneficially
Owns either (i) 5% or more of such Person’s outstanding equity securities or (ii) 5% or more of
any class of, or an aggregate of all classes of, such Person’s defaulted, distressed or stressed
debt.

     “Specified Exchange” means the American Stock Exchange, New York Stock Exchange,
Nasdaq, London Stock Exchange, Sao Paulo Stock Exchange or any other stock exchange agreed by all
the Shareholders after the date hereof.

     “Strategic Buyer” means any industrial company (other than a financial, investment or
banking institution or an entity whose primary purpose is to invest in securities) or an Affiliate
of an industrial company that meets the following criteria: (i) its long-term unsecured
indebtedness is rated investment grade or higher (i.e., Baa3/BBB- or higher by Moody’s and/or S&P,
respectively, or a market

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capitalization of at least $5 billion), and (ii) a material portion of its business consists of
owning or operating energy assets.

     “Strategic Sale” means a Sale of Capital Securities to a Strategic Buyer, which Sale,
either alone or when combined with such Strategic Buyer’s pre-existing ownership of Capital
Securities, will result in such Strategic Buyer Beneficially Owning a majority of the Capital
Securities of the Company on a fully diluted basis.

     “Subject Shares” shall have the meaning set forth in Section 3.3.

     “Subsidiary” means, as regards the parties to this Agreement, any Person who, directly
or indirectly, is Controlled by such party.

     “Supermajority Consent” means an affirmative decision evidenced in writing of the
Person or Persons holding 80% of the outstanding Shares held by Shareholders party to the
Agreement.

     “Tag-Along Notice of Election” shall have the meaning set forth in
Section 5.2(a).

     “Tag-Along Right” shall have the meaning set forth in
Section 5.2(a).

     “Tag-Along Period” shall have the meaning set forth
in Section 5.2(a).

     “Threshold Percentage” means, as of any specified date, an amount, specified as a
percentage, obtained by dividing 100 by the number of members constituting the Board of Directors
on such date.

     “Unallocated Share” shall have the meaning set forth in Section 4.2.

ARTICLE II

BOARD OF DIRECTORS

     Section 2.1. Election of Directors.

          (a) At any general meeting of the Shareholders involving the election of directors,
and at any other time at which the Beneficial Owners of Shares will have the right to or will
vote for or
render consent in writing regarding the appointment of directors of the Company, then and in
each event,
each Shareholder hereby covenants and agrees (i) to vote (or render its written consent with
respect to) all
Shares that it is entitled to vote (or provide written consent) to elect a Board of Directors
in accordance
with this Article II and (ii) not to vote (or render its written consent) to remove any
director designated in
accordance with this Section 2.1 except at the express written direction of the Shareholder
or
Shareholders that designated such director. No Shareholder shall grant to any Person a proxy
to vote such
Shareholder’s Capital Securities unless such Person signs a statement expressly agreeing to
vote such
Capital Securities in accordance with this Article II. Furthermore, each Shareholder
undertakes to
procure that any director appointed by it shall take all actions as may be necessary to give
effect to each
appointment of directors made pursuant to this Section 2.1.

          (b) The number of members on the Board of Directors shall be determined by
Ashmore, in its sole discretion; provided, that the Board of Directors shall consist
of a minimum of five
members and a maximum of nine members, who shall be designated in accordance with this Section
2.1.
Any appointment or designation of directors pursuant to this Section 2.1 shall not be a
Related Party
Transaction.

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          (c) (i) Ashmore shall be entitled by notice in writing to the Company to appoint all
of the directors of the Company (the “Ashmore Directors”) except as otherwise provided
in this
Section 2.1; and

               (ii) Buckland shall be entitled by notice in writing to the Company to appoint one
director of the Company, so long as Buckland Beneficially Owns Capital Securities constituting at
least (A) 75% of the Capital Securities Beneficially Owned by Buckland on the Effective Date (as
adjusted taking into account any stock splits, combinations or other recapitalizations) and (B)
8.5% of the outstanding Shares.

          (d) As of any specified date, if the percentage of Capital Securities Beneficially
Owned by any Shareholder (other than Ashmore, Buckland and any other Shareholder that has an
individual right to designate a director pursuant to this Section 2.1) is equal to or greater
than the
Threshold Percentage in effect as of such date, then such Shareholder shall be entitled by
notice in writing
to the Company to appoint a number of directors determined by dividing the percentage of
outstanding
Capital Securities Beneficially Owned by such Shareholder by the Threshold Percentage in
effect on such
date (with any fractional amount being rounded down to the nearest whole number).

          (e) As of any specified date, if the aggregate percentage of Capital Securities
Beneficially Owned by all Shareholders (other than (i) Ashmore, (ii) Buckland and (iii) any
other
Shareholder entitled to appoint a director pursuant to Section 2.1(d)) is equal to or greater
than the
Threshold Percentage in effect as of such date, then such Shareholders shall be entitled by
notice in
writing to the Company to require that the existing directors exercise their discretion to
appoint a number
of directors determined by dividing the percentage of outstanding Capital Securities
Beneficially Owned
by such Shareholders by the Threshold Percentage in effect on such date (with any fractional
amount
being rounded down to the nearest whole number); provided, that, notwithstanding the
foregoing, at least
one director shall be designated pursuant to this Section 2.1(e) at all times. The
Shareholders hereby
agree that the initial director appointed pursuant to this paragraph (e) (and if, any time
more than one
director is appointed pursuant to this paragraph (e), one of such directors) shall be
designated by D.E.
Shaw, so long as D.E. Shaw Beneficially Owns Capital Securities constituting at least (i) 75%
of the
Capital Securities Beneficially Owned by D.E. Shaw on May 25, 2006 (as adjusted taking into
account
any stock splits, combinations or other recapitalizations) and (ii) 8.5% of the outstanding
Shares. After
such time as D.E. Shaw is no longer entitled to designate the director appointed hereunder,
such director
and all other directors appointed pursuant to this paragraph (e) shall be designated by the
Beneficial
Owners of a majority in number of the Capital Securities Beneficially Owned by the
Shareholders entitled
to designate a director pursuant to this paragraph (e) voting separately as a class.

          (f) Each Shareholder shall take all necessary action, in its capacity as a shareholder
of the Company, to cause the members of the Board of Directors to be appointed to the board of
directors
or equivalent governing body of any entity that substantially succeeds to the business or
operations of the
Company or whose governing body substantially succeeds to the role of managing the investment
made
by the Founding Shareholders (other than, in each case, in connection with a sale of all or a
substantial
portion of the assets of the Company approved by the Shareholders in accordance with Section
7.4(a)(ii)).

     Section 2.2. Expenses. The Company shall pay all reasonable travel expenses and other
out-of-pocket disbursements incurred by any director to attend meetings of the Board of Directors
of the Company or any Subsidiary of the Company (which for the purposes of this Section 2.2 shall
be deemed to include all entities in which the Company owns an equity interest or otherwise with
respect to which the Company has the right to appoint one or more members of the board of
directors) or of any committees thereof.

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     Section 2.3. D&O Insurance. The Company shall procure and maintain directors and
officers insurance providing for such coverage and in such amounts as are customarily carried by
similar companies.

     Section 2.4. Indemnification Agreements. If requested by a director, the Company will
enter into an indemnification agreement in customary form with such director, and, if necessary,
will amend the Memorandum and Articles of Association to provide for indemnification of its
directors to the maximum extent permitted by applicable law.

     Section 2.5. Observer Rights. For so long as any Shareholder continues to Beneficially
Own at least 10% of the outstanding Capital Securities but does not individually have the right to
designate a director pursuant to Section 2.1(d) hereof, such Shareholder shall be entitled to
appoint one non-voting observer to attend all meetings of the Board of Directors.

     Section 2.6. Other Management Rights.

          (a) The parties acknowledge that it is intended that the board of directors of the
Company’s material Subsidiaries shall, in each case, when deemed appropriate by the Company,
be
reconstituted to replace the existing members of such boards of directors with individuals
representing the
management of such Subsidiaries, provided, that, so long as Ashmore continues to
Beneficially Own at
least a majority of the outstanding Capital Securities, one or more representatives of Ashmore
may elect
to sit on the boards of such Subsidiaries and Ashmore shall be entitled to appoint managers of
such
Subsidiaries.

          (b) In the event that the Board of Directors shall form any committee thereof, the
Shareholders (other than Ashmore) shall have the right to appoint one non-Ashmore designated
member
of the Board of Directors (or if none, one observer) to such committee, such individual to be
selected by
Minority Consent.

     Section 2.7. Rule of the Board. The Board of Directors shall be responsible for the
overall management and direction at the Company and its Subsidiaries. In light of the foregoing,
the Company shall, and the Shareholders shall cause its designees on the Board of Directors to,
endeavor to actively monitor the business affairs and direction of the Company and its
Subsidiaries.

     Section 2.8. Board Meetings and Company Policies.

          (a) A meeting of the Board of Directors shall be held at least four times per year on a
quarterly basis. Notices for such meetings and the procedures to be adopted at such meetings
shall be in
accordance with the Memorandum and Articles of Association and the corporate laws of the
Cayman
Islands.

          (b) The Company shall develop and implement as soon as practicable internal
policies and procedures substantially similar to those legally required of companies whose
voting
securities are publicly traded in the United States, the purpose of which is to ensure the
appropriate
conduct of the Board of Directors and the Company’s executive officers.

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ARTICLE III

LIMITATIONS ON SALE OF STOCK BY STOCKHOLDERS

     Section 3.1. Limitations. Notwithstanding anything contained herein to the contrary,
any issuance of Capital Securities by the Company or Sale of Capital Securities by a Shareholder
that is otherwise permitted hereunder shall be subject to the condition that the transferee (other
than a transferee in a Public Sale) shall, upon consummation of such Sale, if the transferee is
not already a Shareholder, execute an addendum to this Agreement, substantially in the form of
Exhibit A attached hereto, agreeing to be bound by the terms of this Agreement. The
Company shall not issue any Capital Securities (or certificates representing Capital Securities)
or register on its books any Sale of Capital Securities to any Person unless and until the
condition set forth in the preceding sentence is satisfied by such Person; provided,
however, that any director, officer or employee of the Company or any of its Subsidiaries to which
Capital Securities are issued shall not be required to become a party to this Agreement. In
addition, no Shareholder shall be entitled to Sell any Capital Securities at any time if such Sale
would:

          (i) violate the Securities Act, or any state (or other jurisdiction) securities or “Blue Sky”
laws applicable to the Company or the Capital Securities; or

          (ii) cause the Company to become subject to the registration requirements of the U.S.
Investment Company Act of 1940, as amended from time to time.

In the event of a purported Sale by a Shareholder of any Capital Securities in violation of the
provisions of this Agreement, such purported Sale will be void and of no effect, and the Company
will not give effect to such Sale.

     Section 3.2. Sales to Affiliates. Notwithstanding anything contained herein to the
contrary, each Shareholder may Sell Capital Securities to any Affiliate at any time,
provided that such Affiliate (if not already a Shareholder) executes an addendum to this
Agreement, substantially in the form of Exhibit A attached hereto, agreeing to be bound by
the terms of this Agreement and to assume the rights and obligations hereunder of such Shareholder
with respect to such Capital Securities.

     Section 3.3. Right of First Refusal. If any Shareholder other than Ashmore shall
propose to Sell (the “Selling Shareholder”) any Capital Securities (such securities
proposed to be sold, for purposes of this Section 3.3, the “Subject Shares”) to any Person
(other than to its Affiliate(s), in a Public Sale or Strategic Sale), and, at such time or as a
result of such Sale (and any other related proposed Sale), the aggregate Sale Percentages with
respect to all Sales of Capital Securities (other than Sales to its Affiliates) by such Selling
Shareholder and its Affiliates from and after the Effective Date (including the Sale Percentage
relating to the proposed Sale and any related proposed Sale) (i) would exceed 10% or (ii) the
proposed transferee (other than Ashmore or any Founding Shareholder or Affiliate thereof) would
own more than 10% of the outstanding Shares (the “Sale Threshold”), then Ashmore and,
solely with respect to sales by Shareholders other than Buckland, Buckland (the “ROFR
Shareholders”) shall have rights of first refusal with respect to such proposed Sale, which
rights shall be exercised in accordance with the provisions of subsections (i) through (vi) of
this Section 3.3.

          (i) With respect to any proposed Sale to which the provisions to this Section 3.3 apply, the
Selling Shareholder shall, give to each of the ROFR Shareholders a written notice specifically
identifying the proposed purchaser and specifying the number and class of Capital Securities being
Sold, the purchase price therefor, and a summary of the other material terms and conditions of the
proposed Sale (the “Sale Notice”), and shall offer to each of the ROFR Shareholders the
option to purchase its pro rata portion (determined as hereinafter provided) of the Subject Shares
at the same price and upon the

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same terms and conditions as are specified in the Sale Notice (which shall reflect a bona fide
written offer from the proposed transferee). Each ROFR Shareholder’s pro rata portion of the
Subject Shares shall be determined by multiplying the number of Subject Shares by a fraction, the
numerator of which is the number of Capital Securities directly or indirectly owned by such ROFR
Shareholder and the denominator of which is the total number of Capital Securities directly or
indirectly owned by all ROFR Shareholders.

          (ii) Each ROFR Shareholder shall have the right, by delivery of written notice to the Selling
Shareholder within 15-Business Days from receipt of the Sale Notice, to acquire its pro rata
portion (as provided above) of the Subject Shares on the terms and conditions specified in the
Sale Notice. An election by any ROFR Shareholder to purchase its pro rata portion of Subject
Shares shall constitute an irrevocable commitment by such ROFR Shareholder to purchase such
Subject Shares on the terms set forth in the Sale Notice. In the event the consideration being
offered for the Subject Shares is not cash consideration, the 15-Business Day period will be
extended until an internationally recognized independent investment bank selected by the Selling
Shareholder and the applicable ROFR Shareholders has determined the value of such consideration in
accordance with paragraph (vi) below; provided, the 15-Business Day period shall not be extended
by more than 20 additional days.

          (iii) In the event that any ROFR Shareholder fails to notify the Selling Shareholder of its
acceptance in writing within the 15-Business Day period referred to in clause (ii) above, such ROFR
Shareholder shall be deemed to have waived its right of first refusal with respect to such Subject
Shares. If one ROFR Shareholder (the “Non-electing ROFR Shareholder”) fails to exercise or
waives its right of first refusal, or elects not to purchase its full pro rata portion of the
Subject Shares, the Selling Shareholder shall promptly notify the other ROFR Shareholder in writing
of such failure, waiver or election, and will give the other ROFR Shareholder the option to acquire
the Subject Shares that the Non-Electing ROFR Shareholder has determined not to purchase. Such ROFR
Shareholder shall have until the later of 3 Business Days after it receives such written notice or
the expiration of the 15-Business Day period referred to in clause (ii) above to elect to acquire
the Subject Shares not being purchased by the Non-Electing ROFR Shareholder.

          (iv) If one or both of the ROFR Shareholders do not individually or collectively elect to
purchase all of the Subject Shares pursuant to their rights of first refusal under this Section
3.3, then the right of first refusal granted hereby shall be deemed to be waived and the Selling
Shareholder may sell all (but not less than all) of the Subject Shares to the transferee specified
in the Sale Notice on terms and conditions not more favorable to the proposed transferee as
specified in the Sale Notice; provided that such sale is made within 90 days after the
date of such Sale Notice.

          (v) The closing of any Sale of Subject Shares to one or more of the ROFR Shareholders shall
occur at such place as may be agreed by the applicable ROFR Shareholders and the Selling
Shareholder on such date as may be agreed by the applicable ROFR Shareholders and the Selling
Shareholder, which date shall be within 16 days after the expiration of the 15-Business Day period
set forth above (as extended pursuant to clause (ii), if applicable).

          (vi) If the terms of the proposed Sale include consideration for the Capital Securities other
than cash, the ROFR Shareholders shall have the right to exercise their rights hereunder by
purchasing such Shares for cash in an amount equal to the fair market value of such proposed
consideration as determined by an internationally recognized independent investment bank selected
by the Selling Shareholder and the applicable ROFR Shareholders, the expenses for which shall be
paid for by the Company.

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     Section 3.4. Legends. If certificates representing Capital Securities are issued each
certificate representing shares of Capital Securities shall bear a legend substantially to the
following effect:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE
SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR
RESALE, AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS, OR AVAILABILITY OF AN
EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933, AS
AMENDED, AND APPLICABLE STATE SECURITIES LAWS.

IN ADDITION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE
RESTRICTIONS ON TRANSFER SET FORTH IN THE AMENDED AND RESTATED SHAREHOLDERS
AGREEMENT, DATED AS OF DECEMBER 29, 2006, AS THE SAME MAY BE AMENDED FROM TIME TO
TIME, BY AND AMONG ASHMORE ENERGY INTERNATIONAL AND THE PARTIES THERETO, A COPY OF
WHICH IS ON FILE IN THE OFFICE OF THE COMPANY.”

     The requirement that the above legend regarding the Securities Act be placed upon
certificates evidencing any Capital Securities shall cease and terminate upon the earlier to occur
of the following events: (a) the Sale of the Capital Securities in a Public Sale or (b) the Sale
of the Capital Securities in any other transaction if the seller delivers to the Company an
opinion of its in-house or outside counsel, which opinion shall be in form and substance
reasonably satisfactory to the Company, in either case to the effect that such legend is not
required for purposes of the Securities Act upon any Sale of such Capital Securities without
registration thereunder. The requirement that the above legend regarding this Agreement be placed
upon certificates evidencing any such Capital Securities shall cease and terminate upon the
termination of this Agreement. Upon the occurrence of any event requiring the removal of a legend
hereunder, the Company, upon the surrender of certificates containing such legend, shall, at its
own expense, deliver to the holder of any such Capital Securities as to which the requirement for
such legend shall have terminated, one or more new certificates evidencing such Capital Securities
not bearing such legend.

ARTICLE IV

PREEMPTIVE RIGHTS ON ISSUANCES BY THE COMPANY

     Section 4.1. Preemptive Rights. Except for Excluded Securities, the Company shall not
issue, or agree to issue, any Capital Securities unless, in each case, the Company shall have first
given written notice (the “Notice of Preemptive Rights”) to each Shareholder which shall
(a) state the Company’s intention to issue Capital Securities, the amount to be issued (subject to
such amount being adjusted pursuant to Section 4.2), the purchase price therefor and a summary of
the other material terms of the proposed issuance and (b) offer (a “Preemptive Offer”) to
issue to each Shareholder its Pro Rata Share of such securities upon the terms and subject to the
conditions set forth in the Notice of Preemptive Rights, which Preemptive Offer by its terms shall
remain open and irrevocable for a period of 15 days from the date it is delivered by the Company to
the Shareholder (and, to the extent the Preemptive Offer is accepted during such 15 day period,
until the closing of the sales contemplated by the Preemptive Offer).

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     Section 4.2. Procedures for Acceptance of Preemptive Rights. Notice of a Shareholder’s
intention to accept a Preemptive Offer, in whole or in part, shall be evidenced by a writing signed
by the Shareholder and delivered to the Company prior to the end of the 15 day period of such
Preemptive Offer (each, a “Notice of Acceptance”), setting forth such portion of the
securities subject to the Preemptive Offer that the Shareholder elects to purchase. If any
Shareholder does not elect to purchase its full Pro Rata Share (the “Unallocated Share”),
then any Affiliates of such Shareholder that are already Shareholders, shall have the right, prior
to the end of the 15 day period of such Preemptive Offer, to elect to purchase all or any portion
of the aggregate Unallocated Share of such Shareholder at the price (the “Initial Preemption
Price”) set forth in the Notice of Preemptive Rights. If such Affiliates do not elect to
purchase all of the Unallocated Share (the “Excess Unallocated Share”), then the Company
shall promptly give written notice to each of the other Shareholders that elected to purchase their
full Pro Rata Share, specifying the aggregate Excess Unallocated Share of all Shareholders. Each
such other Shareholder or its Affiliates shall thereupon have three days from the date such written
notice is given to elect to purchase all or any portion of such aggregate Excess Unallocated Share
(a “Shareholder Excess Election”) by giving written notice to the Company to such effect.
To the extent that more than one Shareholder makes a Shareholder Excess Election, each such
electing Shareholder shall purchase the portion of the Excess Unallocated Shares equal to the
percentage that its Shareholder Excess Election is of the aggregate amount of Shareholder Excess
Elections of all such electing Shareholders, which portion shall be deemed to have been included in
the Notice of Acceptance previously delivered by such Shareholder. Where, pursuant to a Shareholder
Excess Election, a Shareholder purchases Excess Unallocated Shares, the Company shall (in addition
to the shares set forth in the Notice of Acceptance) issue to such Shareholder, instead of the
number of Excess Unallocated Shares purchased by such Shareholder, an amount of Shares equal to the
Adjusted Excess Unallocated Shares. For purposes of this Section 4.2, the Adjusted Excess
Unallocated Shares is equal to the aggregate number of Shares determined by (i) multiplying the
aggregate number of Excess Unallocated Shares purchased by such Shareholder by the Initial
Preemption Price and (ii) dividing the resulting figure by the Adjusted Preemption Price.

     Section 4.3. Closings of Sales. The Company may sell any securities not covered by a
Notice of Acceptance to any other Person or Persons, but only upon terms and conditions in all
respects that are no more favorable, in the aggregate, to such other Person or Persons, than those
set forth in the Preemptive Offer. If the Company does not consummate the issuance of all or part
of the remaining securities subject to the Preemptive Offer to such other Person or Persons, the
right provided hereunder shall be deemed to be revived and such securities shall not be offered
unless first reoffered to the Shareholders in accordance with this Article IV. Concurrently with
the closing of the issuance to such other Person or Persons (the “Other Purchasers”) of all
or part of the remaining securities covered by the Preemptive Offer, each Shareholder shall
purchase from the Company, and the Company shall issue to such Shareholder, the securities covered
by the Notice of Acceptance delivered to the Company by such Shareholder on the terms specified in
the Preemptive Offer. The purchase by a Shareholder of any such securities is subject in all cases
to the execution and delivery by the Company and the Shareholder of a purchase agreement or
subscription agreement relating to such securities and all other documents in form and substance
similar in all material respects, to the extent applicable, to those executed and delivered by the
Company and the Other Purchasers.

ARTICLE V

TAG-ALONG RIGHTS

     Section 5.1. Right to Sell Capital Securities. If any Ashmore Fund or any Affiliate
thereof to which Capital Securities have been transferred in accordance with this Agreement (a
“Selling Ashmore Shareholder”) proposes to Sell any Capital Securities to any Person (other
than to its Affiliates or in a

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Public Sale) and, at such time or as a result of such Sale and any proposed related Sales, the
aggregate Sale Percentages with respect to all Sales of Capital Securities by Ashmore from and
after the Effective Date (including the Sale Percentage relating to the proposed Sale and any
related proposed Sale) exceeds the Sale Threshold, then each Other Shareholder (as part of such
transaction) shall have the right (but not an obligation) to Sell to the same purchaser, at the
same price and on the same terms and conditions, a portion of its Capital Securities which is equal
to the product obtained by multiplying the total amount of shares of Capital Securities
Beneficially Owned by such Other Shareholder by a fraction (i) the numerator of which is the number
of shares of Capital Securities that the Ashmore Selling Shareholder elects to Sell and (ii) the
denominator of which is the number of shares of Capital Securities that the Selling Ashmore
Shareholder Beneficially Owns prior to electing to Sell pursuant to this Article V, and the Selling
Ashmore Shareholder shall comply with the other provisions of this Article V. The right of each
Other Shareholder to participate in such Sale shall be conditioned upon such Other Shareholder’s
execution of such documents and agreements as the proposed purchaser may require; provided,
that the terms of such documents and agreements shall be no more onerous than those set forth in
the documents and agreements to be executed by the Selling Ashmore Shareholder in connection with
such Sale and further provided that no such Other Shareholder shall be required to
indemnify a purchaser for an amount in excess of the total consideration to be received by such
Other Shareholder pursuant to such Sale. Notwithstanding anything to the contrary contained herein,
any Shareholder participating in a Sale in accordance with this Article V shall not be responsible
for the gross negligence or fraud of the Selling Ashmore Shareholder or any other Shareholder
participating in the Sale or for any indemnification obligations and liabilities (including through
escrow or holdback arrangements) for breaches of representations and warranties or covenants made
by the Selling Ashmore Shareholder or any other Shareholder and shall only be required to make
representations and warranties and give indemnification with respect to its own (1) ownership of
and title to the Capital Securities, (2) organization, (3) authority and (4) conflicts and
consents.

     Section 5.2. Procedures for Tag-Along Sale.

          (a) With respect to any Sale to which this Article V applies, the Selling Ashmore
Shareholder shall first deliver to the Company and the Other Shareholders a Sale Notice and
shall grant a
right (the “Tag-Along Right”) to each of the Other Shareholders, which shall be
irrevocable for a period
(such period, the “Tag-Along Period”) of 15 days after the delivery of the Sale
Notice, to Sell up to an
amount of Capital Securities equal to the amount that may be Sold (which, as the case may be,
shall be
deemed to include any Capital Securities sold by Ashmore previously that were below the Sale
Threshold
(or which have otherwise not been the subject of the Tag-Along Right) if this current sale is
part of a
series of related transaction with such prior Sale) by such Other Shareholder pursuant to
Section 5.1 at the
purchase price and upon the other terms set forth in the Sale Notice. The Tag-Along Right
may be
exercised in whole or in part at the option of each of the Other Shareholders. Notice of an
Other
Shareholder’s intention to exercise its Tag-Along Right, in whole or in part, shall be
evidenced by a
writing (the “Tag-Along Notice of Election”) signed by the Other Shareholder and
delivered to the
Selling Ashmore Shareholder and the Company prior to the end of the Tag-Along Period, setting
forth the
amount and class of Capital Securities that the Other Shareholder elects to Sell pursuant to
its or his
Tag-Along Rights (which may not exceed the amount that may be Sold by such Other Shareholder
pursuant to Section 5.1).

          (b) If no Other Shareholder elects to participate by delivering a Tag-Along Notice of
Election prior to the end of the Tag-Along Period, the Selling Ashmore Shareholder may Sell
the shares
of Capital Securities to be Sold on the terms and conditions set forth in the Tag-Along
Notice.

          (c) If one or more Other Shareholders elects to participate by delivering a Tag-Along
Notice of Election prior to the end of the Tag-Along Period, the Selling Ashmore Shareholder
shall use all

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reasonable efforts to cause the purchaser to agree to acquire all Capital Securities included in
the Tag-Along Notice and Tag-Along Notice of Election upon the same terms and condition set forth
in the Tag-Along Notice. If such purchaser is unwilling or unable to acquire all of such additional
Capital Securities upon such terms, then Selling Ashmore Shareholder may elect either to cancel
such Sale or to proceed with such Sale by reducing the number of shares of Capital Securities to be
sold pursuant to the Tag-Along Notice and Tag Along Notice of Election such that the total number
of shares of Capital Securities to be Sold by the Selling Ashmore Shareholder, on the one hand, and
by the Other Shareholders that delivered Tag-Along Notices of Election, on the other hand does not
exceed the total number of shares of Capital Securities such purchaser is willing to purchase.
Specifically, pursuant to the preceding sentence, the number of shares of Capital Securities
proposed to be Sold by the Selling Ashmore Shareholder and the Other Shareholders who delivered Tag
Along Notices of Election shall each be reduced by being multiplied by a fraction, the numerator of
which is equal to the total number of shares of Capital Securities the purchaser is willing to
purchase and the denominator of which is equal to the total number of shares of Capital Securities
proposed to be Sold by the Selling Ashmore Shareholder and by the Other Shareholders who delivered
Tag Along Notices of Election. Within ten days after the end of the Tag Along Period, the Selling
Ashmore Shareholder shall notify each Other Shareholder who has elected to participate of the
number of shares Capital Securities Beneficially Owned by such Other Shareholder that will be
included in the Sale.

     Section 5.3. Closing of Sales. All Sales of Capital Securities to such purchaser
shall be consummated contemporaneously at the offices of the Company on a mutually satisfactory
Business Day as soon as practicable within 16 days after the expiration of the Tag-Along Period,
or at such other time and place as the parties to such Sales may agree. The delivery of
certificates or other instruments evidencing such Capital Securities, duly endorsed for transfer,
shall be made on such date against payment of the purchase price for such Capital Securities.

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

     Section 6.1. Representations and Warranties. Each party hereto represents and
warrants to the other parties hereto as follows:

          (a) It has full power and authority to execute, deliver and perform its obligations
under this Agreement.

          (b) This Agreement has been duly and validly authorized, executed and delivered by
it, and constitutes a valid and binding obligation of it, enforceable against it in accordance
with its terms
except to the extent that enforceability may be limited by bankruptcy, insolvency or other
similar laws
affecting creditors’ rights generally.

          (c) The execution, delivery and performance of this Agreement by it does not
(i) violate, conflict with, or constitute a breach of or default under its organizational
documents, if any, or
any material agreement to which it is a party or by which it is bound or (ii) violate any law,
regulation,
order, writ, judgment, injunction or decree applicable to it.

          (d) No consent or approval of, or filing with, any governmental or regulatory body is
required to be obtained or made by it in connection with the transactions contemplated hereby.

          (e) It is not a party to any agreement that is inconsistent with the rights of any party
hereunder or otherwise conflicts with the provisions hereof.

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          (f) Except for this Agreement, the Formation Agreement, the Registration Rights Agreement and
the documents contemplated hereby and thereby, as applicable, such party is not a party to any
contract or agreement, written or oral with respect to the securities of the Company (including,
without limitation, any voting agreement, voting trust, stockholder agreement or registration
rights agreement).

ARTICLE VII

COVENANTS

     Section 7.1. Delivery of Financial Statements. The Company shall deliver to each
Shareholder:

          (a) as soon as practicable, but in any event within 90 days after the end of each fiscal
year of the Company, an income statement for such fiscal year, a balance sheet of the Company
and
statement of stockholders’ equity as of the end of such year, and a statement of cash flows
for such year,
such year-end financial reports to be in reasonable detail, prepared in accordance with United
States
generally accepted accounting principles (“GAAP”), and audited and certified by an independent
public
accounting firm of nationally recognized standing selected by the Company;

          (b) within 30 days after the end of each fiscal quarter of the Company, an unaudited
income statement and a statement of cash flows and balance sheet for and as of the end of such
quarter;

          (c) as soon as practicable, but in any event within 60 days after the end of each fiscal
year, a budget and business plan for the next fiscal year, prepared on a monthly basis, and,
as soon as
prepared, any other budgets or revised budgets prepared by the Company; and

          (d) with respect to the financial statements called for in subsection (b) of this
Section 7.1, an instrument executed by the President of the Company and certifying that such
financials
were prepared in accordance with GAAP consistently applied with prior practice for earlier
periods (with
the exception of footnotes that may be required by GAAP) and fairly present the financial
condition of the
Company and its results of operation for the period specified, subject to year-end audit
adjustment,
provided that the foregoing shall not restrict the right of the Company to change its
accounting principles
consistent with GAAP, if the Board of Directors determines that it is in the best interest of
the Company
to do so.

     Section 7.2. Inspection. The Company shall permit (a) each Shareholder that
Beneficially Owns more than 5% of the outstanding Shares and (b) each Founding Shareholder, and, in
each case, or its agents or representatives at such Shareholder’s expense, to visit and inspect the
Company’s properties, to examine its books of account and records and to discuss the Company’s
affairs, finances and accounts with its officers, all at such reasonable times during normal
business hours as may be requested by such Shareholder; provided, however, that the
Company shall not be obligated pursuant to this Section 7.2 to provide access to any information
which it reasonably considers to be a trade secret or similar confidential information.

     Section 7.3. Initial Public Offering. If the Shares are not listed on a national
securities exchange on or before May 25, 2009 (the “IPO Date”), then, upon the request of
Shareholders Beneficially Owning a majority of the outstanding Shares not Beneficially Owned by
Ashmore, which request may be made at any time following the IPO Date, the Company agrees that it
shall use its commercially reasonably efforts to conduct as promptly as practical a Qualified
Public Offering. The

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rights of the Shareholders and obligations of the Company in connection with any such Qualified
Public Offering shall be set forth in the ‘requested registration’ provisions of the Registration
Rights Agreement.

     Section 7.4. Protective Provisions.

          (a) The Company shall not, without the consent of each Shareholder:

          (i) amend, alter or repeal any provision of the Memorandum and Articles of Association in a
manner that would adversely effect any Shareholder;

          (ii) sell, transfer or lease, whether in a single transaction or pursuant to a series of
related transactions or plan, all or a substantial portion of the assets of the Company or any of
its material Subsidiaries;

          (iii) effect a voluntary liquidation, dissolution or winding up of the Company or any of its
material Subsidiaries;

          (iv) approve any merger, scheme of amalgamation or similar transaction in connection with
which (i) the Shares held immediately prior to a transaction by a Shareholder will be diluted
disproportionately to any other Shareholders (except where this arises in a transaction involving
the issuance of Shares by the Company and a Shareholder has not exercised its pre-emptive rights
set out in Article IV) or (ii) any Shareholder would not receive the same form of consideration as
any other Shareholders; or

          (v) convert (by merger or otherwise) the Company from an exempted company incorporated in the
Cayman Islands with limited liability to any other entity, other than an entity with the same tax
attributes in another jurisdiction.

          (b) The Company shall not, without Supermajority Consent:

          (i) appoint outside independent auditors for the Company or replace such
auditors;

          (ii) materially change the nature of the business of the Company and its Subsidiaries; or

          (iii) issue equity incentive awards (either in the form of options, restricted stock or other
similar awards) to directors, officers or employees, which awards represent in the aggregate in
excess of 10% of the outstanding Shares, calculated as of December 29, 2006 (giving effect to any
stock splits, combinations or similar transactions effected after such date).

          (c) The Company shall not enter into any Related Party Transaction unless approved
by the Shareholders representing a majority of the outstanding Shares (other than those Shares
Beneficially Owned by any Shareholder who may have an interest (other than as a Shareholder)
in such
Related Party Transaction, either directly or indirectly through such Shareholder’s Affiliates
or a
Significant Shareholder Debtor, as the case may be).

          (d) The Company shall not redeem Capital Securities other than on a pro rata basis
from every Shareholder holding such Capital Securities and the Company shall not redeem debt
securities
held by any Shareholder or any of its Affiliates, except as required by the Note Purchase
Agreement or
the terms of the Notes; provided that the foregoing shall not prohibit the redemption or
repurchase of
Capital Securities issued to directors, officers or employees of the Company, whether
originally issued

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pursuant to an employee stock plan approved by the Board of Directors or otherwise, at a purchase
price of not more than the fair market value of such Capital Securities at the time of the
redemption or repurchase, as reasonably determined by the Board of Directors or any committee
delegated by the Board of Directors.

          (e) Each Shareholder agrees (i) not to, and cause the Company, its Subsidiaries and
its representatives not to, take any action that, directly or indirectly, will frustrate or
circumvent the
provisions of this Agreement, and (ii) to cause its representatives on the Board, consistent
with their
fiduciary obligations under applicable law, to act in the best interest of all
members/shareholders and not
individual shareholders/members.

          (f) The Company shall only appoint a director, officer, manager or employee,
including the determination of the terms on which such director, officer, manager or employee
shall serve
and any remuneration to be paid, on arms length terms or terms more favorable to the Company
than arms
length terms.

          (g) As soon as reasonably practicable following the request of Ashmore, which
request may be made at any time after Ashmore ceases to own at least a majority of the
outstanding
Capital Securities, the Company shall (i) cease, and cause its Affiliates to cease, to use the
name
“Ashmore” or any abbreviation of or derivation from that name or any name similar to it in any
form
whatsoever, including in respect of advertising and promotional materials and (ii) amend its
memorandum
and articles of association or similar governing document to change its name to a name that
does not
contain the word “Ashmore,” or substantially similar words. Each Shareholder shall take all
necessary
action, in its capacity as a shareholder of the Company, to cause the Company to comply with
its
obligations under this Section 7.4(h).

     Section 7.5. Shareholder Covenants. Each Shareholder hereby agrees that it shall not
enter into any contract or agreement, written or oral, with respect to the Capital Securities of
the Company (including, without limitation, any voting agreement, voting trust, stockholder
agreement or registration rights agreement) except as expressly provided herein.

ARTICLE
VIII

MISCELLANEOUS

     Section 8.1. Calculations. For purposes of this Agreement, the Sale of a Share
Equivalent shall be treated as the Sale of Shares into which such Share Equivalent can be
converted, exchanged or exercised. For all purposes of this Agreement, all Shares acquired or
Beneficially Owned by Affiliates shall be aggregated together for the purposes of determining the
availability of any rights or obligations hereunder; provided that, for such purpose only,
neither the Company nor any Person Controlled by the Company shall, for that reason alone, be
deemed to be an Affiliate of any Shareholder. All references in this Agreement to the percentage of
outstanding Shares, or similar expressions, shall mean the percentage of all outstanding Capital
Securities determined on a fully diluted basis (which, for purposes of clarification, shall not
include any shares issuable pursuant to any warrants issued in connection with the Bridge Credit
Agreement until such time as such warrants are exercisable by the holders thereof).

     Section 8.2. Severability. Whenever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid, but if any provision of this Agreement
is held to be invalid or unenforceable in any respect, such invalidity or unenforceability shall
not render invalid or unenforceable any other provision of this Agreement.

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     Section 8.3. GOVERNING LAW; SUBMISSION TO JURISDICTION. THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD FOR
THE CONFLICTS OF LAWS PRINCIPLES THEREOF, EXCEPT TO THE EXTENT THAT THE LAWS OF THE CAYMAN ISLANDS
ARE MANDATORY. THE PARTIES HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE
OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. THE PARTIES HEREBY WAIVE ANY
OBJECTION THEY MAY HAVE TO VENUE TO ANY SUCH ACTION OR PROCEEDING AND TO THE DEFENSE OF AN
INCONVENIENT FORUM WITH RESPECT THERETO. EACH PARTY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES HEREIN.

     Section 8.4. Successors and Assigns. This Agreement shall inure to the benefit of and
shall be binding upon the parties hereto and their respective successors, assigns, heirs and
personal representatives. Except in connection with a Sale of Capital Securities to an Affiliate of
a Selling Shareholder or a Sale of Capital Securities otherwise expressly permitted by this
Agreement, no Shareholder shall have the right to assign its rights and obligations under this
Agreement without the consent of the other Shareholders. Notwithstanding the foregoing, any
Shareholder may assign its right to exercise its right of first refusal under Section 3.3, its
pre-emptive rights under Article IV, or its Tag-Along Rights under Article V, to one or more of its
Affiliates at any time without the consent of any other party hereto. Upon any such proper
assignment of this Agreement or the rights referenced in the immediately proceeding sentence, such
assignee shall have and be able to exercise the rights assigned by the assigning Shareholder.

     Section 8.5. Notices. All notices, requests, consents and other communications
required or authorized hereunder to any party shall be in writing and either delivered in person
or sent by overnight courier, facsimile (provided successful transmissions is confirmed) or first
class registered or certified mail, return receipt requested, postage prepaid, addressed to such
party at the address or facsimile number set forth below or such other address or facsimile number
as may hereafter be designated in writing by such party to the other parties:

          (i) if to the Company, to:

AEI

Clifton House

75 Fort Street

P.O. Box 190GT

George Town, Grand Cayman

Cayman Islands

Facsimile No.: 345-949-4901

Attention: Director

with a copy (which shall not constitute notice) to:

AEI Services LLC

1221 Lamar

Houston, Texas 77010

Facsimile No.: 713-345-5352

Attention: General Counsel

-18-

 

with a copy (which shall not constitute notice) to:

Clifford Chance US LLP

31 W. 52nd Street

New York, NY
10019
 Facsimile:
212-878-8375
 Attention: G.
David Brinton

          (ii) if to any Shareholder, to the address on the Company’s books and
records,

or, in each case, at such other address or facsimile number as may be specified in writing, but no
such change shall be deemed to have been given until it is actually received by the parties sought
to be charged with its contents. All notices and other communications given hereunder shall be
deemed sufficient upon delivery, if delivered personally, by overnight courier or sent by facsimile
or four Business Days after being deposited in the U.S. mail, as certified or registered mail, with
postage prepaid.

     Section 8.6. No Inconsistent Agreements. Neither the Company nor any Shareholder shall
take any action or enter into any agreement that is inconsistent with the rights of any party
hereunder or otherwise conflicts with the provisions hereof.

     Section 8.7. Further Assurances. At any time or from time to time after the Effective
Date, the parties agree to cooperate with each other, and at the request of any other party, to
execute and deliver any further instruments or documents and to take all such further action as the
other party may reasonably request in order to evidence or effectuate the consummation of the
transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder.

     Section 8.8. Duration of Agreement. The rights and obligations of a Shareholder under
this Agreement shall terminate at such time as such Shareholder no longer is the Beneficial Owner
of any shares of Capital Securities. This Agreement shall terminate upon consummation of a
Qualified Public Offering; provided, that the obligations of the Company and the
Shareholders pursuant to Section 7.4(h) shall survive indefinitely; provided, further,
that the obligations of the Shareholders pursuant to Section 8.19 shall survive the termination of
this Agreement until the first anniversary of the termination of this Agreement.

     Section 8.9. Amendment. The terms and provisions of this Agreement may be modified or
amended, or any of the provisions hereof waived, temporarily or permanently, prospectively or
retroactively, only with (i) the written consent of the Company and (ii) Supermajority Consent;
provided, however, that no modification, amendment or waiver shall be permitted
that would adversely affect the rights of any Shareholder differently than the rights of any other
Shareholder without such Shareholder’s express written consent.

     Section 8.10. Headings. The headings of the Articles and Sections of this Agreement
have been inserted for convenience of reference only and shall not be deemed to be a part of this
Agreement.

     Section 8.11. Nouns and Pronouns. Whenever the context requires, any pronouns used
herein shall include the corresponding masculine, feminine or neuter forms, and the singular form
of names and pronouns shall include the plural and vice-versa.

     Section 8.12. Remedies. Without intending to limit the remedies available to any
party hereto, each party (a) acknowledges that breach of this Agreement will result in irreparable
harm for which there is no adequate remedy at law, and (b) agrees that any party seeking to
enforce this Agreement shall be entitled to injunctive relief or other equitable remedies upon any
such breach.

-19-

 

     Section 8.13. Several Obligations. The obligations of each of the Ashmore Funds under
this Agreement are several. Failure by an Ashmore Fund to perform its obligations under this
Agreement does not affect the obligations of any other party under this Agreement. No Ashmore Fund
is responsible for the obligations of any other Ashmore Fund under this Agreement. The rights of
each Ashmore Fund under or in connection with this Agreement are separate and independent rights
and any obligation arising under this Agreement to an Ashmore Fund shall be a separate and
independent obligation. An Ashmore Fund may, except as otherwise stated in this Agreement,
separately enforce its rights under this Agreement.

     Section 8.14. Limitation of Liability. Each of the Company and each Shareholder hereby
acknowledges that (i) Northern Trust (Guernsey) Limited is executing this Agreement in its capacity
as custodian to each of Ashmore Global Special Situations Fund Limited, Ashmore Global Special
Situations Fund 2 Limited, Ashmore Global Special Situations Fund 3 Limited Partnership, Asset
Holder PCC No. 2 Limited in respect of Ashmore Emerging Economy Portfolio and Asset Holder PCC
Limited in respect of Ashmore Emerging Markets Liquid Investment Portfolio and (ii) Northern Trust
Company is executing this Agreement in its capacity as custodian to EMDCD Ltd. Each of the Company
and each Shareholder further agree that any representations, warranties and covenants contemplated
by this Agreement are made by each Shareholder severally and that all liabilities contemplated by
this Agreement are limited to the extent that each Shareholder’s assets can meet such liabilities
and indemnities.

     Section 8.15. Entire Agreement. This Agreement, the Formation Agreement and the
documents contemplated hereby and thereby contain the entire agreement among the parties hereto
with respect to the subject matter hereof and supersede all prior and contemporaneous agreements
and understandings with respect thereto with the exception of any Confidentiality Agreements
(including letter agreements) entered into between the Company (or AEI) and any of the
Shareholders (unless with respect to any such Confidentiality Agreements (or any such letter
agreements) it is otherwise expressly agreed by the Company and any such Shareholder prior to or
after the execution of this Agreement).

     Section 8.16. Counterparts. This Agreement may be executed in any number of
counterparts, and each such counterpart shall be deemed to be an original instrument and all such
counterparts together shall constitute one agreement.

     Section 8.17. Merger. Upon the merger of the Company with any other entity, each of
the Shareholders and the Company (or, if different, the surviving entity of the merger) shall
execute a shareholders’ agreement with terms that are substantially equivalent, with respect to
each Shareholder, to this Agreement (including with respect to the registration rights provided
pursuant to the Registration Rights Agreement).

     Section 8.18. Public Announcements. Except as otherwise required by applicable law, no
party to this Agreement nor any of its respective Affiliates, agents or representatives, shall
issue any press release or public statement concerning this Agreement or the transactions
contemplated hereby without obtaining the prior written consent of the Company and any other party
named in such release or statement, which consent shall not be unreasonably withheld or delayed;
provided, that if a press release or other public statements is required by applicable law,
the party intending to make such release or statement shall give the Company and each other party
named in such release or statement prior notice and shall use its best efforts to consult with the
Company and such other party named in such release or statement with respect to the text therein.

-20-

 

     Section 8.19. Confidentiality.

          (a) Each Shareholder (the “Recipient”), shall, and shall direct any Affiliate (which
is
provided Confidential Information as permitted by Section 8.19(c)) and the directors,
officers, employees,
agents, representatives, attorneys, accountants and advisors (collectively “Agents”)
of the Recipient or
any such Affiliate to, treat confidentially all information disclosed (whether on or after the
date of this
Agreement and whether in writing, verbally or by any other means and whether directly or
indirectly) by
the Company or on the Company’s behalf to Recipient or its Agents in connection with the
current and
future business and operations of the Company and its direct and indirect subsidiaries,
including, without
limitation, any information relating to the Company’s and its subsidiaries’ operations, plans
or intentions,
know how, market opportunities and business affairs, as well as any written memoranda, notes,
analyses,
reports, compilations, or studies prepared by or on behalf of Recipient that contain or are
derived from,
such information or the recipient’s review thereof (collectively “Confidential
Information”).

          (b) As used in this Agreement, the term “Confidential Information” excludes any
information that (i) is or becomes generally available to the public on a non-confidential
basis other than
as a result of actions by the Recipient or its Agents in violation of this Section 8.19, (ii)
is or becomes
available to the Recipient or its Agents on a non-confidential basis from a source other than
the Company
or its Agents that is not prohibited from disclosing such information to the Recipient or its
Agents by a
legal, contractual, fiduciary or other obligation to the Company or another party or (iii) was
independently
developed by the Recipient without reference to the Confidential Information.

          (c) The Recipient shall not use the Confidential Information for any purpose other
than for the purpose of evaluating and monitoring its investment in the Company. The
Confidential
Information shall be kept confidential and shall not be disclosed by the Recipient and its
Agents;
provided, however, that the Recipient may disclose any Confidential Information (i) to its
Agents who
need to know such Confidential Information, provided that each Agent shall be informed of, and
instructed to abide by the confidentiality provisions of this
Section 8.19, (ii) to the extent
such
information is already in possession of the public or becomes available to the public, other
than through
any fault, act or omission in breach of this confidentiality obligation of the Recipient,
(iii) to the extent
such information is required to be disclosed by law or order of a court or governmental
agencies with
proper jurisdiction or (iv) to the extent such information is required to be disclosed by
applicable laws,
statutes, judicial processes, rules or regulations, including without limitation, the rules,
regulations or
guidelines of securities exchanges or similar self-regulatory organizations to which a
disclosing party is or
may become subject.

          (d) If the Recipient is requested or required by any governmental or regulatory
authority to disclose any Confidential Information (except in the course of routine
examinations of the
Recipient or its Affiliates), it will provide the Company with prompt written notice of any
such request or
requirement, unless notice is prohibited by law or by the rules governing the process
requiring such
disclosure, in order to afford the Company time to seek an appropriate protective order or
other reliable
remedy. Such Recipient will, and will advise its Representatives to, reasonably cooperate
with the
Company in obtaining such protective order or other remedy but shall not be required to take
at its own
expense any legal action or initiate any legal proceeding in connection therewith. If no such
protective
order or other remedy is obtained, such Recipient will disclose only that portion of the
Confidential
Information that in the reasonable opinion of its counsel is legally required to be disclosed
and will
exercise all reasonable efforts to obtain reliable assurance that confidential treatment will
be accorded the
Confidential Information. The Company shall reimburse the Recipient for all reasonable costs,
including
reasonable attorneys’ fees, incurred by the Recipient in connection with such request for a
protective
order or other remedy or in obtaining any such reliable assurance

-21-

 

     Section 8.20. Amended and Restated Shareholders Agreement Superseded. Each of the
parties hereto acknowledges and agrees that this Agreement amends, restates and supersedes the
Amended and Restated Shareholders Agreement in its entirety and that the Amended and Restated
Shareholders Agreement is of no further force and effect. From and after the date hereof, this
Agreement shall exclusively govern the relations of the parties with respect to the subject matter
hereof and no claims may be brought by any party against another under or for breach of any
provision of the Amended and Restated Shareholders Agreement that has been changed pursuant to the
terms of this Agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK — SIGNATURE PAGES FOLLOW]

-22-

 

     IN WITNESS WHEREOF, the parties hereto have duly executed this agreement as of the date first
above written.

	 	 	 	 	 
	 	AEI

 	 
	 	By:  	/s/ James A. Hughes
 	 
	 	 	Name:  	James A. Hughes  	 
	 	 	Title:  	Chief Executive Officer 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	ASHMORE GLOBAL SPECIAL SITUATIONS 

IRELAND PLC

 	 
	 	By:  	Ashmore Investment Management Limited, as agent
 	 
	 
	 	 	 
	 	By:  	                                            /s/ Tim Davis
 	 
	 	 	Name:  	Tim Davis 	 
	 	 	Title:  	Authorised Signatory 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 	 
	 	ASHMORE GLOBAL SPECIAL SITUATIONS 

FUND 2 LIMITED

 	 
	 	By:  	Northen Trust (Guernsey) Limited
 	 
	 	Its:    	Custodian 	 
	 	 	 
	 	By:  	/s/ Sarah Brouard
 	/s/ Tracy Le Sauvage

	 	 	Name:  	Sarah Brouard	Tracy Le Sauvage 	 
	 	 	Title:  	Authorised Signatory	Authorised Signatory 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 	 
	 	ASHMORE GLOBAL SPECIAL SITUATIONS 

FUND 3 LIMITED

 	 
	 	By:  	Northen Trust (Guernsey) Limited
 	 
	 	Its: 	   Custodian 	 
	 
	 	 	 
	 	By:  	/s/ Sarah Brouard
 	/s/ Tracy Le Sauvage

	 	 	Name:  	Sarah Brouard	              Tracy Le Sauvage 	 
	 	 	Title:  	Authorised Signatory	      Authorised Signatory 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 	 
	 	ASHMORE GLOBAL SPECIAL SITUATIONS 

FUND LIMITED

 	 
	 	By:  	Northen Trust (Guernsey) Limited
 	 
	 	Its: 	Custodian 	 
	 	 	 	 
	 
	 	By:  	/s/ Sarah Brouard
 	/s/ Tracy Le Sauvage

	 	 	Name:  	Sarah Brouard	Tracy Le Sauvage 
	 	 	Title:  	Authorised Signatory	Authorised Signatory 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 	 
	 	ASSET HOLDER LIMITED IN RESPECT OF

ASHMORE EMERGING MARKETS LIQUID

INVESTMENT PORTFOLIO

 	 
	 	By:  	Northen Trust (Guernsey) Limited
 	 
	 	Its: 	   Custodian 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	/s/ Sarah Brouard
 	/s/ Tracy Le Sauvage

	 	 	Name:  	Sarah Brouard	              Tracy Le Sauvage 	 
	 	 	Title:  	Authorised Signatory	      Authorised Signatory 	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 	 
	 	
ASSET HOLDER PCC NO. 2 LIMITED IN RESPECT OF

ASHMORE EMERGING

ECONOMY PORTFOLIO

 	 
	 	By:  	Northen Trust (Guernsey) Limited
 	 
	 	Its:    	Custodian 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	/s/ Sarah Brouard
 	/s/ Tracy Le Sauvage

	 	 	Name:  	Sarah Brouard	              Tracy Le Sauvage 	 
	 	 	Title:  	Authorised Signatory	      Authorised Signatory 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	

EMDCD LTD

 	 
	 	By:  	The Northern Trust Company, London Branch
 	 
	 	Its:    	Custodian 	 
	 	 	 	 
	 
	 	NORTRUST NOMINEES LTD

 	 
	 	By:  	/s/ Andy Coles
 	 
	 	 	Name:  	Andy Coles 2VP 	 
	 	 	Title:  	Section Manager 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	FIDELITY CAYMAN INVESTMENT 

COMPANY LIMITED

 	 
	 	By:  	/s/ Martin Lang
 	 
	 	 	Name:  	Martin Lang      	 
	 	 	Title:  	Director 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	CVI GVF (LUX) MASTER S.AR.L.

 	 
	 	By:  	/s/ Peter A. Vorbrich
 	 
	 	 	Name:  	Peter A. Vorbrich  	 
	 	 	Title:  	Director 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	D.E. SHAW COMPOSITE SIDE POCKET 

SERIES 2, L.L.C.

 	 
	 	By:  	D.E. Shaw & Co., L.L.C., as manager
 	 
	 
	 	 	 
	 	By:  	                /s/ Daniel Posner
 	 
	 	 	Name:  	Daniel Posner                      	 
	 	 	Title:  	Authorized Signatory 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	D.E. SHAW COMPOSITE SIDE POCKET 

SERIES 4, L.L.C.

 	 
	 	By:  	D.E. Shaw & Co., L.L.C., as manager
 	 
	 	 	 	 
	 	 	 
	 	By:  	                /s/ Daniel Posner
 	 
	 	 	Name:  	Daniel Posner                      	 
	 	 	Title:  	Authorized Signatory 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK AG, LONDON BRANCH

 	 
	 	By:  	/s/ G. Barbon
 	 
	 	 	Name:  	G. Barbon     	 
	 	 	Title:  	MD 	 
	 
	 	 	 
	  	 /s/ B. Mikee
 	 
	 	B. Mikee    	 	 
	 	MD 	 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	SHERBROOKE, LTD.

 	 
	 	By:  	/s/ Marcy Engel
 	 
	 	 	Name:  	Marcy Engel 	 
	 	 	Title:  	Director 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

TABLE OF CONTENTS

(continued)

Page

	 	 	 	 	 
	 	MOORE CREDIT FUND (MASTER) LP

 	 
	 	By:  	Moore Capital Management, LLC.
 	 
	 	 	Trading Manager 	 
	 	 	 	 
	 	By:  	/s/ Anthony Gallagher
 	 
	 	 	Name:  	Anthony Gallagher
 	 
	 	 	Title:  	Director of Operations
 	 

AEI — PRISMA OFFER

-xxvii-

 

	 	 	 	 	 

TABLE OF CONTENTS

(continued)

Page

	 	 	 	 	 
	 	LM MOORE SP INVESTMENTS, LTD

 	 
	 	By:  	Moore Capital Management, LL
 	 
	 	 	Trading Manager 	 
	 	 	 	 
	 	 	 
	 	By:  	  /s/ Anthony Gallagher
 	 
	 	 	Name:  	Anthony Gallagher 	 
	 	 	Title:  	Director of Operations 	 

AEI — PRISMA OFFER

-xxviii-

 

	 	 	 	 	 

	 	 	 	 	 
	 	POND VIEW CREDIT (MASTER) LTD

 	 
	 	By  	Dimaio Ahmad Capital LLC 

Its: Investment Manager
 
	 	 	 	 
	 	 	 
	 	By:  	                                                  /s/ Jerry M Cudzil
 	 
	 	 	Name:  	Jerry M Cudzil 	 
	 	 	Title:  	Managing Director 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	VR GLOBAL PARTNERS

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	ARGO CAPITAL INVESTORS FUND SPC — ARGO GLOBAL SPECIAL
SITUATIONS FUND

 
	 	By:  	/s/ Sophocles Sophocleous
 	/s/ Kyriakos Rizlas

	 	 	Name:  	Sophocles Sophocleous	Kyriakos Rizlas 
	 	 	Title:  	Authorized Signatory	Director 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	FINISTERRE SPECIAL SITUATIONS FUND

 	 
	 	By:  	/s/ Frode Foss-Skiftesvik
 	 
	 	 	Name:  	Frode Foss-Skiftesvik 	 
	 	 	Title:  	DIRECTOR 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	MONTPELIER GLOBAL FUNDS LIMITED — THE MONTPELIER FUND

 	 
	 	By:  	/s/ Jeremy Suedar
 	 
	 	 	Name:  	Jeremy Suedar 	 
	 	 	Title:  	Director 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	ASHFIELD INVESTMENTS N.V.

 	 
	 	By:  	/s/ Uag
Vinck     /s/ TM Van Delden

 	 
	 	 	Name:  	CMTC Management Services B. V. 	 
	 	 	Title:  	Managing Director 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	TRG GLOBAL OPPORTUNITY MASTER FUND LTD

 	 
	 	By:  	/s/ Lee Bocker
 	 
	 	 	Name:  	Lee Bocker 	 
	 	 	Title:  	Operations Manager 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	TRG SPECIAL OPPORTUNITY MASTER FUND LTD

 	 
	 	By:  	/s/ Lee Bocker
 	 
	 	 	Name:  	Lee Bocker 	 
	 	 	Title:  	Operations Manager 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	WHITEWATER EMCF LLC

 	 
	 	By:  	/s/ Lisa F. Collett
 	 
	 	 	Name:  	Lisa Collett  	 
	 	 	Title:  	Authorized Signatory 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	WHITEWATER EMCO LLC

 	 
	 	By:  	/s/ Lisa F. Collett
 	 
	 	 	Name:  	Lisa Collett  	 
	 	 	Title:  	Authorized Signatory 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	GOLDEN TREE 2004 TRUST

 
	 	By:	Golden Tree Asset Management, L.P., acting in its
capacity as Investment Advisor for and on behalf
of Golden Tree 2004 Trust

 	 
	 	By:  	/s/ Karen Weber
 	 
	 	 	Name:  	Karen Weber 	 
	 	 	Title:  	Director — Bank Debt 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	GOLDMAN SACHS CREDIT PARTNERS

 	 
	 	By:  	/s/ David Goldburg
 	 
	 	 	Name:  	David Goldburg 	 
	 	 	Title:  	Managing Director 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	HILLCREST INVESTMENTS, L.P.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	

INVESTMENT PARTNERS (B), LTD.

	 
	 	By 	
 Dimaio Ahmad Capital LLC 

Its Investment Manager 

 	 
	 	By:  	/s/ Jerry M Cudzil
 	 
	 	 	Name:  	Jerry M Cudzil 	 
	 	 	Title:  	Managing Director 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	DA AEI2007 LLC

 	 
	 	By:  	/s/ Nasser Ahmad
 	 
	 	 	Name:  	Nasser Ahmad 	 
	 	 	Title:  	Partner 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	LISPENARD STREET CREDIT (MASTER), LTD.

	 
	 	By	
Dimaio Ahmad Capital LLC 

Its Investment Manager 

 	 
	 	By:  	/s/ Jerry M Cudzil
 	 
	 	 	Name:  	Jerry M Cudzil 	 
	 	 	Title:  	Managing Director 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	BLACK RIVER EMCO MASTER FUND LTD

 	 
	 	By:  	/s/ Lisa F. Collett
 	 
	 	 	Name:  	Lisa Collett 	 
	 	 	Title:  	Authorized Signatory 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	BLACK RIVER COMMODITY SELECT FUND LTD

 	 
	 	By:  	/s/ Lisa F. Collett
 	 
	 	 	Name:  	Lisa Collett  	 
	 	 	Title:  	Authorized Signatory 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	BLACK RIVER EMERGING MARKETS CREDIT FUND LTD

 	 
	 	By:  	/s/ Lisa F. Collett
 	 
	 	 	Name:  	Lisa Collett  	 
	 	 	Title:  	Authorized Signatory 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

 

 

	 	 	 	 	 
	 	BUCKLAND INVESTMENT PTE LTD

 	 
	 	By:  	/s/ George Kay
 	 
	 	 	Name:  	George Kay  	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE PAGE TO SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENTEX-4.10

Exhibit 4.10

RESTRICTED STOCK AGREEMENT

     THIS
AGREEMENT (the “Agreement”) is made as of                     , by and between Ashmore
Energy International, a Cayman Islands corporation (formerly Prisma Energy International Inc. and
referred to in this Agreement as the “Company”), and                      (the “Executive”).

     WHEREAS, the Executive is a participant in the Prisma Energy International Inc. Sales
Incentive Plan (the SIP”); and

     WHEREAS, as a result of the change in control of the Company that occurred on September 7,
2006, the Executive is entitled to a cash award payment under the SIP on September 7, 2007 (the
“Deferred Cash Payment”), provided he remains employed by the Company or a subsidiary of the
Company on that date or terminates employment prior to that date under certain circumstances; and

     WHEREAS, the Company has offered to grant to the Executive an award of restricted stock upon
the terms and conditions set forth in this Agreement in lieu of the Deferred Cash Payment, and the
Executive has accepted such offer.

     NOW, THEREFORE, the Company and the Executive agree as follows:

     1. Grant of Restricted Stock.

          (a) Subject to and upon the terms, conditions, and restrictions set forth in this
Agreement and in the Company’s 2004 Stock Incentive Plan (the “Plan”), the Company hereby
grants to the Executive                      ordinary shares of the Company (the “Restricted Stock”).
The Restricted Stock will be fully paid and nonassessable and will be registered in the name of the
Executive, such registration to include the restrictions contained in this Agreement.

          (b) The Executive accepts of the grant of Restricted Stock in lieu of an
amount equal to                     % of the Deferred Cash Payment. Acceptance of this grant is a change in
payment election by the Executive under Section 409A of the Internal Revenue Code of 1986, as
amended, and is subject to the transition relief set forth in Section XI.C of the Supplementary
Information to the proposed regulations under Section 409A published by the U.S. Department of the
Treasury on September 29, 2005.

          (c) The Executive hereby represents and warrants to the Company that (check one):

o he is a U.S. Person (as defined below) and that each of the representations and
warranties set forth in Exhibit A hereto are true and correct; or

	o	 	he is not a U.S. Person and that each of the representations and warranties set forth
in Exhibit B are true and correct.

 

 

As used herein the term “U.S. Person” means any natural person resident in the United States, its
territories or possessions.

     2. Restrictions on Transfer of Restricted Stock. The shares of Restricted Stock
may not be transferred, sold, pledged, exchanged, assigned or otherwise encumbered or disposed
of by the Executive, except to the Company, until the shares become vested and nonforfeitable
in accordance with Section 3; provided, however, that the Executive’s interest in the Restricted
Stock may be transferred at any time by will or the laws of descent and distribution. After
the shares of Restricted Stock become vested and nonforfeitable, the shares will continue to be
subject to any restrictions on transfer imposed under applicable securities laws and to the
provisions of Section 7 and Section 8. Any purported transfer, encumbrance or other
disposition
of the Restricted Stock that is in violation of this Agreement will have no effect, and the
other
party to any such purported transaction will not obtain any rights to or interest in the
Restricted
Stock.

     3. Vesting of Restricted Stock.

          (a) On September 7, 2007, 50% of the shares of Restricted Stock will become
vested and nonforfeitable, and on September 7, 2008, the remaining shares of Restricted Stock
will become vested and nonforfeitable, provided the Executive has remained in the continuous
employment of the Company or a subsidiary of the Company on the applicable vesting date.

          (b) Notwithstanding the provisions of Section 3(a), all of the shares of
Restricted Stock will immediately become vested and nonforfeitable in the event of (I) a
Change
in Control (as hereinafter defined); (ii) the Executive’s death or Disability (as hereinafter
defined) while in the employment of the Company or a subsidiary of the Company; or (iii) the
Executive’s termination of employment by reason of Involuntary Termination (as hereinafter
defined) or Good Reason (as hereinafter defined). For purposes of this Agreement:

          (i) “Change in Control” means any of the following events: (A) any
person (as such term is used in Section 14(d) of the Securities Exchange Act of 1934, as
amended) becomes the “beneficial owner” (as determined pursuant to Rule 14d-3 under such
Exchange Act), directly or indirectly, of securities of the Company representing more than
50% of the combined voting power of the Company’s then outstanding securities; or (B) during
any period of two consecutive years (not including any period prior to the date of this
Agreement), individuals who at the beginning of such period constitute the members of the
Board of Directors of the Company and any new director whose election to the Board of
Directors or nomination for election to the Board of Directors by the Company’s shareholders
was approved by a vote of at least two-thirds of the directors then still in office who
either were directors at the beginning of the period or whose election or nomination for
election was previously so approved, cease for any reason to constitute a majority of the
Board of Directors of the Company; or (C) the Company merges with or consolidates into any
other corporation or entity, other than a merger or consolidation which results in the
holders of the voting securities of the Company outstanding immediately prior to such
transaction holding immediately after such transaction securities representing more than 50%
of the combined voting power of

2

 

the voting securities of the Company or such surviving entity outstanding immediately after such
transaction; or (D) the shareholders of the Company approve and effect a plan of complete
liquidation of the Company; or (E) the Company sells or otherwise disposes of all or substantially
all of the Company’s assets; excluding, however, in any event described in clause (A) or
(C) above any primary or secondary public offering of the Company’s shares.

          (ii) “Disability” means the total and permanent disability of the Executive that
qualifies the Executive for benefits under the long-term or extended disability plan of the Company
or subsidiary of the Company covering the Executive.

          (iii) “Involuntary Termination” means the termination of the Executive’s
employment with the Company or a subsidiary of the Company at the election of the Company or
subsidiary, provided that such termination is not a Termination for Cause.

          (iv) “Termination for Cause” means the Executive’s termination of employment at
the election of the Company or a subsidiary of the Company because of the Executive’s (A)
conviction of a felony (which, through lapse of time or otherwise, is not subject to appeal); or
(B) willful refusal without proper legal cause to perform Executive’s duties and responsibilities;
or (C) willfully engaging in conduct which the Executive has, or in the opinion of the Compensation
Committee of the Board of Directors of the Company should have, reason to know is materially
injurious to the Company or a subsidiary of the Company. Such termination of employment will be
effected by notice delivered by the Company or subsidiary of the Company to the Executive and will
be effective as of the date stated in such notice; provided, however, that if (1) such termination
of employment is because of the Executive’s willful refusal without proper cause to perform any one
or more duties and responsibilities and (2) within seven days following the date of such notice the
Executive ceases such refusal and uses all reasonable efforts to perform such duties and
responsibilities, the termination of employment, if made, will not be a Termination for Cause.

          (v) “Good Reason” means any of the following events without the Executive’s written
consent, (A) any significant reduction in the amount of the Executive’s compensation, (B) any
significant reduction by the Company in the aggregate value of the Executive’s benefits under the
Company’s “employee benefit plans” (as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended) as in effect from time to time (unless such reduction is pursuant
to a general change in benefits applicable to all similarly situated employees of the Company and
its subsidiaries), (C) the assignment to the Executive of any duties materially inconsistent with
the Executive’s status or responsibilities as in effect immediately prior to the date of this
Agreement, (D) any material diminution in the status or responsibilities of the Executive’s
position from that which existed immediately prior to the date of this Agreement or (E) a
relocation of employment that either is further than 50 miles from the Executive’s place of
employment or requires the Executive to travel more than an additional 50 miles farther than the
Executive’s place of employment, excluding any travel that may be consistent with the Executive’s
travel obligations. For purposes of this

3

 

Section 3(b)(v), a significant reduction in the amount of the Executive’s compensation will
occur if the Executive is not eligible to receive direct compensation (including base
salary, bonus opportunity and incentive compensation (both short and long-term)) that is at
least 90% of the value of total compensation which the Executive was eligible to receive
from the Company immediately prior to the date of this Agreement; and a significant
reduction in the aggregate value of the Executive’s benefits will occur if the Executive is
not eligible to receive benefits that are at least 90% of the value of benefits which the
Executive was eligible to receive from the Company immediately prior to the date of this
Agreement.

     4. Forfeiture of Restricted Stock.

          (a) Subject to the provisions of Section 3(b), any unvested shares of
Restricted Stock will be forfeited if the Executive ceases to be continuously employed by the
Company or a subsidiary of the Company at any time prior to the applicable vesting date set
forth in Section 3(a). If the forfeiture occurs before September 7, 2007, the shares of
unvested
Restricted Stock will be cancelled as of the date of the Executive’s termination of employment
without any payment to the Executive. If, however, the forfeiture occurs on or after
September 7, 2007, the shares of unvested Restricted Stock will be cancelled as of the date of
the
Executive’s termination of employment, and the Company will pay to the Executive not later
than 60 days after the date of termination of employment an amount equal to the lesser of
(I) one-half of the Deferred Cash Payment to which the Executive would have been entitled to
receive on September 7, 2007, in the absence of this Agreement and (ii) the Fair Market Value of
the forfeited shares as of the date of termination of employment.

          (b) For purposes of this Agreement, the term “Fair Market Value” means
(A) prior to the initial public offering of the Company’s shares, the determination made by
the
Board of Directors in good faith of the fair market value of the shares as of any applicable
date
and (B) after such initial public offering, the closing price on such date (or if such date is
not a
day on which shares are traded, the immediately preceding date on which the shares are traded)
of the Company’s shares as reported on the principal securities exchange on which shares are
then listed or admitted to trading or if not so reported, the average of the closing bid and
ask
prices on such day as reported on the National Association of Securities Dealers Automated
Quotation System or if not so reported, as furnished by any member of the National Association
of Securities Dealers, Inc. selected by the Company.

     5. Dividend, Voting and Other Rights.

          (a) Except as otherwise provided in this Agreement, the Executive will have all of the
rights of a shareholder with respect to the shares of Restricted Stock, including the right to vote
such shares; provided, however, that any additional shares or other securities that the Executive
may become entitled to receive pursuant to a stock dividend, stock split, combination of shares,
recapitalization, merger, consolidation, separation or reorganization or any other change in the
capital structure of the Company will be subject to the same restrictions as the shares of
Restricted Stock.

4

 

          (b) Any cash dividends that are payable with respect to shares of Restricted Stock will
be accumulated and paid to the Executive at the time the shares of Restricted Stock become vested
and nonforfeitable in accordance with Section 3. If any shares of Restricted Stock are forfeited,
the cash dividends accumulated with respect to such shares will also be forfeited.

     6. Retention of Stock by the Company. The Restricted Stock will be held in
custody by the Treasurer of the Company, together with a transfer form endorsed in blank by
the
Executive, until those shares have become vested and nonforfeitable in accordance with
Section 3. In order for the award of Restricted Stock under this Agreement to be effective,
the
Executive must sign and return the attached transfer form to the attention of the Treasurer of
the
Company at the Company’s offices in Houston, Texas.

     7. Lock-Up Agreement. In connection with each underwritten public offering of
the Company’s shares, the Executive agrees to be bound by and, if requested, to execute and
deliver a lock-up agreement with the underwriter(s) of such public offering restricting the
Executive’s right to (I) transfer any shares awarded under this Agreement or (ii) enter into
any
swap or other arrangement that transfers to another any of the economic consequences of
ownership of such shares, in each case to the extent that such restrictions are agreed to (A)
in the
case of the initial public offering of the Company’s shares, by the Board of Directors of the
Company, and (B) otherwise, by the holders of a majority of the shares participating in the
public
offering; provided, however, that the Executive will not be required by this Section 7 to be
bound
by a lock-up agreement covering a period of greater than 90 days (180 days in the case of the
initial public offering of the Company’s shares) following the effectiveness of the related
registration statement plus such additional period of up to 17 days as may be required by the
underwriters to satisfy regulations of the National Association of Securities Dealers, Inc.
and
permit the managing underwriters’ analysts to publish research updates.

     8. Call Option.

          (a) Upon termination of the Executive’s employment with the Company or a
subsidiary of the Company for any reason, the Company will have the right, exercisable for a
period of 90 days after the date of the Executive’s termination of employment (the “Call Option
Period”), to purchase any or all of the shares of Restricted Stock that had become vested and
nonforfeitable pursuant to this Agreement at the time of termination of employment (the “Call
Option”). The Company may purchase all of the Executive’s shares at a per share price equal to
the Fair Market Value of the shares (as determined under Section 4(b)) on the date on which
the
Company gives written notice to the Executive that the Company is exercising the Call Option.
If, prior to the date the Company exercises the Call Option, the Executive sells or otherwise
transfers all or any portion of the shares, the shares, the shares sold or transferred will
remain
subject to the terms and conditions of this Section 8.

          (b) The Company may exercise the Call Option, in whole or in part, by
delivery of written notice (the “Call Notice”) to the Executive no later than 90 days after
the
Executive’s termination of employment. The Call Notice will state that the Company has elected
to exercise the Call Option and will set forth the purchase price of the shares to be
purchased.

5

 

          (c) The closing of the purchase and sale of the shares pursuant to this
Section 8 will take place as soon as reasonably practicable, and in any event not later than 30
days after the date of the Call Notice (provided that such time will be extended as necessary to
comply with applicable legal requirements) at the principal office of the Company or at such
other time and location as the Company and the Executive may mutually determine. At the
closing, the Executive will deliver to the Company an executed transfer form, and the Company
will pay to the Executive by certified or bank check or wire transfer of immediately available
federal funds the purchase price of the shares being purchased by the Company. The delivery of
the shares by the Executive will be deemed a representation and warranty by the Executive that
(I) the Executive has full right, title and interest in and to the shares, (ii) the Executive
has all
necessary power and authority and has taken all necessary action to sell the shares and (iii) the shares are free and clear of any and all adverse claims.

          (d) The Executive acknowledges and agrees that neither the Company nor any
person directly or indirectly affiliated with the Company (in each case whether as a director,
officer, manager, employee, agent or otherwise) will, subject to applicable law, have any duty or
obligation to disclose to the Executive, and the Executive does not, subject to applicable law,
have any right to be advised of, any material information regarding the Company at any time
prior to, upon, or in connection with any termination of the Executive’s employment with the
Company or a subsidiary of the Company or upon the exercise of the Call Option or any
purchase of the shares pursuant to the Call Option.

          (e) The foregoing provisions of this Section 8 will expire upon the earlier of
(i) a Change in Control (as defined in Section 3) and (ii) the closing of the initial public
offering of the Company’s shares.

     9. No Employment Contract. Nothing contained in this Agreement will confer
upon the Executive any right with respect to continuance of employment with the Company or
any subsidiary of the Company, nor limit or affect in any manner the right of the Company or
any subsidiary of the Company to terminate the employment or adjust the compensation of the
Executive.

     10. Taxes and Withholding. To the extent that the Company or any subsidiary of
the Company will be required to withhold any federal, state, local or foreign taxes in
connection
with the vesting of the Restricted Stock or the payment of any amounts to the Executive under
this Agreement, and the amounts payable to the Company or any subsidiary of the Company for
such withholding are insufficient, it will be a condition to the vesting of the Restricted
Stock or
the payment of such amounts that the Executive pay such taxes or make provisions that are
satisfactory to the Company for the payment of such taxes. With the consent of the Company,
the Executive may elect to satisfy all or any part of any such withholding obligation by
surrendering to the Company or any subsidiary of the Company a portion of the vested shares,
and the shares so surrendered by the Executive will be credited against any such withholding
obligation at the Fair Market Value (as determined under Section 4(b)) of such shares on the
date of such surrender.

     11. Compliance with Law. The Company will make reasonable efforts to comply
with all applicable federal and state securities laws; provided, however, notwithstanding any

6

 

other provision of this Agreement, the Company will not be obligated to issue shares or other
securities if the issuance would result in a violation of any such law.

     12. Amendments. Any amendment to the Plan will be deemed to be an amendment
to this Agreement to the extent that the amendment is applicable to this Agreement; provided,
however, that no amendment will adversely affect the rights of the Executive under this
Agreement without the Executive’s consent.

     13. Severability. In the event that one or more of the provisions of this Agreement is
invalidated for any reason by a court of competent jurisdiction, any provision so invalidated
will be deemed to be separable from the other provisions of this Agreement, and the remaining
provisions hereof will continue to be valid and fully enforceable.

     14. Relation to Plan. This Agreement is subject to the terms and conditions of the
Plan. In the event of any inconsistency between the provisions of this Agreement and the Plan,
however, the terms of this Agreement will govern. Capitalized terms used herein without
definition will have the meanings assigned to them in the Plan. The Compensation Committee of
the Board of Directors of the Company, acting pursuant to the Plan, as constituted from time to
time, will, except as expressly provided otherwise herein, have the right to determine any
questions that arise in connection with this Agreement.

     15. Governing Law. The interpretation, performance, and enforcement of this
Agreement will be governed by the laws of the State of Texas.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its
duly authorized officer and Executive has also executed this Agreement in duplicate as of the day
and year first above written.

	 	 	 	 	 	 	 
	 	 	ASHMORE ENERGY INTERNATIONAL	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE	 	 
	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Signature	 	 
	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Print Name	 	 
	 
	 	 	 	 	 	 
	 	 	Date:
                    , 2006	 	 

7

 

Exhibit A 

Representations and Warranties of US Persons

If the Executive has indicated in Section l(c) of the Agreement that he is a U.S. Person as
defined therein, the Executive hereby represents and warrants to the Company as follows:

(i) He is acquiring the Restricted Stock for his own account for investment purposes only and not
with a view towards a distribution thereof in violation of applicable securities laws;

(ii) He is an accredited investor within the meaning of Regulation D under the US Securities Act of
1933, as amended (the “Securities Act”), because he either (A) has an individual net worth, or
joint net worth with his spouse, as of the date hereof, in excess of $1 million or (B) had an
individual income in excess of $200,000 in each of the two most recent years or joint income with
his spouse in excess of $300,000 in each of those years and has a reasonable expectation of
reaching the same income level in the current year;

(iii) He understands that the Restricted Stock to be issued to him has not been registered under
the Securities Act or the securities or blue sky laws of any State of the United States or any
other jurisdiction. He also understands that the Restricted Stock is being offered and sold to him
pursuant to an exemption from registration contained in the Securities Act and any such State or
other jurisdictions’ securities or blue sky laws based in part upon his representations contained
in this Agreement. He agrees not to offer, sell or transfer the Restricted Stock unless registered
under the Securities Act and applicable State securities or blue sky laws or pursuant to an
available exemption from such registration;

(iv) He has such knowledge and experience in financial and business matters so that he is capable
of evaluating the merits and risks of his investment in the Company and is able to bear the
economic risk of this investment indefinitely;

(v) He understands that the Restricted Stock will be uncertificated, but that if certificates
representing the Restricted Stock are subsequently prepared, such certificates will bear any
legends required under applicable federal and State securities laws.

8

 

Exhibit B 

Representations and Warranties of non-US Persons

If the Executive has indicated in Section l(c) of the Agreement that he is a not a U.S. Person
as defined therein, the Executive hereby represents and warrants to the Company as follows:

(i) He is acquiring the Restricted Stock for his own account (and not for the account or benefit
of or on behalf of any U.S. Person) for investment purposes only and not with a view towards a
distribution thereof in violation of applicable securities laws;

(ii) The offer to acquire the Restricted Stock was not made to him in the United States and at the
time of the execution of this Agreement and his acquisition of the Restricted Stock he will be
outside the United States;

(iii) He understands that the Restricted Stock to be issued to him has not been registered under
the Securities Act or the securities or blue sky laws of any State of the United States or any
other jurisdiction. He also understands that the Restricted Stock is being offered and sold to him
pursuant to an exemption from registration contained in the Securities Act and any such State or
other jurisdictions’ securities or blue sky laws based in part upon his representations contained
in this Agreement. He agrees not to offer, sell or transfer the Restricted Stock unless registered
under the Securities Act and applicable State securities or blue sky laws or pursuant to an
available exemption from such registration. In addition, he understands and agrees no hedging
transactions involving the Restricted Stock may be conducted unless in compliance with the
Securities Act and applicable State securities or blue sky laws;

(iv) He has such knowledge and experience in financial and business matters so that he is capable
of evaluating the merits and risks of his investment in the Company and is able to bear the
economic risk of this investment indefinitely;

(v) He understands that the Restricted Stock will be uncertificated, but that if certificates
representing the Restricted Stock are subsequently prepared, such certificates will bear any
legends required under applicable securities laws; and

(vi) He and the Company each acknowledge and agree that the Company is required to refuse to
register any transfer of the Restricted Stock not made in accordance with the provisions of
Regulation S under the Securities Act, pursuant to registration under the Securities Act, or
pursuant to an available exemption from registration.

9

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