Document:

esgi8k20100629ex10-1.htm

SEPARATION AGREEMENT AND RELEASE

  

  

	
TO:

	
MICHAEL CAMPBELL

	
  

	
11753 Willard Avenue

	
  

	
Tustin, CA  92782

The purpose of this Separation Agreement and Release (the “Agreement”) is to confirm the terms of your separation from employment with Ensurge, Inc. (the “Company”) and any of its affiliates, divisions, predecessors, successors or assigns (referred to collectively with the Company as the “Companies”).

1.             You acknowledge that (a) you were advised by the Company to consult with an attorney of your choosing before you signed this Agreement; and (b) you were afforded sufficient opportunity to so consult with an attorney.

2.             You also acknowledge that you were advised by the Company, and you understood, that (a) as a sophisticated investor, you had at least five  (5) days from your receipt of this Agreement to consider and execute it; and (b) you can revoke this Agreement by delivering written notice to the Company to the attention of Mr. Jeff Hanks, Chief Financial Officer, Ensurge, Inc., 4766 S. Holladay Blvd., Salt Lake City, UT  84117 within a period (the “Revocation Period”) of seven (7) days following the day on which you sign this Agreement, and this Agreement shall not become effective or enforceable until after the Revocation Period has expired.

3.             You also acknowledge that you and the Company agreed that your employment with the Companies and your membership on the Board of Directors of the Company, and on any Committee thereof, ended as of the close of business on June 29, 2010 (the “Termination Date”).  You also acknowledge and agree that if the Company receives any inquiries concerning your employment, the Company will state that you left the Company to pursue other interests.

4.             As consideration for your performance of services through the Termination Date, the Company paid you your base salary and provided related fringe benefits through the Termination Date.  You acknowledge that you are not and will not be entitled to any other compensation for your services.  However, the Company has agreed under Paragraph 7 below to provide you with additional compensation for the covenants and releases made and given by you under Paragraphs 5 and 6 below.

5.             For and in consideration of the Company’s agreement to provide the additional compensation and release pursuant to Paragraph 7 below, you agree and acknowledge as follows:

(a)           The term “Person” shall mean any individual and any entity of any kind or nature whatsoever, including, without limitation, any partnership and any corporation.  The term “Company Services” shall mean any services offered or performed by the Company, any reasonably similar services and any services that can essentially be substituted for the foregoing Company Services.

  

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(b)           For a period of six (6) months following the Termination Date, you shall not, on behalf of yourself or any other Person, directly or indirectly solicit or market any Company Services from or to the Moacyr Campos tenements (the Tuiuiu project) or the Sergio Franca tenements (the Ouro Fino and Oregon projects) located near the town of Pocone in Mato Grosso State, Brazil.

(c)           For a period of twelve (12) months following the Termination Date, you shall not directly or indirectly solicit or induce any individual employed with any of the Companies at that time or at any time during the twelve (12) months day period immediately preceding the Termination Date to leave his or her employment or to cease any other contractual arrangement with the Company, or to accept employment with you or with any Person with whom you are or may be at any time employed or act as a director, officer or consultant, or have a financial interest therein with any competing enterprise with the Company. The Company acknowledges that Jeff Hanks is the acting CFO of in Resources Holdings, Inc. and that Cristiano Ruy is actively involved with Pioneer Brasil Group, both of which are Companies controlled by Michael Campbell. Because of this, Michael Campbell will not directly involve these persons in any activities in a similar competing enterprise with the Company during the twelve (12) month  period unless Jeff Hanks or Cristiano Ruy terminate their activities with the Company voluntarily prior to the twelve (12) months following the termination date of this agreement.

(d)           You agree and warrant that you have returned, or promptly after the Termination Date will return, to the Company all Company property and tangible matter. Without limiting the scope of the foregoing, you represent and warrant that you have returned, or promptly after the Termination Date will return, all equipment, furniture, documents and other property of the Company including, without limitation, all originals and copies of any software, disks, security devices, data, computer hardware, reports, files, correspondence, plans, planning documents.

(e)           You acknowledge that the Company and you believe that the restrictions contained in this Paragraph 5 are reasonable as to the scope  and duration of the covenants provided by you in this Paragraph 5 and are essential to protect the Companies’ legitimate business interests.  Enforcement of these provisions should not cause you any hardship, and, because of your background and experience, will not preclude you from becoming gainfully employed.

(f)           You agree to reasonably cooperate with the Companies in connection with any dispute, claim, litigation or investigation by any person or entity against or involving the Companies or any of their officers, employees, agents or representatives.  As part of this agreement to reasonably cooperate, you agree to speak and/or meet with the Companies and/or their representatives or counsel at and for reasonable times upon reasonable notice, without the need for any legal proceeding or compulsory process. You agree also to make yourself available for reasonable times and upon reasonable notice for such things as interviews, depositions and trials.  The Company agrees to reimburse you for reasonable expenses incurred with respect to such cooperation.

  

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6.             The Company’s agreement to make payments to you pursuant to Paragraph 7 below is also made by the Company and accepted by you as consideration for your Release provided in this Paragraph 6.  Therefore, as part of the consideration for such agreement by the Company, you hereby fully and forever remise, release and discharge (referred to collectively as “Release”) the Company, its current and former divisions, affiliates, subsidiaries, branches, benefit plans, parents, predecessors, stockholders, members, officers, directors, employees, agents, representatives, successors and assigns, both individually and in their official capacities (referred to herein collectively as “Releasees”), of and from any and all actions, suits, claims, charges, complaints, contracts, demands, agreements, promises or obligations whatsoever, in law or equity, which you have or now or hereafter may have against the Company or any other Releasee for, upon, or by reason of any matter, cause or thing whatsoever, known or unknown, from the beginning of the world through the date of this Agreement, including, but not limited to, any and all matters arising out of your employment by and termination of your employment with the Companies, and including, but not limited to, any alleged violation of the Age Discrimination in Employment Act, as amended (“ADEA”); the Older Worker Benefits Protection Act; Title VII of the Civil Rights of 1964, as amended; the Reconstruction Era Civil Rights Act, as amended; the Civil Rights Act of 1991, as amended; the Equal Pay Act; the Americans with Disabilities Act; the Federal Family and Medical Leave Act; the Fair Labor Standards Act; the Employee Retirement Income Security Act of 1974, as amended; any state law against discrimination; any state family leave law; any state conscientious employee protection law (also known as a whistleblower law); the retaliation provisions of any state workers’ compensation law; any state wage and hour law; any state  unemployment compensation law and/or any other alleged violation of any federal, state or local law, regulation or ordinance, and/or contract or implied contract or tort law or public policy claim, having any bearing whatsoever on the terms and conditions of your employment by and the termination of your employment with the Companies and/or Releasees, including, but not limited to, any claim for wrongful discharge, back pay, vacation pay, and/or future wage loss, provided, however, that you do not remise, release or discharge any claim for breach by the Company of the terms of this Agreement, and provided, also, that, as set forth in section 7(f)(1)(C) of the ADEA, as added by the Older Workers Benefit Protection Act of 1990, you are not waiving any rights or claims that may arise after this Agreement is executed by you.

7.             (a)           As consideration for your execution, delivery and performance of this Agreement, your compliance with your covenants in Paragraph 5 above and your Release in Paragraph 6 above, the Company shall:

(i)           pay you twenty thousand dollars ($20,000) as reimbursement for all of your previously unpaid reasonable and necessary out-of-pocket business expenses incurred in the performance of your duties for the Company;

(ii)          fully and forever Release you and your Releasees, of and from any and all actions, suits, claims, charges, complaints, contracts, demands, agreements, promises or obligations whatsoever, in law or equity, which the Company has or now or hereafter may have against you or any other of your Releasees for, upon, or by reason of any matter, cause or thing whatsoever, known or unknown, from the beginning of the world through the date of this Agreement, including, but not limited to, any and all matters arising out of or claims under your Consulting Agreement with the Company, dated February 1, 2010, which agreement shall be deemed terminated and in all respects no longer binding on you and of no further force or effect.

  

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(b)           The Company’s obligations under this Paragraph 7 shall not arise unless the Agreement becomes effective as set forth in Paragraph 2.

(c)           You acknowledge and agree that the Company's obligations under subparagraphs 7(a) and (b) arise under this Agreement, are in consideration for your signing this Agreement, and constitute consideration to which you are not otherwise entitled.

(d)           The Company has the right to purchase any part of or all of the two (2) million shares of the Company’s common stock, which was issued to Michael Campbell, at a purchase price of $.03 per share over the next one hundred and twenty (120) days.

8.             You agree not to institute any complaint, lawsuit or other proceeding against the Company or any of the Company’s Releasees with respect to any matters for which a Release has been provided under this Agreement.  The Company agrees not to institute any complaint, lawsuit or other proceeding against you or any of your Releasees with respect to any matters for which a Release has been provided under this Agreement.  The foregoing does not restrict the parties from instituting any proceeding for breach of the terms of this Agreement.

9.             The Company and you agree to keep confidential the existence of this Agreement and all terms and information contained in this Agreement except to the extent (a) either are required by process of law to make such disclosure and promptly notify the other of receipt of such process or (b) to enforce this Agreement.  You also agree to keep confidential the existence of this Agreement and all terms and information contained in this Agreement except to the extent of a disclosure on a need-to-know basis to your spouse, attorneys, accountants and financial advisors who are advised of the confidential nature of this Agreement.  The Company agrees to keep confidential the terms and information contained in this Agreement, except as may be required under applicable law or to the extent of disclosures to persons and/or entities having legitimate business-related needs to know.

10.           The Company and you acknowledge that any breach of any of each other’s  obligations in this Agreement will cause damages to the other Party that may not be readily determinable in money terms and will not be adequately compensable by money damages, and such breach will cause the other Party irreparable harm.  Accordingly, in addition to any and all remedies that the either Party will otherwise have, both the Company and you hereby consent that any violation by the Company or you of any one or more of the provisions of this Agreement shall permit the other Party to seek a restraining order and/or an injunction to prevent the violating Party from violating said provision or provisions.

 11.           You covenant and agree that you will not make or authorize to be made any statement, written or oral, in disparagement of the Company or any of its officers, shareholders, directors, employees, agents or associates (including, but not limited to, negative references to each or any of the Company’s products, services or corporate policies) to the general public and/or to the Company’s employees, potential employees, customers, potential customers, suppliers, potential suppliers, business partners, and/or potential business partners.  The Company covenants and agrees not to make or authorize to be made any statement, written or oral, in disparagement of you to the general public and/or to the Company’s employees, potential employees, customers, potential customers, suppliers, potential suppliers, business partners, and/or potential business partners.

  

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12.           The Company and you acknowledge and agree that the offer and acceptance of this Agreement and the Agreement itself are not admissions, and shall not be construed to be admissions, of any wrongdoing or liability by you or each or any of the Releasees; moreover, any such liability or wrongdoing is denied by you and the Releasees and each or any of them. The offer of this Agreement, the Agreement itself, and any of its terms, shall not be admissible as evidence of any liability or wrongdoing by you or each or any of the Releasees in any judicial, administrative or other proceeding now pending or hereafter instituted by any person or entity.

13.           This Agreement constitutes a complete and final agreement between the parties and supersedes and replaces all prior or contemporaneous agreements, negotiations or discussions relating to its subject matter.

14.           If any provision of this Agreement or the application thereof is held invalid, (a) the invalidity of such provision shall not affect other provisions or applications of this Agreement that reasonably can be given effect without the invalid provisions or applications and, (b) such invalid provision shall be enforced to the greatest extent permitted by applicable law.  As to the scope, and duration of your covenants in Paragraph 5 above, you agree that the Court shall substitute a reasonable scope  and/or duration with respect to any provision in Paragraph 5 that is or otherwise would be held invalid.

15.           The interpretation of this Agreement and the rights of the parties under this Agreement shall be governed by the substantive laws of the State of Nevada without giving effect to its choice of law principles.

16.            This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, estates, heirs and personal representatives.

17.            Each party hereto acknowledges that (a) it has read and understands all of the provisions of this Agreement and is fully aware of the content and legal effect hereof; (b) it is voluntarily entering into this Agreement; and (c) it has not relied on any representation or statement not set forth in this Agreement.

  

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AGREED TO:

	  
	  	 	 	  	  	  
	  	 	 	  	  	  
	
Dated: 

	 6-29-2010	 	  	
/s/ Michael Campbell

	  
	  	 	 	  	
Michael Campbell

	  
	  	 	 	  	  	  
	  	 	 	  	  	  
	
Dated: 

	 6-29-2010	 	  	
Ensurge, Inc.

	  
	  	 	 	  	  	  
	  	 	 	  	  	  
	  	 	 	
By:

	
   /s/ Jeff Hanks

	  
	  	 	 	  	
Jeff Hanks

	  
	  	 	 	  	
Chief Financial Officer

	  

 

 

6Exhibit 10.1

 

EXECUTION COPY

 

AMENDMENT NO. 1 TO THE

CREDIT AGREEMENT

 

Dated as of June 30, 2010

 

AMENDMENT NO. 1 TO THE CREDIT AGREEMENT among
GEOKINETICS HOLDINGS USA, INC., a Delaware corporation (the “Borrower”),
the banks, financial institutions and other institutional lenders parties to
the Credit Agreement referred to below (collectively, the “Lenders”) and
ROYAL BANK OF CANADA, as agent (the “Agent”) for the Lenders.

 

PRELIMINARY STATEMENTS:

 

(1)           The Borrower, the Lenders and the
Agent have entered into a Credit Agreement dated as of February 12, 2010
(as amended, supplemented or otherwise modified through the date hereof, the “Credit
Agreement”).  Capitalized terms not
otherwise defined in this Amendment have the same meanings as specified in the
Credit Agreement.

 

(2)           The Borrower and the Lenders have
agreed to amend the Credit Agreement as hereinafter set forth.

 

(3)           The Lenders are, on the terms and
conditions stated below, willing to grant the request of the Borrower and the
Borrower and the Lenders have agreed to amend the Credit Agreement as
hereinafter set forth.

 

SECTION 1.         Amendments to Credit Agreement.  The Credit
Agreement is, effective as of the date hereof and subject to the satisfaction
of the conditions precedent set forth in Section 2, hereby amended as
follows:

 

(a)                                  Section 1.01 is amended by adding the following new definition
thereto in the proper alphabetical order:

 

“Amendment No. 1 Effective Date” means the date of
effectiveness of Amendment No. 1 to the Credit Agreement, dated as of June 30,
2010.

 

(b)                                 Section 1.01 is amended by deleting the definition of “Net
Investment in Non-Loan Parties” in its entirety.

 

(c)                                  The definition of “Applicable Margin” set forth in Section 1.01 is
amended and restated in its entirety to read as follows:

 

“Applicable Margin” shall mean a percentage per annum equal to, (a) during
the period from and including the Closing Date to but excluding the Initial
Financial Statement Delivery Date, (A) for Eurodollar Rate Loans,
5.25% and (B) for Base Rate Loans, 4.25% and (b) thereafter, (A) for
Eurodollar Rate Loans, the following percentages per annum, based upon the
Total Leverage Ratio as set forth in the most recent certificate received by
the Administrative Agent pursuant to Section 6.01(b):

 

 

	
  Pricing

  Level

  	
   

  	
  Total Leverage Ratio

  	
   

  	
  Applicable Margin for

  Eurodollar Rate Loans

  	
   

  
	
  1

  	
   

  	
  Greater than or equal to 4.00:1.00

  	
   

  	
  6.50%

  	
   

  
	
  2

  	
   

  	
  Greater than or equal to 3.00:1.00 but less than 4.00:1.00

  	
   

  	
  6.00%

  	
   

  
	
  3

  	
   

  	
  Less than 3.00:1.00

  	
   

  	
  5.50%

  	
   

  

 

and
(B) for Base Rate Loans, the following percentages per annum, based upon
the Total Leverage Ratio as set forth in the most recent certificate received
by the Administrative Agent pursuant to Section 6.01(b):

 

	
  Pricing

  Level

  	
   

  	
  Total Leverage Ratio

  	
   

  	
  Applicable Margin for

  Eurodollar Rate Loans

  	
   

  
	
  1

  	
   

  	
  Greater than or equal to 4.00:1.00

  	
   

  	
  5.50%

  	
   

  
	
  2

  	
   

  	
  Greater than or equal to 3.00:1.00 but less than 4.00:1.00

  	
   

  	
  5.00%

  	
   

  
	
  3

  	
   

  	
  Less than 3.00:1.00

  	
   

  	
  4.50%

  	
   

  

 

Any increase or decrease in the Applicable Margin resulting from a
change in the Total Leverage Ratio shall become effective as of the first
Business Day immediately following the date Section 6.01 Financials are
delivered to the Administrative Agent pursuant to Sections 6.01(a) and
6.01(b); provided that at the option of the Required Lenders, the
highest Pricing Levels (as set forth in the tables above) shall apply as of the
first Business Day after the date on which Section 6.01 Financials were
required to have been delivered but have not been delivered pursuant to Section 6.01
and shall continue to so apply to and including the date on which such Section 6.01
Financials are so delivered (and thereafter the Pricing Levels otherwise
determined in accordance with this definition shall apply).

 

In the event that the Administrative Agent and the Borrower determine
that any Section 6.01 Financials previously delivered were incorrect or
inaccurate (regardless of whether this Agreement or the Commitments are in
effect when such inaccuracy is discovered), and such inaccuracy, if corrected,
would have led to the application of a different Applicable Margin for any
period (an “Applicable Period”) than the Applicable Margin applied for
such Applicable Period, then (i) the Borrower shall as soon as practicable
deliver to the Administrative Agent the correct Section 6.01 Financials
for such Applicable Period, (ii) the Applicable Margin shall be determined
as if the Pricing Level for such different Applicable Margin were applicable
for such Applicable Period, and (iii) either, as applicable, (x) the
Administrative Agent shall apply any excess Applicable Margin previously paid
by the Borrower as a credit against the next payment of accrued interest due by
the Borrower, or (y) the Borrower shall within 3 Business Days of demand
thereof by the Administrative Agent pay to the Administrative Agent any accrued

 

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additional
interest owing as a result of such increased Applicable Margin for such
Applicable Period, which payment shall be promptly applied by the
Administrative Agent in accordance with this Agreement.  This paragraph shall not limit the rights of
the Administrative Agent and Lenders with respect to Section 2.08(b) and
Article VII.”

 

(d)                                 Each of clause (x) of the proviso to Section 2.01 and clause (w) of
the proviso to Section 2.03(a)(i) shall be amended and restated in
its entirety to read as follows:

 

“the
Outstanding Amount under the Revolving Credit Facility shall not exceed the
lesser of (1) the Revolving Credit Facility and (2) from and after
the Amendment No. 1 Effective Date, $40,000,000,”

 

(e)                                  Section 2.09(a) is amended and restated in its entirety to read
as follows:

 

“(a)         Commitment Fee.  The Borrower shall pay to the Administrative
Agent for the account of each Lender in accordance with its Pro Rata Share, a commitment fee (the “Commitment
Fee”) equal to, (i) during the period from and including the Closing
Date to but excluding the Initial Financial Statement Delivery Date, 1%
per annum on the Unused Revolving Credit Commitment and (ii) thereafter,
the following percentages per annum, based upon the Total Leverage Ratio as set
forth in the most recent certificate received by the Administrative Agent
pursuant to Section 6.01(b):

 

	
  Pricing

  Level

  	
   

  	
  Total Leverage Ratio

  	
   

  	
  Commitment Fee

  	
   

  
	
  1

  	
   

  	
  Greater than or equal to 4.00:1.00

  	
   

  	
  1.50%

  	
   

  
	
  2

  	
   

  	
  Greater than or equal to 3.00:1.00 but less than 4.00:1.00

  	
   

  	
  1.00%

  	
   

  
	
  3

  	
   

  	
  Less than 3.00:1.00

  	
   

  	
  0.75%

  	
   

  

 

provided, that, any
Commitment Fee accrued with respect to any Pro  Rata share of the
Revolving Credit Commitments of a Defaulting Lender during the period prior to
the time such Lender became a Defaulting Lender and unpaid at such time shall
not be payable by the Borrower so long as such Lender shall be a Defaulting
Lender except to the extent that such Commitment Fee shall otherwise have been
due and payable by the Borrower prior to such time; and provided, further, that no
Commitment Fee shall accrue on any Pro  Rata Share of any
Revolving Credit Commitments of a Defaulting Lender so long as such Lender
shall be a Defaulting Lender.  Commitment
Fees shall be payable quarterly in arrears on the last Business Day of each
March, June, September and December and on the Maturity Date,
commencing on the Closing Date in the case of each initial Lender and from the
effective date specified in the Assignment and Assumption pursuant to which
each other Lender became a Lender, until the Maturity Date.”

 

(f)                                    Section 6.01 is amended by adding to the end thereof a new
subsection (g), to read as follows:

 

“(g)         Cash Flow
Statements.  On a biweekly basis,
commencing not later than five Business Days following the Amendment No. 1
Effective Date, rolling 12-week consolidated cash flow statements in form
reasonably acceptable to the Administrative Agent.”

 

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(g)                                 Section 7.02(m) is amended and restated in its entirety to read
as follows:

 

“(m)        Investments by Loan
Parties in Non-Loan Parties;”

 

(h)                                 Section 7.13 is amended and restated in its entirety to read as
follows:

 

“Section 7.13         Total
Leverage Ratio.  Permit the
Total Leverage Ratio for any Test Period ending on the last day of a fiscal
quarter set forth below to be greater than the ratio set forth opposite such
Test Period below:

 

	
  Fiscal Quarter Ending

  	
   

  	
  Total Leverage Ratio

  
	
  June 30, 2010

  	
   

  	
  8.60:1.00

  
	
  September 30, 2010

  	
   

  	
  6.30:1.00

  
	
  December 31, 2010

  	
   

  	
  2.75:1.00

  
	
  March 31, 2011 and the last day of each
  fiscal quarter thereafter

  	
   

  	
  2.50:1.00

  

”

 

(i)                                     Section 7.14 is amended and restated in its entirety to read as
follows:

 

“Section 7.14         Interest
Coverage Ratio.  Permit the
Interest Coverage Ratio for any Test Period ending on the last of day of each
fiscal quarter, beginning with the fiscal quarter ending June 30, 2010 to
be less than (i) 1.00:1.00 for the
fiscal quarter ending June 30, 2010, (ii) 2.25:1.00 for the fiscal
quarter ending September 30, 2010 and (iii) 2.50:1.00 for each fiscal quarter ending thereafter.”

 

(j)                                     Section 7.15 is amended and restated in its entirety to read as
follows:

 

“Section 7.15         Fixed
Charge Coverage Ratio. 
Permit the Fixed Charge Coverage Ratio for any Test Period ending on the
last day of each fiscal quarter, beginning with the fiscal quarter ending September 30,
2010 to be less than (i) 1.00:1.00 for
the fiscal quarter ending September 30, 2010 and (ii) 1.50:1.00 for
each fiscal quarter ending thereafter.”

 

SECTION 2.         Conditions of Effectiveness.  This Amendment shall become effective as of
the date first above written when, and only when, each of the following
conditions shall have been satisfied (the “Amendment No. 1 Effective Date”):

 

(a)                                  The Agent shall have received counterparts of this Amendment executed by
the Borrower and the Lenders or, as to any of the Lenders, advice satisfactory
to the Agent that such Lender has executed this Amendment and the consent
attached hereto (the “Consent”) executed by each Guarantor and Grantor.

 

(b)                                 The Agent shall have received a certificate of the Secretary or Assistant
Secretary of the Borrower, in form and substance satisfactory to the
Administrative Agent, which certificate shall (i) certify as to the
incumbency and signature of the officers of the Borrower executing this
Amendment, (ii)

 

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have attached to it a true
and correct copy of the resolutions of the Board of Directors of the Borrower,
which resolutions shall authorize the execution, delivery and performance of
this Amendment and (iii) certify that, as of the date of such certificate
(which shall not be earlier than the date hereof), none of such resolutions
shall have been amended, supplemented, modified, revoked or rescinded.

 

(c)                                  The Agent shall have received a certificate of the Secretary or an
Assistant Secretary of the Borrower and each Guarantor and Grantor certifying
the names and true signatures of the officers of the Borrower, the Guarantors
and the Grantors authorized to sign this Amendment and the Consent and the
other documents to be delivered hereunder.

 

(d)                                 A certificate signed by a duly authorized officer of the Borrower stating
that:

 

(i)                                     each of the representations and warranties
contained in Article V of the Credit Agreement and each other Loan
Document is true and correct in all material respects on and as of the date
hereof, as if made on and as of such date, except to the extent that such
representations and warranties relate to a specific date, in which case such
representations and warranties shall be true and correct in all material
respects as of such specific date; provided,
however, that references in the Credit Agreement to “this Agreement”
and references in each other Loan Document to the “Credit Agreement” shall be
deemed to refer to the Credit Agreement as amended hereby; and

 

(ii)                                  no event has occurred and is continuing that
constitutes a Default.

 

(e)                                  The Borrower shall have paid to the Administrative Agent, for the account
of each Lender in accordance with its Pro Rata Share, a nonrefundable fee equal
to 0.50% in respect of such Lender’s Revolving Credit Commitment.

 

(f)                                    The Borrower shall have paid all fees and expenses of the Administrative
Agent and the Lenders (including all reasonable fees and out-of-pocket costs
and expenses of legal counsel to the Administrative Agent).

 

SECTION 3.         Reference to and Effect on the Loan
Documents.  (a)  On and after the effectiveness of
this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof” or words of like import referring to the Credit Agreement, and each
reference in the Notes and each of the other Loan Documents to “the Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit Agreement, as
amended by this Amendment.

 

(b)           The Credit Agreement, as specifically
amended by this Amendment, is and shall continue to be in full force and effect
and are hereby in all respects ratified and confirmed.

 

(c)           The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein,
operate as a waiver of any right, power or remedy of any Lender or the Agent
under any of the Loan Documents, nor constitute a waiver of any provision of
any of the Loan Documents.

 

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SECTION 4.         Costs and Expenses The Borrower
agrees to pay on demand all costs and expenses of the Agent in connection with
the preparation, execution, delivery and administration, modification and
amendment of this Amendment and the other instruments and documents to be
delivered hereunder (including, without limitation, the reasonable fees and
expenses of counsel for the Agent) in accordance with the terms of
Section 11.04 of the Credit Agreement.

 

SECTION 5.         Execution in Counterparts.  This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of a
signature page to this Amendment by telecopier or electronic email of a
..pdf copy shall be effective as delivery of a manually executed counterpart of
this Amendment.

 

SECTION 6.         Governing Law.  This Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York.

 

[Remainder of
Page Intentionally Blank]

 

6

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers thereunto duly authorized, as of the date first
above written.

 

	
  GEOKINETICS
  HOLDINGS USA, INC.,

  	
   

  
	
  as
  Borrower

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/
  Chin Yu

  	
   

  
	
   

  	
  Name:

  	
  Chin
  Yu

  	
   

  
	
   

  	
  Title:

  	
  Vice
  President

  	
   

  

 

 

	
  ROYAL
  BANK OF CANADA,

  	
   

  
	
  as
  Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/
  Ann Hurley

  	
   

  
	
   

  	
  Name:

  	
  Ann
  Hurley

  	
   

  
	
   

  	
  Title:

  	
  Manager,
  Agency

  	
   

  

 

 

	
  ROYAL
  BANK OF CANADA,

  	
   

  
	
  as
  Lender

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/
  Jay T. Sartain

  	
   

  
	
   

  	
  Name:

  	
  Jay
  T. Sartain

  	
   

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  	
   

  

 

 

	
  CAPITAL
  ONE, N.A.,

  	
   

  
	
  as
  Lender

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/
  Emily Lappé

  	
   

  
	
   

  	
  Name:

  	
  Emily
  Lappé

  	
   

  
	
   

  	
  Title:

  	
  VP

  	
   

  

 

 

	
  PNC
  BANK N.A.,

  	
   

  
	
  as
  Lender

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/
  Anita Inkollu

  	
   

  
	
   

  	
  Name:

  	
  Anita
  Inkollu

  	
   

  
	
   

  	
  Title:

  	
  VP

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]