0001038838-11-000010 Sample Contracts

AGREEMENT ON PLEDGE OF MONIES AT THE BANK ACCOUNTS
Agreement • January 13th, 2011 • Caspian Services Inc • Crude petroleum & natural gas

and the Pledgor, as amended by an amendment agreement dated 28 June 2007, the Pledgeholder has agreed to extend to the Pledgor a loan in the total aggregate amount of thirty two million Dollars (US$32,000,000) (the "Loan"), subject to the terms and conditions set forth therein (as amended, restated, novated or supplemented from time to time, the "Loan Agreement");

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AGREEMENT ON PLEDGE OF MOVABLE PROPERTY between
Pledge Agreement • January 13th, 2011 • Caspian Services Inc • Crude petroleum & natural gas
DEED OF FINANCIAL AND PERFORMANCE GUARANTEE among
Deed of Financial and Performance Guarantee • January 13th, 2011 • Caspian Services Inc • Crude petroleum & natural gas
AMENDMENT AGREEMENT NO. 1 TO PARTICIPATION INTEREST PLEDGE AGREEMENT between CASPIAN REAL ESTATE LIMITED and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated 31 March 2009
Amendment Agreement • January 13th, 2011 • Caspian Services Inc • Crude petroleum & natural gas

This AMENDMENT AGREEMENT (this "Amendment Agreement") dated 31 March 2009 is made between CASPIAN REAL ESTATE LIMITED, a limited liability company organised and existing under the laws of the British Virgin Islands, having its registered address at Akara Building, 24 De Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands (the "Pledgor"), and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT, an international organisation organized and existing pursuant to the Agreement Establishing the European Bank for Reconstruction and Development dated 29 May 1990 and located at One Exchange Square, London EC2A 2JN, United Kingdom (the "Pledgeholder").

SHAREHOLDERS AGREEMENT among CASPIAN REAL ESTATE LIMITED CASPIAN SERVICES INC. BALYKSHY LLP and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT
Shareholders Agreement • January 13th, 2011 • Caspian Services Inc • Crude petroleum & natural gas • England
AMENDMENT AGREEMENT NO. 2 TO PARTICIPATION INTEREST PLEDGE AGREEMENT between CASPIAN REAL ESTATE LIMITED and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated 22 October 2009
Amendment Agreement • January 13th, 2011 • Caspian Services Inc • Crude petroleum & natural gas

This AMENDMENT AGREEMENT (this "Amendment Agreement") dated 22 October 2009 is made between CASPIAN REAL ESTATE LIMITED, a limited liability company organised and existing under the laws of the British Virgin Islands, having its registered address at Akara Building, 24 De Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands (the "Pledgor"), and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT, an international organisation organized and existing pursuant to the Agreement Establishing the European Bank for Reconstruction and Development dated 29 May 1990 and located at One Exchange Square, London EC2A 2JN, United Kingdom (the "Pledgeholder").

PARTICIPATION INTEREST PLEDGE AGREEMENT between CASPIAN REAL ESTATE LIMITED and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated 15 August 2008
Participation Interest Pledge Agreement • January 13th, 2011 • Caspian Services Inc • Crude petroleum & natural gas
SHARE RETENTION DEED among BALYKSHY L.L.P. CASPIAN REAL ESTATE LIMITED CASPIAN SERVICES INC. and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated 3 October 2008
Share Retention • January 13th, 2011 • Caspian Services Inc • Crude petroleum & natural gas • London
AMENDMENT AGREEMENT NO. 1 TO AGREEMENT ON MORTGAGE OF IMMOVABLE PROPERTY between BALYKSHY L.L.P. and CASPIAN REAL ESTATE LIMITED and
Amendment Agreement • January 13th, 2011 • Caspian Services Inc • Crude petroleum & natural gas
Employment Agreement
Employment Agreement • January 13th, 2011 • Caspian Services Inc • Crude petroleum & natural gas • England

This Employment Agreement, is entered into by and between Caspian Services Incorporated ("Company") incorporated under the laws of the state of Nevada on July 14, 1998 and Mr. Arran Watson ("Employee"), effective the 291" of August 2008 (the "Effective Date").

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