Document:

Share Purchase Agreement entered into by and among Ultrapar, Petrobras, Braskem

 EXHIBIT 4.5 
 English Language Summary of the Share Purchase Agreement Between the Ipiranga Group Key 
 Shareholders and Ultrapar dated March 18, 2007 
 Preamble 
 The Preamble to the agreement records the number of shares that certain individuals hold in Refinaria de Petróleo Ipiranga (“RPI”), Distribuidora de Produtos de Petróleo Ipiranga S.A.
(“DPPI”); and Companhia Brasileira de Petróleo Ipiranga (“CBPI”), (“Sellers). These shareholders jointly own 6,151,418 common shares and 2,700,790 preferred shares in RPI; 7,013,396 common and 2,692,896 preferred
shares in DPPI; and 1,288,290 common and 264,780 preferred shares in CBPI. Of these shares, 5,744,232 of RPI’s common shares and 5,093,588 of DPPI’s common shares are subject to a February 23, 1994 RPI shareholder agreement and an October
27, 1981 DPPI shareholder agreement. The Preamble further notes that the Sellers own 99.97% of the shares subject to the RPI shareholder agreement and 93.47% of the shares under the DPPI shareholder agreement, and that the Sellers intend to sell all
of these shares to Ultrapar. 
 Moreover, the Preamble acknowledges that Ultrapar, the purchaser of the shares, has entered into an Investment Agreement with
Braskem and Petrobras. Under the terms of this contract, Ultrapar agreed to purchase three sets of assets owned by the Ipiranga Group parent companies: the companies’ petrochemical assets, which Ultrapar would acquire as the commission agent
for Braskem and Petrobras (“Petrochemical Assets”); the distribution assets located in the North, Northeast and Mid-West regions (the “North Distribution Assets”), which it would acquire as the commission agent for Petrobras; and
the distribution assets located in the South and Southeast regions (the “South Distribution Assets”), which it would acquire on its own behalf. The share purchase agreement lists Braskem and Petrobras as intervening and consenting parties
to the contract. 
 Purchase Price 
 The agreement
provides that the Sellers will sell and transfer to Ultrapar all their shares in the Ipiranga Group companies, unencumbered of any burdens or restrictions on their transfer, for a purchase price of 2,000,165,366.43 reais. This purchase price
reflects the following per-share values: 132.8514 reais for each common share under the RPI shareholder agreement; 106.28147 reais for each RPI common share not subject to the shareholder agreement; 38.93 reais for each RPI preferred share;
140.08671 reais for each common share under the DPPI shareholder agreement; 112.06937 reais for each DPPI common share not subject to the shareholder agreement; 29.57 reais for each DPPI preferred share; 58.10 reais for each CBPI common share; and
20.55 for each CBPI preferred share. 
 Closing 
 The
agreement sets the closing date as the fifth business day after the issuance of notice to Ultrapar by the Sellers’ representatives informing that all conditions precedent for closing are completed. The parties agree to transfer the shares in
exchange for the purchase price on this date, executing any documents required by Brazilian law, the companies’ bylaws or the parent companies’ shareholder agreements to effect this transfer. The agreement also provides for Ultrapar to pay
the Sellers’ financial advisors and legal counsel directly, as well as certain executives of the Ipiranga Group companies. In addition, the agreement requires the current members of the parent companies’ boards of directors and fiscal
councils to call meetings to elect new directors appointed by Ultrapar and to resign from their current positions up to 48 hours before closing. 
  

 4.5.1 

 Conditions Precedent for Closing 
 The agreement stipulates that the parties’ contractual obligations are subject to material conditions, including the accuracy of the Sellers’ representations and warranties. Moreover all the subscribers of
the shareholders agreements of DPPI and RPI must also waive, or decline to enforce within the stipulated post-notice period, their right to first refusal in relation to any shares bound by such shareholder agreements. The agreement further requires
the Sellers to prevent the companies from carrying out several enumerated acts, unless they are carried out in the normal course of their business, required by the share purchase agreement or the transfer of shares, or mandated by law. These
proscribed acts include: any alteration to the companies’ bylaws; any merger or incorporation; any mortgage or other encumbrance of the assets or property of the companies; alteration to the dividend policy or to payments of interest on equity
capital; disposal of any property or assets, including equipment owned by the companies; acquiring shares in, or entering into joint ventures with, other companies; undertaking or granting new loans; acknowledgement of bankruptcy; issuance of any
securities; commencement of any legal or administrative mediation or arbitration processes relevant to the companies’ business and financial conditions; committing the companies to new areas of business not related to the objectives set out in
their bylaws; entrance into other agreements with the Sellers, or into new contracts with third parties unless made under market conditions; changing the remuneration of any of the company’s officers or employees; or waiving any rights,
faculties or privileges arising from other agreements or legislation. At the same time, the Sellers must carry out any acts reasonably requested in writing by Ultrapar to facilitate the companies’ management transition. 
 The agreement also provides that Ultrapar, Braskem and Petrobras must submit the transaction to the Administrative Council for Economic Protection (“CADE”) for
approval, although this submission is not a condition precedent for closing the transaction. The Sellers agree to cooperate fully with Ultrapar and to provide any information to which they have access at Ultrapar’s request. Ultrapar, Petrobras
and Braskem assumes sole responsibility for the cost of filing and submitting the agreement to CADE, including all those costs and risks stemming from an adverse decision or from an order to execute an Agreement to Preserve Reversibility of
Transactions under Brazilian antitrust law. Ultrapar also undertakes the irrevocable and irreversible duty to file a request with the Brazilian Securities Commission to register a public offering to acquire shares with voting rights issued by
publicly traded companies. 
 In addition, the agreement also contains a non-competition provision preventing a subset of the Sellers from holding or
controlling any company with business activities related to thermoplastics production and liquid fuel and lubricant distribution or from setting up an incorporated or unincorporated business entity acting in the same business area as the Ipiranga
Group companies for a period of five years from the date of the agreement. 
 Representations and Warranties 
 Each of the Sellers individually represents and warrants to Ultrapar that he/she is an individual legally capable of executing the agreement and discharging its
obligations, that he is not subject to any pending government procedures that could interfere with this capacity, and that he legitimately owns his shares free of any encumbrances or third party rights other than those in the RPI and DPPI
shareholder agreements. The Sellers also warrant that the Ipiranga Group parent companies are the legitimate owners of their shares, free and unencumbered, and that they will not execute any shareholders’ agreement that is binding on these
shares. 
 Ultrapar, Braskem and Petrobras warrant that they are duly constituted and in good standing with local legislation, and that they are fully
authorized to execute the agreement without further corporate acts or procedures. 
 Indemnity 
 The agreement stipulates that the Sellers are not liable for any losses, damages, costs or expenses, including loss of profits, incurred by the Ipiranga Group companies
or by Ultrapar, Petrobras and Braskem as a result of any fact, action or omission relating to the companies or their business activities. However, each of the Sellers remains individually liable to Ultrapar for eviction of his respective shares, up
to the purchase price paid for the evicted shares. 
  

 4.5.2 

 Irrevocability and Irreversibility 
 The parties execute the agreement on an irrevocable and irreversible basis. 
 Final Provisions 
 The agreement notes that Ultrapar is acting as commission agent for Petrobras and Braskem in purchasing the Petrochemical Assets and for Petrobras in purchasing the North
Distribution Assets, and that all of Ultrapar’s rights and obligations under the agreement related to Petrochemical Assets and the North Distribution Assets, will be assigned to Petrobras and Braskem upon the transfer of their respective
assets. The parties also agree not to assign the agreement to any third parties, other than Petrobras and Braskem, without the prior written consent of the other parties to the contract, nor to alter, substitute, cancel, or renew the agreement
without a new written instrument executed by the parties. The agreement further stipulates that its terms and provisions are severable, and that the unenforceability of one term or provision in any jurisdiction does not render the remaining terms
and conditions unenforceable. 
 In addition, the parties agree to submit any disputes over the agreement, other than those arising from the obligation to
make payment, to the International Chamber of Commerce (“ICC”) Court of Arbitration in São Paulo, Brazil. The party receiving an adverse decision will pay the fees and costs of arbitration before the ICC, although the parties will
pay their own attorneys’ fees. Each party retains the right to file for injunctive measures in the judicial district of São Paulo to protect its rights under the agreement prior to arbitration, and exercising this right does not waive
the party’s right to arbitration under the agreement. 
  

 4.5.3Braskem/Petrobras Asset Security Agreement entered into by and among Ultrapar

 EXHIBIT 4.6 
 English Language Summary of the Private Instrument of Chattel Mortgage in Guarantee between 
 Ultrapar, Braskem and Petrobras dated April 18, 2007 
 Preamble 
 The agreement sets forth the terms and conditions under which Ultrapar transfers to Braskem and Petrobras part of the assets of the Ipiranga Group as chattel mortgage in guarantee; considering the obligations
undertaken by the Parties in the Investment Agreement. 
 Chattel Mortgage in Guarantee 
 The agreement requires Ultrapar to transfer to Braskem and to Petrobras the fiduciary title to 6,606,826 common and 1,138,148 preferred shares issued by Refinaria de Petróleo Ipiranga S.A. (“RPI”) and
owned by Ultrapar as chattel mortgage in guarantee for the discharge of its obligations under the Investment Agreement. Braskem receives a proportion of 60% of these shares, while Petrobras receives 40%. The common shares represent 100% of the
common shares issued by RPI and owned by Ultrapar, and the preferred shares represent 50% of the RPI preferred shares. Ultrapar agrees to provide equal chattel mortgage of all the common shares of RPI held by minority shareholders as soon as
acquired in the context of the Mandatory Tender Offers. Ultrapar will substitute this guarantee for common shares issued by Ipiranga Química S.A. (“ICQ”) once the Share Exchange Transaction described in the Investment Agreement is
concluded. 
 The agreement also records additional information in order to satisfy article 1362 of the Brazilian Civil Code. Ultrapar’s estimated total
debt guaranteed under the agreement is 1,081,340,167.84 reais. Of this total amount, its debt to Braskem totals 651,934,915.31 reais, while its debt to Petrobras totals 429,405,252.53 reais. After Ultrapar receives the second installment of funds,
the total amount of the guaranteed debt becomes 1,506,105,560 reais, of which 908,001,771.05 is owed to Braskem and 598,103,789.59 is owed to Petrobras. The debt shall be repaid according to the terms of the Investment Agreement. There are no
interest, monetary correction index or penal clause related to such debt. 
 Ultrapar Representations and Obligations 
 Ultrapar represents that it is the legitimate owner of the shares, free from any burden or encumbrance other than the chattel mortgage in guarantee, and that it has
fulfilled all legal and statutory requirements and is duly authorized to enter into the agreement. In addition, the instrument sets forth Ultrapar’s obligations under the contract, which include: delivering authenticated copies of the documents
proving share ownership to Braskem and Petrobras within two days of receiving a request; registering the chattel mortgage with the Registry of Deeds and Documents; immediately notifying Braskem and Petrobras of any event that threatens the
guarantee; substituting the guarantee after the corporate restructuring described in the Investment Agreement; and declining to redeem, dispose of, assign, transfer, sell, lease or burden the shares. 
 Enforcement of Warranty 
 The agreement provides that Braskem and
Petrobras may extrajudicially sell the shares if Ultrapar breaches its obligations or includes any incorrect or false information in its representations. Braskem and Petrobras 

  

 4.6.1 

 
may also sell the shares if the transfer of assets has not taken place by December 31, 2009. Should Ultrapar default on any of its obligations, Braskem and
Petrobras will retain control over the shares as fiduciary owners, and may sell, assign, transfer, or redeem the shares individually without providing notice to Ultrapar. In the event of default, Braskem and Petrobras will also apply the proceeds of
the redemption or sale of the shares to settle their debt and the related charges and expenses within 24 hours of providing written notice to Ultrapar. Ultrapar will remain liable for paying the balance of the debt. Braskem and Petrobras will pay
any credit balance remaining to Ultrapar. Braskem and Petrobras may also apply to competent courts for consolidation of ownerships and full and exclusive possession of the shares in their name. 
 Term 
 The instrument will remain in effect until all principal and
accessory obligations have been extinguished as contracted by Ultrapar. 
 General Provisions 
 Braskem and Petrobras may assign, transfer or offer in guarantee their contractual position to third parties, provided that they issue prior notice to Ultrapar. The
failure of any party to enforce compliance or exercise its rights under the contract does not represent that party’s waiver of its rights under the provisions of the instrument. Any amendment or modification to the instrument must be made in
writing and signed by all parties. If any provision of the instrument is deemed unenforceable, the remaining provisions stay in effect, and the parties will negotiate to replace the unenforceable provision with another that represents the purpose of
the original provision to the fullest possible extent. Shares created by bonuses or splits become an integral part of the chattel mortgage. If RPI or ICQ capital is increased by subscription and payment in cash or assets, Ultrapar is bound to
enforce its right of subscription corresponding to such shares, and these shares will be automatically included in the guarantee. The instrument designates the central courts of the judicial district of São Paulo for the settlement of any
contractual disputes. 
  

 4.6.2

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