Document:

Investor Rights Agreement

 Exhibit 4.10 
 Execution Version 
 INVESTOR RIGHTS AGREEMENT 
 This Investor Rights Agreement (this “Agreement”) is entered into as of December 1, 2006 by and between Transmeridian Exploration
Incorporated, a Delaware corporation (the “Company”), and Jefferies & Company, Inc., (the “Investor” and, individually or with any subsequent holders of Registrable Securities, a “Holder”). 
 WHEREAS, pursuant to the Purchase Agreement, dated November 28, 2006 (the “Purchase Agreement”), between the Company and the Investor, the
Company has granted to the Investor a warrant (the “Warrants”) to purchase 110,000 shares of common stock, $0.0006 par value, of the Company (the “Common Stock”); and 
 WHEREAS, the Company has agreed to provide the registration rights set forth in this Agreement in connection with the Warrants; 
 NOW, THEREFORE, for and in consideration of the mutual covenants and conditions as set forth in the in the Purchase Agreement, the Warrants and this
Agreement, the parties hereto hereby agree as follows: 
  

	1.	Registration Rights 

 (a) Demand Registration
Rights. Upon the written request of Holders of a majority of the Registrable Securities, the Company will use commercially reasonable efforts to promptly file and cause to become effective in accordance with Section 2 a Registration
Statement under the Securities Act on such form as is appropriate covering the offer and sale from time to time, by the methods of distribution designated by the Holders to the Company in writing, such number of Registrable Securities as it has
received written requests from Holders to include within such Registration Statement, which shall include a duly completed selling stockholder questionnaire in the form provided by the Company. Notwithstanding the foregoing and notwithstanding any
provision of this Agreement to the contrary, the Company shall not be obligated to file and cause to become effective more than one (1) Registration Statement pursuant to this Section 1(a). 
 (b) Piggyback Registration Rights. In the event the Company intends to file a Registration Statement under the Securities Act (other than on Form
S-4 or Form S-8 or any successor form for the registration of securities issued or to be issued in connection with a merger or acquisition or employee benefit plan) covering the offer and sale of Common Stock by the Company or by other selling
shareholders, the Company shall give written notice thereof to the Holders, and the Company shall include in such registration such number of Registrable Securities for which it has received written requests (which shall include a duly completed
selling stockholder questionnaire in the form provided by the Company) from Holders to include within such Registration Statement within fifteen (15) days after the Company has sent written notice to such Holders. 
 (c) Underwritten Offerings. If the Registration Statement under subsection (b) above is to cover an Underwritten Offering, the Registrable
Securities shall be included in the 

  

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underwriting on the same terms and conditions as the securities otherwise being sold through the underwriters. If, in the good faith judgment of the managing
underwriter in any Underwritten Offering, the inclusion of all of the shares of Registrable Securities and any other Common Stock requested to be registered in such Underwritten Offering would interfere with the successful marketing of a smaller
number of such shares, then the number of shares of Registrable Securities and other Common Stock to be included in the offering (except for shares to be issued by the Company in an offering initiated by the Company) shall be reduced to such smaller
number as the managing underwriter shall in its sole discretion determine. The reduction in participation by Holders of Registrable Securities shall occur on a pro rata basis with all other participating holders of securities to be registered under
such Registration Statement, except to the extent that certain holders of other securities may have a contractual preference to participate granted prior to the date hereof. In such case, the Company and the managing underwriter shall use their
reasonable best efforts to accommodate the selling desires of the Holders of Registrable Securities and the Holders of other shares of Common Stock of the Company who possess such registration rights. Any shares for which the Company has received
written request to register and are excluded from an Underwritten Offering as discussed above, shall be withheld from the market by the holders thereof for a period of time, not to exceed 30 days prior to the effective date and 90 days thereafter,
that the managing underwriter reasonably determines is necessary in order to effect the Underwritten Offering. 
  

	2.	Registration Procedures 

 If and whenever the
Company is required to register Registrable Securities, the Company will use its reasonable best efforts to effect such registration to permit the sale of such Registrable Securities in accordance with the Holders, intended plan of distribution
thereof (as communicated in writing to the Company), and pursuant thereto the Company will as expeditiously as possible: 
 (a) (i) (A)
prepare and file with the SEC as soon as practicable (and in any event, subject to the last paragraph of this Section 2, within 45 days after any written request made pursuant to Section 1(a)) a Form S-3 Registration Statement, or a Form
S-1 Registration Statement if the Company is not then eligible to use Form S-3 (or in the last case the successor form), with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become
effective as soon as possible and remain continuously effective and (B) prepare and file with the SEC such amendments and post-effective amendments to the Registration Statement, and such supplements to the related prospectus, as may be
reasonably requested by the Holders or any underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and
regulations thereunder to keep the Registration Statement effective, in the case of either foregoing clause (A) or foregoing clause (B), until all of the Registrable Securities covered by such Registration Statement have been sold under the
Registration Statement or cease to be Registrable Securities, (ii) include in such Registration Statement and/or Prospectus (as the case may be) the names of the Holders who have delivered written notice, and a duly completed selling
stockholder questionnaire (in the form provided by the Company) to the Company at least five business days prior to the date that the Registration Statement is first declared effective, that they propose to include Registrable Securities in the
Registration Statement as selling securityholders, and (iii) file pursuant to 

  

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Rule 424(b) under the Securities Act a supplement to the prospectus contained in the registration Statement or, if required, file a post-effective
amendment to the Registration Statement, in each case, to cover new Holders of Registrable Securities upon at least seven business days prior written notice by such new Holders to such effect and the delivery by such new Holders of duly completed
selling stockholder questionnaires (in the form provided by the Company). 
 (b) [reserved] 
 (c) deliver to the Holders and the underwriters, if any, without charge, as many copies of each prospectus (and each preliminary prospectus) and any
amendments or supplements thereto as such Persons may reasonably request (the Company hereby consenting to the use of each such prospectus (or preliminary prospectus) by the Holders and the underwriters, if any, in connection with the offering and
sale of the Registrable Securities covered by such prospectus (or preliminary prospectus). 
 (d) register or qualify or cooperate with the
Holders, the underwriters, if any, and their respective counsel in connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions as the Holders or
underwriters may designate in writing and do anything else necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided that the Company shall not be required to
qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to general service of process in any such jurisdiction where it is not then so subject. 
 (e) The Company shall give written notice to the Holders of the Registrable Securities included within the coverage of the Registration Statement (which
notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 
 (i) when the Registration Statement or any amendment thereto has been filed with the SEC and when the Registration Statement or any
post-effective amendment thereto has become effective; 
 (ii) of any request by the SEC for amendments or supplements to the
Registration Statement or the prospectus included therein or for additional information; 
 (iii) of the issuance by the SEC
of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; 
 (iv) of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such
purpose; and 
 (v) of the happening of any event that requires the Company to make changes in the Registration Statement or
the prospectus in order that the Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading. 
  

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 (f) The Company shall make every reasonable effort to obtain the withdrawal, at the earliest possible
time, of any order suspending the effectiveness of the Registration Statement. 
 (g) The Company shall furnish to each Holder of Registrable
Securities included within the coverage of the Registration Statement, without charge, if the Holder so requests in writing, at least one copy of the Registration Statement and any post-effective amendment thereto, including, but only if expressly
requested by such Holder, financial statements and schedules and all exhibits thereto (including those, if any, incorporated by reference). 
 (h) The Company shall cooperate with the Holders of the Registrable Securities to facilitate the timely preparation and delivery of certificates (if any) representing the Registrable Securities to be sold pursuant to the Registration
Statement free of any restrictive legends and in such denominations and registered in such names as the Holders may request a reasonable period of time prior to sales of the Registrable Securities pursuant to the Registration Statement. 

(i) Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of Section 2(e) above, the Company shall promptly
prepare and file a post-effective amendment to the Registration Statement or a supplement to the related prospectus and any other required document so that, as thereafter delivered to Holders of the Registrable Securities or purchasers of
Registrable Securities, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading. If the Company notifies the Holders of Registrable Securities included within the coverage of the Registration Statement to suspend the use of the prospectus as a result of any of the events described in paragraphs
(ii) through (v) of Section 2(e) above, until (A) the requisite changes to the prospectus have been made and the Holders have received copies of a supplemented or amended prospectus or (B) the Holders have been advised in
writing by the Company that the use of the prospectus may be resumed, the Holders shall suspend use of such prospectus. 
 (j) The Company
may require each Holder of Registrable Securities to be sold pursuant to the Registration Statement to furnish to the Company, pursuant to a questionnaire or otherwise, such information regarding the Holder and the distribution of the Registrable
Securities as the Company may from time to time reasonably require for inclusion in the Registration Statement, and the Company may exclude from such registration the Registrable Securities of any Holder that fails to furnish such information within
the applicable time period specified in this Agreement. 
 (k) In the case of any registration, the Company shall (i) make reasonably
available for inspection by the Holders of the Registrable Securities, any underwriter participating in any disposition pursuant to the Registration Statement and any attorney, accountant or other agent retained by the Holders of the Registrable
Securities or any such underwriter all relevant financial and other records, pertinent corporate documents and properties of the Company and (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply all
relevant information reasonably requested by the Holders of the Registrable Securities or any such underwriter, attorney, accountant or agent in connection with the Registration Statement, in each case, as shall be reasonably necessary to enable
such persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that the foregoing inspection and information gathering shall be coordinated on behalf of Holders by the Investor or
by one counsel designated by the Holders. 
  

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 (l) In the case of any registration, the Company, if requested by any Holder of Registrable Securities
covered thereby in connection with an underwritten offering of the Registrable Securities pursuant to the Registration Statement, shall cause (i) its counsel (which may include the Company’s general counsel and/or the Company’s
outside counsel) to deliver an opinion or opinions and updates thereto relating to the Registrable Securities in customary form addressed to the underwriters thereof and dated, in the case of the initial opinion, the effective date of such
Registration Statement (it being agreed that the matters to be covered by such opinion shall include, without limitation, the due incorporation and good standing of the Company and its subsidiaries; the qualification of the Company and its
subsidiaries to transact business as foreign corporations; the due authorization, execution and delivery of the relevant underwriting agreement; the due authorization, execution, authentication and issuance, and the validity and enforceability, of
the Registrable Securities; the absence of material legal or governmental proceedings involving the Company and its subsidiaries; the absence of governmental approvals required to be obtained in connection with the Registration Statement, the
offering and sale of the Registrable Securities; the compliance as to form of such Registration Statement and any documents incorporated by reference therein with the requirements of the Securities Act and the Exchange Act; and, as of the date of
the opinion and as of the effective date of the Registration Statement or most recent post-effective amendment thereto, as the case may be, the absence from such Registration Statement and the prospectus included therein, as then amended or
supplemented, and from any documents incorporated by reference therein of an untrue statement of a material fact or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading (in the case of any such documents, in the light of the circumstances existing at the time that such documents were filed with the Commission under the Exchange Act); (ii) its officers to execute and deliver all customary documents
and certificates and updates thereof requested by any underwriters of the Registrable Securities and (iii) its independent public accountants to provide to the underwriter(s) of the Registrable Securities a comfort letter in customary form and
covering matters of the type customarily covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of Auditing Standards
No. 72. 
 (m) The Company shall use its reasonable best efforts to cause the Common Stock included in such Registration Statement to
be, upon resale thereunder, listed on each U.S. securities exchange or national quotation system, if any, on which any shares of Common Stock are then listed. 
 Notwithstanding the undertakings in this Section 2, in the event the Board of Directors of the Company in good faith determines that significant corporate developments preclude the filing of a Registration
Statement or its being declared effective, the Company may delay the filing or effectiveness of such Registration Statement for a period not to exceed 30 days from the date of such request, after giving notice to any Holder of Registrable Securities
to be covered by such Registration Statement. 
  

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	3.	Registration Expenses 

 The Registration Expenses in
connection with all registrations shall be borne by the Company, except that (i) the fees and disbursements of any counsel to the Holders shall be paid by such Holders if such Holders are unwilling to be represented by counsel to the Company,
and (ii) the Holders shall pay all underwriting discounts or commissions, any selling commissions and stock transfer taxes attributable to sales of their Registrable Securities. The Company will bear its internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any person, including special experts, retained by the Company. 
  

	4.	Indemnification 

 (a) The Company agrees to
indemnify and hold harmless the Holders and each person, if any, who controls any Holder within the meaning of the Securities Act or the Exchange Act and the respective officers, directors, partners, employees, representatives and agents of such
Holder or any controlling person of such Holder (the Holders and such persons are referred to as an “Indemnified Holder”) from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof
(including, but not limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Holder may become subject under the Securities Act, the Exchange Act or otherwise,
insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or prospectus or in any amendment or
supplement thereto or in any preliminary prospectus relating to the Registration Statement or any other materials or information provided to investors by, or with the written approval of, the Company in connection with any offering pursuant to the
Registration Statement, or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading, and shall reimburse, as incurred, the Indemnified Holders for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action in
respect thereof; provided, however, that the Company shall not be liable under this Section 4(a) in any such case to the extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue
statement or omission or alleged omission made in the Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to a registration in reliance upon and in conformity with written
information pertaining to the Holder and furnished to the Company by or on behalf of the Holder specifically for inclusion therein. This indemnity agreement will be in addition to any liability which the Company may otherwise have to any Indemnified
Holder. The Company shall notify each Indemnified Holder promptly of the institution, threat or assertion of any claim, proceeding (including any governmental investigation) or litigation in connection with the matters addressed by this Agreement
that involves the Company or such Indemnified Holder. 
 (b) Each of the Holders by its request for inclusion of Registrable Securities in
any Registration Statement agrees, severally and not jointly, to indemnify and hold harmless the Company, its officers and directors and each person, if any, who controls the Company, its 

  

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officers and directors within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any
actions in respect thereof, to which the Company or any such person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus relating to the Registration Statement or any other materials
or information provided to investors by, or with the written approval of, the Company in connection with any offering pursuant to the Registration Statement, or arise out of or are based upon the omission or alleged omission to state therein a
material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue statement or omission was
made in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein. The liability of a Holder under this Section 4(b) shall
in no event exceed the net proceeds received by such Holder from sales of Registrable Securities giving rise to such obligation. 
 (c)
Promptly after receipt by a party of notice of the commencement of any action or proceeding (including a governmental investigation), such party (the “Indemnified Person”) will, if a claim in respect thereof is to be made against any party
under this Section 4 (each an “Indemnifying Person”), notify the Indemnifying Person of the commencement thereof; but the omission so to notify the Indemnifying Person will not, in any event, relieve the Indemnifying Person from any
obligations to any Indemnified Person (including the contribution provision hereof) that the Indemnifying Person may have under paragraph (a) or (b) above, except to the extent that the Indemnifying Person has been materially prejudiced
(through the forfeiture of substantive rights or defenses) by such failure, or otherwise than under paragraph (a) or (b) above. In case any such action is brought against any Indemnified Person, and it notifies the Indemnifying Person of
the commencement thereof, the Indemnifying Person will be entitled to participate therein and, to the extent that it may wish, jointly with any other Indemnifying Person similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such Indemnified Person (who shall not, except with the consent of the Indemnified Person, be counsel to the Indemnifying Person), and after notice from the Indemnifying Person to such Indemnified Person of its election so to assume
the defense thereof the Indemnifying Person will not be liable to such Indemnified Person under this Section 4 for any legal fees, other than reasonable costs of investigation, subsequently incurred by such Indemnified Person in connection with
the defense thereof. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel at its own expense. Notwithstanding the foregoing, the Indemnifying Person shall pay as incurred (or within 30 days of presentation)
the fees and expenses of the counsel retained by the Indemnified Person in the event (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the retention of such counsel, (ii) the named parties to any such
proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them or
(iii) the Indemnifying Person shall have failed to assume the defense of and employ counsel reasonably acceptable to the Indemnified Person within a reasonable period of time after notice of commencement of the action. The Indemnifying Person
shall not be liable for any settlement 

  

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of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying
Person agrees to indemnify the Indemnified Person from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Person shall, without the prior written consent of the Indemnified Person, effect any settlement of
any pending or threatened action in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person unless such settlement (i) includes an unconditional release of
such Indemnified Person from all liability on any claims that are the subject matter of such action, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any Indemnified
Person. 
 (d) If the indemnification provided for in this Section 4 is unavailable or insufficient to hold harmless an Indemnified
Person under subsections (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to therein, except by reason of the exceptions set forth in Section 4(a) or
(b) or the failure of the Indemnified Person to give notice as required in Section 4(c), then each Indemnifying Person shall contribute to the amount paid or payable by such Indemnified Person as a result of the losses, claims, damages or
liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above in such proportion as is appropriate to reflect the relative fault of the Indemnifying Person or Persons on the one hand and the Indemnified Person on
the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the
Holder, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an Indemnified Person as a result of the losses, claims, damages or
liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Person in connection with investigating or defending any action or claim which
is the subject of this subsection (d). Notwithstanding any other provision of this Section 4(d), a Holder shall not be required to contribute any amount in excess of the amount by which the net proceeds received by such Holder from the sale of
the Registrable Securities pursuant to the Registration Statement exceeds the amount of damages which the Holder would have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph
(d), each person, if any, who controls such Indemnified Person within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such Indemnified Person and each person, if any, who controls the Company
within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Company. 
 (e) The remedies
provided by this Section 4 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any indemnified party at law or in equity. The agreements contained in this Section 4 shall survive the sale of the
Registrable Securities pursuant to the Registration Statement and shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 

 

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	5.	Underwritten Offerings 

 If any of the Registrable
Securities covered by any registration pursuant to Section 1(a) are to be sold in an Underwritten Offering, (a) the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the
Holders of a majority in number of such Registrable Securities to be included in such offering and (b) the Company shall, if requested, enter into an underwriting agreement in customary form in connection therewith. No person may participate in
any Underwritten Offering pursuant to a registration initiated by the Company unless such person (a) agrees to sell such person’s Registrable Securities on the basis reasonably provided in any underwriting arrangements approved by the
Company, which approval may not be withheld unreasonably, and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting
arrangements; provided, that the term of such underwriting arrangement in connection with the sale of Registrable Securities shall be no less favorable than the terms afforded to the Company or any other holder of securities participating in the
Underwritten Offering. 
  

	6.	Rule 144 

 The Company shall file the reports
required to be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time while there are outstanding securities that constitute Registrable Securities hereunder the Company is not required to file such reports,
it will, upon the request of any Holders, make publicly available other information so long as necessary to permit sales of their Registrable Securities pursuant to Rule 144. The Company covenants that it will take such further action as any Holder
may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144. Upon the written
request of any Holder, the Company shall deliver to such Holder a written statement as to whether it is subject to and has complied with the reporting requirements referenced in the first sentence of this Section 6. Notwithstanding the
foregoing, nothing in this Section 6 shall be deemed to require the Company to register any of its securities or to file periodic, current or other reports in each case pursuant to the Exchange Act. 
  

	7.	Miscellaneous 

 (a) Counterparts. This
Agreement may be executed through the use of separate signature pages or in any number of counterparts, and each of such counterparts shall, for all purposes, constitute one agreement binding on all the parties, notwithstanding that all parties are
not signatories to the same counterpart. 
 (b) Entire Agreement. This instrument contains the entire agreement of the parties, and
there are no representations, covenants or other agreements except as stated or referred to herein. 
  

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 (c) Preemptive Rights. For so long as any Warrants are outstanding, the Investor will be entitled
to participate in any of the Company’s future offerings of Common Stock of the Company or securities of the Company convertible into, or exercisable for, Common Stock of the Company (as the case may be, “Additional Securities”) in
which the aggregate offering price of such securities is equal to or exceeds $15 million. 
 Each time the Company proposes to offer any
Additional Securities in which the aggregate offering price is equal to or exceeds $15 million, the Company shall make an offering of such Additional Securities to the Investor in accordance with the following provisions: 
 (i) The Company shall deliver a notice (the “Issuance Notice”) to the Investor stating (a) its bona fide intention to offer
such Additional Securities, (b) the number of such Additional Securities to be offered, (c) the price and terms, if any, upon which it proposes to offer such Additional Securities, and (d) the anticipated closing date of the sale of
such Additional Securities. 
 (ii) By written notification delivered to the Company within five trading days after the date
of the Issuance Notice, the Investor may elect to purchase, at the price and on the terms specified in the Issuance Notice, Additional Securities equal to the number of Registrable Securities then held by the Investor (for purposes of clarification,
in the event such Additional Securities are securities convertible into, or exercisable for, shares of the Common Stock of the Company, the number or amount of such Additional Securities which the Investor shall be entitled to purchase pursuant to
this Section 7(c) shall be equal to the number or amount of such Additional Securities which are initially convertible into, or exercisable for, the number of shares of Common Stock of the Company equal to the number of Registrable Securities
then held by the Investor). 
 The rights of the Investor under this Section 7(c) shall not apply to: (A) the exercise of any
warrants, options or other convertible securities of the Company outstanding on the date hereof, (B) the issuance to employees and directors of Common Stock, stock awards or options under, or the exercise of any such options granted pursuant
to, any employee stock option or similar employee incentive or benefit plan for the issuance of stock awards, options or capital stock of the Company approved by the Board of Directors, (C) the issuance of shares of Common Stock of the Company
in connection with a bona-fide strategic transaction, partnership or acquisition or (D) the issuance of shares of Common Stock of the Company pursuant to a stock split, combination or subdivision of the outstanding shares of Common Stock or
preferred stock (as the case may be) of the Company. 
 (d) Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand delivery, registered first-class mail, facsimile transmission, or courier which guarantees overnight delivery: 
  

	(1)	if to the Investor: 

 Jefferies & Company, Inc.

 520 Madison Avenue 
 New York,
New York 10022 
 Attention: David Pritchard 
 Fax No.: (212) 284-2280 
  

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 with a copy (which shall not constitute notice) to: 
 Jefferies & Company, Inc. 
 520
Madison Avenue 
 New York, New York 10022 
 Attention: Ashley Geller 
 Fax No.: (212) 284-2280 
  

	(2)	if to the Company, at its address as follows: 

 Transmeridian Exploration Incorporated 
 397 N. Sam Houston Parkway E., Suite 300 
 Houston, Texas 77060 
 Attention: Nicolas J.
Evanoff 
 Fax No.: (281) 999-9094 
 with a copy (which shall not constitute notice) to: 
 Akin Gump Strauss Hauer & Feld LLP 
 1111 Louisiana Street, 44th Floor 
 Houston,
Texas 77002 
 Attention: James L. Rice III 
 Fax No.: (713) 236-0822 
 All such notices and communications shall be deemed to have been duly given:
at the time delivered by hand, if personally delivered; the earlier of the date indicated on the notice of receipt and five business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s
facsimile machine operator, if sent by facsimile transmission during normal business hours; and on the day delivered, if sent by overnight air courier guaranteeing next day delivery. 
 (e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties,
including, without the need for an express assignment or any consent by the Company thereto, subsequent holders of the Warrants or Registrable Securities. The Company hereby agrees to extend the benefits of this Agreement to any holder of the
Warrants or Registrable Securities and any such holder may specifically enforce the provisions of this Agreement as if an original party hereto. 
 (f) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS WITHOUT REGARD TO THE PROVISIONS THEREOF RELATING TO CONFLICTS OF LAWS. THE COMPANY HERETO IRREVOCABLY
CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN HOUSTON, TEXAS IN CONNECTION WITH ANY ACTION OR PROCEEDING ARISING 

  

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OUT OF OR RELATING TO THIS AGREEMENT. IN ANY SUCH LITIGATION THE COMPANY AGREES THAT THE SERVICE THEREOF MAY BE MADE BY CERTIFIED OR REGISTERED MAIL DIRECTED
TO THE COMPANY PURSUANT TO SECTION 7(d). 
 (g) Remedies. The Company acknowledges and agrees that any failure by the Company to
comply with its obligations under Section 1 hereof may result in material injury to the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of
any such failure, any Holder may obtain such relief as may be required to specifically enforce the Company’s obligations under Section 1 hereof. The Company further agrees to waive the defense in any action for specific performance that a
remedy at law would be adequate. 
 (h) No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter
into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict
with and are not inconsistent with the rights granted to the holders of the Company’s securities under any agreement in effect on the date hereof. 
 (i) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, except by the
Company and the written consent of the Holders of a majority in number of the Restricted Securities affected by such amendment, modification, supplement, waivers or consents, provided, however, that without the consent of each Holder of the
Restricted Securities, the provisions of Section 4 of this Agreement may not be amended, modified or supplemented and waivers or consents to departures from the provisions therefrom may not be given. Each Holder of Registrable Securities
outstanding at the time of any amendment, modification, supplement, waiver, or consent or thereafter shall be bound by any such amendment, modification, supplement, waiver, or consent effected pursuant to this Section 7(i), whether or not any
notice of such amendment, modification, supplement, waiver, or consent is delivered to such Holder. 
  

	8.	Definitions 

 Exchange Act: The Securities
Exchange Act of 1934, as from time to time amended. 
 Registration Expenses: Registration Expenses shall mean: 
 (1) all registration and filing fees (including fees with respect to filings required to be made with the SEC and the National Association of Securities
Dealers, Inc.); 
 (2) fees and expenses of compliance with securities or blue sky laws (including fees and disbursements of counsel for the
underwriters in connection with blue sky qualifications of the Registrable Securities) and all application and filing fees in connection with listing on a national securities exchange or automated quotation system pursuant to the requirements
hereof; 
 (3) printing, messenger, telephone and delivery expenses; 
  

 12 

 (4) fees and disbursements of counsel for the Company; and 
 (5) fees and disbursements of all independent certified public accountants of the Company (including the expenses of any special audit and comfort
letters required by or incident to such performance). 
 Registration Expenses shall not include: (i) the fees and disbursements of any
counsel to the Holders, which shall be paid by such Holders if such security Holders are unwilling to be represented by counsel to the Company, and (ii) any underwriting discounts or commissions, any selling commissions and stock transfer taxes
attributable to sales of Registrable Securities. 
 Registrable Securities: (a) the shares of Common Stock of the Company or
other securities issued or issuable upon exercise of the Warrants (b) any securities issued or issuable with respect to such Common Stock or other securities by way of a stock dividend or stock split or in connection with a combination of
shares, recapitalization, merger, consolidation or reorganization and (c) any Additional Securities issued to the Investor pursuant to Section 7(c) of this Agreement; provided, however, that any such securities shall be deemed to be
Registrable Securities only if and so long as they are Transfer Restricted Securities. 
 Registration Statement: With respect to
Section 1(a), a registration statement which covers Registrable Securities pursuant to the provisions of this Agreement, and with respect to Section 1(b), any other form of registration statement that the Company determines, in its sole
discretion to file, and in each case including the related prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material
incorporated by reference in such registration statement. 
 SEC: The Securities and Exchange Commission. 
 Securities Act: The Securities Act of 1933, as from time to time amended. 
 Transfer Restricted Security: A security that has not been sold to or through a broker, dealer or underwriter in a public distribution or other
public securities transaction or sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Rule 144(k) promulgated thereunder (or any successor rule other than proposed Rule 144A). The
foregoing notwithstanding, a security shall remain a Transfer Restricted Security until (i) all stop transfer instructions or notations and restrictive legends with respect to such security are eligible to be removed and (ii) the Holder
has received an opinion of counsel to the Company, to the effect that such shares in the Holder’s hands are freely transferable in any public or private transaction without registration under the Securities Act (or such Holder has waived
receipt of such opinion). 
 Underwritten Registration or Underwritten Offering: A registration or offering in which securities of the
Company are sold to an underwriter for distribution to the public. 
  

 13 

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

			
	 TRANSMERIDIAN EXPLORATION INCORPORATED

		
	 By:
	 	 /s/ Nicolas J. Evanoff

	 Name:
	 	 Nicolas J. Evanoff

	 Title:
	 	 Vice President, General Counsel and Secretary

  

			
	 JEFFERIES & COMPANY, INC.

		
	 By:
	 	 /s/ J. David Lucke

	 Name:
	 	 J. David Lucke

	 Title:
	 	 Managing Director

 Signature Page to 
 Investor Rights Agreement dated as of December 1, 2006Form of Indemnity Agreement

 Exhibit 10.1 
 INDEMNITY AGREEMENT 
 By this INDEMNITY AGREEMENT (the “Agreement”) TRANSMERIDIAN
EXPLORATION, INCORPORATED, a Delaware corporation (“TMEI”), and _________________________ (“Indemnitee”) agree as follows: 
 WHEREAS, Indemnitee is an officer or member of the board of directors of TMEI and in such capacity is performing a valuable service for TMEI; and 
 WHEREAS, the Bylaws of TMEI (the “Bylaws”) require indemnification of officers and directors of TMEI as set forth therein; 
 WHEREAS, the Bylaws provide that the indemnification rights provided thereunder are not exclusive, and accordingly agreements may be entered into between TMEI and directors or officers of TMEI with respect to
indemnification; and 
 WHEREAS, in order to induce Indemnitee continue to serve as an officer or director of TMEI, TMEI has entered into
this contract with Indemnitee; 
 NOW, THEREFORE, in consideration of Indemnitee’s continued service as an officer or director of TMEI
after the date hereof and of the mutual dependent covenants herein contained the parties hereto agree as follows: 
 1. Services by
Officer or Director. Indemnitee agrees to serve as an officer or director of TMEI and, as mutually agreed by Indemnitee and TMEI, as an officer, director, agent or fiduciary of other corporations, partnerships, joint ventures, trusts or other
enterprises (including, without limitation, employee benefit plans). Indemnitee may at any time and for any reason resign from any such position (subject to any other contractual obligation or any obligation imposed by operation of law), in which
event the obligations of TMEI pursuant to this Agreement shall continue and TMEI shall have no obligation under this Agreement to continue Indemnitee in that position. This Agreement shall not be deemed an employment contract between TMEI (or any of
its subsidiaries) and Indemnitee. 
 2. Indemnification-General. TMEI shall indemnify, and advance Expenses (as hereinafter defined)
to, Indemnitee (a) as provided in this Agreement and (b) to the fullest extent permitted by applicable law in effect on the date hereof and as amended from time to time. The rights of Indemnitee provided under the preceding sentence shall
include, but shall not be limited to, the rights set forth in the other Sections of this Agreement. 
 3. Proceedings Other than
Proceedings by or in the Right of TMEI. Indemnitee shall be entitled to the rights of indemnification provided in Section 2 and this Section 3 if, by reason of his Corporate Status (as hereinafter defined), he is, or is threatened to
be made, a party to or a participant in any threatened, pending, or completed Proceeding (as hereinafter defined), other than a Proceeding by or in the right of TMEI. Pursuant to this Section 3, TMEI shall indemnify Indemnitee against, and
shall hold Indemnitee harmless from and in respect of, all Expenses, 

 
judgments, penalties, fines (including excise taxes) and amounts paid in settlement (including all interest, assessments and other charges paid or payable in
connection with or in respect of such Expenses, judgments, penalties, fines or amounts paid in settlement) actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any claim, issue or matter therein. 

4. Proceedings by or in the Right of TMEI. Indemnitee shall be entitled to the rights of indemnification provided in Section 2 and this
Section 4 if, by reason of his Corporate Status, he is, or is threatened to be made, a party to or a participant in any threatened, pending or completed Proceeding brought by or in the right of TMEI to procure a judgment in its favor. Pursuant
to this Section 4, TMEI shall indemnify Indemnitee against, and shall hold Indemnitee harmless from and in respect of, all Expenses actually and reasonably incurred by him or on his behalf in connection with, and any amounts paid in settlement
of, such Proceeding. 
 5. No Limitation. Any indemnification required pursuant to the terms of this Agreement shall be made
regardless of the alleged, actual, simple, or gross negligence of Indemnitee or his actual or alleged willful misconduct, and TMEI hereby waives any limitation or prohibition otherwise applicable pursuant to the General Corporation Law of the State
of Delaware or other applicable law against indemnification hereunder by reason of the nature of Indemnitee’s actual or alleged conduct, except to the extent by law such limitation or prohibition may not be waived or overridden by agreement.

 6. Procedure. 
 (a) To obtain indemnification under this Agreement, Indemnitee shall submit to TMEI a written request including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to
determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of TMEI shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 (b) On written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a), a
determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change of Control (as hereinafter defined) shall have occurred within two (2) years prior to
the date of such written request, by Independent Counsel (as hereinafter defined) in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred within two
(2) years prior to the date of such written request, (A) by a majority vote of the Disinterested Directors (as hereinafter defined), even though less than a quorum of the Board, or (B) if there are no such Disinterested Directors, or
if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemmitee; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee
shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making such 

  

 2 

 
determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity on reasonable advance
request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’
fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by TMEI (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and TMEI
hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 
 (c) In the event the determination of entitlement to
indemnification is to be made by Independent Counsel pursuant to Section 6(b), the Independent Counsel shall be selected as provided in this Section 6(c). If a Change of Control shall not have occurred within two (2) years prior to
the date of Indemnitee’s written request for indemnification pursuant to Section 6(a), the Independent Counsel shall be selected by the Board, and TMEI shall give written notice to Indemnitee advising him of the identity of the Independent
Counsel so selected. If a Change of Control shall have occurred within two (2) years prior to the date of Indemnitee’s written request for indemnification pursuant to Section 6(a), the Independent Counsel shall be selected by
Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to TMEI advising it of the identity of the Independent Counsel so
selected. In either event, Indemnitee or TMEI, as the case may be, may, within ten (10) days after such written notice of selection shall have been given, deliver to TMEI or to Indemnitee, as the case may be, a written objection to such
selection. Such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 14, and the objection shall set forth with
particularity the factual basis of such assertion. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has
determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a), no Independent Counsel shall have been selected and not objected
to, either TMEI or Indemnitee may petition the Court of Chancery or other court of competent jurisdiction for resolution of any objection which shall have been made by TMEI or Indemnitee to the other’s selection of Independent Counsel and/or
for the appointment as Independent Counsel of a person selected by the petitioned court or by such other person as the petitioned court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed
shall act as Independent Counsel under Section 6(b). TMEI shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b), and TMEI shall pay
all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was 

  

 3 

 
selected and appointed. If (i) Independent Counsel does not make any determination respecting Indemnitee’s entitlement to indemnification hereunder
within ninety (90) days after receipt by TMEI of a written request therefor and (ii) any judicial proceeding or arbitration pursuant to Section 10 hereof is then commenced, Independent Counsel shall be discharged and relieved of
any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 
 7.
Indemnification for Expenses of a Party Who Is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, immediately preceding sentence, to the extent that Indemnitee is, by reason of the of his Corporate Status, a
party to (or a participant in) and is successful, on the merits or otherwise, in defense of any Proceeding (as hereinafter defined), he shall be indemnified against all Expenses (as hereinafter defined) actually and reasonably incurred by him or on
his behalf in connection therewith. If Indemnitee is not wholly successful in defense of such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, TMEI shall
indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any
claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 8. Indemnification for Expenses as a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indmenitee is, by reason of his Corporate Status, a witness in any Proceeding to which
Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. 
 9. Advancement of Expenses. TMEI shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding within ten (10) days after the receipt by TMEI of a statement or
statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall
include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it ultimately shall be determined, in accordance with this Agreement, that Indemnitee is not entitled to be indemnified against
such Expenses. 
 10. Remedies of Indemnitee. 
  

	 	(a)	 In the event that (i) a determination is made pursuant to Section 8 that Indemnitee is not entitled to indemnification hereunder, (ii) advancement of
Expenses is not timely made pursuant to Section 6, (iii) Independent Counsel is to determine Indemnitee’s entitlement to indemnification hereunder, but does not make that determination within ninety (90) days after receipt by
TMEI of the request for that indemnification, (iv) payment of indemnification is not made pursuant to Section 3 or 4 within ten (10) days after receipt by TMEI of a written request therefor or (v) payment of indemnification is
not made within ten (10) days after a determination has 

  

 4 

	 	 
been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication from the Court of Chancery of his entitlement to
such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.
Indemnitee shall commence such Proceeding seeking an adjudication or an award in arbitration within one year following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 10(a); provided,
however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his rights under Section 7. 

  

	 	(b)	In the event that a determination shall have been made pursuant to Section 6(b) that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration
commenced pursuant to this Section 10 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or
arbitration commenced pursuant to this Section 10, TMEI shall have the burden of proving that Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

  

	 	(c)	If a determination shall have been made pursuant to Section 6(b) that Indemnitee is entitled to indemnification, TMEI shall be bound by such determination in any judicial
proceeding or arbitration commenced pursuant to this Section 10, absent (i) a misstatement by Indemnitee of a material fact, or an omission by Indemnitee of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

  

	 	(d)	In the event that Indemnitee, pursuant to this Section 10, seeks a judicial adjudication of or an award in arbitration to enforce his rights under, or to recover damages for
breach of, this Agreement, Indemnitee shall be entitled to recover from TMEI, and shall be indemnified by TMEI against, any and all expenses (of the types described in the definition of Expenses in Section 14) actually and reasonably incurred
by him in such judicial adjudication or arbitration, but only if he prevails therein. If it shall be determined in said judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or
advancement of expenses sought, the expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. 

  

 5 

 11. Non-Exclusivity; Survival of Rights; Insurance; Subrogation. 
  

	 	(a)	The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any
time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders or a resolution of Indemnitee, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof
shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in Delaware law
(whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits
so afforded by such change. 

  

	 	(b)	To the extent that TMEI maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents of TMEI or of any other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise which such person serves at the request of TMEI, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the
coverage available for any such director, officer, employee or agent under such policy or policies. 

  

	 	(c)	In the event of any payment under this Agreement, TMEI shall be subrogated to the extent of such payment to all the rights of recovery of Indemnitee, who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable TMEI to bring suit to enforce such rights. 

  

	 	(d)	TMEI shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received
such payment under any insurance policy, contract, agreement or otherwise. 

  

	 	(e)	TMEI’s obligation to indemnify or advance Expenses hereunder to Indemnitee with respect to Indemnitee’s service at the request of TMEI as an office, director or agent of
any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise. 

  

 6 

 12. Presumptions and Effect of Certain Proceedings. 
  

	 	(a)	In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled
to indemnification under this Agreement if Indemnitee has submitted a request for indemnification, and TMEI shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any
determination contrary to that presumption. 

  

	 	(b)	The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or on a plea of nolo contendere or its equivalent,
shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of TMEI to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be
in or not opposed to the best interests of the TMEI or, with respect to any criminal Proceeding, that TMEI had reasonable cause to believe that his conduct was unlawful. 

  

	 	(c)	Any action taken by Indemnitee in connection with any employee benefit plan shall, if taken in good faith by Indemnitee and in a manner Indemnitee reasonably believed to be in the
interest of the participants in or beneficiaries of that plan, be deemed to have been taken in a manner “not opposed to the best interests of TMEI” for all purposes of this Agreement. 

 13. Continuation of Indemnification. All obligations of TMEI hereunder shall continue during the period Indemnitee is an officer, director or
agent of TMEI (or is or was serving at the request of TMEI as an officer, director or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any
possible claim or threatened, pending or completed action, suit or proceeding, whether civil, criminal or investigative, by reason of any matter entitling Indemnitee to indemnification hereunder. 
 14. Definitions. For purposes of this Agreement: 
  

	 	(a)	 “Acquiring Person” means any Person who or which, together with all Affiliates and Associates of such Person, is or are the Beneficial Owner of
twenty-five percent (25%) or more of the shares of Common Stock then outstanding, but does not include any Exempt Person; provided, however, that a Person shall not be or become an Acquiring Person if such Person, together with its
Affiliates and Associates, shall become the Beneficial Owner of twenty-five percent (25%) or more of the shares of Common Stock then outstanding solely as a result of a reduction in the number of shares of Common Stock outstanding due to the
repurchase of Common Stock by TMEI, unless and until such time as such Person or any Affiliate or Associate of such Person shall purchase or otherwise become the 

  

 7 

	 	 
Beneficial Owner of additional shares of Common Stock constituting one percent (1%) or more of the then outstanding shares of Common Stock or any other
Person (or Persons) who is (or collectively are) the Beneficial Owner of shares of Common Stock constituting one percent (1%) or more of the then outstanding shares of Common Stock shall become an Affiliate or Associate of such Person, unless,
in either such case, such Person, together with all Affiliates and Associates of such Person, is not then the Beneficial Owner of twenty-five percent (25%) or more of the shares of Common Stock then outstanding. 

  

	 	(b)	“Affiliate” has the meaning ascribed to that term in Exchange Act Rule 12b-2. 

  

	 	(c)	“Associate” means, with reference to any Person, (i) any corporation, firm, partnership, association, unincorporated organization or other entity (other than TMEI or
a subsidiary of TMEI) of which that Person is an officer or general partner (or officer or general partner of a general partner) or is, directly or indirectly, the Beneficial Owner of 10% or more of any class of its equity securities, (ii) any
trust or other estate in which that Person has a substantial beneficial interest or for or of which that Person serves as trustee or in a similar fiduciary capacity and (iii) any relative or spouse of that Person, or any relative of that
spouse, who has the same home as that Person. 

  

	 	(d)	A specified Person is deemed the “Beneficial Owner” of, and is deemed to “beneficially own,” any securities: 

  

	 	(ii)	of which that Person or any of that Person’s Affiliates or Associates, directly or indirectly, is the “beneficial owner” (as determined pursuant to Exchange Act Rule
13d-3) or otherwise has the right to vote or dispose of, including pursuant to any agreement, arrangement or understanding (whether or not in writing); provided, however, that a Person shall not be deemed the “Beneficial Owner” of,
or to “beneficially own,” any security under this subparagraph as a result of an agreement, arrangement or understanding to vote that security if that agreement, arrangement or understanding: (A) arises solely from a revocable proxy
or consent given in response to a public (that is, not including a solicitation exempted by Exchange Act Rule 14a-2(b)(2)) proxy or consent solicitation made pursuant to, and in accordance with, the applicable provisions of the Exchange Act; and
(B) is not then reportable by such Person on Exchange Act Schedule 13D (or any comparable or successor report); 

  

 8 

	 	(iii)	which that Person or any of that Person’s Affiliates or Associates, directly or indirectly, has the right or obligation to acquire (whether that right or obligation is
exercisable or effective immediately or only after the passage of time or the occurrence of an event) pursuant to any agreement, arrangement or understanding (whether or not in writing) or on the exercise of conversion rights, exchange rights, other
rights, warrants or options, or otherwise; provided, however, that a Person shall not be deemed the “Beneficial Owner” of, or to “beneficially own,” securities tendered pursuant to a tender or exchange offer made by that
Person or any of that Person’s Affiliates or Associates until those tendered securities are accepted for purchase or exchange; or 

  

	 	(iv)	which are beneficially owned, directly or indirectly, by (A) any other Person (or any Affiliate or Associate thereof) with which the specified Person or any of the specified
Person’s Affiliates or Associates has any agreement, arrangement or understanding (whether or not in writing) for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy or consent as described in the proviso to
subparagraph (i) of this definition) or disposing of any voting securities of TMEI or (B) any group (as that term is used in Exchange Act Rule 13d-5(b)) of which that specified Person is a member; 

 PROVIDED, HOWEVER, that nothing in this definition shall cause a Person engaged in business as an underwriter of securities to be the “Beneficial
Owner” of, or to “beneficially own,” any securities acquired through such Person’s participation in good faith in a firm commitment underwriting until the expiration of forty (40) days after the date of that acquisition. For
purposes of this Agreement, “voting” a security shall include voting, granting a proxy, acting by consent, making a request or demand relating to corporate action (including, without limitation, calling a stockholder meeting) or otherwise
giving an authorization (within the meaning of Section 14(a) of the Exchange Act) in respect of such security. 
  

	 	(e)	 “Change of Control” means the occurrence of any of the following events that occurs after the effective date of this Agreement: (i) any Person
becomes an Acquiring Person; (ii) at any time the then Continuing Directors cease to constitute a majority of the members of the Board; (iii) a merger of TMEI with or into, or a sale by TMEI of its properties and assets substantially as an
entirety to, another Person occurs and, immediately after that occurrence, any Person, other than an Exempt Person, together with all Affiliates and 

  

 9 

	 	 
Associates of such Person, shall be the Beneficial Owner of twenty-five percent (25%) or more of the total voting power of the then outstanding Voting
Shares of the Person surviving that transaction (in the case or a merger or consolidation) or the Person acquiring those properties and assets substantially as an entirety. 

  

	 	(f)	“Common Stock” means the common stock, par value $0.0006 per share, of TMEI. 

  

	 	(g)	“Continuing Director” means at any time any individual who then (i) is a member of the Board and was a member of the Board as of the effective date of this Agreement
or whose nomination for his first election, or that first election, to the Board following that date was recommended or approved by a majority of the then Continuing Directors (acting separately or as a part of any action taken by the Board or any
committee thereof) and (ii) is not an Acquiring Person, an Affiliate or Associate of an Acquiring Person or a nominee or representative of an Acquiring Person or of any such Affiliate or Associate. 

  

	 	(h)	“Corporate Status” describes the status of a Person who is or was a director, officer, employee or agent of TMEI or of any other corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise which such Person is or was serving at the request of TMEI. For purposes of this Agreement, “serving at the request of TMEI” includes any service by Indemnitee which imposes duties on, or
involves services by, Indemnitee with respect to any employee benefit plan or its participants or beneficiaries. 

  

	 	(i)	“Court of Chancery” means the Court of Chancery of the State of Delaware. 

  

	 	(j)	“Disinterested Director” means a director of TMEI who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee hereunder.

  

	 	(k)	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  

	 	(l)	 “Exempt Person” means (i), (A) TMEI, any subsidiary of TMEI, any employee benefit plan of TMEI or of any subsidiary of TMEI and (B) any Person
organized, appointed or established by TMEI for or pursuant to the terms of any such plan or for the purpose of funding any such plan or funding other employee benefits for employees of TMEI or any subsidiary of TMEI and (ii) Indemnitee, any
Affiliate or Associate of Indemnitee or any group (as that term 

  

 10 

	 	 
is used in Exchange Act Rule 13d-5(b)) of which Indemnitee or any Affiliate or Associate of Indemnitee is a member. 

  

	 	(m)	“Expenses” include all attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and
binding costs, telephone charges, postage, delivery service fees, all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to
be a witness in, or otherwise participating in, a Proceeding and all interest or finance charges attributable to any thereof. Should any payments by TMEI under this Agreement be determined to be subject to any federal, state or local income or
excise tax, “Expenses” also shall include such amounts as are necessary to place Indemnitee in the same after-tax position (after giving effect to all applicable taxes) he would have been in had no such tax been determined to apply to such
payments. 

  

	 	(n)	“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past ten
(10) years has been, retained to represent: (i) TMEI, its Affiliates or Indemnitee in any matter material to either such party; or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any Person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either TMEI or
Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

  

	 	(o)	“Person” means any natural person, sole proprietorship, corporation, partnership of any kind having a separate legal status, limited liability company, business trust,
unincorporated organization or association, mutual company, joint stock company, joint venture, estate, trust, union or employee organization or governmental authority. 

  

	 	(p)	“Proceeding” includes any action, suit, alternate dispute resolution mechanism, hearing or any other proceeding, whether civil, criminal, administrative, arbitrative,
investigative or meditative, any appeal in any such action, suit, alternate dispute resolution mechanism, hearing or other proceeding and any inquiry or investigation that could lead to any such action, suit, alternate dispute resolution mechanism,
hearing or other proceeding, except one (i) initiated by an Indemnitee pursuant to Section 10 to enforce his rights hereunder or (ii) pending on or before the date of this Agreement. 

  

 11 

	 	(q)	“Voting Shares” means: (i) in the case of any corporation, stock of that corporation of the class or classes having general voting power under ordinary circumstances
to elect a majority of that corporation’s board of directors; and (ii) in the case of any other entity, equity interests of the class or classes having general voting power under ordinary circumstances equivalent to the Voting Shares of a
corporation. 

 15. Notification and Defense of Claim. 
 (a) Promptly after receipt by Indemnitee of notice of the commencement of any action, suit or proceeding, or of notice of any matter which
is or may be the subject of an indemnification claim hereunder, Officer or Director will notify TMEI thereof with respect to any such action, suit or proceeding; 
 (b) To the extent that it may wish, TMEI jointly with any other indemnifying party may assume the defense thereof, with counsel reasonably
satisfactory to Indemnitee. After notice from TMEI to Indemnitee of its election so to assume the defense thereof, TMEI will not be liable to Indemnitee for any legal or other expenses subsequently incurred by Indemnitee in connection with the
defense thereof other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ counsel in such action, suit or proceeding, but the fees and expenses of such counsel incurred after notice from
TMEI of its assumption of the defense thereof shall be at the expense of Indemnitee unless (i) the employment of counsel by Indemnitee has been authorized by TMEI, (ii) a material conflict of interest (as determined by TMEI’s board of
directors) exists between TMEI and Indemnitee in the conduct of the defense of such action, or (iii) TMEI shall not in fact have employed counsel to assume the defense of such action, in each of which cases the fees and expenses of counsel
shall be borne by TMEI. 
 (c) TMEI shall not be obligated to indemnify Indemnitee under this Agreement for any amounts paid
in settlement of any action or claim effected without its written consent. TMEI shall not settle any action or claim in any manner which would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. Neither TMEI nor
Indemnitee will unreasonably withhold its or his consent to any settlement proposed by the other of any matter for which indemnity is provided hereunder, including any settlement including a penalty or limitation on the Indemnitee. 
 16. Repayment of Expenses. Indemnitee shall reimburse TMEI for all expenses paid by TMEI in defending any civil or criminal action, suit or
proceeding against Indemnitee in the event and only to the extent that it shall be finally determined that Indemnitee is not entitled to be indemnified by TMEI for such expenses under this Agreement or otherwise. 
 17. Other Rights and Remedies. The indemnification rights provided by this Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may be entitled under any provision of law, any Articles, any Bylaw, this or other agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and 

  

 12 

 
as to action in another capacity while occupying any of the positions or having any of the relationships referred to in Section 1 of this Agreement, and
shall continue after Indemnitee has ceased to occupy such position or have such relationship. 
 18. Enforcement. In the event
Indemnitee is required to bring any action to enforce rights or to collect monies due under this Agreement and is successful in such action, TMEI shall reimburse Indemnitee for all of Indemnitee’s reasonable fees and expenses in bringing and
pursuing such action. 
 19. Separability. Each of the provisions of this Agreement is a separate and distinct agreement and
independent of the others, so that if any provision hereof shall be held to be invalid or unenforceable for any reason, such invalidity or enforceability shall not affect the validity or enforceability of the other provisions hereof. 
 20. Miscellaneous. This Agreement shall be interpreted and enforced in accordance with the laws of Delaware. This Agreement shall be binding upon
Indemnitee and upon TMEI, its successor and assigns, and shall inure to the benefit of Indemnitee, his heirs, personal representatives and assigns and to the benefit of TMEI, its successors and assigns. No amendment, modification, termination or
cancellation of this Agreement shall be effective unless in writing and signed by both parties. 
 21. Notices. Any notice or
communication given under the terms of this Agreement (“Notice”) shall be in writing and delivered in person or deposited, certified mail, return receipt requested, addressed as follows: 
 if to TMEI: 
 Transmeridian Exploration,
Inc. 
 397 North Sam Houston Parkway, Suite 300 
 Houston, TX 77060 
 Attn: General Counsel; 
 if to Indemnitee, to his or her address as maintained on file by TMEI; 
 or to such other addresses as a party may from time to time designate by Notice hereunder. Notices shall be effective upon delivery in person, or at midnight on the third (3rd) business day after the date of mailing, if mailed. 
  

 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement with an effective date of
December 7, 2006. 
  

			
	 TRANSMERIDIAN EXPLORATION INCORPORATED

		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	
	
	 INDEMNITEE

	
	  

  

 14

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