Document:

Form of Stock Option Agreement for Independent Directors

 EXHIBIT 10.69 
 FORM OF STOCK OPTION AGREEMENT 
 This Stock Option Agreement (the “Option Agreement”) is
entered into as of                         , between Omega Protein Corporation, a Nevada corporation (the
“Company”), and
                                        
(the “Optionee”). 
 W I T N E S S E T H: 
 WHEREAS, the Company has adopted the 2000 Long-Term Incentive Plan (the “Plan”) in order to encourage officers, employees, directors and consultants of the Company and its affiliates to acquire or increase
their equity interest in the Company and to provide a means whereby they may develop a sense of proprietorship and personal involvement in the development and financial success of the Company, and to encourage them to remain with and devote their
best efforts to the business of the Company thereby advancing the interests of the Company and its stockholders; 
 WHEREAS, the Plan
provides that such officers, employees, directors and consultants may be granted a certain number of Options (as defined in the Plan) to purchase shares of the Common Stock, par value $.01 per share (“Common Stock”), of the Company; and

 WHEREAS, pursuant to Section 7 of the Plan, the Optionee, as a director of the Company, is entitled to an automatic grant of a
non-qualified option for                      shares of Common Stock on the date of the Company’s Annual Meeting of Stockholders, which
was held on                         ; 
 NOW, THEREFORE, in consideration of the premises, the terms and conditions set forth herein, the mutual benefits to be gained by the performance thereof and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Subject to the terms and conditions set forth herein,
the Company hereby grants to the Optionee an Option to purchase from the Company                          shares of Common
Stock at $             per share. Such shares of Common Stock are hereinafter referred to as the “Option Shares.” 
 2. The Option granted pursuant to this Agreement may be exercised by the Optionee at any time during the 10-year period beginning on the date of this
Option Agreement (“Option Period”), subject to the limitation that said Option shall become exercisable six months and one day after the date of this Agreement. Notwithstanding anything to the contrary contained herein, the Option herein
granted shall terminate and be of no further force or effect upon the expiration of the Option Period. 
 3. The Option granted pursuant to
this Agreement may be exercised by the Optionee by giving written notice to the Secretary of the Company setting forth the number of Option Shares with respect to which the Option is to be exercised, which notice shall be accompanied by payment of
the full amount of the exercise price for such and any appropriate withholding taxes. If permitted by the Committee, payment may also be by means of tendering Common Stock, another Award, including Restricted Stock valued at Fair Market Value on the
date of exercise, securing a loan from the Committee or any combination thereof. (All capitalized terms herein are defined in the Plan). 
  

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 Such notice shall specify the address to which the certificate or certificates for such shares are to be
mailed. As promptly as practicable following the receipt of such written notification and payment, the Company shall deliver to the Optionee certificates for the number of Option Shares with respect to which such Option has been exercised.

 4. Except as provided herein this Paragraph 4 or in Paragraph 7, no right or benefit under this plan shall be subject to anticipation,
alienation, transfer, sale, assignment, pledge, encumbrance or charge, whether voluntary, involuntary, direct or indirect, by operation of law or otherwise, including, without limitation, a change in beneficial interest of any trust and a change in
ownership of a corporation or partnership, but not including a change of legal and beneficial title of a right or benefit resulting from the death of any Optionee or the spouse of any Optionee (any such proscribed transaction hereinafter a
“Disposition”) and any attempted Disposition will be null and void. No right or benefit hereunder shall in any manner be liable for or subject to any debts, contracts, liabilities, or torts of any Optionee or other person entitled to such
benefits. The foregoing provisions of this Paragraph 4 shall not apply to a domestic relations order awarding any benefits under the plan to the divorced spouse of an Optionee. The foregoing provisions of this Paragraph 4 shall also not apply to an
irrevocable Disposition of a right or benefit under this Plan to a “Permitted Assignee,” as defined below, by (i) Optionee (an “Eligible Optionee”), or (ii) a “Permitted Assignee,” as defined below, who has received an
assignment from an Eligible Optionee pursuant to this sentence. 
  

	 	a.	Permitted Assignee. The term ‘Permitted Assignee’ shall mean: 

  

	 	(i)	The Eligible Optionee; 

  

	 	(ii)	A spouse of the Eligible Optionee; 

  

	 	(iii)	Any person who is a lineal ascendant or descendant of the Eligible Optionee or the Eligible Optionee’s spouse; 

  

	 	(iv)	Any brother or sister of the Eligible Optionee; 

  

	 	(v)	Any spouse of any individual described in subparagraph (iii) or (iv); 

  

	 	(vi)	A trustee of any trust which, at the applicable time, is 100% Actuarially Held for a Permitted Assignee or Assignees (ad defined in Paragraph 6(c)); 

  

	 	(vii)	Any corporation in which, at the applicable time, each class of stock is 100% owned by a Permitted Assignee or Permitted Assignees; 

  

	 	(viii)	Any partnership in which, at the applicable time, each class of partnership interest is 100% owned by a Permitted Assignee or Permitted Assignees; or 

  

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	 	(ix)	Any limited liability company or other form of incorporated or unincorporated business organization in which each class of stock, membership or other equity interest is 100% owned
by a Permitted Assignee or Assignees. 

 (b) Subsequent Assignees. This Paragraph 4 shall be fully
applicable to all Permitted Assignees, and the provisions of this Paragraph 4 shall be fully applicable to any right or benefit transferred by an Eligible Optionee to any Permitted Assignee as if such Permitted Assignee were an Eligible Participant;
provided, however, that no Permitted Assignee shall be deemed an Eligible Optionee for determining the persons who constitute Permitted Assignees under Paragraph 4. Any Permitted Assignee acquiring a right or benefit under this Plan shall execute
and deliver to the Committee an Agreement pursuant to which such Permitted Assignee agrees to be bound by all of the terms and provisions of the plan, provided that the failure to execute and deliver such an Agreement shall not be deemed to relieve
such Permitted Assignee of the restrictions imposed by the plan. Any attempted Disposition of a right or benefit under this plan in breach of this Paragraph 4, whether voluntary, involuntary, by operation of law or otherwise shall be null and void.

 (c). Actuarially Held. In making the determination whether a trust is 100% Actuarially Held for permitted
Assignee(s), a trust, at the applicable point in time, is 100% Actuarially Held for Permitted Assignee or Assignees when 100% of the actuarial value of the beneficial interests of the trust, except as provided in the following sentence, are held for
a Permitted Assignee or Permitted Assignees. For purposes of making the determination described above, the possibility that an interest in a trust may be appointed pursuant to a special or general power of appointment shall be ignored; provided,
that the actual exercise of any such power of appointment shall not be ignored. 
 5. The Optionee shall have no rights as a stockholder of
the Company with respect to the Option Shares unless and until certificates evidencing such Option Shares shall have been issued by the Company to the Optionee. Until such time, the Optionee shall not be entitled to dividends or distributions in
respect of any Option Shares or to vote such shares on any matter submitted to the shareholders of the Company. In addition, except as to such adjustments that from time to time be made by the Company or the Committee in accordance with Paragraph 10
of the Plan, no adjustment shall be made or required to be made in respect of dividends (ordinary or extraordinary, whether in cash, securities or any other property) or distributions paid or made by the Company or any other rights granted in
respect of any Option Shares for which the record date for such payment, distribution or grant is prior to the date upon which certificates evidencing such Option Shares shall have been issued by the Company. 
 6. The Company may make such provisions as it may deem appropriate for the withholding of any taxes that it determines is required in connection with the
Option granted pursuant hereto. 
 7. Upon the acquisition of any Option Shares pursuant to the exercise of the option granted pursuant
hereto, the Optionee may be required to enter into such written representations, warranties and agreements as the Company may reasonably request in order to comply with 

  

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applicable securities laws or with this Option Agreement. In addition, the certificates representing any Option Shares purchased upon the exercise of the
Option will be stamped or otherwise imprinted with a legend in such form as the Company may require with respect to any applicable restrictions on sale or transfer, and the stock transfer records of the Company will reflect stop-transfer
instructions, as appropriate, with respect to such shares. 
 8. Unless otherwise provided herein, any notice or other communication
hereunder shall be in writing and shall be given by registered or certified mail. All notices of the exercise by the Optionee of the option granted pursuant hereto shall be directed to Omega Protein Corporation, Attention: Secretary, at the
Company’s current address. Any notice given by the Company to the Optionee directed to him at his address on file with the Company shall be effective to bind any other person who shall acquire rights hereunder. The Company shall be under no
obligation whatsoever to advise or notify the Optionee of the existence, maturity or termination of any rights hereunder and the Optionee shall be deemed to have familiarized himself with all matters contained herein and in the Plan which may affect
any of the Optionee’s rights or privileges hereunder. 
 9. Whenever the term “Optionee” is used herein under circumstances
applicable to any other person or persons to whom this award may be assigned in accordance with the provisions of Paragraph 4, the term “Optionee” shall be deemed to include such person or persons. References to the masculine gender herein
also include the feminine gender for all purposes. 
 10. Notwithstanding anything to the contrary contained herein, the Optionee agrees that
the Optionee will not exercise the Option granted pursuant hereto, and that the Company will not be obligated to issue any Option Shares pursuant to this Option Agreement, if the exercise of the Option or the issuance of such shares would constitute
a violation by the Optionee or by the Company of any provision of any law or regulation of any governmental authority or any national securities exchange or transaction quotation system. 
 11. This Option Agreement is subject to the Plan, a copy of which has been furnished to the Optionee and for which the Optionee acknowledges receipt. The
terms and provisions of the Plan (including any subsequent amendments thereto) are incorporated by reference herein. In the event of a conflict between any term or provision contained herein and a term or provision of the plan, the applicable terms
and provisions of the Plan shall govern and prevail. 
 IN WITNESS WHEREOF, this Option Agreement has been executed as of the date first
written above. 
  

			
	 OMEGA PROTEIN CORPORATION

		
	 By:
	 	  

		
		 	  

	
	 OPTIONEE:

  

 4First Supplemental Indenture

 Exhibit 4.5 
 Execution Version 
 FIRST SUPPLEMENTAL INDENTURE 
 THIS FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of December 22, 2005, is by and
among JSC Caspi Neft TME, a Kazakhstan joint stock company (“Caspi Neft”), Bramex Management, Inc., a British Virgin Islands company (“Bramex” and, together with Caspi Neft, the “New
Guarantors”), Transmeridian Exploration Inc., a British Virgin Islands company (the “Company”), the existing Guarantors (as defined in the Indenture referred to herein) and The Bank of New York, as trustee under
the Indenture referred to herein (the “Trustee”). The New Guarantors and the existing Guarantors are sometimes referred to collectively herein as the “Guarantors”, or individually as a “Guarantor.”

 W I T N E S S E T H 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of December 12, 2005, relating to the Senior Secured Notes due 2010 (the
“Securities”) of the Company; 
 WHEREAS, pursuant to Section 4.40(b) of the Purchase Agreements, each dated as
of December 12, 2005, by and among the Company, the existing Guarantors, the several purchasers party thereto and Jefferies & Company, Inc., as closing agent, the Company has agreed to cause each of the New Guarantors to execute and
deliver a supplemental indenture to the Indenture evidencing the Guarantee of each of the New Guarantors; 
 WHEREAS, the board of directors
of Caspi Neft and the board of directors of Bramex have each duly approved and authorized the execution and delivery of a supplemental indenture to the Indenture evidencing the Guarantees of Caspi Neft and Bramex, respectively; and 
 WHEREAS, pursuant to Section 9.1 of the Indenture, the Company, the existing Guarantors and the Trustee are authorized to execute and deliver
this Supplemental Indenture to amend or supplement the Indenture without the consent of any Holder; 
 NOW THEREFORE, to comply with the
provisions of the Indenture and in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantors, the existing Guarantors, the Company and the Trustee mutually covenant
and agree for the equal and ratable benefit of the Holders of the Securities as follows: 
 1. CAPITALIZED
TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
 2.
AGREEMENT TO GUARANTEE. The New Guarantors each hereby agree, jointly and severally, with the existing Guarantors, to unconditionally Guarantee to each Holder and to the Trustee the Obligations, to the
extent set forth in the Indenture and subject to the provisions in the Indenture. The obligations of the Guarantors to the Holders of Securities and to the Trustee pursuant to the Guarantees and the Indenture are expressly set forth in Article
X of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantees. 

 3. EXECUTION AND DELIVERY. Each Guarantor agrees that the
Guarantees shall remain in full force and effect notwithstanding any failure to endorse on each Security a notation of any such Guarantee of any Guarantor. 
 4. GOVERNING LAW. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE AND ENFORCE THIS SUBSIDIARY GUARANTEE. For the avoidance of doubt, nothing herein or in the Indenture shall be deemed to require
the Trustee or the Collateral Agent to submit to the jurisdiction of any court or governmental entity in the Republic of Kazakhstan, or to the laws of the Republic of Kazakhstan, or itself to take any action, with respect to enforcement of a
Guarantee or otherwise, outside of the United States. 
 5. COUNTERPARTS. This Supplemental Indenture may be executed in
multiple counterparts which, when taken together, shall constitute one instrument. 
 6. EFFECT OF
HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 
 7.
THE TRUSTEE. Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture. This
Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to
the Trustee with respect hereto. 
 8. JURISDICTION/VENUE. The parties hereto submit to the jurisdiction of,
and waive objection to venue in, the state and federal courts located in the Borough of Manhattan in the City of New York, New York. 
 9.
INCORPORATION. The Indenture is hereby amended and supplemented as set forth herein, and henceforth “Indenture” shall refer to the Indenture as hereby amended and supplemented. 
 [SIGNATURE PAGES FOLLOW] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed,
all as of the date first above written. 

			
	NEW GUARANTORS:
	
	JSC CASPI NEFT TME
		
	By:	 	 /s/ Anatole Kunevich

	Name:	 	Anatole Kunevich
	Title:	 	Chief Executive Officer
	
	BRAMEX MANAGEMENT, INC.
		
	By:	 	 /s/ Earl W. McNiel

	Name:	 	Earl W. McNiel
	Title:	 	Duly Authorized Attorney
	
	EXISTING GUARANTORS:
	
	TRANSMERIDIAN EXPLORATION INCORPORATED
		
	By:	 	 /s/ Earl W. McNiel

	Name:	 	Earl W. McNiel
	Title:	 	Vice President and Chief Financial Officer
	
	TMEI OPERATING, INC.
		
	By:	 	 /s/ Earl W. McNiel

	Name:	 	Earl W. McNiel
	Title:	 	Vice President
	
	TRANSMERIDIAN (KAZAKHSTAN) INCORPORATED
		
	By:	 	 /s/ Earl W. McNiel

	Name:	 	Earl W. McNiel
	Title:	 	Duly Authorized Attorney

  

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	THE COMPANY:
	
	TRANSMERIDIAN EXPLORATION INC.
		
	By:	 	 /s/ Earl W. McNiel

	Name:	 	Earl W. McNiel
	Title:	 	Duly Authorized Attorney
	
	TRUSTEE:
	
	THE BANK OF NEW YORK
		
	By:	 	 /s/ Luis Perez

	Name:	 	Luis Perez
	Title:	 	Assistant Vice President

  

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