Document:

Exhibit 10.29

 

GLOBAL GEOPHYSICAL SERVICES, INC.

 

INCENTIVE
STOCK OPTION AGREEMENT

 

Optionee:

 

1.             Grant
of Stock Options.  As of the Grant Date (identified in
Section 20 below), Global Geophysical Services, Inc., a
Delaware corporation (the “Company”), hereby grants various Incentive
Stock Options (the “Options” and
individually an “Option”) to the Optionee (identified
above), an Employee of the Company, to purchase the applicable number of
shares of the Company’s Class B Common stock, $.01 par value per share
(the “Common Stock”) identified in Section 20 (c) below
(the “Shares”), subject to the terms and conditions of this
agreement (the “Agreement”) and the Global
Geophysical Services, Inc. 2006 Incentive Compensation Plan (the “Plan”).  The Plan is hereby incorporated herein in its
entirety by reference.  The Shares, when
issued to Optionee upon the exercise of the Options, shall be fully paid and
nonassessable.  The Options are “incentive
stock options” as defined in Section 422 of the Internal Revenue Code.

 

2.             Definitions.  All capitalized terms used
herein shall have the meanings set forth in the Plan unless otherwise provided
herein. Section 20 below sets forth meanings for various
capitalized terms used in this Agreement.

 

3.             Option
Term.  The Options
shall commence on the Grant Date (identified in Section 20 below)
and terminate on the date immediately prior to the tenth (10th) anniversary of
the Grant Date.  The period during which
the Options are in effect and may be exercised is referred to herein as the “Option
Period”.

 

4.             Option
Price.  The Option
Prices per Share applicable to the various Options are identified in Section 20
(c) below.

 

5.             Vesting.  The total number of Shares
subject to each Option shall vest in accordance with the Vesting
Schedule (identified in Section 20 below).  The Shares may be purchased at any time after
they become vested, in whole or in part, during the Option Period; provided,
however, an Option may only be exercisable to acquire whole Shares.  The right of exercise provided herein shall
be cumulative so that if an Option is not exercised to the maximum extent
permissible after vesting, the vested portion of the Option shall be
exercisable, in whole or in part, at any time during the Option Period.

 

6.             Method
of Exercise.  Each Option is exercisable by delivery of a
written notice to the Secretary of the Company, signed by the Optionee,
specifying the number of Shares to be acquired on, and the effective date of,
such exercise.  The Optionee may withdraw
notice of exercise of that Option, in writing, at any time prior to the close
of business on the business day preceding the proposed exercise date.

 

7.             Method
of Payment.  The Option Price upon exercise of each Option
shall be payable to the Company in full either: (i) in cash or its
equivalent; (ii) subject to prior approval 

 

1

by the Committee in its discretion, by tendering previously acquired
shares of Common Stock having an aggregate Fair Market Value (as defined in the
Plan) at the time of exercise equal to the total applicable Option Price; (iii) subject
to prior approval by the Committee in its discretion, by withholding shares
which otherwise would be acquired on exercise having an aggregate Fair Market
Value at the time of exercise equal to the total applicable Option Price; or (iv) any
other permitted method pursuant to the applicable terms and conditions of the
Plan.

 

As soon as practicable after receipt of a
written notification of exercise and full payment, the Company shall deliver to
or on behalf of the Optionee, in the name of the Optionee or other appropriate
recipient, Share certificates for the number of Shares purchased under the
Option, or copies thereof if the Shares are not then publicly traded.  Such delivery shall be effected for all
purposes when a stock transfer agent of the Company shall have deposited such
certificates in the United States mail, addressed to Optionee or other
appropriate recipient.

 

8.             Restrictions
on Grant or Exercise.  An Option may
not be exercised if the issuance of such Shares or the method of payment of the
consideration for such Shares would constitute a violation of any applicable
federal or state securities or other laws or regulations, or any rules or
regulations of any stock exchange on which the Common Stock may be listed.

 

9.             Termination
of Service.  Voluntary or
involuntary Termination of Service shall affect Optionee’s rights under the
Options as follows:

 

(a)           Termination for Cause.  All the Options, including any vested and
non-vested portions thereof, shall expire on 12:01 a.m. (CST) on the date
of Termination of Service and shall not be exercisable to any extent if
Optionee’s Employment  is terminated for
Cause (as defined in the Plan at the time of such termination).

 

(b)           Retirement.  If Optionee’s Employment is terminated for
Retirement on or after Optionee attains the age of 65, then (i) the
non-vested portion of the Options shall immediately expire on the termination
date and (ii) the vested portion of the Options shall expire to the extent
not exercised on or before the three (3) month anniversary of the
termination date.  In no event may any Option
be exercised by anyone after the earlier of (i) the expiration of the
Option Period or (ii) three months from the termination date.

 

(c)           Death or Disability.  If Optionee’s Employment is terminated by
death or Disability (as defined in the Plan at the time of such termination),
then (i) the non-vested portion of the Option shall immediately expire on
the date of termination of Employment and (ii) the vested portion of the
Options shall expire on the one year anniversary date of the termination of
Employment (to the extent not exercised by Optionee) or, in the case of death,
by the person or persons to whom Optionee’s rights under the Options have
passed by will or by the laws of descent and distribution or, in the case of
Disability, by Optionee or Optionee’s legal representative.  In no event may any Option be exercised by
anyone on or after the earlier of (i) the expiration of the Option Period
or (ii) one year after the date of Optionee’s death or termination of
Employment due to Disability.

 

2

 

(d)           Other Involuntary
Termination or Voluntary Termination.  If Optionee’s Employment is terminated for
any reason other than for Cause, Retirement, death or Disability, then (i) the
non-vested portion of the Options shall immediately expire on the termination
of Employment date and (ii) the vested portion of the Options shall expire
to the extent not exercised on or before the three (3) month anniversary
of the termination date.  In no event may
the Options be exercised by anyone after the earlier of (i) the expiration
of the Option Period or (ii) three months after the termination of
Employment date.

 

10.          Qualification as an Incentive
Stock Option.  The Optionee
understands that the Options are intended to qualify as “incentive stock options”
within the meaning of Code Section 422. 
The Optionee must meet certain holding periods under Code Section 422(a) to
obtain the federal income tax treatment applicable to the exercise of incentive
stock options and the disposition of shares acquired thereby.  The Optionee further understands that the
exercise prices of Shares subject to the Options have been set by the Committee
at prices that the Committee have determined to be not less than 100% (or, if
the Optionee, at the Grant Date, owned more than 10% of the total combined
voting power of the Company’s outstanding voting securities, 110%) of the Fair
Market Value, as determined in accordance with the Plan, of a share of Common
Stock on the Grant Date.  The Optionee
further understands and agrees that the Company shall not be liable or
responsible for any additional tax liability incurred by the Optionee in the
event that the Internal Revenue Service for any reason determines that any
Option does not qualify as an “incentive stock option” within the meaning of
the Code.

 

11.          Disqualifying Disposition.  In the event that Shares acquired upon exercise
of an Option are disposed of by Optionee in a “Disqualifying Disposition,”
Optionee shall notify the Company in writing within thirty (30) days after such
disposition of the date and terms of such disposition.  For purposes hereof, “Disqualifying Disposition”
means a disposition of Shares that are acquired upon the exercise of an Option
prior to the expiration of either two years from the Grant Date or one year
from the transfer date of Shares to Optionee pursuant to the exercise of that
Option.

 

12.          Independent Legal and Tax Advice.  Optionee acknowledges that the Company has
advised Optionee to obtain independent legal and tax advice regarding the grant
and exercise of the Options and the disposition of any Shares acquired thereby.

 

13.          Reorganization of Company.  The existence of the Options shall not
affect  in any way the right or power of
the Company or its stockholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in Company’s capital
structure or its business, or any merger or consolidation of the Company, or
any issue of bonds, debentures, preferred or prior preference stock ahead of or
affecting the Shares or the rights thereof, or the dissolution or liquidation
of the Company, or any sale or transfer of all or any part of its assets or
business, or any other corporate act or proceeding, whether of a similar
character or otherwise.

++

 

14.          Adjustment of Shares.  In the event of stock
dividends, spin-offs of assets or other extraordinary dividends, stock splits,
combinations of shares, recapitalizations, mergers, consolidations,
reorganizations, liquidations, issuances of rights or warrants and similar 

 

3

 

transactions or events involving Company, appropriate adjustments shall
be made to the terms and provisions of each Option as provided in the Plan.

 

15.          No Rights
in Shares. 
Optionee shall have no rights as a stockholder in respect of the Shares
until the Optionee becomes the record holder of such Shares.

 

16.          Investment Representation.  Optionee will enter into
such written representations, warranties and agreements as Company may
reasonably request in order to comply with any federal or state securities
law.  Moreover, any stock certificate for
any Shares issued to Optionee hereunder may contain a legend restricting their
transferability as determined by the Company in its discretion.  Optionee agrees that Company shall not be
obligated to take any affirmative action in order to cause the issuance or
transfer of Shares hereunder to comply with any law, rule or regulation
that applies to the Shares subject to the Options.

 

17.          No Guarantee of Employment.  The Options shall not confer upon Optionee
any right to continued Employment with the Company or any subsidiary thereof.

 

18.          Withholding of Taxes.  The Company shall have the
right to (a) make deductions from the number of Shares otherwise
deliverable upon exercise of the Options in an amount sufficient to satisfy
withholding of any federal, state or local taxes required by law, or (b) take
such other action as may be necessary or appropriate to satisfy any such tax
withholding obligations.

 

19.          General.

 

(a)           Notices.  All notices under this Agreement shall be
mailed or delivered by hand to the parties at their respective addresses set
forth beneath their signatures below or at such other address as may be
designated in writing by either of the parties to one another.  Notices shall be effective upon receipt.

 

(b)           Shares Reserved.  The Company shall at all times during the
Option Period reserve and keep available under the Plan such number of Shares
as shall be sufficient to satisfy the requirements of this Options.

 

(c)           Transferability of Options.  The Options granted pursuant to this
Agreement are not transferable other than by will or by the laws of descent and
distribution or by a qualified domestic relations order (as defined in Section 414(p) of
the Internal Revenue Code).  The Options
will be exercisable during Optionee’s lifetime only by Optionee or by Optionee’s
legal representative in the event of Optionee’s Disability.  No right or benefit hereunder shall in any
manner be liable for or subject to any debts, contracts, liabilities,
obligations or torts of Optionee.

 

(d)           Amendment and Termination.  No amendment, modification or termination of
the Options or this Agreement shall be made at any time without the written
consent of Optionee and Company.

 

4

 

(e)           No Guarantee of Tax
Consequences.  The Company
and the Committee make no commitment or guarantee that any federal or state tax
treatment will apply or be available to any person eligible for benefits under
the Options.  The Optionee has been
advised and been provided the opportunity to obtain independent legal and tax
advice regarding the grant and exercise of the Options and the disposition of
any Shares acquired thereby.

 

(f)            Severability.  In the event that any provision of this
Agreement shall be held illegal, invalid, or unenforceable for any reason, such
provision shall be fully severable, but shall not affect the remaining
provisions of the Agreement, and the Agreement shall be construed and enforced
as if the illegal, invalid, or unenforceable provision had not been included
herein.

 

(g)           Supersedes Prior Agreements.  This Agreement shall supersede and replace
all prior agreements and understandings, oral or written, between the Company
and the Optionee regarding the grant of the Options covered hereby.

 

(h)           Governing Law.  The Options shall be construed in accordance
with the laws of the State of Texas without regard to its conflict of law
provisions, to the extent federal law does not supersede and preempt Texas law.

 

20.          Definitions and Other Terms.  The following capitalized
terms shall have those meanings set forth opposite them:

 

(a)           Optionee

 

(b)           Grant Date:

 

(c)           Option Prices; Shares
Covered

 

	
  Option Prices:

  	
   

  	
  Number of Shares Covered:

  
	
  $

  	
  15.00 per Share

  	
   

  	
   

  
	
  $

  	
  20.00 per Share

  	
   

  	
   

  
	
  $

  	
  25.00 per Share

  	
   

  	
   

  
	
  $

  	
  30.00 per Share

  	
   

  	
   

  

 

(d)           Option Period:                                                       through                                                       (until
5:00 p.m. CST).

 

(e)           Vesting Schedule: All Options
for the Shares covered by this Agreement shall vest and become exercisable in accordance
with the following vesting schedule:

 

Each of the Options granted under this Agreement
shall vest over a four-year period. 
Specifically, 25% (twenty five percent) of each of the Options described
in Section 20 (c) will vest on each of                                            ,                            
                ,                                            ,
and                                            ;
provided however, that for Options to
vest

 

5

 

on each such date, this Optionee then is, and continuously from the
Grant Date has been, an Employee of the Company and there has been no
Termination of Service for any reason, voluntary or involuntary.

 

Notwithstanding the above vesting schedule,
in the event of a “Change in Control” of the Company (as defined in the Plan at
the time of such event), the entire non-vested portion of the Options, if any,
shall immediately become 100% vested as of the Change in Control date.

 

IN WITNESS
WHEREOF, the Company, as of the Grant Date, has caused this Agreement to be
executed on its behalf by its duly authorized officer and Optionee has hereunto
executed this Agreement as of the same date.

 

	
   

  	
  GLOBAL GEOPHYSICAL SERVICES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: 

  	
  Richard A. Degner

  
	
   

  	
  Title:

  	
  President & CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
   

  
	
   

  	
  Global Geophysical Services, Inc.

  
	
   

  	
  13927 S. Gessner

  
	
   

  	
  Missouri City, Texas 77489

  
	
   

  	
  Attn:

  	
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPTIONEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

6Exhibit 10.30

 

	
  

  	
  13927
  S Gessner

  
	
  Missouri
  City, Texas 77489

  
	
  Tel:
  713-972-9200

  
	
  Fax:
  713-972-1008

  
	
  www.globalgeophysical.com

  
	
   

  
	
   

  

 

	
  [Name]

  	
   

  	
  [Date]

  
	
  [Address]

  	
   

  	
   

  

 

Dear                                        ,

 

Global
Geophysical Services Inc., a Delaware corporation, (hereinafter referred to as
the “Company”) is pleased to grant to you (the “Grantee”) shares of the Company’s
common stock, of the amount and type designated below, effective as of the date
of your signature to this agreement (the “Grant Date”).

 

1.  Restricted Stock Grant.

 

Number of Shares:                                              [number] Shares (the “Restricted
Stock”)

 

Class of Shares:                                                           Class B
Common Stock, Global Geophysical Services Inc., par value $0.01

 

2.  Stockholders Agreement.

 

The
Company and Grantee agree that upon the signature of this Restricted Stock Agreement
by Grantee, Grantee shall also become a party to the Stockholders Agreement by
and among the Company and certain of its shareholders (as the same may be
amended, modified, or restated from time to time in accordance with its terms)
(the “Stockholders
Agreement”), and shall be fully bound by, and subject to, all of the
covenants, terms and conditions of the Stockholders Agreement as though an
original party thereto, and shall be deemed a shareholder for all purposes
thereof.  The Company’s rights to
repurchase the Restricted Stock under this Restricted Stock and the Stockholders
Agreement shall continue to apply under the same terms and conditions to any
shares that the Restricted Stock may from time to time be exchanged for or
converted into.

 

3.  Share Certificates.

 

Each
certificate issued in respect of shares of Restricted Stock granted under this
Restricted Stock shall be registered in the name of the Grantee and shall be
deposited with the Company.  The grant of
Restricted Stock is conditioned upon the Grantee endorsing in blank a stock
power for the Restricted Stock. Any certificate(s) representing the shares
shall carry substantially the following legends:

 

“The shares evidenced by
this certificate have been acquired for investment and have not been registered
under the Securities Act of 1933, as amended (the “Act”), and may not be
offered, sold, assigned, pledged, hypothecated, transferred or otherwise
disposed of unless and until registered under the Act and applicable state
securities law or unless, in the opinion of counsel to the stockholder, which
counsel must be, and the form and substance of which opinion are, satisfactory
to the Issuer, such offer, sale, assignment, pledge,

 

 

hypothecation, transfer or other disposition is exempt from
registration or is otherwise in compliance with the Act, such laws and the
Stockholders Agreement of the Issuer, dates as of November 30, 2006 (the “Stockholders
Agreement”). “

 

“The shares represented by
this certificate are subject to restrictions on transfer and other conditions,
as specified in the Stockholders Agreement, copies of which are on file at the
office of the Issuer and will be furnished without charge to the holder of such
shares upon written request.”

 

4.  Vesting

 

All
shares of Restricted Stock granted herein shall vest over (eight)
calendar quarters beginning with the first whole calendar quarter following the
12th month from and after (and not including) the
month that includes the date of this agreement. Specifically, 12.5% (twelve
and one-half percent) of the total shares granted will vest on each of the
following dates:  [insert
eight vesting periods]; provided that for shares of Restricted
Stock to vest on each such date, Grantee’s Date of Termination (as defined
below) shall not have occurred on or prior to such date.

 

5.  Dividend and Voting Rights.

 

Grantee
shall be entitled to receive dividends with respect to unvested shares of
Restricted Stock that become payable (if any); provided, however, that no
dividends shall be payable to or for the benefit of the Grantee with respect to
record dates occurring prior to the Grant Date, or with respect to record dates
occurring on or after the date, if any, on which the Grantee has forfeited the
Restricted Stock. Grantee shall be entitled to vote the unvested shares of
Restricted Stock to the same extent as would have been applicable to the
Grantee if the Grantee was then vested in the shares; provided, however, that
the Grantee shall not be entitled to vote the shares with respect to record
dates for such voting rights arising prior to the Grant Date, or with respect
to record dates occurring on or after the date, if any, on which the Grantee
has forfeited the Restricted Stock.

 

6.  Transfer and Forfeiture of Shares.

 

Upon
each vesting date, provided Grantee’s Date of Termination (as defined below)
has not occurred, Grantee shall own the vested portion of the shares of
Restricted Stock free of all restrictions hereunder except as set forth in the
Stockholders Agreement.  Grantee shall
become vested in the shares of Restricted Stock, and all unvested shares shall
become immediately vested notwithstanding the vesting schedule in paragraph (4) as
follows:

 

(a)          Grantee shall become vested
in the unvested shares of Restricted Stock by reason of the Grantee’s death or
Disability as of the date of such death or Disability provided that the Grantee’s
Date of Termination does not occur before such date.

 

(b)         Grantee shall become vested
in the unvested shares of Restricted Stock as of the date of a Change in
Control, if the Grantee’s Date of Termination does not occur before the Change
in Control date.

 

Shares
of Restricted Stock may not be sold, assigned, transferred, pledged or
otherwise encumbered until Grantee is vested in the shares and in accordance
with applicable securities laws. Except as

 

 

otherwise
provided in this paragraph (6), if the Grantee’s Date of Termination occurs
before all shares of Restricted Stock have vested, the Grantee shall forfeit
the unvested Restricted Stock as of the Grantee’s Date of Termination.

 

7. Definitions.  For purposes of this Restricted Stock:

 

The
term “Change in Control” means,
other than in connection with an underwritten public offering of the Company’s
stock, a change in the beneficial ownership of the Company’s voting stock or a
change in the composition of the board which occurs if (i) any “person” or
“group” (as such terms are used in Section 13(d) and 14(d) of
the Securities Exchange Act of 1934 (“Exchange Act”)
becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of more than 50% of the total voting
power of the outstanding capital stock of the Company; (ii) the Company
enters into an agreement to merge or consolidate, or is merged with or into or
consolidated, with another person or group and, immediately after giving effect
to the merger or consolidation, (a) less than 50% of the total voting
power of the outstanding capital stock of the surviving or resulting person or
group is then “beneficially owned” (within the meaning of Rule 13d-3 under
the Exchange Act) in the aggregate by the stockholders of the Company
immediately prior to such merger or consolidation, or (b) any “person” or “group”
(as defined in Section 13(d)(3) or 14(d)(2) of the Exchange Act)
has become the direct or indirect “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act) of more than 50% of the total voting power of the
capital stock of the surviving or resulting person or group; (iii) the
Company agrees to sell, assign, convey, transfer, lease or otherwise dispose of
all or substantially all of the Company’s assets (either in one transaction or
a series of related transactions) or enters into an agreement to do any of the
foregoing; (iv) during any consecutive two-year period, individuals who at
the beginning of such period constituted the Board of Directors of the Company
(together with any new directors whose election by such Board of Directors or
whose nomination for election by the stockholders of the Company was approved
by a vote of a majority of the directors then still in office who were either
directors at the beginning of such period or whose election or nomination for
election was previously so approved) cease for any reason to constitute a majority
of the Board of Directors of the Company then in office; or (v) the
liquidation or dissolution of the Company.

 

The
Grantee’s “Date of Termination”
shall be the first day occurring on or after the Grant Date on which the
Grantee is no longer an employee of the Company.

 

“Disability” of Grantee shall be the
physical or mental inability of Grantee to carry out the normal and usual
duties of his employment on a full-time basis for an entire period of 120
continuous days together with the reasonable likelihood as determined by the
Company that Grantee, upon the advice of a qualified physician, will be unable
to carry out the normal and usual duties of his employment.

 

7.   Amendment.

 

This
Agreement may be amended by written agreement of the Grantee and the Company,
without the consent of any other person.

 

 

8.   Heirs and
Successors.

 

This
Agreement shall be binding upon, and inure to the benefit of, the Company and
its successors and assigns, and upon any person acquiring, whether by merger,
consolidation, purchase of assets or otherwise, all or substantially all of the
Company’s assets and business. If any rights of the Grantee or benefits
distributable to the Grantee under this Restricted Stock have not been
exercised or distributed, respectively, at the time of the Grantee’s death,
such rights shall be exercisable by the Designated Beneficiary, and such
benefits shall be distributed to the Designated Beneficiary, in accordance with
the provisions of this Restricted Stock. The “Designated Beneficiary” shall be
the beneficiary or beneficiaries designated by the Grantee in a writing filed
with the Company in such form and at such time as the Company shall require. If
a deceased Grantee fails to designate a beneficiary, or if the Designated
Beneficiary does not survive the Grantee, any rights that would have been
exercisable by the Grantee and any benefits distributable to the Grantee shall
be exercised by or distributed to the legal representative of the estate of the
Grantee. If a deceased Grantee designates a beneficiary but the Designated
Beneficiary dies before the Designated Beneficiary’s exercise of all rights
under this Restricted Stock or before the complete distribution of benefits to
the Designated Beneficiary under this Restricted Stock, then any rights that
would have been exercisable by the Designated Beneficiary shall be exercised by
the legal representative of the estate of the Designated Beneficiary, and any
benefits distributable to the Designated Beneficiary shall be distributed to
the legal representative of the estate of the Designated Beneficiary.

 

9.  Adjustments.

 

If
the Company, without receiving compensation therefore in money, services or
property, (i) declares a dividend or makes a distribution on the class of
shares subject to the Restricted Stock award, (ii) subdivides or
reclassifies the class of shares subject to the Restricted Stock award into a
greater number of shares, (iii) combines or reclassifies the class of
shares subject to the Restricted Stock award into a smaller number of shares,
or (iv) otherwise effects any capital readjustment, consolidation or
recapitalization of the class of shares subject to the Restricted Stock award,
then the number of shares subject to the Restricted Stock award shall be proportionately
increased or reduced, as applicable, so as to prevent the enlargement or
dilution of Grantee’s rights and duties hereunder.  The determination of the Company’s Board of
Directors regarding the methodology for effecting such adjustments shall be
binding.  Upon any such adjustment, the
Company shall notify Grantee of the event causing the adjustment and the number
of shares then subject to the Restricted Stock award.

 

10.  Tax Requirements.

 

Grantee
is hereby advised to consult immediately with his or her own tax advisor
regarding the tax consequences of this Restricted Stock, the method and timing
for filing an election to include this Restricted Stock in income under Section 83(b) of
the Internal Revenue Code (the “Code”), and the tax consequences of such
election.  By execution of this
Restricted Stock, Grantee agrees that if Grantee makes such an election,
Grantee shall provide the Company with written notice of such election in
accordance with the regulations promulgated under Code Section 83(b).  The Company shall have the right to deduct
from all amounts paid in connection with the award, any federal, state, local,
or other taxes required by law to be withheld in connection with this award.

 

 

11.  Grantee Representations.

 

Grantee
hereby represents and warrants to the Company as follows:

 

(a)           The shares of Restricted Stock will
be held for Grantee’s own account, for investment only, and not for resale or
with a view to the distribution thereof.

 

(b)           Grantee understands that the shares
of Restricted Stock are “restricted securities” and are not registered under
the Securities Act of 1933, as amended, (the “Act”) (it being understood that
the shares are being issued and sold in reliance on the exemption provided in Rule 701
thereunder) or any applicable state securities or “blue sky” laws and may not
be sold or otherwise transferred or disposed of in the absence of an effective
registration statement under the Act and under any applicable state securities
or “blue sky” laws (or exemptions from the registration requirements thereof).

 

GLOBAL GEOPHYSICAL
SERVICES, INC.

 

	
  By:

  	
   

  	
   

  
	
  Name:

  	
  Richard
  Degner

  	
   

  
	
  Title:

  	
  Chief
  Executive Officer

  	
   

  
	
  Date:

  	
   

  	
   

  

 

By
countersigning below, I, agree to the terms of this restricted stock grant as
set forth above.

 

	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date:

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