Document:

Exhibit 10.1

 

AMENDMENT

TO

6% UNSECURED PROMISSORY NOTE

AND

WAIVER AGREEMENT

 

This AMENDMENT TO 6% UNSECURED PROMISSORY
NOTE AND WAIVER AGREEMENT is made as of February 28, 2018, by and between AMERI HOLDINGS, INC. (the “Company”)
and MONETA VENTURES FUND I, L.P. (“Moneta”).

RECITALS

		A.	Pursuant to the Share Purchase Agreement by and among the Company, ATCG Technology Solutions, Inc. (“ATCG”),
and all of the stockholders of ATCG (including Moneta), dated March 10, 2017 (the “Purchase Agreement”), the
Company acquired all of the outstanding equity securities of ATCG.

		B.	In connection with the transactions contemplated by the Purchase Agreement, the Company issued to Moneta (i) a 6% Unsecured
Promissory Note Due June 30, 2018, dated of even date with the Purchase Agreement (the “Moneta Note”),
in the initial principal amount of $3,102,815.77 and (ii) 477,356 shares of the Company’s Common Stock (the “Moneta
Shares”).

		C.	On January 10, 2018, the Company paid $850,000 due to Moneta under the Moneta Note, leaving a remaining principal balance under
the Moneta Note of $2,412,705.63 as of January 10, 2018.

 

		D.	The Company and Moneta now desire to amend the payment terms of the Moneta Note, waive the existence of any event of default
pursuant to the Moneta Note and provide for a waiver on certain restrictions set forth in the Purchase Agreement with respect to
resale of the Moneta Shares.

AGREEMENT

NOW, THEREFORE, in consideration
of the premises and the mutual covenants and agreements set forth herein, the Company and Moneta agree as follows:

		1.	Amendment to First Paragraph of Moneta Note. The first two (2) full paragraphs of the Moneta Note are deleted in their
entirety and replaced with the following:

“THIS
NOTE (this “Note”) is duly authorized and issued by Ameri Holdings, Inc., a Delaware corporation (the
“Company”), and designated as a 6% Unsecured Promissory Note of the Company in the original principal amount
of Three Million, One Hundred Two Thousand, Eight Hundred Fifteen U.S. Dollars and Seventy-Seven ($3,102,815.77). Principal and
interest hereon shall be paid pursuant to the schedule set forth in Section 1(a) below and all remaining principal and unpaid accrued
interest hereunder shall be due and payable on August 31, 2018 (the “Maturity Date”).”

    	1

     

    

FOR VALUE
RECEIVED, the Company hereby promises to pay to the order of Moneta Ventures Fund I, L.P., or its registered assigns or
successors-in-interest (the “Holder”), (a) principal and interest hereunder pursuant to the payment schedule
set forth in Section 1(a), and (b) all remaining principal and accrued but unpaid interest thereon as of and including the Maturity
Date, if any, on the Maturity Date, in accordance with the terms hereof. Notwithstanding the 6% interest rate applicable to this
Note from the original date of issuance, March 10, 2017 (the “Issuance Date”), until January 1, 2018, interest
on the remaining unpaid principal balance as of and following January 1, 2018 shall accrue at the rate of 10% per annum until
the Outstanding Balance is paid in full. Interest on this Note shall accrue daily commencing on the Issuance Date and shall be
computed on the basis of a 365-day year and actual days elapsed and shall be payable in accordance with Section 1 hereof. Notwithstanding
anything to the contrary contained herein, this Note shall bear interest on the due and unpaid Outstanding Balance from and after
the occurrence and during the continuance of an Event of Default pursuant to Section 3(a), at the rate (the “Default
Rate”) equal to the lower of ten percent (10%) per annum or the highest rate permitted by law. Unless otherwise agreed
or required by applicable law, payments will be applied first to any unpaid collection costs, then to unpaid interest and fees
and any remaining amount to principal.”

		2.	Amendment to Sections 1(a) and 1(b) of Moneta Note. Sections 1(a) and 1(b) of the Moneta Note are hereby deleted in
their entirety and replaced with the following:

“(a) Payment Schedule. The Company
shall make payments with respect to the Principal Amount and interest on this Note according to the schedule set forth below: 

	Payment Date 	Payment Amount
	January 10, 2018	 $        850,000.00 (payment completed)
	April 30, 2018	 $        505,445.06 
	May 31, 2018	 $        505,445.06 
	June 30, 2018	 $        505,445.06 
	July 31, 2018	 $        505,445.06 
	August 31, 2018	 $        505,445.04 

 

(b) Payment of Principal and Interest.
Subject to the provisions hereof, including, without limitation, the right to obtain prepayment of the Principal Amount provided
herein, any remaining portion of the Principal Amount together with all accrued but unpaid interest thereon as of and including
the Maturity Date, if any, shall be due and payable on the Maturity Date.” 

		3.	Waiver of Resale Restrictions. Notwithstanding the provisions and restrictions of Section 1.1(a)(i) of the Purchase
Agreement, which limit the number of Moneta Shares that Moneta may transfer or resell in any calendar month to 10% of the aggregate
number of the Moneta Shares issued, such restrictions are hereby waived by the Company and shall not apply to the Moneta Shares,
and Moneta may sell any of the Moneta Shares at any time the Company’s common stock is listed for trading with The Nasdaq
Stock Market LLC; provided that such sale or transfer shall not be without registration under the Securities Act or an exemption
therefrom, as the Moneta Shares have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or under the securities laws of any state and, therefore, cannot be resold, pledged, assigned or otherwise disposed
of unless they are subsequently registered under the Securities Act and under the applicable securities laws of such states, or
unless exemptions from such registration requirements are available.

    	2

     

    

		4.	Waiver of Current Moneta Note Defaults. At the request
of and as a one-time accommodation to the Company, and subject to the terms and conditions set forth herein, Moneta hereby waives
any events of default existing under the Moneta Note prior to and as of the date hereof.

		5.	Effect on Other Agreements. The provisions of this Agreement amending the Moneta Note set forth in Section 2 hereof
shall be deemed to be part of the Moneta Note and subject to the other provisions thereof. Except as expressly set forth in this
Agreement, all of the terms and provisions of the Moneta Note and Purchase Agreement shall remain in full force and effect. All
references in the Moneta Note and Purchase Agreement shall hereafter refer to the Moneta Note and Purchase Agreement, as applicable,
as amended hereby.

		6.	Counterparts; Electronic Transmission. This Agreement may be executed in counterparts, each of which shall be deemed
to be an original, but all of which shall constitute one and the same instrument. A signature delivered by facsimile, scan, photograph
or other electronic transmission shall be as binding as delivery of an original signature hereto, provided, that the delivering
party shall, if requested by any party for any reason, promptly deliver the original signature so transmitted or a separate, original
signature, the delivery of which shall not in any way limit the effectiveness of the signature previously electronically delivered.

 

[Signature Page Follows]

    	3

     

    

IN WITNESS WHEREOF,
the Company and Moneta have executed this AMENDMENT TO 6% UNSECURED PROMISSORY NOTE AND WAIVER AGREEMENT as of the date first written
above.

AMERI HOLDINGS, INC.

By: /s/ Srinidhi Devanur

Name: Srinidhi Devanur

Title: Executive Vice Chairman

 

MONETA VENTURES FUND I, L.P.

By: Moneta Ventures, LLC

Its: General Partner

 

By: /s/Lokesh Sikaria

       Lokesh
Sikaria

       Managing Member

    	4Exhibit

        

AMENDMENT NO. 2  
TO  
FIRST AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 
This AMENDMENT NO. 2 TO FIRST AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (this “Second Amendment”) dated as of February 28, 2018, is entered into among SAExploration, Inc., a Delaware corporation (“Borrower”), the Guarantors party hereto, the Lenders party hereto, and Cantor Fitzgerald Securities, as administrative agent and collateral agent for the Lenders (in such capacity, the “Agent”), and amends that certain First Amended and Restated Credit and Security Agreement dated as of September 22, 2017, as amended by that certain Amendment No. 1 to First Amended and Restated Credit and Security Agreement dated as of December 21, 2017 (as so amended, the “Agreement”), in each case entered into among the Borrower, the Guarantors, the Lenders party thereto and Agent.  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Agreement. 
WITNESSETH: 
WHEREAS, the Borrower has requested that the Lenders party to the Agreement on the date hereof constituting all of the Lenders (such Lenders, “All Lenders”) amend the Agreement to effect the changes described below by the action of all of the Lenders; and 
WHEREAS, All Lenders have agreed to amend the Agreement to effect such changes subject to the terms and conditions hereof; 
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows: 
1.Amendments. 
a)    The following defined terms in Schedule 1.1A to the Agreement are hereby amended and restated as follows: 
“Maturity Date” means January 2, 2020. 
b)    Schedule 5.1(b)(i), (ii), (iv) attached hereto amends, restates and replaces the existing Schedule 5.1(b)(i), (ii), (iv) to the Agreement. 
2.    Conditions Precedent.  As a condition to the effectiveness of this Second Amendment, the Agent and All Lenders shall have received, in form and substance satisfactory to the Agent and All Lenders, the following: 
a)    this Second Amendment, duly executed by the Borrower, the Guarantors, All Lenders and the Agent;
b)     evidence that the execution, delivery and performance of this Second Amendment by the Borrower and the Guarantors has been duly authorized by all necessary corporate 

1

        

action, including without limitation the approval of the Board of Directors of the Borrower and the Guarantors;

c)    the consent of the Term Lenders, in form and substance satisfactory to All Lenders, to this Second Amendment;  
d)    payment of all costs and expenses of Agent and Lenders (i) incurred by or on behalf of the Agent or Lenders (including reasonable attorneys’ fees and expenses) arising under or in connection with the preparation, execution and delivery of this Second Amendment and the other documents contemplated thereby and (ii) outstanding on the date hereof (to the extent that such costs and expenses are reimbursable and/or payable under the Agreement and/or the other Loan Documents). 
For purposes of determining compliance with the conditions specified in this Section 2, each Lender shall, by delivery of its executed signature page (or executed counterpart of a signature page) be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders that are parties hereto. 
3.    Borrower Acknowledgement.  The Borrower and Guarantors, each, hereby acknowledges and agrees that it is unconditionally liable to the Agent and Lenders for the full and immediate payment of each of the Obligations under the Agreement and that the Borrower and Guarantors have no offsets, defenses, counterclaims or set-offs with respect to the full and immediate payment and performance of any or all Obligations and Guaranteed Obligations, as applicable, under the Loan Documents, all of which offsets, defenses, counterclaims are set-offs are hereby waived.  
4.    Enforceability of Obligations; Waiver and Consents.  The Borrower and each of the Guarantors agrees that the Loan Documents are in full force and effect, and enforceable against Borrower and Guarantors in accordance with their respective terms (other than as amended previously or hereby).  The Borrower and each Guarantor hereby waives and affirmatively agrees not to challenge or otherwise pursue any and all defenses, affirmative defenses, counterclaims, claims, cause of actions, setoffs or other rights that it may have relating to the Obligations, Guaranteed Obligations, the Loan Documents, or the Collateral, including, but not limited to, the liens and security interests in favor of Agent and Lenders, or the conduct of Agent and Lenders in administering any such Obligations, Guaranteed Obligations or any other agreements. 
5.    Release.  Each Loan Party hereby absolutely and unconditionally releases and forever discharges, the Agent and each Lender (including for the avoidance of doubt, the Original Lender, whether in its capacity as Lender, Agent, ABL Agent or otherwise), and any and all participants, parent corporations, investment advisors, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which each Loan Party has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or 

2

thing whatsoever arising from the beginning of time to and including the date of this Amendment (including, without limitation, related to the Loan Documents, the transactions contemplated hereunder, the Original Credit Agreement, the Loan Documents (as defined in the Original Credit Agreement) or any act or omission of the Original Lender in any capacity under such Loan Documents), whether such claims, demands and causes of action are matured or unmatured or known or unknown. 
6.    Confirmation of Compliance with Section 15.1 of the Agreement.  The Borrower and the Lenders party hereto hereby confirm that all of the actions required to be taken by the Lenders and Borrower pursuant to Section 15.1 of the Agreement have been taken in accordance with the provisions of such Section.  The Borrower confirms that this Second Amendment is permitted under the Agreement, the Intercreditor Agreement and the Junior Documents (as defined in the Intercreditor Agreement). 
7.    Representations and Warranties.  Each of the Loan Parties hereby represents and warrants that the execution and delivery of this Second Amendment and, after giving effect to the amendments contained herein, the performance by each of them of their respective obligations under the Agreement, in each case, are within its powers, have been duly authorized, are not in contravention of applicable law or the terms of its operating agreement or other organizational documents and except as have been previously obtained, do not require the consent or approval of any governmental body, agency or authority, and this Second Amendment and the Agreement (as amended hereby) will constitute the valid and binding obligations of the Loan Parties, as applicable, enforceable in accordance with their terms, except as enforcement thereof may be limited by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance, ERISA or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether enforcement is sought in a proceeding in equity or at law). 
8.    Reference to and Effect on the Agreement.  Each of the Loan Parties hereby reaffirms, confirms, ratifies, covenants, and agrees to be bound by each of its covenants, agreements, and obligations under the Agreement (as amended hereby), and each other Loan Document previously executed and delivered by it.  Each reference in the Agreement to “this Agreement” or “the Loan Agreement” shall be deemed to refer to the Agreement after giving effect to this Second Amendment.  This Second Amendment is a Loan Document. 
9.    Execution in Counterparts.  This Second Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of a signature page to this Second Amendment by telecopier or electronic mail shall be effective as delivery of a manually executed counterpart of this Second Amendment. 
10.    Direction; Indemnity; Expenses.  Each of the Lenders party hereto hereby (i) authorizes and directs the Agent to execute and deliver this Second Amendment, and (ii) acknowledges and agrees that the foregoing directed action constitutes a direction from the Lenders under Article 17 of the Agreement, including, without limitation, Section 17.1 and Section 17.3 of the Agreement.  The Borrower, the Guarantors party hereto and the Lenders party hereto expressly 

2

agree and confirm that the Agent’s right to indemnification, as set forth in Sections 11.3 and 17.5 of the Agreement shall apply with respect to any and all losses, claims, liabilities costs and expenses that the Agent suffers, incurs or is threatened with relating to actions taken or omitted by the Agent (in accordance with the Agreement) in connection with this Second Amendment and the other documents contemplated hereby.  The Borrower hereby agrees to pay on demand all costs and expenses in accordance with Section 19.9 of the Agreement, in each case, incurred in connection with the preparation, negotiation and execution of this Second Amendment and all related documents. 
11.    Governing Law.  This Second Amendment shall be a contract made under and governed by the laws of the State of New York without giving effect to its principles of conflicts of laws. 
12.    Guarantor Acknowledgement.  Guarantors, for value received, hereby consent to the Borrower’s execution and delivery of this Second Amendment, and the performance by the Borrower of its agreements and obligations hereunder.  This Second Amendment and the performance or consummation of any transaction that may be contemplated under this Second Amendment, shall not limit, restrict, extinguish or otherwise impair the Guarantors’ liabilities and obligations to Agent and Lenders under the Loan Documents (including without limitation the Guaranteed Obligations).  Each of the Guarantors acknowledges and agrees that (i) the Guaranty to which such Guarantor is a party remains in full force and effect and is fully enforceable against such Guarantor in accordance with its terms and (ii) it has no offsets, claims or defenses to or in connection with the Guaranteed Obligations, all of such offsets, claims and/or defenses are hereby waived. 
13.    Notices.  For purposes of the Agreement, in case of notices to any Lender, they shall be sent to the respective address set forth below the signature of each Lender on the signature pages hereto. 
[Signature Pages Follow] 

3

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be executed and delivered under seal as of the date first above written. 
BORROWER: 

SAEXPLORATION, INC. 

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

GUARANTORS: 

SAEXPLORATION HOLDINGS, INC. 

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

SAEXPLORATION SUB, INC. 

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

NES, LLC 

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

[Signature Page to Amendment No. 2 to First Amended and Restated Credit and Security Agreement]

SAEXPLORATION SEISMIC SERVICES (US), LLC 

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

AGENT: 

CANTOR FITZGERALD SECURITIES,
as Agent 

By:    /s/ James Bond    
Name:    James Bond 
		
	Title:
	Chief Operating Officer 

LENDERS: 

WHITEBOX ASYMMETRIC PARTNERS, L.P. 

By:    /s/ Mark Strefling    
Name:    Mark Strefling 
Title:    Chief Executive Officer 

Notice Address: 

c/o Whitebox Advisors LLC
3033 Excelsior Boulevard, Suite 300
Minneapolis, Minnesota  55416 
Attention:    Jake Mercer 
Facsimile:    (612) 253-6149 

[Signature Page to Amendment No. 2 to First Amended and Restated Credit and Security Agreement]

WHITEBOX MULTI-STRATEGY PARTNERS, L.P. 

By:    /s/ Mark Strefling    
Name:    Mark Strefling 
Title:    Chief Executive Officer 

Notice Address: 

c/o Whitebox Advisors LLC
3033 Excelsior Boulevard, Suite 300
Minneapolis, Minnesota  55416 
Attention:    Jake Mercer 
Facsimile:    (612) 253-6149 

WHITEBOX CREDIT PARTNERS, L.P. 

By:    /s/ Mark Strefling    
Name:    Mark Strefling 
Title:    Chief Executive Officer 

Notice Address: 

c/o Whitebox Advisors LLC
3033 Excelsior Boulevard, Suite 300
Minneapolis, Minnesota  55416 
Attention:    Jake Mercer 
Facsimile:    (612) 253-6149 

[Signature Page to Amendment No. 2 to First Amended and Restated Credit and Security Agreement]

1992 MSF INTERNATIONAL LTD. 

		
	By:
	Highbridge Capital Management, LLC as Trading Manager and not in its individual capacity 

By:    /s/ Jonathan Segal    
Name:       Jonathan Segal 
Title:    Managing Director 

Notice Address: 

c/o Highbridge Capital Management, LLC
40 West 57th Street 32nd Floor
New York, NY  10019
hcmbankdebt@hcmny.com
HS_HighbridgeBankDebt@hedgeserv.com 
Facsimile:    (646) 495-4382 
(646) 438-6510 

1992 TACTICAL CREDIT MASTER FUND, L.P. 

		
	By:
	Highbridge Capital Management, LLC as Trading Manager and not in its individual capacity 

By:    /s/ Jonathan Segal    
Name:       Jonathan Segal 
Title:    Managing Director 

Notice Address: 

c/o Highbridge Capital Management, LLC
40 West 57th Street 32nd Floor
New York, NY  10019
hcmbankdebt@hcmny.com
HS_HighbridgeBankDebt@hedgeserv.com 
Facsimile:    (646) 495-4382 
(646) 438-6510 

[Signature Page to Amendment No. 2 to First Amended and Restated Credit and Security Agreement]

JEFF HASTINGS

By:    /s/ Jeff Hastings    
Name:    Jeff Hastings 

Notice Address: 

SAExploration Holdings, Inc.
1160 Dairy Ashford Rd, Suite 160
Houston, Texas  77079 
E-mail:    jhastings@saexploration.com 
Facsimile:    (281) 258-4418 

[Signature Page to Amendment No. 2 to First Amended and Restated Credit and Security Agreement]

JOHN PECORA 

By:    /s/ John Pecora    
Name:    John Pecora 

Notice Address: 

130 Montadale Dr.
Princeton, New Jersey 08540 
Attention:    pecora5@aol.com 
Facsimile:     

[Signature Page to Amendment No. 2 to First Amended and Restated Credit and Security Agreement]

[Signature Page to Amendment No. 2 to First Amended and Restated Credit and Security Agreement]

Schedule 5.1(b)(i), (ii), (iv) 
Capitalization of Loan Parties 
and Subsidiaries  
Organization Chart
	
									
	Loan Party
	Certificate No(s).
	Holder
	Type of Rights/Stock (common/preferred/option/class)
	Number of Shares (after exercise of all rights to acquire shares)
	 
	Percent Interest (on a fully diluted basis)

	SAExploration Holdings, Inc.
	 
	 
	 
	 
	 
	Common Stock: 55,000,000 shares authorized; 10,415,442 shares outstanding
	 
	 

	 
	—
	

Public Stockholders, Preferred Stockholders and Warrant Holders
	

Common Stock, Warrants to Purchase Common Stock, Preferred Stock
	 
	

Series A, Series B and Series C Warrants to purchase 154,376, 154,376 and 8,286,061 shares of common stock outstanding, respectively
	 
	—

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	Preferred Stock: 1,000,000 shares authorized; 886,864 issued; 31,669 Series A Preferred shares and 855,195 Series B Preferred Shares outstanding
	 
	 

	SAExploration Sub, Inc.
	2*
	 
	SAExploration Holdings, Inc.
	Common Shares
	 
	100 shares
	 
	100%

	SAExploration, Inc.
	(a)
	18*
	SAExploration Holdings, Inc.
	Common Shares
	(a)
	948,750 common shares
	(a)
	100%

	(b)
	A-4*
	 
	Series A preferred shares
	(b)
	5,000,000 Series A preferred shares
	(b)
	100%

	SAExploration Seismic Services (US), LLC
	 
	1*
	SAExploration Holdings, Inc.
	Membership Interest
	 
	100% Membership Interest
	 
	100%

	NES, LLC
	 
	1*
	SAExploration Holdings, Inc.
	Membership Interest
	 
	100% Membership Interest
	 
	100%

	SAExploration México S. de R.L. de C.V.
	 
	 
	SAExploration Holdings, Inc. – 99%
	 
	 
	 
	 
	SAExploration Holdings, Inc. – 99%

	N/A
	 
	SAExploration Seismic Services (US), LLC – 1%
	Membership Interest
	 
	100% Membership Interest
	 
	SAExploration Seismic Services (US), LLC – 1%

	SAExploration (Australia) Pty. Ltd.
	N/A
	 
	SAExploration Inc.
	Shares
	 
	100 shares
	 
	100%

	SAExploration (Malaysia) Sdn. Bhd.
	(a)
	3
	.
	 
	(a)
	2 Shares
	(a)
	0.0004

	(b)
	004*
	SAExploration Inc
	Shares
	(b)
	325,00 Shares
	(b)
	65%

	(c)
	5
	 
	 
	(c)
	174,998 Shares
	(c)
	34.9996%

	Southeast Asian Exploration Pte. Ltd.
	(a)
	3
	SAExploration Inc.
	Shares
	(a)
	35 Shares
	(a)
	35%

	(b)
	4*
	 
	 
	(b)
	65 Shares
	(b)
	65%

	Calgary Finance Company Ltd.
	(a)
	A-1*
	SAExploration Inc.
	Shares
	(a)
	650 Shares
	(a)
	65%

	(b)
	A-2
	 
	 
	(b)
	350 Shares
	(b)
	35%

Schedule 5.1(b)(i),(ii),(iv)    2

	
									
	Loan Party
	Certificate No(s).
	Holder
	Type of Rights/Stock (common/preferred/option/class)
	Number of Shares (after exercise of all rights to acquire shares)
	 
	Percent Interest (on a fully diluted basis)

	1623739 Alberta Ltd.
	(a)
	A-1
	SAExploration Holdings, Inc.
	Shares
	(a)
	350 Shares
	(a)
	65%

	(b)
	A-2*
	 
	 
	(b)
	650 Shares
	(b)
	35%

	SAExploration (Brasil) Serviços Sísmicos Ltda.
	N/A
	 
	SAExploration, Inc. – 99.9%
	 
	 
	 
	 
	SAExploration, Inc. – 99.9%

	 
	 
	SAExploration Seismic Services (US), LLC – .1%
	Membership Interest
	 
	100% Membership Interest
	 
	SAExploration Seismic Services (US), LLC – .1%

	Kuukpik/SAExploration LLC
	N/A
	 
	SAExploration Holdings, Inc.
	Membership Interest
	 
	49% Membership Interest
	 
	49%

	SAExploration Global Holdings (UK) Ltd.
	(a)
	1
	 
	 
	(a)
	Cancelled
	 
	 

	(b)
	2*
	 
	 
	(b)
	650 Shares
	 
	Certificates 3 and 5 represent 35% of shares issued and outstanding.

	(c)
	3
	SAExploration Holdings, Inc.
	Ordinary Shares
	(c)
	350 Shares
	 
	 

	(d)
	4*
	 
	 
	(d)
	3,117,446 Shares
	 
	Certificates 2* and 4* represent 65% of shares issued and outstanding.

	(e)
	5
	 
	 
	(e)
	1,678,624 Shares
	 
	 

* Pledged Certificated Stock certificate delivered to Agent.

Schedule 5.1(b)(i),(ii),(iv)    2

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