Exhibit 10.3

Execution Version

AMENDMENT NO. 1 TO FORBEARANCE AGREEMENT

This AMENDMENT NO. 1 TO FORBEARANCE AGREEMENT, dated as of December 31, 2019
(this “Amendment”) among SAEXPLORATION HOLDINGS, INC., a Delaware corporation
(the “Issuer”), the Guarantors (as defined in the Indenture referred to below
and, together with the Issuer, the “Company Indenture Parties”), and the Holders
(as defined in the Indenture) party hereto (the “Forbearing Holders”), together
holding more than 75% in aggregate outstanding principal amount of the Notes (as
defined below), hereby amends the Forbearance Agreement (the “Forbearance
Agreement”), dated as of September 23, 2019, by and among the parties thereto.
Capitalized terms used and not defined herein shall have the definitions
ascribed to such terms in the Forbearance Agreement or Indenture (as defined
below), as applicable.

RECITALS

WHEREAS, the Issuer, the Guarantors, and Wilmington Savings Fund Society FSB, as
trustee and collateral trustee under and as defined in the Indenture (in such
capacity, the “Trustee”), are party to that certain Senior Secured Convertible
Notes Indenture, dated as of September 26, 2018 (as heretofore amended or
otherwise modified, the “Indenture”), which governs the $60,000,000 aggregate
principal amount of 6.00% Senior Secured Convertible Notes due 2023 (the
“Notes”);

WHEREAS, each of the parties hereto is party to the Forbearance Agreement
relating to the Indenture, pursuant to which the Forbearing Holders, upon the
terms and conditions set forth in the Forbearance Agreement, agreed to forbear
during the Forbearance Period from exercising certain rights and remedies
arising from or in respect of the Existing Defaults and the Potential Defaults
specified in Exhibit A to the Forbearance Agreement;

WHEREAS, the parties hereby desire to make certain amendments to the Forbearance
Agreement.

NOW, THEREFORE, in consideration of the premises and covenants contained herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally bound
hereby, agree as follows:

Section 1. Amendments to Forbearance Agreement.

(a) The following defined term in Section 1 of the Forbearance Agreement is
hereby amended and restated as follows:

“Termination Date” means 5:00 p.m. on the earlier of (i) January 27, 2020, or
(ii) the date on which a Termination Event occurs.

(b) Exhibit A of the Forbearance Agreement is hereby amended to insert the
Existing Defaults and Potential Defaults identified in Exhibit 1 hereto.

Section 2. No Other Amendments. This Amendment shall not constitute an amendment
of any provision of the Forbearance Agreement except as expressly stated herein.
Except as expressly amended hereby, the provisions of the Forbearance Agreement
shall remain in full force and effect in accordance with their terms.

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Section 3. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto on separate counterparts, each of
which when so executed and delivered shall be deemed to be an original, but all
of which when taken together shall constitute a single instrument. Delivery of
an executed counterpart of a signature page of this Amendment by electronic
transmission shall be effective as delivery of a manually executed counterpart
hereof.

Section 4. Controlling Effect. The parties hereto hereby agree that this
Amendment shall be an “Indenture Document” as defined in the Indenture. In the
event of a conflict or inconsistency between this Amendment and the Indenture or
any other Indenture Document, this Amendment shall control.

Section 5. Governing Law. The validity of this Amendment and the other Indenture
Documents (unless expressly provided to the contrary in another Indenture
Document in respect of such other Indenture Document), the construction,
interpretation, and enforcement hereof and thereof, and the rights of the
parties hereto and thereto with respect to all matters arising hereunder or
thereunder or related hereto or thereto as well as all claims, controversies or
disputes arising under or related to this Amendment and the other Indenture
Documents shall be determined under, governed by, and construed in accordance
with the laws of the state of New York, without regard to the conflicts of laws
principles thereof that would require the application of the laws of another
jurisdiction.

[Signature Pages Follow]

 

2

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date first above written.

 

ISSUER: SAEXPLORATION HOLDINGS, INC. By:   /s/ Michael J. Faust   Name: Michael
J. Faust   Title: Chief Executive Officer

 

GUARANTORS: SAEXPLORATION, INC. By:   /s/ Michael J. Faust   Name: Michael J.
Faust   Title: Interim Chief Executive Officer

 

SAEXPLORATION SUB, INC. By:   /s/ Michael J. Faust   Name: Michael J. Faust  
Title: Interim Chief Executive Officer

 

NES, LLC By:   /s/ Michael J. Faust   Name: Michael J. Faust   Title: Interim
Chief Executive Officer

 

SAEXPLORATION SEISMIC SERVICES (US), LLC By:   /s/ Michael J. Faust   Name:
Michael J. Faust   Title: Interim Chief Executive Officer

 

[Signature page to Amendment No. 1 to Forbearance Agreement]

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FORBEARING HOLDERS:

 

HIGHBRIDGE MSF INTERNATIONAL LTD.

By:     Highbridge Capital Management, LLC, as Trading Manager and not in its
individual capacity By:   /s/ Jonathan Segal

         Name:   Jonathan Segal

         Title:   Managing Director

 

HIGHBRIDGE TACTICAL CREDIT MASTER FUND, L.P.

By:     Highbridge Capital Management, LLC, as Trading Manager and not in its
individual capacity By:   /s/ Jonathan Segal

         Name:   Jonathan Segal

         Title:   Managing Director

 

[Signature page to Amendment No. 1 to Forbearance Agreement]

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FORBEARING HOLDERS:

 

WHITEBOX ASYMMETRIC PARTNERS, L.P.

By:   /s/ Mark Strefling   Name: Mark Strefling   Title: Partner & CEO

 

WHITEBOX MULTI-STRATEGY

PARTNERS, L.P.

By:   Whitebox Advisors LLC its investment manager By:   /s/ Mark Strefling  
Name: Mark Strefling   Title: Partner & CEO

 

WHITEBOX CREDIT PARTNERS, L.P. By:   Whitebox Advisors LLC its investment
manager By:   /s/ Mark Strefling   Name: Mark Strefling   Title: Partner & CEO

 

[Signature page to Amendment No. 1 to Forbearance Agreement]

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FORBEARING HOLDERS: BLUE MOUNTAIN CREDIT ALTERNATIVES MASTER FUND, L.P.

By:   /s/ David O’Mara

         Name:   David O’Mara

         Title:   Deputy General Counsel

 

BLUEMOUNTAIN KICKING HORSE FUND, L.P.

By:   /s/ David O’Mara

         Name:   David O’Mara

         Title:   Deputy General Counsel

 

BLUEMOUNTAIN MONTENVERS MASTER FUND SCA SICAV-SIF, L.P.

By:   /s/ David O’Mara

         Name:   David O’Mara

         Title:   Deputy General Counsel

 

BLUEMOUNTAIN SUMMIT TRADING, L.P.

By:   /s/ David O’Mara

         Name:   David O’Mara

         Title:   Deputy General Counsel

 

[Signature page to Amendment No. 1 to Forbearance Agreement]

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FORBEARING HOLDERS:

 

JOHN PECORA

By:   /s/ John Pecora

 

[Signature page to Amendment No. 1 to Forbearance Agreement]

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Exhibit 1

EXISTING DEFAULTS

 

7.

Any existing event of default under the ABL Documents or Term Documents which is
the subject of a forbearance agreement or forbearance extension entered into by
the parties thereto contemporaneously with an extension of the Termination Date
under this Agreement agreed to by the Forbearing Holders.

POTENTIAL DEFAULTS

 

7.

Any anticipated default under the ABL Documents or Term Documents which is the
subject of a forbearance agreement or forbearance extension entered into by the
parties thereto contemporaneously with an extension of the Termination Date
under this Agreement agreed to by the Forbearing Holders.

Exh. 1