Document:

Warrant Solicitation Agreement

 Exhibit 10.1 
 WARRANT SOLICITATION AGREEMENT 
 THIS WARRANT SOLICITATION AGREEMENT (“Agreement”)
is dated as of October 17, 2007, by and between ACTION PRODUCTS INTERNATIONAL, INC. (the “Company”) and NATIONAL SECURITIES
CORPORATION (“Broker”). 
 RECITALS 
 WHEREAS, the Company desires to retain Broker to act as a nonexclusive Warrant Solicitation Agent in connection with the solicitation of the exercise of
the Company’s publicly traded warrants; and 
 WHEREAS, as of October 16, 2007, the Company had outstanding 5,197,185 redeemable
common share purchase warrants (the “Public Warrants”) issued pursuant to that Warrant Agreement by and between the Company and Registrar and Transfer Company dated June 16, 2006, as amended July 31, 2006 as amended
January 31, 2007 (the “Warrant Agreement”); and 
 WHEREAS, each Public Warrant entitles the holder to purchase one
share of the Company’s Common Shares for $3.25 per share until January 31, 2008 and for $3.75 per share until January 31, 2010; and 
 WHEREAS, the Company desires Broker to act on behalf of the Company, and Broker is willing to do so in connection with the exercise of the Public Warrants; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereto agree as follows: 
 1. Appointment of the Solicitation Agent. The Company hereby appoints Broker to act as a nonexclusive Solicitation Agent for the Company in connection with the exercise of the Public Warrants and Broker hereby accepts such
appointment. Broker shall, consistent with its obligations under applicable laws and the rules and regulations of the National Association of Securities Dealers (“NASD”), use its reasonable best efforts to maximize the number of
Public Warrants which are exercised, including appropriate communications with the record owners and beneficial owners of the Public Warrants, as well as with said owners’ brokers, agents or other representatives. 
 2. Warrant Solicitation Fee. 
 (a) Amount of
Solicitation Fee. The Company shall pay Broker a fee consisting of a cash payment equal to ten percent (10%) of the total proceeds received from the exercise of those Public Warrants for whom Broker was properly designated as the soliciting
broker on the Exercise Form of the Warrant Certificate evidencing the Public Warrants exercised (the “Solicitation Fee”). 

 (b) Conditions to Payment of Solicitation Fee. The Company shall only be obligated to pay the
Solicitation Fee to Broker if all of the following conditions are met: (i) the exercise of the Public Warrants are in accordance with the Warrant Agreement, (ii) the actions of Broker in soliciting the exercise of the Public Warrants have
been consistent with applicable federal and state securities laws, the guidelines of the NASD and applicable SEC rules and regulations, including Regulation M; and (iii) disclosure of the Company’s compensation arrangement with Broker is
made by Broker in documents provided to the holders of the Public Warrants. 
 (c) Timing of Payment of Solicitation Fee. Within fifteen
(15) days after the end of each month, the Company will deliver a notice to Broker setting forth the number of Public Warrant certificates which have been properly completed for exercise by holders of the Public Warrants for which Broker has
solicited in accordance with this Agreement and the Warrant Agreement, together with payment of the Solicitation Fee with respect to the Public Warrants so exercised and any documentation requested by Broker. 
 (d) Entire Solicitation Fee. The amounts to be paid to Broker under Section 2(a) above represent the entire amount payable by the Company to Broker,
its agents, brokers or representatives in connection with the services described under Section 1 of this Agreement and shall also include any amounts which are adjudicated to be owed to any third parties as a result of Broker’s commitments
to such third parties. 
 (e) Broker shall be responsible for compliance with applicable state securities and “blue sky” laws in
connection with the solicitation of the Public Warrants. Broker shall notify the Company of the states of residence of holders of the Public Warrants in which Broker intends to solicit the exercise of the Public Warrants. 
 3. Representations and Warranties of the Company. The Company represents and warrants as follows: 
 (a) The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida and has full corporate power
and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. This Agreement constitutes the legal, valid and binding agreement and obligation of the Company, enforceable against it in accordance with
its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting creditors’ rights generally, including, without limitation laws regarding fraudulent or preferential transfers, or by the
principles governing the availability of equitable remedies. 
 (b) The Company’s Registration Statement (“Registration
Statement”) on Form S-3 (File No. 333-135078), registering the sale of the Common Shares issuable upon exercise of the Public Warrants (the “Warrant Shares”), was declared effective by the Securities and Exchange
Commission (the “Commission”) on July 20, 2006. The 

  

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Commission has not issued any orders preventing or suspending the use of the Prospectus contained in the Registration Statement and the Prospectus (as
modified or supplemented by information incorporated by reference into such Prospectus) as well as the Company’s other public filings conforms, and during the effectiveness of this Agreement will conform, in all material respects with the
requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) and do not, and during the effectiveness of this Agreement will
not, include any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (c) The Warrant Shares have been duly authorized, have been duly reserved for issuance and upon exercise of the Public Warrants and payment to the
Company of the exercise price therefor, the Warrant Shares will be validly issued, fully paid and non-assessable. 
 (d) Neither the
execution and delivery of this Agreement by the Company nor the consummation of the transactions contemplated hereby will (i) conflict with or result in any breach of any provision of the Articles of Incorporation or Bylaws of the Company, each
as amended to date; (ii) require any consent, approval, authorization or permit from, or filing with or notification to, any United States or foreign governmental or regulatory authority or other third party, except for any such consents,
approvals, authorizations, permits, filings or notifications, the absence of which would not have a material adverse effect on the Company or the Public Warrants; (iii) result in a breach of the terms, conditions or provisions of, constitute a
default (or an event which, upon notice or lapse of time or both, would constitute a default) under or cause, permit or give rise to any right of termination, cancellation or acceleration under any of the terms, conditions or provisions of any
material agreement or other material instrument or obligation to which the Company is a party or by which the Company is bound; or (iv) conflict with or result in a violation of any provision of (A) any statute, rule, regulation or
ordinance which conflict or violation might have a material adverse impact on the Company or the Public Warrants, or (B) any material order, writ, injunction, judgment, award, decree, permit or license applicable to the Company or any of the
Company’s properties or assets. 
 4. Representations and Warranties of Broker. Broker represents and warrants as follows: 
 (a) Broker is a corporation or other entity duly organized, validly existing and in good standing under the laws of the state of its organization or
incorporation and has full power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. All proceedings on the part of Broker necessary to authorize this Agreement and the transactions
contemplated hereby have been duly and validly taken. This Agreement has been duly and validly authorized, executed and delivered by Broker, constitutes the legal, valid and binding agreement and obligation of Broker, enforceable against it in
accordance with its terms, except as enforceability may 

  

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be limited by bankruptcy, insolvency, moratorium or other similar laws affecting creditors’ rights generally, including, without limitation laws
regarding fraudulent or preferential transfers, or by the principles governing the availability of equitable remedies. 
 (b) Neither the
execution and delivery of this Agreement by Broker nor the consummation of the transactions contemplated hereby will (i) conflict with or result in any breach of any provision of the governing instruments of Broker, each as amended to date;
(ii) require any consent, approval, authorization or permit from, or filing with or notification to, any United States or foreign governmental or regulatory authority or other third party, including the Securities and Exchange Commission, and
the National Association of Securities Dealers by Broker; (iii) result in a breach of the terms, conditions or provisions of, constitute a default (or an event which, upon notice or lapse of time or both, would constitute a default) under or
cause, permit or give rise to any right of termination, cancellation or acceleration under any of the terms, conditions or provisions of any material agreement or other material instrument or obligation to which Broker is a party or by which Broker
is bound; or (iv) conflict with or result in a violation of any provision of (A) any statute, rule, regulation or ordinance which conflict or violation might have a material adverse impact on Broker, including the Rules of the National
Association of Securities Dealers and the Rules and Regulations of the Commission or (B) any material order, writ, injunction, judgment, award, decree, permit or license applicable to Broker or any of Broker’s properties or assets.

 (c) Broker is familiar with the terms of the Warrant Agreement. 
 5. Indemnification. 
 (a) The Company agrees to indemnify and hold harmless Broker and each person who
controls Broker within the meaning of Section 15 of the Securities Act from and against any and all losses, claims, damages or liabilities, joint or several, to which such indemnified parties or any of them may become subject under the
Securities Act, the Exchange Act, or the common law or otherwise, and the Company agrees to reimburse Broker and controlling person for any legal or other expenses incurred by the respective indemnified parties in connection with defending against
such losses, claims or liabilities or in connection with any investigation or inquiry of, or other proceeding which may be brought against, the respective indemnified parties, in each case arising out of or based upon any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement (including the Prospectus as part thereof) or any post-effective amendment thereto, or the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading; provided, however, that the indemnity agreements of the Company contained in this paragraph (a) shall not apply to any such losses, claims, damages, liabilities
or expenses if such statement or omission was made in reliance upon and in conformity with information furnished to the Company by or on behalf of Broker. 
  

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 (b) Broker agrees to indemnify and hold harmless the Company, each of its officers and directors, and
each person who controls the Company within the meaning of Section 15 of the Securities Act, from and against any and all losses, claims, damages or liabilities, joint or several, to which such indemnified parties or any of them may become
subject under the Securities Act, the Exchange Act, or the common law or otherwise and to reimburse each of them for any legal or other expenses incurred by the respective indemnified parties in connection with defending against any such losses,
claims, damages or liabilities or in connection with any investigation of inquiry of, or other proceeding which may be brought against, the respective indemnified parties, in each case arising out of or based upon any untrue statement or alleged
untrue statement of a material fact or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made by or on behalf
of Broker other than as provided in the Registration Statement and Prospectus. 
 (c) Each party indemnified under the provision of
paragraphs (a) and (b) of this Section 5 agrees that, upon its receipt of written notification of the commencement of any investigation or inquiry of, or proceeding against, it in respect of which indemnity may be sought on account of
any indemnity agreement contained in such paragraphs, it will promptly give written notice (the “Notice”) of such notification to the party or parties from whom indemnification may be sought hereunder. No indemnification provided
for in such paragraphs shall be available to any party who shall fail so to give the Notice if the party to whom such Notice was not given was unaware of the action, suit, investigation, inquiry or proceeding to which the Notice would have related
and was prejudiced by the failure to give the Notice. Any indemnifying party shall be entitled at its own expense to participate in the defense of any action, suit or proceeding against, or investigation or inquiry of, an indemnified party. Any
indemnifying party shall be entitled, if it so elects within a reasonable amount of time after receipt of the Notice by giving written notice (herein called the Notice of Defense) to the indemnified party, to assume (alone or in conjunction with any
other indemnifying party or parties) the entire defense of such action, suit, investigation, inquiry or proceeding, in which event such defense shall be conducted, at the expense of the indemnifying party or parties, by counsel chosen by such
indemnifying party or parties reasonably satisfactory to the indemnified party or parties; provided, however, that (i) if the indemnified party or parties reasonably determine that there may be a conflict between the positions of the
indemnifying party or parties and of the indemnified party or parties in conducting the defense of such action, suit, investigation, inquiry or proceeding or that there may be legal defenses available to such indemnified party or parties different
from or in addition to those available to the indemnifying party or parties, then counsel for the indemnified party or parties shall be entitled to conduct the defense to the extent reasonably determined by such counsel to be necessary to protect
the interests of the indemnified party or parties and (ii) in any event, the indemnified party or parties shall be entitled to have counsel chosen by such indemnified party or parties participate in, but not conduct, the defense. If, within a
reasonable time after receipt of the Notice, an indemnifying party gives a Notice of Defense and the counsel chosen by the indemnifying party or parties is reasonably satisfactory to the indemnified party or parties, the indemnifying party or

  

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parties will not be liable under paragraphs (a) and (b) of this Section 5 for any legal or other expenses subsequently incurred by the
indemnified party or parties in connection with the defense of the action, suit, investigation, inquiry or proceeding, except that (A) the indemnifying party or parties shall bear the legal and other expenses incurred in connection with the
conduct of the defense as referred to in clause (i) of the proviso to the preceding sentence and (B) the indemnifying party or parties shall bear such other expenses as it or they have authorized to be incurred by the indemnified party or
parties. If, within a reasonable time after receipt of the Notice, no Notice of Defense has been given, the indemnifying party or parties shall be responsible for any legal or other expenses incurred by the indemnified party or parties in connection
with the defense of the action, suit, investigation, inquiry or proceeding. 
 (d) No indemnifying party will, without the prior written
consent of the indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not such
indemnified party or any person who controls such indemnified party within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act is a party to such claim, action, suit or proceeding) unless such settlement,
compromise or consent includes an unconditional release of such indemnified party and each controlling person from all liability arising out of such claim, action, suit or proceeding. 
 6. Termination. Notwithstanding anything in this Agreement to the contrary, this Agreement may be terminated by the Company at any time and for any reason effective the close of the Company’s next business
day after delivery of written notice of termination to Broker in accordance with Section 7(e) herein. If this Agreement is terminated pursuant to this Section 6, this Agreement shall thereafter have no effect except for (i) the
Company’s obligation to pay the Solicitation Fee for exercises of Public Warrants prior to the effectiveness of said termination and (ii) both parties’ indemnification obligations under Section 5 above, all of which shall survive
the termination of this Agreement. 
 7. Miscellaneous. 
 (a) Survival of Representations and Warranties. The parties’ respective representations and warranties contained in this Agreement shall survive until three years after the termination of this Agreement at which
time they shall expire and be deemed terminated and thereafter neither party may claim any damage for breach thereof. 
 (b) Amendment and
Waiver. Any term or provision of this Agreement may be waived at any time by the party which is entitled to the benefits thereof, but only in a writing signed by such party, and this Agreement may be amended or supplemented at any time, but only by
written agreement of the Company and Broker. Any such waiver with respect to a failure to observe any such provision shall not operate as a waiver of any subsequent failure to observe such provision unless otherwise expressly provided in such
waiver. 
  

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 (c) Expenses. Except as otherwise provided in this Agreement, the Company and Broker shall pay their
respective fees, commissions, costs, and other expenses, separately incurred in connection with the preparation and execution of this Agreement and the consummation of the transactions contemplated hereby. 
 (d) Entire Agreement. This Agreement contains the entire agreement between the Company and Broker with respect to the solicitation of the exercise of the
Public Warrants and the related transactions and supersedes all prior arrangements or understandings with respect thereto. 
 (e) Notices.
All notices, consents, requests, instructions, approvals and other communications provided for herein shall be validly given, made or served, if in writing and delivered personally or sent by fax (except for legal process) or certified mail, postage
prepaid, to: 
 Company: 
 Action Products International, Inc. 
 1101 No. Keller Rd., Suite E 
 Orlando, FL 32810 
 Attn: Ronald S. Kaplan 
 Chief Executive Officer 
 Fax No: (419) 781-3805 
 With copies to: 
 Tarter Krinsky & Drogin LLP 
 1350 Broadway, 11th Floor 
 New York, NY 10018 
 Attn: James G. Smith, Esq. 
 Fax No: (212) 216-8001 
 Broker: 
 National Securities Corporation 
 5207 Razorback Ct. 
 Orlando, FL 32819 
 Attn: Keith T. Zdrowak 
 407-296-4587 local 
 407-296-4588 fax 
 or to such other address or fax number as any party hereto may, from time to time, designate in a written notice given in a like manner. Notice given by fax shall be
deemed delivered on the day the sender receives confirmation that such notice was received at the fax number of the addressee, provided that if the faxed notice is transmitted by the sender after 5:00 p.m. (Eastern time), it shall be deemed to have
been delivered the following day. Notice given by mail as set out above shall be deemed delivered three calendar days after the date the same is postmarked. 
  

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 (f) Assignment. Except as provided in the following sentence, this Agreement may not be assigned, by
operation of law or otherwise, and any attempt to do so shall be void. This Agreement shall be binding upon and inure to the benefit of successors and assigns of the parties hereto. 
 (g) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to
conflicts of laws. 
 (h) Arbitration. The parties agree that any controversy, claim or dispute arising out of or relating to this Agreement
shall be settled by arbitration before a single arbitrator to be in the City of New York, State of New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect. Judgment may be entered on the
Arbitrator’s award in any court having jurisdiction, and the parties consent to the jurisdiction of the courts of New York for this purpose. 
 (i) Construction of Agreement. Each of the parties hereto acknowledges and agrees that no provision in this Agreement is to be interpreted for or against any party because that party or that party’s legal representative drafted the
provision. 
 (j) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original,
but all of which together shall constitute one and the same instrument. 
 [remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date and
year first above written. 
  

			
	 ACTION PRODUCTS INTERNATIONAL, INC.

		
	 By:
	 	 /s/ RONALD S. KAPLAN

	 Name:
	 	Ronald S. Kaplan
	 Title:
	 	Chief Executive Officer
	
	 NATIONAL SECURITIES CORPORATION

		
	 By:
	 	 /s/ RICHARD WLASIUK

	 Name:
	 	Richard Wlasiuk
	 Title:
	 	VP Director of Operations

  

 9Protocol and Justification of the Share Exchange between Ultrapar & RIPI

 Exhibit 4.9 
 PROTOCOL AND JUSTIFICATION OF THE SHARE EXCHANGE OF REFINARIA DE
PETRÓLEO IPIRANGA S.A. BY 
 ULTRAPAR
PARTICIPAÇÕES S.A. 
 BETWEEN 
 REFINARIA DE PETRÓLEO IPIRANGA S.A. 
 AND 
 ULTRAPAR PARTICIPAÇÕES S.A. 
  

 DATED
NOVEMBER 9, 2007 
  

 PROTOCOL AND JUSTIFICATION OF THE
SHARE EXCHANGE OF REFINARIA DE PETRÓLEO IPIRANGA S.A BY ULTRAPAR PARTICIPAÇÕES
S.A. 
 Under this agreement, the parties set out below: 
  

	 	a.	REFINARIA DE PETRÓLEO IPIRANGA, a limited company, whose headquarters are located at Rua Engenheiro Heitor Amaro
Barcellos, 551, in the City of Rio Grande, in the State of Rio Grande do Sul, inscribed on the National Corporate Registry (CNPJ/MF) under No. 94.845.674/0001-30 (“RPI”), in this act represented in accordance with its bylaws,
in its capacity as the company whose shares are to be exchanged; and 

  

	 	b.	ULTRAPAR PARTICIPAÇÕES S.A., a limited company, whose headquarters are located at Avenida Brigadeiro Luiz Antonio, 1343, 9th floor, in
the City of São Paulo, in the State of São Paulo, inscribed on the National Corporate Registry (CNPJ/MF) under No. 33.256.439/0001-39 (“ULTRAPAR”), in this act represented in accordance with its bylaws, in the
capacity of the company whose shares will be received; 

 Duly agreed between them, hereby commit themselves to this Protocol and the
Justification of the Share Exchange Issued of Refinaria de Petróleo Ipiranga by Ultrapar Participações S.A. (“Protocol and Justification”), in accordance with Articles 224 and 225 of Law no 6.404/76
(“Brazilian Corporation Law.”). 
 WHEREAS, on March 18, 2007, ULTRAPAR, Petróleo Brasileiro S.A.
(“Petrobras”) and Braskem S.A. (“Braskem”) entered into an investment agreement for the acquisition of all the shares issued by Companhia Brasileira de Petróleo Ipiranga (“CBPI”),
Distribuidora de Produtos de Petróleo Ipiranga S.A. (“DPPI”) and RPI held by controlling shareholders of RPI and DPPI (“Investment Agreement “); 
 WHEREAS, under the terms of the Investment Agreement and in accordance with the Relevant Notice published on March 19, 2007, the transaction of the acquisition of the Ipiranga Group involves
several stages, including, among others, (a) the acquisition of the shares issued by RPI, DPPI and CBPI by ULTRAPAR, (b) the carrying out of public share offerings of RPI, DPPI, CBPI and (c) the Share Exchange of RPI, DPPI and CBPI
for preferred shares of ULTRAPAR (with respect to each of RPI, DPPI and CBPI, a “Share Exchange” and together, the “Share Exchanges”); 
 WHEREAS, upon the conclusion of phase (a) above, RPI, DPPI and CBPI became directly or indirectly controlled by ULTRAPAR, in accordance with Article 116 of Brazilian Corporation Law; 
 WHEREAS, in addition to phase (a), phase (b) above was also completed and that the managements of ULTRAPAR and RPI intend, through this Protocol and
Justification, to establish the terms and conditions proposed for phase (c),the Share Exchange; 
 WHEREAS RPI, DPPI and CBPI (together, the
“Ipiranga Companies”) have a complex corporate structure, to the extent that they consist of various companies that operate in the same sector, having stakes in each other; 
 WHEREAS the Ipiranga Companies have an asymmetric base and shareholding structure, to the extent that there are three groups of different minority shareholders, in each of the companies and that the
companies hold preferred shares issued with different characteristics; 
 WHEREAS this corporate structure impairs the operational,
administrative and shareholding efficiency of Ipiranga companies; 
 WHEREAS the Share Exchanges, among other benefits, aim to resolve these
questions, on behalf of, and in the interest of, all the companies, to the extent that it will simplify the corporate structure of the Ipiranga Companies, increasing their size and operational freedom, and ensuring their strengthening; 

 WHEREAS the Share Exchanges, in addition to the evident benefits for the Ipiranga Companies, will provide
additional benefits to the shareholders of the Ipiranga Companies, by allowing them to participate in a listed company that will concentrate the shareholder bases of the four companies, which should ensure greater liquidity for the shares of all
shareholders, to the extent that it will broaden the shareholder base, which will thus consist of shareholders of ULTRAPAR, RPI, CBPI and DPPI, with shares traded on the São Paulo and New York stock exchanges; 
 WHEREAS, in addition to the increased liquidity, the Share Exchanges will provide the shareholders of the Ipiranga Companies a stake in ULTRAPAR, which is
a company recognized for its good corporate governance structure and with all the interests of its shareholders aligned, an example being the tag-along right granted to the preferred shares of ULTRAPAR; 
 WHEREAS ULTRAPAR, in its capacity as controlling shareholder of the Ipiranga Companies, has an interest in strengthening these companies and adopting
measures to improve their efficiency; 
 WHEREAS TAKING INTO CONSIDERATION THAT
the managements of ULTRAPAR and RPI consider the Share Exchange to be an essential step in order to achieve these objectives; 
 THE
MANAGEMENTS OF ULTRAPAR AND RPI HEREBY RESOLVE, in accordance with Articles 224, 225, 252 and 264 of Brazilian Corporation Law, to sign this Protocol and
Justification in accordance with the following terms and conditions. 
 FIRST CLAUSE 
 NUMBER, TYPE AND CLASS OF SHARES TO
BE ATTRIBUTED 
 1.1. Number, Type and Class of Shares to be attributed. As a result of the Share Exchange of RPI,
0.79850 preferred shares issued by ULTRAPAR shall be attributed to each 1 (one) share, preferred or ordinary, issued by RPI. 
 1.2. Criteria Used to
Determine the Exchange Ratio. The established exchange ratio was determined based on the criteria of future profitability prospects of ULTRAPAR and RPI, in accordance with the valuations contained in Annex II and Annex III hereto.

 1.3. Fractions of Shares. Fractions of shares resulting from the replacement of the ownership stake of each shareholder of RPI will be sold at an
auction to be held on the São Paulo Stock Exchange – BOVESPA, the resulting amounts being made available for the respective shareholders after the financial settlement of the shares sold at auction. 
 SECOND CLAUSE 
 CRITERIA FOR THE VALUATION OF THE SHAREHOLDER’S EQUITY OF ULTRAPAR AND
RPI 
 2.1. Shareholder ́s Equity. The shares issued by RPI were valuated based on their Shareholder ́s Equity, in accordance with the
balance sheet as of September 30, 2007, audited by KPMG Independent Auditors (“KPMG”). The specialized company KPMG Independent Auditors was chosen for this valuation, its headquarters being at Rua Dr. Renato Paes de
Barros, 33, 14th floor, in the City of São Paulo, in the State of São Paulo, inscribed on the National Corporate Registry of the Ministry of Finance under No 57.755.217/0001-29 and under the Regional Accounting Council under
No 2SP014428/O-6, represented by its partner Pedro Augusto de Melo. The choice and hiring of KPMG must be ratified by the shareholders of ULTRAPAR and RPI. The base date of the valuation was September 30, 2007, in accordance with the
report in Annex I (“Accounting Report”), in the amount of R$769,503,076.33 (seven hundred and sixty-nine million, five hundred and three thousand and seventy-six reais, and thirty-three cents) for all the shares of RPI.

 2.2. Valuation based on the prospect of future profitability. Deutsche Bank Securities Inc. (“Deutsche Bank”), a company with its
headquarters at 60 Wall Street, New York, NY, United States of America, was hired by ULTRAPAR to valuate ULTRAPAR and RPI based on their prospects for future profitability, 

 
producing for this purpose an economic-financial analysis contained in Annex II (“Economic-Financial Valuation (Deutsche Bank)”) for
the purpose of setting the exchange ratios set forth in Clause 1.1. for the Share Exchange. In the same way, Investment Bank Credit Suisse (Brasil) S.A. (“Credit Suisse”), a company with its headquarters at Avenida Brigadeiro
Faria Lima, 3064, 13th floor, in the City of São Paulo, in the State of São Paulo, was hired by RPI to conduct the valuation presented in Annex III, based on the prospect of future profitability of ULTRAPAR and RPI
(“Economic-Financial Valuation (Credit Suisse)”). The valuations of Deutsche Bank and Credit Suisse are based on balance sheets as of December 31, 2006 and September 30, 2007, respectively. 
 2.3. Valuation of Shareholder’s Equity at Market Values. For the purposes of complying with Article 264 of Brazilian Corporation Law, a specialized
company was chosen: Apsis Consultoria Empresarial S/C Ltda., with its headquarters at Rua São José, 90, Group 1802, Rio de Janeiro, RJ, inscribed on the National Corporate Registry of the Ministry of Finance under
No. 27.281.922/0001-70, represented by its partner-director Ana Cristina França Souza, to prepare a valuation report of the Shareholder ́s Equity of ULTRAPAR and RPI at market values. The valuations of ULTRAPAR and RPI were
carried out according to the same criteria and base date of September 30, 2007, as shown in the report contained in Annex IV (“Report of Shareholder Equity at Market Values”), which resulted, exclusively for the purpose
contained in the initial paragraph of Article 264 of Brazilian Corporation Law, in the exchange ratio of 0.722591 shares issued by ULTRAPAR for each share issued by RPI. 
 2.4. Treatment of Subsequent Equity variations. From September 30, 2007, the base date for the Share Exchange, variations in the value of RPI ́s equity value that occur before the date on which
the Share Exchange is carried out, will be recorded to at ULTRAPAR under the equity income result. 
 THIRD
CLAUSE 
 SHARES OF A COMPANY HELD BY
ANOTHER AND SHARES HELD IN TREASURY 
 3.1. Treatment of the
Shares of a Company Held by Another. There are no shares issued by ULTRAPAR which are held by RPI. The shares issued by RPI, which are held by ULTRAPAR, will continue to be held by ULTRAPAR. Any reciprocal stake, as a consequence of the
ownership of the shares issued by ULTRAPAR, held by RPI as a result of the corporate reorganization, if this should be the case, will be eliminated within the legal time limit, in accordance with Article 244, paragraph 5 of Brazilian Corporation
Law. 
  

	3.2.	Treatment of Shares Held in Treasury. There are no shares issued by RPI in treasury. 

 FOURTH CLAUSE 
 CAPITAL
INCREASE OF ULTRAPAR 
 4.1. Increase in the Subscribed Paid-in Capital of ULTRAPAR. The Share Exchange will result
in an increase in the paid-in capital of ULTRAPAR, through the transfer of all the shares of the shareholders of RPI to the paid-in capital of ULTRAPAR. The subscribed paid-in capital of ULTRAPAR, of R$946,034,662.97 (nine hundred and forty-six
million, thirty-four thousand, six hundred and sixty-two reais and ninety-seven cents), will be increased by R$708,939,151.43 (seven hundred and eight million, nine hundred and thirty-nine thousand, one hundred and fifty-one reais and forty-three
cents), based on the economic valuation and the terms of Article 226 and §1o of Article 252 of Brazilian Corporation Law. 14,115,702 (fourteen million, one hundred and fifteen thousand, seven hundred and two) new preferred shares,
nominative, with no nominal value, of ULTRAPAR will be issued. These shares will be exchanged for the shares issued by RPI (except for those held by ULTRAPAR) and attributed to RPI shareholders (except for ULTRAPAR) in accordance with the exchange
ratio set forth in Clause 1.1.
 4.2. Wholly-Owned Subsidiary. As a result of the Share Exchange, RPI will become a wholly owned subsidiary of
ULTRAPAR. RPI shareholders will become shareholders of ULTRAPAR, based on the exchange ratio established in this Protocol and Justification, and in proportion of their shareholdings. 

 FIFTH CLAUSE 
 ALTERATIONS OF THE BYLAWS OF ULTRAPAR AND RPI 
 5.1. Alterations of the Bylaws of ULTRAPAR. As a result of the Share Exchange, the bylaws of ULTRAPAR will have to be altered so as to reflect the increase
in paid-in capital and the number of shares into which it will be split. Accordingly, the following proposal will be submitted to the shareholders of ULTRAPAR for a change in the initial paragraph of Article 5o of the bylaws, as well as the
following proposal for the alteration of paragraph 1o of the referred article: 
 “Art. 5o The paid-in capital, subscribed
and paid for, amounts to R$ 1,654,973,814.40 (one billion, six hundred and fifty-four million, nine hundred and seventy-three thousand, eight hundred and fourteen reais and forty cents), divided into 95,441,111 (ninety-five million, four hundred and
forty one thousand, one hundred and eleven) shares without nominal value, all nominative, being 49,429,897 (forty-nine million, four hundred and twenty-nine thousand, eight hundred and ninety-seven) common shares and 46,011,214 (forty-six million,
eleven thousand, two hundred and fourteen) preferred book-entry shares. 
 §1o - The Company is authorized to increase its
paid-in capital, independent of altering its bylaws, on deliberation by the Board of Directors, until it reaches the figure of R$ 4,500,000,000.00 (four billion, five hundred million reais), through the issue of common or preferred shares, without
keeping the existing proportion, observing the limit of 2/3 (two thirds) in preferred shares, of the total shares issued.” 
 It is understood that,
in light of the projects of Share Exchange of CBPI and DPPI to occur simultaneously with the Share Exchange, and the final result of the public share offerings for the shares of RPI, DPPI, CBPI, the capital increase resulting from the Share Exchange
and the Ultrapar ́s paid-in capital, subscribed for and paid for, may suffer alterations resulting in paid-in capital, different from that shown above. 
 5.2. Alterations of the Bylaws of RPI. As a result of the Share Exchange, the bylaws of RPI will be altered so as to reflect its transformation into a wholly owned subsidiary of ULTRAPAR. Accordingly, the following proposal will
be submitted to the shareholders of RPI for alteration of Article 1 of the bylaws: 
 “Art. 1: The Company, called REFINARIA DE
PETRÓLEO IPIRANGA S.A., is a limited company, a wholly-owned subsidiary of Ultrapar Participações S.A., governed by the Brazilian corporation law, applicable legislation and by the present bylaws.” 
 SIXTH CLAUSE 
 REASONS FOR THE SHARE EXCHANGE 
 6.1. Reasons for the Share
Exchange. The managements of ULTRAPAR and RPI decided to carry out the Share Exchange, being of the opinion that it is in the best interest of the companies involved, in light of the foregoing, particularly because of the: 
  

	 	(a)	simplification of the complex corporate structure of the Ipiranga Group; 

  

	 	(b)	strengthening of Ipiranga Group Companies by eliminating the complex capital and corporate structure, thus enabling an improved operational and administrative efficiency, and a
greater capacity to make investments, for the companies that comprised the Ipiranga Group; 

  

	 	(c)	specialization and development of the businesses that comprise the Ipiranga Group; 

  

	 	(d)	alignment of the interests of all the shareholders of the companies; 

  

	 	(e)	increase in the liquidity of the shares of all companies, to the extent that the shareholder base will be widened through the concentration of all shareholders of the companies into
a single company, with shares traded in stock exchanges in Brazil and in New York through ADRs; and 

	 	(f)	extension of ULTRAPAR’s recognized corporate governance standards to all shareholders of RPI, particularly with regard to the 100% tag-along right for preferred shares.

 SEVENTH CLAUSE 
 TYPE OF SHARES TO BE DELIVERED TO THE SHAREHOLDERS OF RPI

 7.1. Shares to Be Delivered to the Shareholders of RPI. The holders of preferred and common shares of RPI will receive, in replacement for
their shares, preferred shares of ULTRAPAR, in accordance with Clause 1 above, which is justified as a way of permitting the non-controlling shareholders of RPI to participate in the type of shares of ULTRAPAR, where liquidity is concentrated
and whose trading is permitted both in Brazil and abroad. 
 EIGHTH CLAUSE 
 COMPOSITION OF PAID-IN CAPITAL OF ULTRAPAR AFTER
THE SHARE EXCHANGE 
 8.1. Subscribed Paid-in Capital of ULTRAPAR after the Share Exchange. The
subscribed paid-in capital of ULTRAPAR will have a value of R$ 1,654,973,814.40 (one billion, six hundred and fifty-four million, nine hundred and seventy-three thousand, eight hundred and fourteen reais and forty cents) and will be represented by
49,429,897 (forty-nine million, four hundred and twenty-nine thousand, eight hundred and ninety-seven) common shares and 46,011,214 (forty-six million, eleven thousand, two hundred and fourteen) preferred shares, nominative and without nominal
value, subject to Clause 5.1. 
 NINTH CLAUSE 
 APPRAISAL RIGHTS AND APPRAISAL VALUE FOR THE SHARES 
 9.1. Appraisal Rights of the Shareholders of ULTRAPAR and RPI. As specified below, and in accordance with the terms of Article 252, §1o and
§2o of Brazilian Corporation Law, the appraisal right of the shareholders of ULTRAPAR and RPI shall be guaranteed, for those who do not agree with the terms of the Share Exchange, that dissent from, abstain on resolutions or fail to attend
the relevant Special General Meeting and who expressly declare their intention to exercise their appraisal right, within a period of 30 (thirty) days counted from the date of publication of the minutes of the respective Special Shareholders Meeting
that approves the Share Exchange , , . The respective amount to be paid for the appraisal right shall depend on the completion of the transaction, as set forth in article 230 of Law 6.404/76, and the payment thereof shall be made by the respective
company up to the third business day following the date of completion of the respective transaction. The appraisal rights shall only be assured to the shareholder that proves to be the owner of the shares regarding which the appraisal rights were
exercised, pursuant to art. 137, paragraph 1, of Law 6.404/76. 
 9.2. Amount to be paid to Shareholders of ULTRAPAR and RPI. The dissenting
shareholders of Ultrapar shall be entitled to repayment of their shares in the amount of twenty-three reais and eighty-six cents (R$ 23.86) according to the last balance sheet approved, that is as of December 31, 2006. The dissenting
shareholders of RPI shall be entitled to repayment of their shares at the amount of nineteen reais and fifty cents (R$ 19.50) according to the last balance sheet approved, that is, as of December 31, 2006; 
 9.2.1. Considering that the exchange ratio proposed to the non-controlling shareholders, in accordance with Clause 1.1, is more advantageous than that resulting
from comparisons to shareholder’s equity at market values, under the terms of § 3o of Article 264 of Brazilian Corporation Law, the common shareholders of RPI dissenting from the respective special shareholders meeting that approves
the corporate transaction cannot exercise the appraisal rights based on the shareholder’s equity at market values, but rather based on shareholders’ equity at book value. 

 9.2.2. The dissenting shareholders may, upon the exercise of the appraisal rights, request a special balance sheet for
the company, according to the provisions of article 45, par. 2 of the Brazilian Corporation Law. In such event, after the expiration of the period determined for the Share Exchange to be reconsidered, pursuant to article 137, par. 3, of the
Brazilian Corporation Act, the shareholder will receive 80% of the amount to be paid for the appraisal rights, and the balance, if any, shall be paid within one hundred and twenty (120) days from the date of the resolution at the special
shareholders meeting. 
 TENTH CLAUSE 
 APPROVAL BY THE GENERAL SHAREHOLDERS MEETINGS OF ULTRAPAR AND
RPI 
 10.1. General Shareholders Meetings. For the implementation of the Share Exchange, extraordinary general shareholders meetings will be held for
the shareholders of ULTRAPAR and RPI, at which the respective shareholders must deliberate on the matters necessary for the Share Exchange. 
 ELEVENTH CLAUSE 
 GENERAL TERMS 
 11.1. Absence of Succession. Upon the completion of the Share Exchange, ULTRAPAR will not absorb the assets, rights, liabilities and responsibilities of RPI,
which will continue to exist as a separate company and there will be no succession. 
 11.2. Documents Available to Shareholders. All the
documents mentioned in this Protocol and Justification are available to the shareholders of ULTRAPAR and RPI as of this date, and may be obtained from the following addresses: (a) for shareholders of RPI, at Rua Engenheiro Heitor Amaro
Barcellos, 551, in the City of Rio Grande, in the State of Rio Grande do Sul and (b) for shareholders of ULTRAPAR, at Avenida Brigadeiro Luiz Antonio, 1343, 8th floor, in the city of São Paulo, in the state of São Paulo.

 11.3. Communication of the Share Exchange to the Authorities. The acquisition of the Ipiranga Group, including the Share Exchange, has been
communicated to the Administrative Counsel for the Economic Defense - CADE, the Brazilian antitrust authority. Any other communications necessary with regard to the Share Exchange will be submitted to the applicable governmental authorities, under
the terms of the applicable legislation. 
 11.4. Registration with the SEC. The Share Exchanges and the respective issuances of new shares by
Ultrapar are subject to applicable registrations with the United States Securities and Exchange Commission. 
 11.5. Profit Sharing for the Year 2007.
The shares to be issued by Ultrapar as a result of the Share Exchange shall be fully entitled to all dividends and interest on share capital that may be declared after the issuance thereof. 
 11.6. Re-evaluation. Both ULTRAPAR and RPI, reserve the right to re-evaluate the Share Exchange, in case of payment of appraisal amounts, resulting from the
exercise of appraisal rights by shareholders who declare their dissent on a timely basis, which put their financial stability at risk, under the terms of §3o of Article 137 of Brazilian Corporation Law. 
 11.7. Survival of Valid Clauses. In the event of any particular clause, item, term, or condition in this Protocol and Justification being considered invalid, the
other clauses, items, terms, and conditions not affected by this invalidation, shall not be affected. 
 11.8. Jurisdiction. The Judiciary District of
the Capital of the State of São Paulo is hereby elected for the settling of any and all questions arising from this Protocol and Justification, waiving the right of any other, however privileged it may be or may become. 

 AND, BEING DULY IN AGREEMENT, hereby sign this
Protocol and Justification in the form of 2 (two) identical copies of equal content, together with two witnesses whose details appear below. 
 São
Paulo, November 9, 2007. 

 [Signing page 1 of 1 of the Protocol and Justification for the Share Exchange issued by Refinaria de
Petróleo Ipiranga S.A. by Ultrapar Participações S.A.] 
 ULTRAPAR PARTICIPAÇÕES S.A. 
  

							
	  
	  		  	  
	  	
	Name:	  		  	Name:	  	
	Position:	  		  	Position:	  	
				
	 REFINARIA DE PETRÓLEO IPIRANGA S.A.
  
	  		  		  	
	  
	  		  	  
	  	
	Name:	  		  	Name:	  	
	Position:	  		  	Position:	  	
				
	 WITNESSES
  
	  		  		  	
	  
	  		  	  
	  	
	Name:	  		  	Name:	  	
	RG:	  		  	RG:

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