Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

ASSET PURCHASE 

AGREEMENT 
 FOR THE CRD
SURVEY 
 BY AND BETWEEN 

SAEXPLORATION, INC. 

AND 
 TGS-NOPEC GEOPHYSICAL COMPANY ASA 
 January 9, 2020 

 ASSET PURCHASE AGREEMENT 

This ASSET PURCHASE AGREEMENT FOR THE CRD SURVEY, dated as of January 9, 2020, is by and between SAExploration, Inc., a Delaware
corporation with its address at 1160 Dairy Ashford Road, Suite 160, Houston, Texas 77079 (“Seller”), and TGS-NOPEC Geophysical Company ASA, a public limited company registered in Norway with
its address at 4 Lensmannslia, N-1386, Asker, Norway (“Purchaser”). 
 RECITALS:

 WHEREAS, Seller owns the Acquired Assets (as hereinafter defined); and 

WHEREAS, Seller desires to sell to Purchaser, and Purchaser desires to acquire from Seller, the Acquired Assets in exchange for the Purchase
Price (as hereinafter defined), subject to the terms and conditions set forth in this Agreement; and 
 WHEREAS, substantially
simultaneously with the execution and delivery of this Agreement, Seller, Purchaser, and ALASKAN Seismic Ventures, LLC have executed and delivered the Asset Purchase Agreement for the Aklaq and Kuukpik Surveys (the “ Aklaq-Kuukpik Purchase
Agreement”). 
 NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, and in consideration of the
representations, warranties, and covenants herein contained, the Parties agree as follows: 
  

	1.	 INTERPRETATION 

 

	1.1	 DEFINITIONS 

In addition to the terms defined throughout this Agreement, the following terms have the respective meanings set forth below: 

 

	(a)	 “Affiliate” means any Person which controls or is controlled by a Party, or which controls or
is controlled by a Person which controls such Party; and “control” means the power to direct or cause the direction of the management and policies of the other Person, whether directly or indirectly, through one or more intermediaries or
otherwise, and whether by virtue of the ownership of shares or other equity interests, the holding of voting rights or contractual rights, or partnership interests or otherwise. 

 

	(b)	 “Agreement” means the agreement comprised by this document, all attached schedules, and all
written amendments signed by all Parties. 

  

	(c)	 “Acquired Agreements” means the agreements listed on Exhibit B. 

 

	(d)	 “Acquired Assets” means (i) 100% of all right, title, and interest, whether absolute or
contingent, legal or beneficial, currently held or hereafter acquired by Seller or its Affiliates in the Data, (ii) all physical and electronic media comprising, storing or displaying the Data, including all Intellectual Property rights thereto
and all processed and reprocessed 

  
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data thereof, and all related support documentation (including open file, stack sections, field gathering tapes, surveying data, survey’s notes, driller’s notes, observer’s notes,
processing reports, OB logs, survey data, parameter specs or testing information, surface use, mineral permits, and other pertinent support information related to the Data as appropriate or necessary for the marketing and reprocessing of the Data
following the Closing), (iii) Seller’s rights and benefits under the Acquired Agreements arising after the Closing Time, including its share of all revenues earned after the Closing Time, and (iv) all rights and benefits associated with
the Data, including any Permits related thereto; provided, however, that the Acquired Assets shall not include any Alaska tax credit applications, tax credit revenues or tax credit certificates covering any of the Data. 

 

	(e)	 “Acquired Liabilities” means the Liabilities under the Acquired Agreements, Permits,
authorizations or approvals included in the Acquired Assets solely to the extent such Liabilities (i) first arise after the Closing Time and do not otherwise relate to events, actions, conditions or circumstances first occurring on or before
the Closing Time, (ii) relate solely to performance thereunder after the Closing Time, (iii) do not arise from or relate to any breach of the terms thereof by Seller on or before the Closing Time or from any occurrence or circumstance
giving rise to a claim against Seller or any Affiliate of Seller under any indemnity thereunder on or before the Closing Time, (iv) do not arise from any violation of Applicable Law by Seller on or before the Closing Time and (v) do not
arise from or relate to any breach by Seller of any representation or warranty in Section 3.1 of this Agreement. 

  

	(f)	 “Applicable Law” means all statutes, laws, regulations, rules, orders, judgments, guidelines,
policies and directives of a Governmental Authority in effect from time to time having jurisdiction over the Parties or the transactions contemplated herein. 

  

	(g)	 “Bill of Sale, Assignment, and Assumption Agreement” has the meaning ascribed to such term in
Section 2.2. 

  

	(h)	 “Business Day” means any day excepting a Saturday, Sunday or any other day on which commercial
banks located in Houston, Texas are authorized or required by Applicable Law to be closed for business. 

  

	(i)	 “Closing” means the completion of the purchase and sale of Acquired Assets and related matters
contemplated by this Agreement, at the Closing Time, in the manner provided for in this Agreement. 

  

	(j)	 “Closing Date” means the date of this Agreement. 

 

	(k)	 “Closing Time” means 10:00 am, Central Time, on the Closing Date. 

 

	(l)	 “Confidential Information” has the meaning ascribed to such term in
Section 4.4. 

  

	(m)	 “Consents” means all consents, approvals and permissions required from, filing with or notices
to, any Person which is required in connection with the execution, delivery or performance of this Agreement or any other Transaction Document contemplated herein, the consummation of the transactions contemplated hereby or thereby, including those

  
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necessary in order to transfer and sell the Acquired Assets or any contracts, contractual rights, Intellectual Property rights or obligations under the Acquired Assets pursuant to this Agreement,
or any of the foregoing which is required in order to prevent a breach of or a default under, or a termination or modification of any Acquired Agreement, which right of breach, default, termination or modification results from the consummation of
the transactions contemplated by this Agreement or any other Transaction Document contemplated herein. 

  

	(n)	 “Data” means the seismic data surveys located in the State of Alaska as more particularly
described on Exhibit A, together with the geophysical, geological and well log data resulting from such seismic data surveys and well log services related thereto or derived therefrom, including all customary accompanying data that is needed
to derive value from the foregoing. 

  

	(o)	 “Excluded Assets” means any assets of any kind other than the Acquired Assets.

  

	(p)	 “Excluded Liabilities” means any liabilities or obligations of any kind other than the
Acquired Liabilities and includes the following: (i) any Liability of Seller for taxes (including any Liability for Transfer Taxes and ad valorem and property taxes, and any Liability for taxes on Excluded Assets); (ii) any debt of Seller or
its Affiliates; (iii) any Liability arising out of the Excluded Assets; (iv) any Liability arising out of any Proceeding pending or threatened against or affecting Seller or, to the extent arising out of Seller’s ownership or
operation of the Acquired Assets on or prior to the Closing Time, the Acquired Assets; (v), and (v) any other Liability arising, or relating to acts, omission or events occurring, on or prior to the Closing Time under or in connection with or
related to the Acquired Assets or the Seller. 

  

	(q)	 “Fundamental Representations” means the representations included in Sections 3.1(a),
(b), (c), (d), (f)(i), and (f)(iii) of this Agreement. 

  

	(r)	 “Funds Flow Memorandum” has the meaning ascribed to such term in
Section 2.3. 

  

	(s)	 “Governmental Authority” means any government, governmental department, commission, board,
bureau, agency, court or other instrumentality, whether foreign or domestic, of any country, nation, republic, federation or similar entity or any state, province, county, borough, parish or municipality, jurisdiction or other political subdivision
thereof. 

  

	(t)	 “Intellectual Property” means all of the following in any jurisdiction throughout the world:
(a) all inventions (whether patentable or unpatentable and whether or not reduced to practice), all improvements thereto, and all patents, patent applications, and patent disclosures, together with all reissuances, continuations, continuations-in-part, revisions, extensions, and reexaminations thereof, (b) all trademarks, service marks, trade dress, logos, slogans, trade names, corporate names,
Internet domain names and rights in telephone numbers, together with all translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and all applications, registrations, and renewals in
connection therewith, (c) all copyrightable works, all 

  
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copyrights, and all applications, registrations, and renewals in connection therewith, (d) all mask works and all applications, registrations, and renewals in connection therewith,
(e) all trade secrets and confidential business information (including ideas, research and development, know-how, formulas, compositions, manufacturing and production processes and techniques, technical
data, designs, drawings and specifications), and (f) all copies and tangible embodiments thereof (in whatever form or medium). 

  

	(u)	 “Knowledge” means, with respect to Seller, those facts that are actually known, or should have
been reasonably known, by any of the officers, directors, or managers of Seller, after reasonable inquiry. 

  

	(v)	 “Liability” means any debt, obligation, commitment, duty or liability of any nature (whether
known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due), including any liability for taxes. 

 

	(w)	 “Lien” means any title defect, lien, mortgage, pledge, charge, transfer restriction, right of
first refusal, preemptive right, option, claim, security interest, right of others or other encumbrance of any nature whatsoever. 

  

	(x)	 “Losses” has the meaning ascribed to such term in Section 5.2.

  

	(y)	 “Parties” or “Party” means Purchaser and Seller, collectively referred to as
the Parties and any party individually referred to as Party. 

  

	(z)	 “Permits” means any permits, licenses, approval, consents, certificates, concessions or other
authorization issued, granted, given or otherwise made available by or under the authority of any Governmental Authority or pursuant to any Applicable Laws. 

  

	(aa)	 “Permitted Assignees” has the meaning ascribed to such term in
Section 7.4. 

  

	(bb)	 “Person” means any individual, body corporate, partnership, limited liability company, trust,
trustee, executor, administrator, legal representative, any unincorporated organization and any other entity or organization of any kind, including any Governmental Authority. 

 

	(cc)	 “Proceeding” shall mean any claim, action, suit, investigation, demand, notice, litigation,
proceeding at law or in equity (including any civil, criminal, administrative, investigative or appellate proceeding), arbitration, audit, examination, hearing or other proceeding threatened, commenced, brought, conducted or heard by or before any
Governmental Authority or any arbitrator or any other Person. 

  

	(dd)	 “Purchase Price” has the meaning ascribed to such term in
Section 2.3. 

  

	(ee)	 “Purchaser Indemnified Parties” has the meaning ascribed to such term in
Section 5.2. 

  
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	(ff)	 “Seller Indemnified Parties” has the meaning ascribed to such term in
Section 5.3. 

  

	(gg)	 “Third Party” means any Person other than the Parties to this Agreement or their respective
Affiliates. 

  

	(hh)	 “Transaction Documents” means this Agreement, the Bill of Sale, Assignment and Assumption
Agreement, the Funds Flow Memorandum and any other agreements, instruments or documents delivered pursuant hereto or thereto. 

  

	(ii)	 “Transfer Taxes” has the meaning ascribed to such term in
Section 4.3. 

  

	1.2	 HEADINGS 

The headings to articles, sections and subsections to this Agreement are for ease of reference only, but are not deemed to form part of the Agreement and must
not be used to interpret any part of this Agreement. 
  

	1.3	 DRAFTING 

The Parties acknowledge that their respective legal counsel have each reviewed and participated in the drafting of this Agreement, and as a result, any rule of
contractual interpretation to the effect that any ambiguity is to be resolved against the drafting Party does not apply to the interpretation of this Agreement. 
  

	1.4	 REFERENCES 

 

	(a)	 A reference to “this Agreement” is a reference to the entire agreement and not only one particular
article or section, a reference to an “article” is a reference to the contents of only that article of this Agreement, and a reference to “section” is a reference to the contents of only that section. Words such as
“herein,” “hereinafter,” “hereof,” and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires. 

 

	(b)	 A reference to “will” or “shall” means that the Party must perform the matter so described;
a reference to “may” means that the Party has the option, but not the obligation, to perform the matter so described. 

  

	(c)	 Where the context requires, a reference to one gender means the other or neuter gender, and a reference to a
single number means the plural, and vice-versa. 

  

	(d)	 The word “including” or any variation thereof means “including, without limitation” and
shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it. 

  
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	1.5	 BUSINESS DAYS 

If the last day on which any action required or permitted to be taken hereunder by any of the Parties hereto is not a Business Day, such action may be taken on
the next succeeding day which is a Business Day. 
  

	2.	 ASSET SALE AND PAYMENT 

 

	2.1	 PURCHASE AND SALE OF ASSETS

 On and subject to the terms and conditions of this Agreement, Purchaser agrees to purchase from the Seller, and the Seller agrees to
sell, transfer, convey, and deliver to Purchaser, all of the Seller’s rights, title and interests in and to the Acquired Assets at the Closing for the consideration specified below in this Article 2, in each case,
other than the Excluded Assets and free and clear of all Liens. Title to the Acquired Assets shall pass to Purchaser at the Closing Time. Notwithstanding anything to the contrary contained in this Section 2.1 or
elsewhere in this Agreement, the Excluded Assets of Seller are not part of the sale and purchase contemplated hereunder, are excluded from the Acquired Assets and shall remain the property of Seller after the Closing Time. 

 

	2.2	 ACQUIRED LIABILITIES; EXCLUDED LIABILITIES

 Seller shall assign, and Purchaser shall assume, effective as of the Closing Time, only the Acquired Liabilities. To further
evidence the purchase and sale of the Acquired Assets and the assumption of the Acquired Liabilities as set forth in this Section 2.2, the Parties will execute and deliver at the Closing Time a Bill of Sale, Assignment and
Assumption Agreement in the form attached hereto as Exhibit C (the “Bill of Sale, Assignment and Assumption Agreement”). Notwithstanding anything to the contrary contained herein, except for the
Acquired Liabilities, it is expressly understood and agreed that Purchaser shall not assume, be obligated to pay, perform or discharge, and Seller shall retain, pay, perform and discharge in due course, any claim or proceeding against, or
Liabilities, contracts or any other obligations whatsoever of the Seller. In no event shall Purchaser assume, be obligated to pay, perform or discharge any Excluded Liabilities. 

 

	2.3	 PURCHASE PRICE 

Purchase Price. Subject to the terms and conditions of this Agreement, and as full consideration for the sale and transfer of the
Acquired Assets to Purchaser by Seller, the assignment and assumption of the Acquired Liabilities by Purchaser from Seller, the representations, warranties, covenants and agreements contemplated herein, Purchaser agrees to pay or cause to be paid to
Seller an aggregate amount equal to (i) FIVE HUNDRED THOUSAND US DOLLARS ($500,000), minus (ii) ZERO US DOLLARS ($0.00), which the Parties acknowledge and agree represents the amount of any licensing fees with respect to the
licensing of the Data granted by Seller after October 17, 2019 (the resulting difference, the “Purchase Price”), which Purchaser shall pay to Seller by wire transfer of immediately available funds to the account(s) designated
in writing by Seller, in accordance with that certain Funds Flow Memorandum, dated as of the Closing Date, by and among the Parties and ALASKAN Seismic Ventures, LLC (the “Funds Flow Memorandum”). 

  
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	3.	 REPRESENTATIONS AND WARRANTIES 

 

	3.1	 REPRESENTATIONS OF SELLER. Seller
hereby represents and warrants to Purchaser as follows: 

  

	(a)	 Standing. Seller is a corporation duly incorporated and validly subsisting and in good standing under
the laws of its jurisdiction of incorporation. 

  

	(b)	 Authority. Seller has taken all necessary actions and has all requisite capacity, power and authority to
enter into this Agreement and the other Transaction Documents required to be delivered by it pursuant hereto, and to perform its obligations hereunder and thereunder. 

 

	(c)	 Execution and Enforceability of Documents. This Agreement has been and any other Transaction Document to
which Seller is a party, will be, duly executed and delivered by it and constitute legal, valid, binding and enforceable obligations of Seller subject to the qualification that such enforceability may be subject to: (i) bankruptcy, insolvency,
fraudulent preference, reorganization or other Applicable Laws affecting creditor’s rights generally; and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at equity or law).

  

	(d)	 No Conflicts. Except as set forth on Schedule 3.1(d), the execution, delivery and performance of
this Agreement and the other Transaction Documents to which Seller is a party, and the consummation by Seller of the transactions contemplated hereby and thereby, do not and will not (i) violate, be in breach of, conflict with, or result in a
breach or acceleration of or default under (with or without due notice or lapse of time or both), (x) the charter, bylaws or other governing documents of Seller, (y) any provision of any Permit or material agreement or instrument to which
Seller is party or by which Seller or its interests in the Acquired Assets are bound, or (z) any Applicable Law, or (ii) result in, or require, the creation or imposition of, any Lien upon or with respect to the Acquired Assets.

  

	(e)	 Consents. Seller has received all necessary Consents from any and all Third Parties required to sell the
Acquired Assets to Purchaser, except for any Consents listed on Schedule 3.1(e), which shall be governed by Section 4.2. 

  

	(f)	 Acquired Assets. With respect to the Acquired Assets: 

 

	 	(i)	 Seller is the sole and exclusive owner of, and have good, valid and merchantable title to all of the Acquired
Assets, free and clear of all Liens, and are exclusively entitled to possess and dispose of the same; 

  

	 	(ii)	 the Data includes all of the deliverables set forth on Exhibit A; 

 

	 	(iii)	 with the exception of the rights and obligations expressly set forth in the Acquired Agreements, Seller has not
sold the Acquired Assets and there are no outstanding options or rights to acquire or use, access or view in any manner all or any part of the Acquired Assets, and furthermore, for clarity, with the exception of the rights and obligations expressly
set forth in the Acquired Agreements, no Third Party has any option or right (whether at law, pre-emptive, contractual, equitable or otherwise) capable of becoming an agreement to purchase from Seller, or to
use, access, view, license or sublicense in any manner, all or any part of the Acquired Assets (including any option to use, view or access the Data or an option to acquire a license to the Data at a specified price, specifically in connection with
any Permits); 

  
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	 	(iv)	 with respect to the Acquired Agreements: 

 

	 	(1)	 Seller has made available true, correct and complete copies of the Acquired Agreements to which it is a party
(including each amendment, supplement or modification thereto) to Purchaser; 

  

	 	(2)	 the Acquired Agreements to which Seller is a party are binding and enforceable on Seller and to Seller’s
Knowledge, binding and enforceable on the other parties to the Acquired Agreements in accordance with their terms, subject, in each case, to the qualification that such enforceability may be subject to: (i) bankruptcy, insolvency, fraudulent
preference, reorganization or other Applicable Laws affecting creditor’s rights generally; and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at equity or law);

  

	 	(3)	 except as set forth on Schedule 3.1(e), the Acquired Agreements to which Seller is a party and/or
Seller’s rights thereunder may be freely transferred to the Purchaser in accordance with this Agreement without triggering any right for the counterparties to terminate or amend any of the Acquired Agreements; and 

 

	 	(4)	 neither Seller, nor, to Seller’s Knowledge, any of the applicable counterparties to any of the Acquired
Agreements to which Seller is a Party have at any time materially breached its obligations under any Acquired Agreement nor, to Seller’s Knowledge, has any event or circumstance occurred which with the passage of time and/or the giving of
notice would become a material breach of any of Seller’s or any of the applicable counterparties’ obligations under any Acquired Agreement. Seller has not given or received written notice of termination of any Acquired Agreement to which
Seller is a Party existing on the Closing Date; 

  

	 	(v)	 with respect to the Permits included in the Acquired Assets, such Permits constitute all of the Permits used or
necessary for the lawful ownership and operation of the Acquired Assets. Seller has made available to Purchaser true and complete copies of all such Permits issued to it. Seller is the authorized legal holder of such Permits and each such Permit is
valid, binding and in full force and effect as to the Seller. Seller is not, and Seller has not received any written notice that it is, in default (or with the giving of notice or lapse of time or both, would be in default) under any such Permits
and Seller has not received any written notice that any such Permit will be revoked or issued, renewed, or modified on terms or conditions that are substantially different than those currently in effect; and 

  
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	 	(vi)	 the surveys included in the Data were conducted and contain all such data as otherwise may be expected from
similar surveys carried out by competent and diligent seismic contractors; all such data is organized, stored, and maintained in electronic format and/or on tape storage in accordance with industry practice; and all Data included in the Acquired
Assets has been processed and produced in the practices and standards expected of a competent seismic contractor in a professional, careful, and competent manner; and there are no agreements or licenses relating to any part of the Acquired Assets or
the Acquired Liabilities other than have been disclosed to Purchaser. 

  

	(g)	 Certain Developments. The Acquired Assets have been
owned and operated in all material respects in the ordinary course of business and there has not been or occurred any event, condition, circumstance or change which has had or which is reasonably likely to have a material adverse effect on the
Acquired Assets. 

  

	(h)	 Compliance with Laws; No Legal Proceedings. Except as set forth on Schedule 3.1(h), Seller is,
and at all times has been, in compliance with, and is operating its business and maintaining its Acquired Assets in compliance with, all Applicable Laws in all material respects. There is no Proceeding pending or, to the Knowledge of Seller,
threatened against or affecting the Acquired Assets, and the Acquired Assets are not currently subject to any judgment, order or decree. 

  

	(i)	 Intellectual Property. There are no adverse claims affecting or with respect to the Intellectual
Property related to the Acquired Assets and such Intellectual Property is validly and beneficially owned or licensed by Seller, free and clear of all Liens. Seller has not received written notice of any claim that may be asserted against Seller for
infringement or breach of any Intellectual Property of a Third Party, and, to the Knowledge of Seller, there are no claims that may be asserted against Seller for infringement or breach of any Intellectual Property of a Third Party. To the Knowledge
of Seller, no Person is infringing on the Intellectual Property of the Acquired Assets. Each item of Intellectual Property related to the Acquired Assets owned or used by Seller immediately prior to the Closing hereunder will be owned or available
for use, assignment, transfer, or license by Purchaser immediately subsequent to the Closing hereunder without restrictions or limitations thereon. 

  

	(j)	 Brokers. Seller has not incurred any Liability for brokers’ or finders’ fees in respect of
this Agreement, the other Transaction Documents or the transactions contemplated herein or therein for which Purchaser has or would have any obligation or liability. 

 

	(k)	 Taxes. All taxes relating to or otherwise affecting the Acquired Assets (whether or not shown on any Tax
Returns) that have become due have been paid in full. There are no Liens for taxes on any of the Acquired Assets (other than statutory Liens for current taxes not yet due or delinquent or the validity or amount of which is being contested in good
faith by appropriate Proceedings). 

  
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	(l)	 Insolvency. Seller (i) is not insolvent, (ii) is not in receivership or dissolution,
(iii) has not made any assignment for the benefit of creditors, (iv) has not admitted in writing its inability to pay its debts as they mature, (v) has not been adjudicated bankrupt or (vi) has not filed a petition in voluntary
bankruptcy, a petition or answer seeking reorganization, or an arrangement with creditors under the federal bankruptcy law or any other similar law or statute of the United States or any state, nor has any such petition been filed against Seller.

  

	3.2	 REPRESENTATIONS OF PURCHASER.
Purchaser hereby represents and warrants to Seller as follows: 

  

	(a)	 Standing. Purchaser is a corporation duly incorporated and validly subsisting and in good standing under
the laws of its jurisdiction of incorporation. 

  

	(b)	 Authority. Purchaser has taken all necessary actions and has all requisite capacity, power and authority
to enter into this Agreement and the other Transaction Documents required to be delivered by it pursuant hereto, and to perform its obligations hereunder and thereunder. 

 

	(c)	 Execution and Enforceability of Documents. This Agreement has been and any other Transaction Document to
which Purchaser is a party, will be, duly executed and delivered by it and constitute legal, valid, binding and enforceable obligations of Purchaser subject to the qualification that such enforceability may be subject to: (i) bankruptcy,
insolvency, fraudulent preference, reorganization or other Applicable Laws affecting creditor’s rights generally; and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at equity or
law). 

  

	(d)	 No Conflicts. The execution, delivery and performance of this Agreement and the other Transaction
Documents to which Purchaser is a party, and the consummation by Purchaser of the transactions contemplated hereby and thereby, do not and will not violate, be in breach of, conflict with, or result in a breach or acceleration of or default under
(with or without due notice or lapse of time or both) (i) the charter, bylaws or other governing documents of Purchaser, (ii) any provision of any material agreement or instrument to which Purchaser is party, or (iii) any Applicable
Law. 

  

	(e)	 Brokers. Purchaser has not incurred any Liability, contingent or otherwise, for brokers’ or
finders’ fees in respect of this Agreement or the transactions contemplated herein for which Seller has any obligation or liability. 

  

	4.	 COVENANTS 

  

	4.1	 RIGHTS OF PURCHASER 

From and after the Closing, Purchaser shall have title to the Acquired Assets. Without prejudice to the foregoing generality, from and after the Closing,
Purchaser will have the exclusive right to sell or license interests in the Acquired Assets to Third Parties without accounting to Seller. From and after the Closing, Seller shall not have the right to sell, license or otherwise grant any interests
in the Acquired Assets to any Third Party. Following the Closing, (a) Seller will promptly, and in any event not later than seven (7) days following receipt, forward to Purchaser any payments received by Seller or any of its Affiliates
with respect to the Acquired Assets, and any such checks, drafts or other instruments payable to Seller or its Affiliate will, when so delivered, bear all 

  
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endorsements required to effectuate the transfer of the same to Purchaser, and (b) Seller will promptly forward to Purchaser any mail or other communications received by Seller or any of its
Affiliates relating to the Acquired Assets or the Acquired Liabilities. Following the Closing, (i) Purchaser will promptly, and in any event not later than seven (7) days following receipt, forward to the Seller any payments received by
Purchaser or any of its Affiliates with respect to the Excluded Assets, and any such checks, drafts or other instruments payable to any Purchaser or its Affiliate will, when so delivered, bear all endorsements required to effectuate the transfer of
the same to Seller, and (ii) Purchaser will promptly forward to Seller any mail or other communications received by Purchaser or any of its Affiliates relating to the Excluded Assets or the Excluded Liabilities. 

 

	4.2	 NOTICES AND CONSENTS; NONASSIGNABLE
ACQUIRED ASSETS 

  

	(a)	 Seller will give any notices to Third Parties required to transfer the Acquired Assets and will use
commercially reasonable efforts obtain any Consents required to consummate the transactions contemplated by this Agreement. Seller agrees to execute all necessary documentation to effect and make binding the sale of the Acquired Assets to Purchaser.

  

	(b)	 If any Acquired Agreements or Permits included in the Acquired Assets are not by their respective terms
assignable, or to the extent the Parties elect or are required to consummate the transactions contemplated hereby prior to obtaining a Consent required in connection with the assignment, transfer or
re-issuance thereof, this Agreement shall not constitute an assignment or attempted assignment thereof. With respect to any such Acquired Agreement or Permit, the Seller and Purchaser shall use their
commercially reasonable efforts and cooperate with each other to obtain, or cause to be obtained, within ninety (90) days of the Closing Date, any written Consent necessary to convey to Purchaser the benefit thereof; provided, however, that
neither Seller nor Purchaser shall be required to pay any out-of-pocket expenses therefor. To the extent that any such Consents cannot be obtained, (i) Purchaser
and Seller shall cooperate in any commercially reasonable arrangement (such as subleasing, sublicensing or subcontracting) designed to provide Purchaser with the economic benefits of such nonassignable Acquired Agreements or Permits (including that
Seller shall pay over to Purchaser within five (5) days of receipt thereof any monies received by Seller under or in connection with such nonassignable Acquired Agreements or Permits), (ii) Seller shall enforce at the request of and for the
benefit of Purchaser any and all rights of Seller arising under such nonassignable Acquired Agreements or Permits (including a right of termination), and (iii) Purchaser shall, as agent or subcontractor for Seller pay, perform and discharge
fully the liabilities and obligations of Seller thereunder from and after the Closing Time. If the approval of the other party to such Acquired Agreement or Permit is obtained after the Closing Date, such approval will, as between Seller and
Purchaser, constitute a confirmation (automatically and without further action of the parties) that such Acquired Agreement or Permit is assigned to Purchaser as of the Closing Time, and (automatically and without further action of the parties) that
the liabilities with respect to such Acquired Agreement or Permit are, subject to the terms of this Agreement, assumed as of the Closing Time. 

  
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	(c)	 To the extent the Parties elect to consummate the transactions contemplated hereby prior to receiving filed
copies of any UCC-3 amendment effectuating the release of any Lien encumbering any of the Acquired Assets, in each case, in form and substance reasonably satisfactory to Purchaser, following the Closing,
Seller shall, at Purchaser’s request and at Seller’s sole cost and expense, timely file or record any such UCC-3 amendment. 

 

	4.3	 TRANSFER TAXES 

Seller shall (i) be responsible for (and shall indemnify, defend, and hold harmless Purchaser against) any and all Liabilities for any sales, use, filing,
recording, transfer, real estate transfer, gross receipts, registration, duty, or similar fees or taxes or governmental charges (together with any interest or penalty, addition to tax or additional amount imposed) as levied by any taxing
Governmental Authority in connection with the transactions contemplated by this Agreement (collectively, “Transfer Taxes”), regardless of the Person liable for such Transfer Taxes under Applicable Law and (ii) timely file or
caused to be filed all necessary documents (including all tax returns) with respect to Transfer Taxes. 
  

	4.4	 CONFIDENTIALITY 

Seller agrees, and shall cause its Affiliates: 
  

	(a)	 not to disclose to any unauthorized Persons or use for its own account or for the benefit of any Third Party
any and all information, whether or not such information is embodied in writing or other physical form, concerning the Acquired Assets, this Agreement, the Transaction Documents or any exhibits hereto or thereto or documents delivered hereunder or
thereunder (collectively, the “Confidential Information”) without Purchaser’s prior written consent, unless and to the extent that such information (i) is or becomes generally known to and available for use by the public
other than as a result of Seller’s fault or the fault of any other Person bound by a duty of confidentiality to Seller, (ii) is lawfully acquired by Seller or any of its Affiliates from sources which are not prohibited from disclosing such
information by a legal, contractual or fiduciary obligation or (iii) is disclosed to its directors, officers, employees, affiliates, partners, shareholders, lenders, agents, consultants, advisers, legal counsel and experts for the purpose of
consummating the transaction contemplated by this Agreement (so long as such Persons are bound by a duty of confidentiality with respect to such information and Seller shall be responsible for any disclosure of Confidential Information by any such
Persons in violation of the terms hereof); provided, however, that this Section 4.4(a) shall not prohibit a Party from disclosing the transactions contemplated by this Agreement as may be required by Applicable Law or the
rules or regulations of any applicable United States securities exchange or other Governmental Authority to which the relevant Party is subject or submits, in which instance the Parties shall reasonably cooperate as to the contents of any such
disclosure. If Seller or any of its Affiliates are compelled to disclose any Confidential Information by judicial or administrative process or by other requirements of law, to the extent legally permissible, Seller shall promptly notify Purchaser in
writing and shall disclose only that portion of such Confidential Information which Seller is, based on the advice of external legal counsel, legally required to be disclosed; and 

  
 13 

	(b)	 to deliver to Purchaser, at or promptly after the Closing, all documents, data, memoranda, notes, plans,
records, reports and other documentation, models, components, devices or computer software, whether embodied in a disk or in other form (and all copies of all of the foregoing), that contain Confidential Information and any other Confidential
Information that Seller or its Affiliates may then possess or have under its control. 

  

	4.5	 TRANSITION OF ACQUIRED ASSETS

 Subject to the terms of this Agreement, the title to and interest in the Acquired Assets shall remain solely with the Seller until
Closing at which time title to and interest in the Acquired Assets passes to the Purchaser. Seller shall cover the cost of and shall ensure due and proper delivery of the Acquired Assets to an address of the Purchaser in Houston, Texas or Calgary,
Alberta, as stipulated by the Purchaser, and shall be and continue to be a trustee for the Purchaser in respect of all Acquired Assets until the same shall have been actually delivered and received or, in the case of Acquired Assets that cannot be
transferred by delivery, formally transferred or assigned to the Purchaser. Following the Closing Time, Seller shall neither access any Data being part of the Acquired Assets nor delete or cause to be deleted any data stored electronically until
such time as the Purchaser in writing has confirmed complete receipt without corruption (upon receipt of which deletion of all electronic copies held by or on behalf of Seller is to be carried out and confirmed). Without limitation to the foregoing,
at the Closing, Seller shall deliver to Purchaser on a USB storage device or devices any and all Data that can be delivered in electronic form, including all final processed Data. Seller may deliver field tapes to Purchaser separately following the
Closing (but in no event later than fourteen (14) days following the Closing Date), to an address in Houston, Texas or Calgary, Alberta, as notified in writing by Purchaser. Any Data or field tapes delivered by Seller shall be properly labelled
and accompanied by a reasonably detailed inventory. Seller shall remain liable for any risk of loss or other damage to any Acquired Assets until delivered to Purchaser in accordance with this Section 4.5. For the avoidance
of doubt, insofar as conflict arises between this Section 4.5 and any other section of this Agreement, this Section 4.5 shall prevail. 

 

	4.6	 DISCLAIMER OF REPRESENTATIONS AND
WARRANTIES 

 EXCEPT AS MAY EXPRESSLY BE SET FORTH IN ARTICLE 3 (INCLUDING THE SCHEDULES THERETO)
OF THIS AGREEMENT OR IN ANY OTHER TRANSACTION DOCUMENT, (A) SELLER DISCLAIMS AND DOES NOT MAKE ANY REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE ACQUIRED ASSETS, ANY OF THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT (INCLUDING ANY CONSENTS OR APPROVALS REQUIRED IN CONNECTION THEREWITH) OR THE CONDITION OR PROSPECTS (FINANCIAL OR OTHERWISE) OF, OR ANY OTHER MATTER INVOLVING, THE ACQUIRED ASSETS (INCLUDING WITH
RESPECT TO (1) THE ACCURACY OR COMPLETENESS OF ANY INFORMATION REGARDING THE ACQUIRED ASSETS FURNISHED OR MADE AVAILABLE TO PURCHASER AND ITS REPRESENTATIVES, AND/OR (2) THAT THE ACQUIRED ASSETS ARE DELIVERED FREE OR RIGHTFUL CLAIM OF ANY
THIRD PERSON AND (B) ALL OF THE ACQUIRED ASSETS TO BE TRANSFERRED OR THE ACQUIRED LIABILITIES TO BE ASSUMED OR TRANSFERRED, DIRECTLY OR INDIRECTLY, IN ACCORDANCE WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT SHALL BE TRANSFERRED OR
ASSUMED ON AN “AS IS, WHERE IS” BASIS, AND ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE ARE 

  
 14 

 
HEREBY EXPRESSLY DISCLAIMED. PURCHASER, TOGETHER WITH ITS ADVISORS, HAS MADE ITS OWN INVESTIGATION OF THE ACQUIRED ASSETS AND IS NOT RELYING ON ANY WARRANTIES, EXPRESS OR IMPLIED, PROVIDED ORALLY
OR CONTAINED IN ANY MATERIALS PROVIDED BY SELLER OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE REPRESENTATIVES OR OTHERWISE (INCLUDING ANY ITEMS MADE AVAILABLE TO PURCHASER IN THE ELECTRONIC DOCUMENTATION SITE ESTABLISHED BY SELLER, OTHER THAN
AS EXPRESSLY PROVIDED IN ARTICLE 3 (INCLUDING THE SCHEDULES THERETO) OF THIS AGREEMENT, IN DECIDING TO ENTER INTO THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS AND CLOSE THE TRANSACTIONS CONTEMPLATED HEREIN AND THEREIN. EXCEPT AS MAY BE
EXPRESSLY SET FORTH IN ARTICLE 3 OF THIS AGREEMENT (INCLUDING THE SCHEDULES THERETO) OR IN ANY OTHER TRANSACTION DOCUMENT, NONE OF THE PARTIES OR ANY OTHER PERSON MAKES ANY REPRESENTATION OR WARRANTY WITH RESPECT TO ANY INFORMATION, DOCUMENTS
OR MATERIAL MADE AVAILABLE IN CONNECTION WITH THE ENTERING INTO OF THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS OR THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN,
NOTHING IN THIS SECTION 4.6 SHALL LIMIT THE RIGHT OF PURCHASER TO SEEK ANY AVAILABLE REMEDY FOR INTENTIONAL FRAUD. 
  

	5.	 SURVIVAL AND INDEMNIFICATION 

 

	5.1	 SURVIVAL 

The representations and warranties of the Parties contained in this Agreement and contained in any document or certificate given pursuant hereto shall survive
the execution and delivery of this Agreement and the Closing until the second (2nd) anniversary of the Closing Date; provided, however, that the Fundamental Representations shall survive the Closing and continue in full force and
effect indefinitely. The covenants and agreements of the Parties contained in this Agreement will survive the Closing in accordance with their terms. For greater certainty, no claim for indemnification for breaches of any representation, warranty,
covenant or agreement may be asserted after the expiration of the applicable survival period set forth in this Section 5.1. Any claim for indemnification not made on or prior to such date shall be irrevocably and
unconditionally released and waived. So long as an indemnified party asserts a claim for indemnification under and in accordance with this Article 5 prior to the expiration of the applicable survival period set forth in this
Section 5.1, such indemnified party shall be deemed to have preserved its rights to indemnification under this Article 5 regardless of when such claim is ultimately liquidated or resolved. 

 

	5.2	 SELLER INDEMNITY 

Subject to the other terms and conditions of this Article 5, Seller is liable for, and shall indemnify, defend and hold harmless Purchaser, its
Affiliates and each of their respective directors, shareholders, officers, employees, agents and representatives (the “Purchaser Indemnified Parties”) from and against, all losses, judgments, settlements, Liabilities, claims,
damages, costs and expenses (including reasonable costs of investigation, fees and expenses of attorneys, accountants, 

  
 15 

 
financial advisors and other experts, court costs and other expenses of litigation) (“Losses”) suffered, sustained, paid or incurred by any Purchaser Indemnified Party with
respect to, resulting from or arising out of: 
  

	(a)	 the breach of any representations and warranties of Seller set forth in this Agreement or in any other
Transaction Document ; 

  

	(b)	 the breach of any of the covenants of Seller set forth in this Agreement or in any other Transaction Document ;

  

	(c)	 any Liens on the Acquired Assets (other than Liens created by or through Purchaser); or 

 

	(d)	 any Excluded Liabilities. 

 

	5.3	 PURCHASER INDEMNITY 

Subject to the other terms and conditions of this Article 5, Purchaser is liable for, and shall indemnify, defend and hold harmless Seller, its
Affiliates and each of their respective directors, shareholders, officers, employees, agents and representatives (the “Seller Indemnified Parties”) from and against, all Losses suffered, sustained, paid or incurred by any
Seller Indemnified Party with respect to, resulting from or arising out of: 
  

	(a)	 the breach of any representations and warranties of Purchaser set forth in this Agreement or in any other
Transaction Document; 

  

	(b)	 the breach of any of the covenants of Purchaser set forth in this Agreement or in any other Transaction
Document; or 

  

	(c)	 the Acquired Liabilities. 

 

	5.4	 LIMITATIONS ON PURCHASER INDEMNIFIED
PARTIES AND ADDITIONAL AGREEMENTS 

  

	(a)	 The aggregate amount of all Losses for which Seller shall be liable hereunder shall not exceed the amount of
proceeds actually received by Seller pursuant to Section 2.3. 

  

	(b)	 In no event shall any Party be liable to any other person or entity under this Agreement for any
(x) punitive damages, (y) exemplary damages or (z) damages that are not the probable and reasonably foreseeable result of the underlying breach, misrepresentation, inaccuracy, or default, whether based in contract, tort, strict
liability or other law, except for any such damages described in the foregoing clauses (x), (y) or (z) to the extent actually paid or payable to a Third Party pursuant to any claim made by such Third Party. 

 

	(c)	 In calculating any Losses, there shall be deducted any portion of such Losses that could reasonably have been
avoided under and in accordance with the common law contract principles of the State of Texas regarding mitigation of damages. Notwithstanding anything herein to the contrary, no Party be entitled to be compensated more than once for the same claim
under this Article 5. 

  
 16 

	(d)	 Nothing in this Section 5.4 shall limit in any way the Seller’s liability for
the Excluded Liabilities, and, as between Purchaser and Seller, Seller shall be exclusively liable for the Excluded Liabilities unless Purchaser agrees otherwise in a signed writing executed by all Parties. 

 

	5.5	 ADJUSTMENT IN PURCHASE PRICE;
PAYMENT OF INDEMNIFIABLE LOSSES 

 All indemnifiable Losses under this
Agreement will be paid in cash in immediately available funds. The Parties agree that all indemnification amounts paid pursuant to this Article 5 constitute an adjustment to the Purchase Price for all purposes, including tax purposes. In the
event any of the Purchaser Indemnified Parties are entitled to indemnifiable Losses under this Agreement or the Aklaq-Kuukpik Purchase Agreement, at Purchaser’s sole election, and without prejudice to any right it may have to proceed directly
against the Seller, Purchaser shall be entitled to set off all or any part of the amount of such indemnifiable Losses for which the Seller is obligated to indemnify any such Purchaser Indemnified Party against any amounts payable by Purchaser or any
of its Affiliates to Seller or any of its Affiliates under any agreement or arrangement or for any other reason. Purchaser’s exercise of its right of set-off pursuant to this
Section 5.5 shall be conclusively evidenced by a notice to such effect given by Purchaser to Seller at least thirty (30) days before the set-off, which notice shall state the
amount of the set-off, the reasons for it and the date on which Purchaser proposes applying such set-off. The Parties shall use commercially reasonable efforts prior to
the date which Purchaser proposes applying such set-off to agree upon a resolution to any objection Seller has to such a set-off, but Purchaser may apply such proposed set-off on such proposed date if the Parties have been unsuccessful in agreeing another resolution (subject to Seller’s rights under this Agreement to dispute such
set-off). 
  

	5.6	 EXCLUSIVE REMEDY 

EXCEPT FOR INTENTIONAL FRAUD CLAIMS, FROM AND AFTER THE CLOSING, THE REMEDIES OF THE PARTIES SPECIFICALLY PROVIDED FOR BY THIS ARTICLE 5 SHALL BE THE
SOLE AND EXCLUSIVE REMEDIES OF THE PARTIES FOR ALL MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTION DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY, OR OTHERWISE RELATING TO THE ACQUIRED ASSETS; PROVIDED, HOWEVER,
THAT NOTHING HEREIN SHALL LIMIT A PARTY’S RIGHT TO SEEK SPECIFIC PERFORMANCE OR INJUNCTIVE RELIEF IN CONNECTION WITH ANOTHER PARTY’S OBLIGATIONS UNDER THIS AGREEMENT, IT BEING ACKNOWLEDGED THAT MONETARY DAMAGES DUE TO THE NON-DEFAULTING PARTY IN SUCH CASE MAY NOT BE ADEQUATELY DETERMINED AT LAW. 
  

	5.7	 EXPRESS NEGLIGENCE; LIMITATIONS ON
DEFENSE TO CERTAIN CLAIMS 

 THE FOREGOING INDEMNITIES ARE INTENDED TO BE
ENFORCEABLE AGAINST THE PARTIES IN ACCORDANCE WITH THE EXPRESS TERMS AND SCOPE THEREOF, NOTWITHSTANDING ANY EXPRESS NEGLIGENCE RULE, DOCTRINE RELATING TO INDEMNIFICATION FOR STRICT LIABILITY OR ANY SIMILAR DIRECTIVE THAT WOULD PROHIBIT OR OTHERWISE
LIMIT INDEMNITIES BECAUSE OF THE NEGLIGENCE (WHETHER SOLE, CONCURRENT, ACTIVE OR PASSIVE) OR OTHER 

  
 17 

 
FAULT OR STRICT LIABILITY OF ANY OF THE INDEMNIFIED PARTIES. TO THE EXTENT THAT A PURCHASER INDEMNIFIED PARTY MAKES ANY CLAIMS AGAINST THE SELLER UNDER THE PROVISIONS OF THIS ARTICLE 5,
THE SELLER MAY NOT ASSERT AND HEREBY EXPRESSLY WAIVES AS A DEFENSE, COUNTERCLAIM, OR OTHERWISE THAT PURCHASER HAS BEEN NEGLIGENT IN CONDUCTING ITS DUE DILIGENCE RELATING TO ANY ASPECT OF SELLER OR THE ACQUIRED ASSETS. THE RIGHT TO INDEMNIFICATION IN
ACCORDANCE WITH THE PROVISIONS OF THIS ARTICLE 5 WILL NOT BE AFFECTED BY ANY INVESTIGATION CONDUCTED WITH RESPECT TO, OR ANY KNOWLEDGE ACQUIRED (OR CAPABLE OF BEING ACQUIRED) AT ANY TIME, WHETHER BEFORE OR AFTER THE CLOSING
DATE, WITH RESPECT TO THE ACCURACY OR INACCURACY OF OR COMPLIANCE WITH, ANY REPRESENTATION, WARRANTY, COVENANT OR OBLIGATION SET FORTH IN THIS AGREEMENT OR IN ANY TRANSACTION DOCUMENT. THE OBLIGATIONS OF THE PARTIES HEREUNDER ARE NOT CONTINGENT UPON
THE ASSERTION OF A CLAIM, DIRECTIVE, ACTION, OR PROCEEDING BY A GOVERNMENTAL AUTHORITY OR THIRD PARTY. 
  

	6.	 CLOSING PROCEDURES 

 

	6.1	 CLOSING 

The Closing shall take place at the offices of Purchaser at the Closing Time, or at such other time and place as may be mutually agreed to by the Parties. 

 

	6.2	 SELLER’S DELIVERIES 

At Closing, Seller shall deliver, or cause to be delivered, to Purchaser: 
  

	(a)	 all portions of the Acquired Assets as set forth in Section 4.5 (and except as
delivery is allowed post-Closing pursuant to Section 4.5); 

  

	(b)	 duly executed written copies of the Consents set forth on Schedule 6.2, in form and substance reasonably
satisfactory to Purchaser; 

  

	(c)	 the Bill of Sale, Assignment and Assumption Agreement in the form attached hereto as Exhibit C, as duly
executed and delivered by Seller; 

  

	(d)	 copies of any payoff letters (or other similar documentation) for any items of debt for which a Lien encumbers
any of the Acquired Assets and evidence reasonably satisfactory to Purchaser of all terminations or releases of any such Liens on the Acquired Assets; 

  

	(e)	 the Funds Flow Memorandum, as duly executed and delivered by Seller; 

 

	(f)	 Seller’s and ALASKAN Seismic Venture LLC’s executed signature page(s) to the Aklaq-Kuukpik Purchase
Agreement; and 

  

	(g)	 such other documents or acknowledgements as in the opinion of Purchaser may be reasonably necessary for the
Closing. 

  
 18 

	6.3	 PURCHASER DELIVERIES 

At Closing, Purchaser shall deliver the following to Seller: 
  

	(a)	 the Purchase Price, in accordance with Section 2.3; 

 

	(b)	 the Bill of Sale, Assignment and Assumption Agreement in the form attached hereto as Exhibit C, as duly
executed and delivered by Purchaser; 

  

	(c)	 the Funds Flow Memorandum, as duly executed and delivered by Purchaser; 

 

	(d)	 Purchaser’s executed signature page(s) to the Aklaq-Kuukpik Purchase Agreement; and 

 

	(e)	 such other documents or acknowledgements as in the opinion of Seller may be reasonably necessary for the
Closing. 

  

	6.4	 COOPERATION AFTER CLOSING

 The Parties to this Agreement shall take, or shall cause to be taken, such actions and execute and deliver such documents after the
Closing as are necessary, proper or advisable under Applicable Law to fully execute documents and to complete the Closing and to more fully carry out the intent of this Agreement. 

 

	7.	 GENERAL 

  

	7.1	 ENTIRE AGREEMENT; AMENDMENTS; NO
WAIVERS 

 This Agreement (including the schedules and exhibits hereto) represents the entire
understanding and agreement between the Parties with respect to the subject matter hereof and can be amended, supplemented or changed, and any provision hereof can be waived, only by written instrument making specific reference to this Agreement
signed by the Party against whom enforcement of any such amendment, supplement, modification or waiver is sought. No action taken pursuant to this Agreement, including without limitation, any investigation by or on behalf of any Party, shall be
deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or agreement contained herein. The waiver by any Party of a breach of any provision of this Agreement shall not operate or be
construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not
exclusive of any other remedies provided by law. 

  
 19 

	7.2	 NOTICES 

All notices and other communications under this Agreement shall be in writing and shall be deemed given (i) when delivered personally by hand (with
written confirmation of receipt), (ii) when sent by facsimile (with written confirmation of transmission) or (iii) one Business Day following the day sent by overnight courier (with written confirmation of receipt), in each case at the
following addresses (or to such other address as a party may have specified by notice given to the other party pursuant to this provision): 

If to Seller, to: 

SAExploration, Inc., 
 1160 Dairy
Ashford Road, Suite 160 
 Houston, Texas 77079 

Attn: Michael Faust 
 with copies
to (which shall not constitute notice): 
 Porter Hedges LLP 

1000 Main Street, 36th Floor 

Houston, TX 77002 
 Attn: E. James
Cowen 
 If to Purchaser, to: 

TGS-NOPEC Geophysical Company ASA 

Lensmannslia 4 
 N-1386 
 Asker, Norway 

Attn: Chief Financial Officer 

with copies to (which shall not constitute notice): 

TGS-NOPEC Geophysical Company 

10451 Clay Road 
 Houston, TX
77041 
 Attn: General Counsel 

and 
 Locke Lord LLP 

600 Travis, Suite 2800 
 Houston,
TX 77002 
 Attn: Scott Arrington 
  

	7.3	 ANNOUNCEMENTS 

Each Party shall provide the other with a reasonable opportunity to review and comment on any public announcement with respect to this Agreement. The foregoing
shall not limit any announcement by any Party as may be required by Applicable Law or the rules or regulations of any applicable United States securities exchange or other Governmental Authority to which the relevant Party is subject or submits,
provided that such Party uses its commercially reasonable efforts to consult with the other Parties before making any such announcement. Nothing in this Section 7.3 shall limit the provisions of
Section 4.4. 

  
 20 

	7.4	 BINDING EFFECT; ASSIGNMENT

 This Agreement is binding upon and inures to the benefit of the Parties hereto and their respective successors and assigns. No
assignment of this Agreement or of any rights or obligations hereunder may be made by Seller or Purchaser (by operation of law or otherwise) without the prior written consent of the other Parties hereto and any attempted assignment without the
required consents shall be void; provided, however, that Purchaser may assign this Agreement and any or all rights or obligations hereunder (including, without limitation, Purchaser’s rights to purchase the Acquired Assets) to any
Affiliate of Purchaser. Notwithstanding the foregoing, Purchaser acknowledges that Seller has collaterally assigned to its lenders and noteholders, or to the administrative agents, collateral agents or indenture trustee acting on behalf of such
lenders and noteholders (or their successors and assigns, collectively, the “Permitted Assignees”), all of Seller’s rights to collect any amounts payable to Seller under this Agreement and any remedies associated with such
rights (and Purchaser consents to the foregoing), it being understood that any such assignment will not relieve Seller from its obligations hereunder and that any such enforcement by the Permitted Assignees will be in accordance with, and subject
to, the terms and provisions of this Agreement in the same manner as same would be applicable to Seller. 
  

	7.5	 EXPENSES 

Seller and Purchaser covenant and agree that each shall bear their own expenses incurred in connection with the preparation and execution of this Agreement and
the completion of the transactions contemplated by this Agreement including, but not limited to, all compensation and expenses of legal counsel, financial advisors, consultants and independent accountants. 

 

	7.6	 ELECTRONIC SIGNATURES 

Each Party agrees that the electronic signatures, whether digital or encrypted, of the Parties included in this Agreement are intended to authenticate this
writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol or process attached to or logically associated with a record and executed and adopted by a Party with the intent to sign such
record, including facsimile or e-mail electronic signatures. 
  

	7.7	 GOVERNING LAW; VENUE 

This Agreement, any dispute or matter arising out of or in connection with this Agreement, the other Transaction Documents or the transactions contemplated
hereby or thereby, including all claims or causes of action (whether in contract or tort), or the negotiation, execution or performance hereof or thereof, and the legal relationship among the Parties, shall, in all respects, be subject to and be
interpreted, construed and enforced in accordance with and under the laws of the State of Texas, including such Applicable Laws relating to applicable statutes of limitation and burdens of proof and available remedies, regardless of the Applicable
Laws that might otherwise govern under principles of conflict of laws thereof, and shall, in all respects, be treated as a contract made in Texas. Each Party hereby irrevocably submits to the exclusive jurisdiction of the state courts located in
Harris County, Texas and to the federal courts of the Southern District of Texas, 

  
 21 

 
Houston Division and all courts of appeal therefrom in respect of all matters arising out of or in connection with this Agreement, the other Transaction Documents or the transactions contemplated
hereby or thereby, and each Party waives any objection that such courts are an inconvenient forum. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
  

	7.8	 SEVERABLE PROVISIONS 

If any term or provision of this Agreement is illegal, invalid or unenforceable, then that term or provision is deemed deleted from this Agreement. That
deletion does not affect the legality, validity or enforceability of the rest of this Agreement. 
  

	7.9	 COUNTERPARTS 

This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken
together, will be deemed to constitute one and the same agreement. 
 [SIGNATURES APPEAR ON THE FOLLOWING PAGE] 

  
 22 

 SIGNED: 
  

									
	SAEXPLORATION, INC.	 		 	   TGS-NOPEC GEOPHYSICAL COMPANY ASA

									
					
	By:	 	 /s/ Michael J. Faust
	 		 	By:	 	 /s/ Dean Zuzic

	Name: Michael Faust	 		 	Name: Dean Zuzic
	Title: Chief Executive Officer and President	 		 	Title: CFO
	Date: January 10, 2020	 		 	Date: January 10, 2020

 [SIGNATURE PAGE TO ASSET PURCHASE
AGREEMENT]EX-10.3

 Exhibit 10.3 

SELLERS SIDE LETTER AGREEMENT 

This SELLERS SIDE LETTER AGREEMENT (this “Agreement”), dated as of January 10, 2020 (the “Effective
Date”), is executed by and between SAExploration, Inc., a Delaware corporation (“SAE”), and ALASKAN Seismic Ventures, LLC, an Alaskan limited liability company (“ASV” and, together with SAE, the
“Sellers”). 
 PRELIMINARY STATEMENTS: 

(1) Sellers and TGS-NOPEC Geophysical Company ASA, a public limited company registered in Norway
(“Purchaser”), have entered into that certain Asset Purchase Agreement for the Aklaq and Kuukpik Surveys of even date herewith (the “Purchase Agreement”), pursuant to which Purchaser is purchasing certain assets
from Sellers for the consideration set forth in the Purchase Agreement. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Purchase Agreement. 

(2) Sellers desire to enter into this Agreement to provide certain agreements with respect to matters related to (i) the proceeds
received pursuant to the Purchase Agreement, (ii) contribution and indemnity as among Sellers to cover Sellers’ post-Closing indemnification obligations under the Purchase Agreement, and (iii) certain Alaska tax credits. 

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Sellers agree as follows: 
 1. Indemnification Obligations. Any indemnification obligations of
Sellers under the terms of the Purchase Agreement shall be borne either (A) individually, by the Seller whose breach resulted in the indemnification obligation under the terms of the Purchase Agreement with respect to claims resulting from the
breach of a representation, warranty or covenant contained in the Purchase Agreement (a “Breach Liability Obligation”), or (B) otherwise, severally by Sellers in accordance with the percentages set forth on Exhibit A
attached hereto (“Pro Rata Share”). 
 2. Contribution. If any Seller (the “Paying
Seller”) makes any payment (including by way of a set-off against other amounts payable to the Paying Seller) (each a “Seller Payment”) in respect of the indemnification obligations
of Sellers pursuant to the Purchase Agreement, with respect to any obligation for which (A) the other Seller is liable in accordance with its Breach Liability Obligation, or (B) Sellers are each liable in accordance with their Pro Rata
Share in an amount in excess of such Seller’s Pro Rata Share, then the Paying Seller shall have the rights of contribution set forth below against the other Seller. 

(a) Reimbursement of Paying Seller. With respect to each Seller Payment, the Seller (the “Reimbursing Seller”) other
than the Paying Seller making such Seller Payment will be responsible for paying the Paying Seller an amount equal to (i) the full amount of the Seller Payment, in the case of a Breach Liability Obligation, and (ii) otherwise, the Seller
Payment multiplied by such Reimbursing Seller’s Pro Rata Share (with respect to each Seller, 

  
 1 

 
such amount is referred to as such Seller’s “Payment Obligation”). Each Reimbursing Seller must pay any Payment Obligation due to the Paying Seller within ten (10) days
of receipt of notice from the Paying Seller of the making of a Seller Payment. Any Seller who fails to pay his Payment Obligation with respect to a Seller Payment is hereafter referred to as a “Deficient Seller”. 

(b) Interest. The Payment Obligation of a Deficient Seller shall accrue interest at an annual rate of ten percent (10%) from its due
date until paid in full, and the Deficient Seller shall be responsible for the payment and/or reimbursement of all costs and expenses, including attorneys’ fees, incurred by the other Seller in connection with their enforcement of the duties
and obligations set forth in this Section 2. 
 3. Proceeds. The Sellers agree that
SAE will credit $14,500,000 of the proceeds that it receives from the Purchaser pursuant to the Purchase Agreement on the Closing Date towards outstanding amounts owed to SAE by ASV. The Sellers further agree that SAE will also credit up to
$5,000,000 of the proceeds that it receives from the Purchaser pursuant to the Purchase Agreement for the Earn-Out, if and when received by SAE, towards outstanding amounts owed to SAE by ASV. ASV agrees and
acknowledges that it will not receive any cash payment with respect to the proceeds credited towards outstanding amounts owed by ASV to SAE under this Section 3. 

4. Alaska Tax Credits. Sellers agree that they shall take, or shall cause to be taken, such actions and execute
and deliver such documents after the Closing as are necessary, proper or advisable under Applicable Law: (i) such that $175,000 of the Alaska tax credits issued to ASV will be used to pay Alaska production tax due on the sale of the CRD surveys
pursuant to the CRD Purchase Agreement, (ii) to effect the withdrawal of the Alaska tax credit certificates issued under Section 43.55.023 of the Alaska Statutes with respect to the Aklaq survey, and (iii) such that $171,354 of the
Alaska tax credits issued to ASV will be used to repay the State of Alaska for the Alaska tax credits previously used with respect to the Franklin Bluffs survey to pay Alaska production tax upon the withdrawal of the Alaska tax credit certificates
issued under Section 43.55.023 of the Alaska Statutes with respect to the Franklin Bluffs survey. 
 5. Representations
and Warranties. Each Seller hereto represents and warrants to each other Seller and to its respective successors and assigns that: 

(a) The representations and warranties made by such Seller in the Purchase Agreement are true and correct. 

(b) The execution, delivery, and performance by such Seller of this Agreement is within such Seller’s powers, has been duly
authorized by all necessary action, requires no action by or in respect of, or filing with, any governmental body, agency or official and does not contravene, or constitute a default in any material respect under, any provision of applicable law or
regulation or of any agreement, judgment, injunction, order, decree or other instrument binding upon such Seller or result in the creation or imposition of any lien on any asset of such Seller. 

  
 2 

 (c) This Agreement constitutes a legal, valid, and binding agreement of such Seller,
enforceable against such Seller in accordance with its terms. 
 6. Miscellaneous. 

(a) No failure or delay by any Seller in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and
non-exclusive of any rights or remedies provided by law. 
 (b) This Agreement shall be binding upon
and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. No party may assign any of its rights or obligations hereunder without the prior written consent of the other parties hereto, which consent
shall not be unreasonably conditioned, withheld or delayed. No assignment shall relieve the assigning party of any of its obligations hereunder. 

(c) In the event of an inconsistency between the provisions of this Agreement and the Purchase Agreement, the provisions of this Agreement
shall be controlling as between the Sellers. Notwithstanding any terms of the Purchase Agreement to the contrary, this Agreement shall not be superseded by the Purchase Agreement, and shall continue in full force and effect on and after the Closing
Date. 
 (d) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed
by the parties hereto. 
 (e) This Agreement, any dispute or matter arising out of or in connection with this Agreement, or the transactions
contemplated hereby, including all claims or causes of action (whether in contract or tort), or the negotiation, execution or performance hereof, and the legal relationship among the parties, shall, in all respects, be subject to and be interpreted,
construed and enforced in accordance with, the internal laws of the State of Texas, excluding its conflicts of laws provisions and shall, in all respects, be treated as a contract made in Texas. Each Party hereby irrevocably submits to the exclusive
jurisdiction of the state courts located in Harris County, Texas and to the federal courts of the Southern District of Texas, Houston Division and all courts of appeal therefrom in respect of all matters arising out of or in connection with this
Agreement, the other Transaction Documents or the transactions contemplated hereby or thereby, and each Seller waives any objection that such courts are an inconvenient forum. EACH SELLER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(f) This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. This Agreement may be signed by facsimile or by email in portable document format (PDF).  

  
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 (g) ASV acknowledges that SAE has collaterally assigned to its lenders and noteholders, or
to the administrative agents, collateral agents or indenture trustee acting on behalf of such lenders and noteholders (or their successors and assigns, collectively, the “Permitted Assignees”), all of SAE’s rights to collect
any amounts payable to SAE under this Agreement and any remedies associated with such right (and ASV consents to the foregoing), it being understood that any such assignment will not relieve SAE from its obligations hereunder and that any such
enforcement by the Permitted Assignees will be in accordance with, and subject to, the terms and provisions of this Agreement in the same manner as same would be applicable to SAE. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the Sellers hereto have caused this Agreement to be duly executed as of
the date and year first above written. 
  

			
	ALASKAN SEISMIC VENTURES, LLC
		
	By:	 	 /s/ William Van Dyke

	Name: William Van Dyke
	Title: Chief Executive Officer

  

			
	SAEXPLORATION, INC.
		
	By:	 	 /s/ Michael J. Faust

	Name: Michael Faust
	Title: Chief Executive Officer

 [SIGNATURE PAGE TO SELLERS
SIDE LETTER AGREEMENT] 

 EXHIBIT A 

TO 
 SELLERS SIDE LETTER AGREEMENT

 SELLERS 
  

			
	 Seller Name and Address for Notice
	  	 Percentage Ownership as of Closing

		
	SAExploration, Inc.	  	50%
	1160 Dairy Ashford Road, Suite 160	  	
	Houston, Texas 77079	  	
	Attention: Mike Faust	  	
	Email: mfaust@saexploration	  	
		
	ALASKAN Sesimic Ventures, LLC	  	50%
	PO Box 876489	  	
	Wasilla, Alaska 99687	  	
	Attention: William Van Dyke	  	
	Email: bvandyke@petroak.com	  	
		
	or	  	
		
	If by hand delivery or courier:	  	
	4430 Mitzie Court	  	
	Wasilla AK 99654

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