Document:

EX-10.3

 Exhibit 10.3 

AMENDMENT NO. 1 TO SECURITY AGREEMENT 

This AMENDMENT NO. 1 TO SECURITY AGREEMENT (this “Amendment”) is entered into as of the 26th day of January, 2018, by and
among Wilmington Savings Fund Society, FSB (“Noteholder Collateral Agent”), SAExploration Holdings, Inc., a Delaware corporation (the “Company”), SAExploration Sub, Inc., a Delaware corporation (“SAE
Sub”), SAExploration, Inc., a Delaware corporation (“SAE”), SAExploration Seismic Services (US), LLC, a Delaware limited liability company (“SAE Seismic”), and NES, LLC, an Alaska limited liability company
(“NES” and, together with SAE Sub, SAE and SAE Seismic, the “Guarantors” and each, a “Guarantor”; the Guarantors, together with the Company, the “Pledgors” and each, a
“Pledgor”). 
 R E C I T A L S: 
  

	A.	The Company, as issuer, the Guarantors party thereto, the Noteholder Collateral Agent and Wilmington Savings Fund Society, FSB, as trustee thereunder (the “Trustee”) have entered into the
Indenture, dated as of July 27, 2016 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Indenture”), pursuant to which the Company has issued its 10.000% Senior Secured Second
Lien Notes due 2019 (the “Notes”); 

  

	B.	The Guarantors have, pursuant to the Indenture, unconditionally guaranteed the Notes Obligations; 

  

	C.	The Pledgors and Noteholder Collateral Agent are parties to that certain Security Agreement, dated as of July 27, 2016 (as amended from time to time, the “Security Agreement”);

  

	D.	The Company has offered to exchange any and all of its outstanding Notes (the “Exchange Offer”) for (i) shares of the Company’s common stock, (ii) shares of the Company’s Series
A preferred stock, (iii) shares of the Company’s Series B preferred stock, and (iv) warrants to purchase shares of the Company’s common stock, in each case, upon the terms and subject to the conditions set forth in the Exchange
Offer Memorandum and Consent Solicitation Statement, dated December 22, 2017 (as amended, supplemented or otherwise modified, the “Memorandum”); 

 

	E.	Concurrently with the Exchange Offer, and pursuant to the Memorandum and the related letter of transmittal (as amended, supplemented or otherwise modified), the Company has requested that holders of the Notes deliver
consents to (i) the adoption of certain proposed amendments (the “Proposed Amendments”) to, among other things, amend the Indenture to modify certain restrictive covenants and (ii) the release of the collateral
securing the obligations of the Company and the Guarantors under the Indenture (the “Collateral Release”); 

  

	F.	Section 9.02 of the Indenture provides that the Company, the Guarantors and Noteholder Collateral Agent may amend or supplement the Indenture, the Notes, the Note Guarantees and the Security Documents with the
consent of the Holders of at least a majority in aggregate principal amount of the Notes outstanding (the “Proposed Amendment Requisite Consents”); 

	G.	Sections 9.02 and 12.07 of the Indenture provide that the Company, the Guarantors and Noteholder Collateral Agent may amend or waive the provisions of the Indenture or any Security Documents with the effect of
releasing all or substantially all of the Collateral from the Liens securing the Notes Obligations under the Notes Documents with the consent of the Holders of at least 662/3% in aggregate principal amount of the Notes outstanding (the “Collateral Release Requisite Consents”); 

 

	H.	Holders of the Notes have delivered the Proposed Amendment Requisite Consents and thereby have duly consented to the Proposed Amendments in accordance with Section 9.02 of the Indenture; 

 

	I.	Holders of the Notes have delivered the Collateral Release Requisite Consents and thereby have duly consented to the Collateral Release in accordance with Sections 9.02 and 12.07 of the Indenture;

  

	J.	This Amendment is necessary to effect the Collateral Release; 

  

	K.	Noteholder Collateral Agent has received, in accordance with Section 9.06 of the Indenture, an Opinion of Counsel and an Officers’ Certificate stating that the execution of this Amendment is permitted by the
Indenture; and 

  

	L.	All other conditions precedent provided under the Indenture have been satisfied to permit the Company, the Guarantors and Noteholder Collateral Agent to enter into this Amendment. 

M. Upon the Proposed Amendments becoming operative in accordance herewith, the Notes shall thenceforth be known as the “10.000% Senior
Notes due 2019”. 
 A G R E E M E N T: 

NOW THEREFORE, in consideration of the premises and intending to be legally bound, the parties to this Amendment hereby mutually covenant and
agree as follows: 
 SECTION 1 Capitalized Terms. Capitalized terms used herein without definition shall have the meanings
assigned to them in the Security Agreement. 
 SECTION 2 Amendments. The Security Agreement is hereby amended as follows: 

(a) Amendment to Section 1.1. Section 1.1 (Definitions) is hereby amended by deleting from such
section the following defined terms: ABL Loan Documents, ABL Security Documents, Additional Pledged Interests, Additional Pledged Shares, Bailee Letter, Casualty Event, Collateral, Collateral Account, Commercial Motor Vehicles, Commodity Account
Control Agreement, Computer Hardware and Software, Contracts, Control, Control Agreements, Copyright Security Agreement, Copyrights, Deposit Account Control Agreement, Deposit Accounts, Distributions, Excluded Accounts,

  
 2 

 
Excluded Property, Existing Indenture Obligations, Existing Notes Documents, Financial Officer, Foreign Equity, Foreign Jurisdiction, Foreign Located Assets, Foreign Perfection, Foreign
Subsidiary Property, General Intangibles, Goodwill, Initial Pledged Interests, Initial Pledged Shares, Instruments, Intellectual Property Collateral, Intercompany Canadian Note, Intercompany Notes, Intercompany Subordinated Note, Investment
Property, License Agreements, Mortgaged Property, Patent Security Agreement, Patents, Perfection Certificate, Perfection Certificate Supplement, Pledge Amendment, Pledged Interests, Pledged Securities, Pledged Shares, Pledgor Foreign Property, Real
Property, Registered, Reorganization Assets, Securities Account Control Agreement, Securities Collateral, Senior Obligations Payment Date, Senior Representative, Specified Movable Property, Successor Interests, Term Loan Documents, Term Security
Documents, Trade Secrets, Trademark Security Agreement, Trademarks, Transferable Record, and any other defined terms that, by virtue of the Proposed Amendments and Collateral Release effected by this Amendment, are no longer used in the Security
Agreement as amended hereby. 
 (b) Amendment to Section 1.4. The heading and text of
Section 1.4 (Perfection Certificate) of the Security Agreement is hereby deleted in its entirety and replaced with the following: 

“Section 1.4 [Reserved].”. 

(c) Amendment to Article II. The heading and text of Article II (Grant of Security and Secured
Obligations) of the Security Agreement is hereby deleted in its entirety and replaced with the following: 
 “Article II 

[Reserved]”. 

(d) Amendment to Article III. The heading and text of Article III (Perfection; Supplements;
Further Assurances; Use of Collateral) of the Security Agreement is hereby deleted in its entirety and replaced with the following: 

“Article III 

[Reserved]”. 

(e) Amendment to Article IV. The heading and text of Article IV (Representations, Warranties
and Covenants) of the Security Agreement is hereby deleted in its entirety and replaced with the following: 
 “Article IV 

[Reserved]”. 

  
 3 

 (f) Amendment to Article V. The heading and text of
Article V (Certain Provisions Concerning Securities Collateral) of the Security Agreement is hereby deleted in its entirety and replaced with the following: 

“Article V 

[Reserved]”. 

(g) Amendment to Article VI. The heading and text of Article VI (Certain Provisions Concerning
Intellectual Property Collateral) of the Security Agreement is hereby deleted in its entirety and replaced with the following: 

“Article VI 

[Reserved]”. 

(h) Amendment to Article VII. The heading and text of Article VII (Certain Provisions
Concerning Accounts) of the Security Agreement is hereby deleted in its entirety and replaced with the following: 
 “Article VII 

[Reserved]”. 

(i) Amendment to Article VIII. The heading and text of Article VIII (Transfers) of the Security
Agreement is hereby deleted in its entirety and replaced with the following: 
 “Article VIII 

[Reserved]”. 

(j) Amendment to Article IX. The heading and text of Article IX (Remedies) of the Security
Agreement is hereby deleted in its entirety and replaced with the following: 
 “Article IX 

[Reserved]”. 

(k) Amendment to Article X. The heading and text of Article X (Proceeds of Casualty Events and
Collateral Dispositions; Application of Proceeds) of the Security Agreement is hereby deleted in its entirety and replaced with the following: 

“Article X 

[Reserved]”. 

  
 4 

 (l) Amendment to Section 11.1. The text of
Section 11.1 (Concerning Noteholder Collateral Agent) of the Security Agreement is hereby deleted in its entirety and replaced with the following: 

“(a) The Noteholder Collateral Agent has been appointed as “Noteholder Collateral Agent” pursuant to the Indenture and as
“Additional Noteholder Collateral Agent” pursuant to the Intercreditor Agreement. The Noteholder Collateral Agent may resign as “Noteholder Collateral Agent” pursuant to the Indenture and as “Additional Noteholder Collateral
Agent” pursuant to the Intercreditor Agreement and shall thereupon be discharged from its duties and obligations under this Agreement. 

(b) Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually
received by it hereunder, the Noteholder Collateral Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. The Noteholder
Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession from time to time if such Collateral is accorded treatment substantially equivalent to that which the Noteholder
Collateral Agent, in its individual capacity, accords its own property consisting of similar instruments or interests; provided that neither the Noteholder Collateral Agent nor any of the other Secured Parties nor any of their respective
directors, officers, employees or agents shall have responsibility for (x) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Securities Collateral, whether or not
the Noteholder Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters, (y) failing to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, or (z) failing to
take any necessary steps to preserve rights against any Person with respect to any Collateral. 
 (c) [Reserved]. 

(d) [Reserved]. 
 (e) In addition
to the foregoing rights, the Noteholder Collateral Agent shall have the rights, protections and immunities given to it as Noteholder Collateral Agent under the Indenture, and such are incorporated by reference herein, mutatis mutandis.”

 (m) Amendment to Section 11.2. The heading and text of Section 11.2 (Noteholder Collateral
Agent May Perform; Noteholder Collateral Agent Appointed Attorney-in-Fact) of the Security Agreement is hereby deleted in its entirety and replaced with the following:

 “Section 11.2 [Reserved].”. 

(n) Amendment to Section 11.3. The heading and text of Section 11.3 (Continuing Security
Interest; Assignment) of the Security Agreement is hereby deleted in its entirety and replaced with the following: 

  
 5 

 “Section 11.3 [Reserved].”. 

(o) Amendment to Section 11.17. The heading and text of Section 11.17 (Obligations Absolute) of
the Security Agreement is hereby deleted in its entirety and replaced with the following: 
 “Section 11.17
[Reserved].”. 
 (p) Amendment to Exhibit 1. The heading and text of Exhibit 1 (Form of Issuer’s
Acknowledgment) of the Security Agreement is hereby deleted in its entirety and replaced with the following: 
 “Exhibit 1 

[Reserved]”. 

(q) Amendment to Exhibit 2. The heading and text of Exhibit 2 (Form of Pledge Agreement) of the Security Agreement is
hereby deleted in its entirety and replaced with the following: 
 “Exhibit 2 

[Reserved]”. 

(r) Amendment to Exhibit 3. The heading and text of Exhibit 3 (Form of Joinder Agreement) of the Security Agreement is
hereby deleted in its entirety and replaced with the following: 
 “Exhibit 3 

[Reserved]”. 

(s) Amendment to Exhibit 4. The heading and text of Exhibit 4 (Form of Securities Account Control Agreement) of the
Security Agreement is hereby deleted in its entirety and replaced with the following: 
 “Exhibit 4 

[Reserved]”. 

(t) Amendment to Exhibit 5. The heading and text of Exhibit 5 (Form of Deposit Account Control Agreement) of the
Security Agreement is hereby deleted in its entirety and replaced with the following: 
 “Exhibit 5 

[Reserved]”. 

  
 6 

 (u) Amendment to Exhibit 6. The heading and text of Exhibit 6 (Form of
Copyright Security Agreement) of the Security Agreement is hereby deleted in its entirety and replaced with the following: 
 “Exhibit 6

 [Reserved]”. 

(v) Amendment to Exhibit 7. The heading and text of Exhibit 7 (Form of Patent Security Agreement) of the Security
Agreement is hereby deleted in its entirety and replaced with the following: 
 “Exhibit 7 

[Reserved]”. 

(w) Amendment to Exhibit 8. The heading and text of Exhibit 8 (Form of Trademark Security Agreement) of the Security
Agreement is hereby deleted in its entirety and replaced with the following: 
 “Exhibit 8 

[Reserved]”. 

(x) Amendment to Exhibit 9. The heading and text of Exhibit 9 (Form of Perfection Certificate) of the Security
Agreement is hereby deleted in its entirety and replaced with the following: 
 “Exhibit 9 

[Reserved]”. 

(y) Amendment to Exhibit 10. The heading and text of Exhibit 10 (Form of Perfection Certificate Supplement) of the
Security Agreement is hereby deleted in its entirety and replaced with the following: 
 “Exhibit 10 

[Reserved]”. 

(z) Effect of Deletion of Certain Definitions. All definitions in the Security Agreement to which all references are
being eliminated as a result of the amendments specified in this Section 2 of this Amendment are hereby deleted in their entirety. 

SECTION 3 Effect and Operation of Amendment. This Amendment shall be effective and binding immediately upon its execution and
delivery by the Pledgors and Noteholder Collateral Agent, and thereupon this Amendment shall form a part of the Security Agreement for all purposes. Except as modified and amended by this Amendment, all provisions of the Security Agreement shall
remain in full force and effect. Notwithstanding the foregoing, the 

  
 7 

 
provisions of Section 2 hereof shall not become operative until the time immediately prior to the delivery by the Company of the Exchange Consideration (as defined in the Memorandum) to the
Exchange Agent (as defined in the Memorandum) on the Settlement Date (as defined in the Memorandum). 
 SECTION 4 References.
All references in the Security Agreement to “this Agreement” shall be deemed to refer to the Security Agreement as amended hereby; and any and all references in the Security Documents to the Security Agreement shall be deemed to refer to
the Security Agreement as amended hereby. 
 SECTION 5 No Recourse Against Others. No director, officer, employee, incorporator
or stockholder of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note Guarantees or the Security Documents or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

SECTION 6 New York Law to Govern. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK. 
 SECTION 7 Counterparts. This Amendment may be executed in multiple counterparts, which when taken together, shall
constitute one instrument. The exchange of copies of this Amendment and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Amendment as to the parties hereto and may be used in lieu of the
original Amendment for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

SECTION 8 Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 SECTION 9 Noteholder Collateral Agent. Noteholder Collateral Agent accepts the amendments of the Security Agreement effected
by this Amendment. Without limiting the generality of the foregoing, Noteholder Collateral Agent shall not be responsible in any manner whatsoever for or with respect to any of the recitals contained herein, all of which recitals are made solely by
the Company, or for or with respect to (i) the validity or sufficiency of this Amendment or any of the terms or provisions hereof, (ii) the proper authorization hereof by the Company by action or otherwise, (iii) the due execution
hereof by the Company or (iv) the consequences of any amendment herein provided for, and Noteholder Collateral Agent makes no representation with respect to any such matters. 

SECTION 10 Separability. In case any provision in this Supplemental Indenture or in the Notes is invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

[Signature page follows] 

  
 8 

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

			
	 SAEXPLORATION HOLDINGS, INC.,

as a Pledgor

		
	By:	 	 /s/ Brent Whiteley

	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary
	
	 SAEXPLORATION SUB, INC.,
 as
a Pledgor

		
	By:	 	 /s/ Brent Whiteley

	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary
	
	 SAEXPLORATION, INC.,
 as a
Pledgor

		
	By:	 	 /s/ Brent Whiteley

	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary
	
	 SAEXPLORATION SEISMIC SERVICES (US), LLC,

as a Pledgor

		
	By:	 	 /s/ Brent Whiteley

	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary

  
 [Signature Page to
Security Agreement] 

 
			
	 NES, LLC, 
 as a
Pledgor

		
	By:	 	 /s/ Brent Whiteley

	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary

  
 [Signature Page to
Security Agreement] 

 
			
	 WILMINGTON SAVINGS
 FUND
SOCIETY, FSB,
 as Noteholder Collateral Agent

		
	By:	 	 /s/ Geoffrey J. Lewis

	Name:	 	Geoffrey J. Lewis
	Title:	 	Vice President

  
 [Signature Page to
Security Agreement]EX-10.4

 Exhibit 10.4 

[FIRST]/[SECOND] AMENDMENT 

TO 
 [AMENDED AND
RESTATED] EXECUTIVE EMPLOYMENT AGREEMENT 
 This [First]/[Second] Amendment to the [Amended and Restated] Executive
Employment Agreement[, as amended by that First Amendment to Executive Employment Agreement, dated as of November 10, 2016] (the “Amendment”) is effective as of January     , 2018, by
and between SAExploration Holdings, Inc., a Delaware corporation (the “Employer”) and [                    ] (the
“Executive”), and hereby amends the [Amended and Restated] Executive Employment Agreement between the Employer and Executive (the “Agreement”). Words and phrases used herein with initial capital letters that
are defined in the Agreement are used herein as so defined. 
 I. 

The first sentence of Section 1 of the Agreement is hereby amended in its entirety to read as follows: 

“The Employer hereby agrees to continue to employ the Executive commencing on the Effective Date and ending on
December 31, 2020 (the “Initial Term”); provided, however, that at the end of the Initial Term, the Executive’s employment and this Agreement shall automatically renew or extend for consecutive terms of one
(1) year on each succeeding anniversary of December 31, 2020 (each such renewal or extension a “Renewal Term”), unless either Party gives prior written notice to the other Party of its desire to terminate the Agreement at
least 90 days prior to the expiration of the Initial Term or any Renewal Term, as applicable (the Initial Term and each Renewal Term, collectively, the “Term”).” 

II. 
 The second to last sentence in
Section 1 of the Agreement is hereby amended in its entirety to read as follows: 
 “The obligations of the Parties
under Sections 5 through [25]/[27] herein shall survive according to the terms of each provision; provided, that the provisions of Sections [7]/[8](a) and [7]/[8](c) shall be immediately void and of
no further force or effect if the Employer gives prior written notice to the Executive of its desire to terminate this Agreement at the expiration of the Initial Term or any Renewal Term, as described above. For the avoidance of doubt, if prior to
the expiration of the Initial Term or any Renewal Term the Executive is offered a renewal of this Agreement by the Company at the same or better terms, and the Executive refuses to renew this Agreement, then the post-employment obligations set for
in Sections [7]/[8](a) and [7]/[8](c) shall remain in effect.” 

  
 Employment Agreement
Amendment – [                    ] 

 III. 

Section 4(a) of the Agreement is hereby amended in its entirety to read as follows: 

“(a) receive payment of the Executive’s annual base salary (the “Base Salary”) at an annual rate of
not less than US$[        ], less deductions required by law, payable in accordance with the Employer’s standard payroll schedule, but not less frequently than monthly. Notwithstanding the foregoing, the
Base Salary may be increased (but not decreased without the written consent of the Executive) in the discretion of the Employer’s Chief Executive Officer, subject to approval of the Compensation Committee of the Board (the “Compensation
Committee”). 
 Notwithstanding anything to the contrary herein, for any calendar year during the Term in which the
prior calendar year’s Free Cash Flow (as defined below) equals or exceeds $15,000,000, the Base Salary for such calendar year will be not less than US$[        ], less deductions required by law, payable
in accordance with the Employer’s standard payroll schedule, but not less frequently than monthly. The Compensation Committee will calculate Free Cash Flow for the prior calendar year following delivery of the Employer’s earnings
statements for such year, but in any event by March of the following calendar year. In the event that the Executive becomes entitled to an increase in the Base Salary for any calendar year pursuant to this Section 4(a), the corresponding
increase in the Base Salary for such calendar year shall, following such determination, be retroactive to January 1 of such calendar year, and any payments of additional Base Salary that become due to the Executive for the period of such
calendar year preceding the Compensation Committee’s determination shall be paid to the Executive no later than the first payroll date immediately following the date on which the Compensation Committee makes such determination. 

For purposes of this Agreement, “Free Cash Flow” shall be determined by the Compensation Committee and shall
mean, with respect to any calendar year, the difference between the Employer’s Adjusted EBITDA (as defined in the Employer’s financial statements and Notes thereto included in its periodic filings with the Securities and Exchange
Commission) for the full calendar year (as determined by the Board in the then-current calendar year) and the Employer’s capital expenditures for the then-current calendar year approved by the Board as part of the Employer’s Board-approved
forecast for the preceding year. The Compensation Committee may adjust the Free Cash Flow calculation to reflect any actual or projected increases in capital expenditures required to capture business opportunities.” 

IV. 
 Section 4[(b)]/[(c)] of
the Agreement is hereby amended in its entirety to read as follows: 
 “[(b)]/[(c)] continue to be
eligible to receive annual performance cash awards (“Annual Cash Awards”) with a target amount equal to [    ]% of Base Salary (the “Target Percentage”), and the Executive will be entitled to a
guaranteed Annual Cash Award equal to [    ]% of Base Salary and as much as [    ]% of Base Salary if certain executive goals (the “Executive Goals”) are reached as identified and approved by
the Compensation Committee; provided, that, notwithstanding the foregoing, for any year in which the prior year’s Free Cash Flow is less than $15,000,000, the Target Percentage shall be equal to [    ]%, and the
Executive will be entitled to a guaranteed Annual Cash Award equal to [    ]% of Base Salary and as much as [    ]% of Base Salary if the Executive Goals are reached as identified and approved by the
Compensation Committee. 

  
 Employment Agreement
Amendment – [                    ] 

 Commencing with the Employer’s 2018 fiscal year, the Executive Goals will be
set by the Compensation Committee under the applicable long-term incentive plan for such annual award but in any event shall not exceed the maximum award permissible under such applicable plan. 

Notwithstanding the foregoing, the Executive’s Target Percentage for any calendar year may be increased (but not decreased
without the written consent of the Executive) in the discretion of the Employer’s Chief Executive Officer, subject to approval of the Compensation Committee. 

The Executive Goals will consist of Free Cash Flow targets, Adjusted EBITDA targets, individual performance targets and health,
safety and environment (“HSE”) targets, as determined by the Compensation Committee. The Executive’s individual performance targets and HSE targets for any calendar year shall be set by the Compensation Committee prior to
December 31 of the prior calendar year. The financial targets for determining the Executive’s Free Cash Flow targets and Adjusted EBITDA targets for any calendar year shall be determined by the Board at its third quarterly meeting of the
prior calendar year. 
 The Executive’s Annual Cash Award will be paid in the first pay period following the date of the
earnings release for the calendar year to which such Annual Cash Award relates unless an alternative timing of payment is agreed to by the Executive; provided, that such Annual Cash Award will in any event be paid in the calendar year
following the calendar year to which such Annual Cash Award relates; provided, further, that notwithstanding the foregoing, the Executive’s annual cash award for 2017 will be paid in the ordinary course of business in accordance
with past practice, and the amount of such Annual Cash Award shall be no less than $[        ] and shall not be affected by the restructuring transactions contemplated by the Exchange Offer Memorandum and
Consent Solicitation Statement dated December [    ], 2017 of the Employer and the Restructuring Support Agreement dated as of December [    ], 2017 (the “2017 RSA”) among the Employer,
SAExploration Sub, Inc., SAExploration Inc., SAEXploration Seismic Services (US), LLC, NES, LLC and the Supporting Holders Identified Therein.” 

V. 
 Section 4[(f)]/[(g)] of
the Agreement is hereby amended in its entirety to read as follows: 
 “[(f)]/[(g)] Equity Compensation. 

(i) The Executive shall be eligible to participate in the SAExploration Holdings, Inc. 2018 Long-Term Incentive Plan (the “Equity
Incentive Plan”) as described in the Key Revisions to Management Compensation Arrangements term sheet attached to the 2017 RSA as Exhibit A. 

(ii) The Executive shall be eligible to participate in the Employer’s Management Incentive Program as described in the Key Revisions to
Management Compensation Arrangements term sheet attached to the 2017 RSA as Exhibit A and which shall be established under the Equity Incentive Plan.” 

  
 Employment Agreement
Amendment – [                    ] 

 VI. 

Section 4[(h)]/[(i)] of the Agreement is hereby amended by deleting such section in entirety. 

Except as specifically modified herein, the Agreement shall remain in full force and effect in accordance with all of the terms and conditions thereof. This
Amendment may be executed in separate counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Delivery of an executed signature page to this Amendment by facsimile or other
electronic transmission (including documents in Adobe PDF format) will be effective as delivery of a manually executed counterpart to this Amendment. 

[SIGNATURE PAGE FOLLOWS] 

  
 Employment Agreement
Amendment – [                    ] 

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

			
	SAEXPLORATION HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	EXECUTIVE
		
	By:	 	  

	Name:	 	[                                      
                                    ]

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