Document:

Exhibit 10.31

 

Global Geophysical Services, Inc.

13927 S. Gessner Rd.

Missouri City, TX  77489

713-972-9200

 

December 29, 2009

 

Richard Degner

2127 Bissonnet St.

Houston, TX  77005

 

Re:          Request
for Repurchase of Company shares

 

Dear Richard,

 

Pursuant to the Board
approved repurchase of shares dated December 28, 2009, and your letter to
the Company dated December 29, 2009, Global Geophysical Services has
agreed to purchase 188,000 shares from you at a price of $14.00 per share.  The money will be wired to your account by
the end of this month.

 

Should you have any
questions, please do not hesitate to contact me.

 

Sincerely,

 

Alvin L. Thomas

Sr. Vice President &
General Counsel

Global Geophysical Services, Inc.

 

 

December 29, 2009

 

Alvin L. Thomas

Sr. Vice President,
Secretary

& General Counsel

Global Geophysical Services, Inc.

13927 S. Gessner Rd.

Missouri City, TX  77489

 

Re:          Buyback of Company shares

 

Dear Alvin,

 

I currently hold 1,243,000
shares of Series A Preferred Stock of the Company.  Of these shares, I wish to convert 188,000
shares to Class B Common shares, and sell these back to the Company at a
price of $14.00 per share, pursuant to the board approved repurchase of shares
on December 28, 2009.  I wish to
sell all 75,000 shares from Preferred A certificate #101, and 113,000 shares
from Preferred A certificate #5, leaving me a total balance of 1,055,000 shares
of Series A Preferred Stock.

 

Should you have any
questions, please do not hesitate to contact me.

 

Sincerely,

 

 

Richard Degner

 

 

Global Geophysical Services, Inc.

13927 S. Gessner Rd.

Missouri City, TX  77489

713-972-9200

 

December 29, 2009

 

Tom Fleure

4310 Peninsula Place

Missouri City, TX  77459

 

Re:          Request
for Repurchase of Company shares

 

Dear Tom,

 

Pursuant to the Board
approved repurchase of shares dated December 28, 2009, and your letter to
the Company dated December 29, 2009, Global Geophysical Services has
agreed to purchase 25,000 shares from you at a price of $14.00 per share.  The money will be wired to your account by
the end of this month.

 

Should you have any
questions, please do not hesitate to contact me.

 

Sincerely,

 

Alvin L. Thomas

Sr. Vice President &
General Counsel

Global Geophysical Services, Inc.

 

 

December 29, 2009

 

Alvin L. Thomas

Sr. Vice President,
Secretary

& General Counsel

Global Geophysical Services, Inc.

13927 S. Gessner Rd.

Missouri City, TX  77489

 

Re:          Buyback of Company shares

 

Dear Alvin,

 

I currently hold 364,000
shares of Class B Common Stock of the Company.  Of these shares, I wish to sell 25,000 shares
back to the Company at a price of $14.00 per share, pursuant to the board
approved repurchase of shares on December 28. 2009.

 

Should you have any
questions, please do not hesitate to contact me.

 

Sincerely,

 

 

Thomas J. Fleure

 

 

Global Geophysical Services, Inc.

13927 S. Gessner Rd.

Missouri City, TX  77489

713-972-9200

 

December 29, 2009

 

Heidi Brown

2402 Cezanne Circle

Missouri City, TX  77459

 

Re:          Request
for Repurchase of Company shares

 

Dear Heidi,

 

Pursuant to the Board
approved repurchase of shares dated December 28, 2009, and your letter to
the Company dated December 29, 2009, Global Geophysical Services has
agreed to purchase 57,143 shares from you at a price of $14.00 per share.  The money will be wired to your account by
the end of this month.

 

Should you have any
questions, please do not hesitate to contact me.

 

Sincerely,

 

Alvin L. Thomas

Sr. Vice President &
General Counsel

Global Geophysical Services, Inc.

 

 

December 29, 2009

 

Alvin L. Thomas

Sr. Vice President,
Secretary

& General Counsel

Global Geophysical Services, Inc.

13927 S. Gessner Rd.

Missouri City, TX  77489

 

Re:          Buyback of Company shares

 

Dear Alvin,

 

I currently hold 456,250
shares of Series A Preferred Stock of the Company.  Of these shares, I wish to convert 57,143
shares to Class B Common shares, and sell these back to the Company at a
price of $14.00 per share, pursuant to the board approved repurchase of shares
on December 28, 2009.  I wish to
sell all 57,143 shares from Preferred A certificate #23, leaving me a total
balance of 399,107 shares of Series A Preferred Stock.

 

Should you have any
questions, please do not hesitate to contact me.

 

Sincerely,

 

 

Heidi Brown

 

 

Global Geophysical Services, Inc.

13927 S. Gessner Rd.

Missouri City, TX  77489

713-972-9200

 

December 29, 2009

 

John Degner

3752 Lake St.

Houston, TX  77098

 

Re:          Request
for Repurchase of Company shares

 

Dear John,

 

Pursuant to the Board
approved repurchase of shares dated December 28, 2009, and your letter to
the Company dated December 29, 2009, Global Geophysical Services has
agreed to purchase 37,500 shares from you at a price of $14.00 per share.  The money will be wired to your account by
the end of this month.

 

Should you have any
questions, please do not hesitate to contact me.

 

Sincerely,

 

Alvin L. Thomas

Sr. Vice President &
General Counsel

Global Geophysical Services, Inc.

 

 

December 29, 2009

 

Alvin L. Thomas

Sr. Vice President,
Secretary

& General Counsel

Global Geophysical Services, Inc.

13927 S. Gessner Rd.

Missouri City, TX  77489

 

Re:          Buyback of Company shares

 

Dear Alvin,

 

I currently hold 470,000
shares of Series A preferred Stock of the Company.  Of these shares, I wish to convert 37,500
shares to Class B Common shares, and sell these back to the Company at a
price of $14.00 per share, pursuant to the board approved repurchase of shares
on December 28, 2009.  I wish to
sell 37,500 shares from Preferred A certificate #6, leaving me a total balance
of 432,500 shares of Series A Preferred Stock.

 

Should you have any
questions, please do not hesitate to contact me.

 

Sincerely,

 

 

Richard DegnerExhibit 10.32

 

FIRST AMENDMENT

TO THE AMENDED AND RESTATED COOPERATION AGREEMENT

 

This FIRST AMENDMENT (“Amendment”)
is entered into as of this       
day of January, 2010 (“Effective Date”), by and between GLOBAL GEOPHYSICAL SERVICES, INC., having
a place of business in Houston Texas, U.S.  (hereinafter
referred to along with its Affiliates as “GGS”)  and SERCEL, INC., having
a place of business in Houston Texas, U.S.  (hereinafter
referred to along with its Affiliates as “Sercel”). GGS
and Sercel are sometimes hereinafter referred to individually as a “Party” and
collectively as the “Parties”.

 

WHEREAS, this Amendment
represents the First Amendment to the Amended and Restated Cooperation Agreement entered between GGS and Sercel, effective as of May 1,
2007 (the “Agreement’), which amended that certain Corporation Agreement
entered between the Parties, effective as of February 5, 2005 (the “
Original Agreement”); and

 

WHEREAS, the Parties
have discovered an unintended inconsistency in the Agreement concerning the “Effective
Date” and desire to fix and clarify that inconsistency by this Amendment.

 

NOW, THEREFORE,
for value received, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Parties hereto hereby agree
as follows:

 

1.               Section 1.5 of ARTICLE 1 - DEFINITIONS AND
INTERPRETATION of the Agreement is hereby revised to correctly read that “The “Effective Date” shall mean May 1, 2007”.
Consequently, the 4-year term mentioned in Article 11 - Term and Termination
shall expire April 30, 2011.

 

All capitalized
terms used herein without definition shall have the meaning assigned in the
Agreement.

 

It is understood
and agreed by the Parties that all terms and conditions of the Agreement, as
amended, remain in full force and effect unless specifically modified, altered,
or changed herein.

 

IN WITNESS WHEREOF, the
Parties have caused this Amendment to be executed in duplicate originals by
their duly authorized representatives on the dates indicated below.

 

 

	
  Global Geophysical Services, Inc.

  	
   

  	
  Sercel, Inc.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Richard A. Degner

  	
   

  	
  Name:

  	
  Mark Farine

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  President &
  CEO

  	
   

  	
  Title:

  	
  Vice President of Sales

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  

 

1Exhibit
10.33

 

First Amendment to Stockholders Agreement

 

This
First Amendment to Stockholders Agreement (“Amendment”) is
entered into effective as of the 13th day of January,
2010, by and between Global Geophysical Services, Inc., a Delaware
corporation (the “Company”), and the stockholders
of the Company set forth on the signature page hereto (the “Majority Stockholders”).

 

WHEREAS,
on November 30, 2006, the Company and certain stockholders of the Company
entered into a Stockholders Agreement (the “Stockholders Agreement”);
and

 

WHEREAS,
Section 10 of the Stockholders Agreement provides that it may be amended
with the prior written consent of a majority in interest of the Stockholders
(based on the aggregate number of shares of Capital Stock owned by the Stockholders
at the time of such amendment) so long as such amendment does not treat any
Stockholder adversely and differently from other holders of the class of
Capital Stock held by such Stockholder; and

 

WHEREAS,
the Majority Stockholders own a majority in interest of the Stockholders (based
on the aggregate number of shares of Capital Stock owned by the Stockholders at
the date hereof); and

 

WHEREAS,
the Majority Stockholders desire to amend the Stockholders Agreement;

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows:

 

1.             Capitalized
terms used herein and not otherwise defined herein shall have the meanings
ascribed to them in the Stockholders Agreement.

 

2.             Section 7.6
of the Stockholders Agreement is hereby amended by including the following
language immediately before subsection (a) of that Section:

 

(a)           (i)  the Company shall
not be obligated under this Agreement to give notice to holders of Registrable
Securities of a proposed registration if the registration statement filed under
the Securities Act with respect to that proposed registration is filed with the
Commission and is declared effective by the Commission on or prior to May 31,
2010 (the “Exempted Registration Statement”) and (ii) the
Company shall not be obligated under this Agreement to effect the registration
under the Securities Act of any Registrable Securities held by any holders in
connection with the registration effected by the Exempted Registration
Statement.

 

3.             Section 7.6
of the Stockholders Agreement is hereby further amended by renumbering the
existing subsections (a), (b) and (c) thereof to be subsections (b), (c) and
(d).

 

4.             Except as
provided for herein, the Stockholders Agreement shall remain in full force and
effect as it is currently written without amendment.

 

 

The undersigned, do hereby ratify, confirm and
approve the adoption of this Amendment as of the date first above written.

 

	
   

  	
  GLOBAL
  GEOPHYSICAL SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  P.
  Mathew Verghese

  
	
   

  	
  Title:
  

  	
  Senior
  Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  RICHARD
  A. DEGNER

  
	
   

  	
   

  	
   

  
	
   

  	
  KELSO
  INVESTMENT ASSOCIATES VII, L.P.

  
	
   

  	
  By:

  	
  Kelso
  GP VII, L.P., its General Partner

  
	
   

  	
  By:

  	
  Kelso
  GP VII, LLC., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: James J.
  Connors, II

  
	
   

  	
   

  	
  Title: Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  KEP
  VI, LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: James J.
  Connors, II

  
	
   

  	
   

  	
  Title: Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WAYZATA
  OPPORTUNITIES FUND, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  Wayzata
  Investment Partners LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Signature
Page to

First
Amendment to Stockholders Agreement

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