Document:

NAME
                OF SUBSCRIBER:

            	
               

            	 	
              SUBSCRIPTION
                AMOUNT:

            	
              $

            	 

    

    

    
      	
              To:
                

            	
              Derycz
                Scientific, Inc.

              
                10990
                  Wilshire Blvd., Suite 1410

                Los
                  Angeles, CA 90024

              

            

    

    
      	
            	Attn:	
              Mr.
                Peter Derycz

              
                President

              

            

    

     

    SUBSCRIPTION
      AGREEMENT

     

    This
      Subscription Agreement (this “Agreement”) is being delivered to you in
      connection with your investment in Derycz Scientific, Inc. (the “Company”). T.
      R. Winston & Company, LLC (the “Placement Agent”) shall serve as the
      placement agent of the Company in conducting a private placement (the
“Offering”) of Securities, consisting of 1 share of common stock of the Company
      (the “Shares”) and, for every 2 shares purchased, a Warrant to purchase 1 share
      of common stock of the Company (the “Warrants”, the Shares and Warrants are
      collectively referred to as the “Securities”), at a purchase price of
      $1.25 per
      share. The Offering is being conducted on a “best efforts” basis with a maximum
      of 2,500,000 Shares being offered, subject to an over-allotment option of 20%
      (500,000 Shares). 

     

    1. Subscription
      and Purchase Price

     

    (a) Subscription.
      Subject
      to the conditions set forth in Section 2 hereof, the undersigned hereby
      subscribes for and agrees to purchase the number of Shares and Warrants
      indicated on page 13 hereof on the terms and conditions described herein. The
      minimum amount of Shares and Warrants that may be purchased is $50,000.
      Subscriptions for lesser amounts may be accepted at the discretion of the
      Company and the Placement Agent.

     

    (b) Purchase
      of Securities.
      The
      undersigned understands and acknowledges that the purchase price to be remitted
      to the Placement Agent in exchange for the Securities shall be $1.00 per Share,
      for an aggregate purchase price as set forth on page 13 hereof (the “Aggregate
      Purchase Price”). The undersigned’s delivery of this Agreement to the Placement
      Agent shall be accompanied by payment for the Securities subscribed for
      hereunder, payable in United States dollars, by check made payable to the order
      of “Richardson
      & Patel LLP Client Trust Account f/b/o Derycz Scientific, Inc.”
or
      by
      wire transfer of immediately available funds delivered contemporaneously with
      the undersigned’s delivery of this Agreement to the Placement Agent. The
      undersigned understands and agrees that, subject to Section 2 and applicable
      laws, by executing this Agreement, he, she or it is entering into a binding
      agreement. 

     

    2. Acceptance,
      Offering Term and Closing Procedures

     

    (a) Acceptance
      or Rejection.
      The
      obligation of the undersigned to purchase the Securities shall be irrevocable,
      and the undersigned shall be legally bound to purchase the Securities subject
      to
      the terms set forth in this Agreement. The undersigned understands and agrees
      that the Company and the Placement Agent reserve the right to reject this
      subscription for the Securities in whole or part in any order at any time prior
      to the closing (the “Closing”) of the purchase and sale of the Securities if, in
      their reasonable judgment, they deem such action to be in the best interest
      of
      the Company, notwithstanding the undersigned’s prior receipt of notice of
      acceptance of the undersigned’s subscription. In the event of rejection of this
      subscription by the Company or the Placement Agent in accordance with this
      Section 2, or the sale of the Securities is not consummated by the Placement
      Agent for any reason, this Agreement and any other agreement entered into
      between the undersigned and the Placement Agent relating to this subscription
      shall thereafter have no force or effect, and the Placement Agent shall promptly
      return or cause to be returned to the undersigned the purchase price remitted
      to
      the Escrow Agent, without interest thereon or deduction therefrom.

     

    (b) Offering
      Term.
      The
      subscription period for the Offering will begin as of the date of the
      Memorandum, and will terminate upon the occurrence of the earlier of (a) the
      30th
      day
      thereafter, unless extended by the Company and the Placement Agent for up to
      two
      successive 30-day periods, or (b) the Company’s acceptance of subscriptions for
      3,000,000 Shares offered and the receipt of payment therefor.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (c) Placement
      Agent.
      The
      Company has retained the Placement Agent to coordinate the offering as the
      Company’s exclusive placement agent. See the Memorandum for a description of the
      compensation payable to the Placement Agent and other terms of the
      Offering.

     

    (d) Closing.
      Each
      Closing shall take place at such times as determined by the Company (each
      closing date referred to as a “Closing Date”), or such other date as is mutually
      agreed to by the parties and the undersigned. The Common Stock and the Warrants
      purchased by the Subscriber will be delivered by the Company promptly following
      a Closing.

     

    3. Investor’s
      Representations and Warranties

     

    The
      undersigned hereby acknowledges, agrees with and represents and warrants to
      the
      Company and the Placement Agent and its affiliates, as follows:

     

    (a) The
      undersigned has full power and authority to enter into this Agreement, the
      execution and delivery of which has been duly authorized, if applicable, and
      this Agreement constitutes a valid and legally binding obligation of the
      undersigned.

     

    (b) The
      undersigned acknowledges his, her or its understanding that the offering and
      sale of the Common Stock, the Warrants and the common stock issuable upon
      exercise of the Warrants (the “Securities”) are intended to be exempt from
      registration under the Securities Act of 1933, as amended (the “Securities
      Act”), by virtue of Section 4(2) of the Securities Act and the provisions of
      Regulation D promulgated thereunder (“Regulation D”). In furtherance thereof,
      the undersigned represents and warrants to the Company and the Placement Agent
      and its affiliates as follows:

     

    (i) The
      undersigned realizes that the basis for the exemption from registration may
      not
      be available if, notwithstanding the undersigned’s representations contained
      herein, the undersigned is merely acquiring the Securities for a fixed or
      determinable period in the future, or for a market rise, or for sale if the
      market does not rise. The undersigned does not have any such
      intention.

     

    (ii) The
      undersigned is acquiring the Securities solely for the undersigned’s own
      beneficial account, for investment purposes, and not with a view to, or resale
      in connection with, any distribution of the Securities.

     

    (iii) The
      undersigned has the financial ability to bear the economic risk of his, her
      or
      its investment, has adequate means for providing for their current needs and
      contingencies, and has no need for liquidity with respect to the investment
      in
      the Company;

     

    (iv) The
      undersigned and the undersigned’s attorney, accountant, purchaser representative
      and/or tax advisor, if any (collectively, “Advisors”), have received the
      Confidential Private Placement Memorandum, dated December 4, 2006, together
      with
      all appendices thereto (as such documents may be amended or supplemented, the
      “Memorandum”), relating to the private placement by the Company of the
      Securities, and all other documents requested by the undersigned or Advisors,
      if
      any, have carefully reviewed them and understand the information contained
      therein, prior to the execution of this Agreement; and

     

    (v) The
      undersigned (together with his, her or its Advisors, if any) has such knowledge
      and experience in financial and business matters as to be capable of evaluating
      the merits and risks of the prospective investment in the Securities. If other
      than an individual, the undersigned also represents it has not been organized
      solely for the purpose of acquiring the Shares.

     

    
      
         

      

      
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    (c) The
      information in the Investor Questionnaire completed and executed by the
      undersigned (the “Investor Questionnaire”) is true and accurate in all respects,
      and the undersigned is an “accredited investor,” as that term is defined in Rule
      501(a) of Regulation D.

     

    (d) The
      undersigned (and his, her or its Advisors, if any) has been furnished with
      a
      copy of the Memorandum.

     

    (e) The
      undersigned is not relying on the Placement Agent or its affiliates or
      sub-agents with respect to economic considerations involved in this investment.
      The undersigned has relied on the advice of, or has consulted with, only his,
      her or its Advisors. Each Advisor, if any, is capable of evaluating the merits
      and risks of an investment in the Shares as such are described in the
      Memorandum, and each Advisor, if any, has disclosed to the undersigned in
      writing (a copy of which is annexed to this Agreement) the specific details
      of
      any and all past, present or future relationships, actual or contemplated,
      between the Advisor and the Placement Agent or any affiliate or sub-agent
      thereof.

     

    (f) The
      undersigned represents, warrants and agrees that he, she or it will not sell
      or
      otherwise transfer the Securities without registration under the Securities
      Act
      or an exemption therefrom, and fully understands and agrees that the undersigned
      must bear the economic risk of his, her or its purchase because, among other
      reasons, the Securities have not been registered under 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 an exemption from such registration is available. In particular,
      the undersigned is aware that the Securities are “restricted securities,” as
      such term is defined in Rule 144 promulgated under the Securities Act (“Rule
      144”), and they may not be sold pursuant to Rule 144 unless all of the
      conditions of Rule 144 are met. The undersigned also understands that, except
      as
      otherwise provided in Section 5 hereof, the Company is under no obligation
      to
      register the Securities on his, her or its behalf or to assist them in complying
      with any exemption from registration under the Securities Act or applicable
      state securities laws. The undersigned understands that any sales or transfers
      of the Securities are further restricted by state securities laws and the
      provisions of this Agreement.

     

    (g) No
      representations or warranties have been made to the undersigned by the Company
      or the Placement Agent, or any of their respective officers, employees, agents,
      sub-agents, affiliates or subsidiaries, other than any representations of the
      Company or the Placement Agent contained herein and in the Memorandum, and
      in
      subscribing for the Securities the undersigned is not relying upon any
      representations other than those contained herein or in the
      Memorandum.

     

    (h) The
      undersigned understands and acknowledges that his, her or its purchase of the
      Securities is a speculative investment that involves a high degree of risk
      and
      the potential loss of their entire investment and has carefully read and
      considered the matters set forth in the Memorandum and in particular the matters
      under the caption “Cautionary Language Regarding Forward-Looking Statements and
      Industry Data” and “Risk Factors” therein, and, in particular, acknowledges that
      the Company has a limited operating history and is engaged in a highly
      competitive business. 

     

    (i) The
      undersigned’s overall commitment to investments that are not readily marketable
      is not disproportionate to the undersigned’s net worth, and an investment in the
      Securities will not cause such overall commitment to become
      excessive.

     

    (j) The
      undersigned understands and agrees that the certificates for the Securities
      shall bear substantially the following legend until (i) such Securities shall
      have been registered under the Securities Act and effectively disposed of in
      accordance with a registration statement that has been declared effective or
      (ii) in the opinion of counsel for the Company such Securities may be sold
      without registration under the Securities Act, as well as any applicable “blue
      sky” or state securities laws:

     

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE
      STATE SECURITIES LAWS. SUCH SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT
      PURPOSES AND MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE,
      TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      STATEMENT FILED BY THE ISSUER WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION
      COVERING SUCH SECURITIES UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL
      SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.

     

    
      
         

      

      
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    (k) Neither
      the U.S. Securities and Exchange Commission (the “SEC”) nor any state securities
      commission has approved the Securities or passed upon or endorsed the merits
      of
      the Offering or confirmed the accuracy or determined the adequacy of the
      Memorandum. The Memorandum has not been reviewed by any Federal, state or other
      regulatory authority.

     

    (l) The
      undersigned and his, her or its Advisors, if any, have had a reasonable
      opportunity to ask questions of and receive answers from a person or persons
      acting on behalf of the Company concerning the offering of the Securities and
      the business, financial condition, results of operations and prospects of the
      Company, and all such questions have been answered to the full satisfaction
      of
      the undersigned and his, her or its Advisors, if any.

     

    (m) The
      undersigned is unaware of, is in no way relying on, and did not become aware
      of
      the offering of the Securities through or as a result of, any form of general
      solicitation or general advertising including, without limitation, any article,
      notice, advertisement or other communication published in any newspaper,
      magazine or similar media or broadcast over television or radio, or electronic
      mail over the Internet, in connection with the offering and sale of the
      Securities and is not subscribing for the Securities and did not become aware
      of
      the offering of the Securities through or as a result of any seminar or meeting
      to which the undersigned was invited by, or any solicitation of a subscription
      by, a person not previously known to the undersigned in connection with
      investments in securities generally.

     

    (n) The
      undersigned has taken no action which would give rise to any claim by any person
      for brokerage commissions, finders’ fees or the like relating to this Agreement
      or the transactions contemplated hereby (other than commissions to be paid
      by
      the Company to the Placement Agent, its sub-agents or as otherwise described
      in
      the Memorandum).

     

    (o) The
      undersigned is not relying on the Company, the Placement Agent or any of their
      respective employees, agents or sub-agents with respect to the legal, tax,
      economic and related considerations of an investment in the Securities, and
      the
      undersigned has relied on the advice of, or has consulted with, only his, her
      or
      its own Advisors.

     

    (p) The
      undersigned acknowledges that any estimates or forward-looking statements or
      projections included in the Memorandum were prepared by the management of the
      Company in good faith, but that the attainment of any such projections,
      estimates or forward-looking statements cannot be guaranteed by the Company
      or
      its management and should not be relied upon.

     

    (q) No
      oral
      or written representations have been made, or oral or written information
      furnished, to the undersigned or his, her or its Advisors, if any, in connection
      with the offering of the Securities which are in any way inconsistent with
      the
      information contained in the Memorandum.

     

    (r) The
      undersigned’s substantive relationship with the Placement Agent or sub-agents
      through which the undersigned is subscribing for Securities predates the
      Placement Agent’s or such sub-agents’ contact with the undersigned regarding an
      investment in the Securities.

     

    (s) (For
      ERISA plans only) The fiduciary of the ERISA plan (the “Plan”) represents that
      such fiduciary has been informed of and understands the Company’s investment
      objectives, policies and strategies, and that the decision to invest “plan
      assets” (as such term is defined in ERISA) in the Company is consistent with the
      provisions of ERISA that require diversification of plan assets and impose
      other
      fiduciary responsibilities. The Subscriber or Plan fiduciary (a) is responsible
      for the decision to invest in the Company; (b) is independent of the Company
      and
      any of its affiliates; (c) is qualified to make such investment decision; and
      (d) in making such decision, the Subscriber or Plan fiduciary has not relied
      primarily on any advice or recommendation of the Company or any of its
      affiliates.

     

    
      
         

      

      
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    (t) The
      foregoing representations, warranties and agreements shall survive the
      Closing.

     

    4. The
      Company’s Representations, Warranties and Covenants

     

    The
      Company hereby acknowledges, agrees with and represents, warrants and covenants
      to each of the undersigned, as follows:

     

    (a) The
      Company has the corporate power and authority to execute and deliver this
      Agreement and to perform its obligations hereunder. This Agreement has been
      duly
      authorized, executed and delivered by the Company and is valid, binding and
      enforceable against the Company in accordance with its terms. 

     

    (b) The
      Securities to be issued to the undersigned pursuant to this Agreement, when
      issued and delivered in accordance with the terms of this Agreement, will be
      duly and validly issued and will be fully paid and non-assessable. 

     

    (c) Neither
      the execution and delivery nor the performance of this Agreement by the Company
      will conflict with the Company’s Certificate of Incorporation or By-laws, as
      amended to date, or result in a breach of any terms or provisions of, or
      constitute a default under, any material contract, agreement or instrument
      to
      which the Company is a party or by which the Company is bound.

     

    (d) After
      giving effect to the transactions contemplated by this Agreement and immediately
      after the Closing, the Company will have the outstanding capital stock as
      described in the Memorandum.

     

    (e) The
      information contained in the Memorandum is true and correct in all material
      respects as of its date.

     

    5. Registration
      Rights 

     

     (a) The
      Company shall prepare and file a registration statement (the “Registration
      Statement”) with the SEC covering the resale of the Common Stock and shares of
      Common Stock issuable upon the exercise of the Warrants (“Registrable
      Securities”) by no later than 60 days after the final Closing Date. The Company
      shall use its best efforts to have the Registration Statement declared effective
      by the SEC as soon as possible after the initial filing. The Company will
      maintain the effectiveness of the Registration Statement from the date of the
      effectiveness of the Registration Statement until 12 months after that date;
      provided,
      however,
      that,
      if at any time or from time to time after the date of effectiveness of the
      Registration Statement, the Company notifies the undersigned in writing of
      the
      existence of a Potential Material Event (as defined below), the undersigned
      shall not offer or sell any of the Registrable Securities, or engage in any
      other transaction involving or relating to the Registrable Securities, from
      the
      time of the giving of notice with respect to a Potential Material Event until
      the Company notifies the undersigned that such Potential Material Event either
      has been disclosed to the public or no longer constitutes a Potential Material
      Event; provided,
      further
      that,
      the Company may not suspend the right of the undersigned pursuant to this
      Section 5(a) for more than 60 days in the aggregate. “Potential Material Event”
means the possession by the Company of material information regarding a
      potential transaction not ripe for disclosure in a registration statement,
      which
      shall be evidenced by determinations in good faith by the Board of Directors
      of
      the Company that disclosure of such information in the registration statement
      would be detrimental to the business and affairs of the Company.

     

    (b) The
      Company shall notify the undersigned at any time when a prospectus relating
      thereto is required to be delivered under the Securities Act, upon discovery
      that, or upon the happening of any event as a result of which, the prospectus
      included in such registration statement, as then in effect, includes an untrue
      statement of a material fact or omits to state any material fact required to
      be
      stated therein or necessary to make the statements therein not misleading in
      light of the circumstances then existing. At the request of the undersigned,
      the
      Company shall also prepare, file and furnish to the undersigned a reasonable
      number of copies of a supplement to or an amendment of such prospectus as may
      be
      necessary so that, as thereafter delivered to the purchasers of such shares,
      such prospectus shall not include an untrue statement of a material fact or
      omit
      to state a material fact required to be stated therein or necessary to make
      the
      statements therein not misleading in light of the circumstances then existing.
      The undersigned agrees not to offer or sell any shares covered by the
      Registration Statement after receipt of such notification until the receipt
      of
      such supplement or amendment.

     

    
      
         

      

      
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    (c) The
      Company may request the undersigned to furnish the Company such information
      with
      respect to the undersigned and the undersigned’s proposed distribution of the
      Registrable Securities pursuant to the Registration Statement as the Company
      may
      from time to time reasonably request in writing or as shall be required by
      law
      or by the SEC in connection therewith, and the undersigned agrees to furnish
      the
      Company with such information.

     

    (d) Each
      of
      the Company and the Subscriber shall indemnify the other party hereto and their
      respective officers, directors, employees and agents against all claims, losses,
      damages and liabilities (or actions in respect thereof) arising out of or based
      on any untrue statement (or alleged untrue statement) by the indemnifying party
      of a material fact contained in any prospectus or other document (including
      any
      related registration statement, notification or the like) incident to any
      registration of the type described in this Section 5, or any omission (or
      alleged omission) by the indemnifying party to state in any such document a
      material fact required to be stated therein or necessary to make the statements
      therein not misleading, and shall reimburse such indemnified party for any
      legal
      and any other expenses reasonably incurred in connection with investigating
      and
      defending any such claim, loss, damage, liability or action; provided
      that no
      party will be eligible for indemnification hereunder to the extent that any
      such
      claim, loss, damage, liability or expense arises out of or is based on any
      untrue statement or omission based upon written information furnished by such
      party for use in connection with such registration.

     

    (e) In
      the
      event the Company receives a Rule 415 comment from the SEC pertaining to the
      shares included for registration, and determines that in connection with
      responding thereto removal of some of the shares for registration would be
      appropriate, the Company shall use the following order of cutback: first, shares
      of officers or directors; second, shares of existing shareholders; third, shares
      underlying the warrants issued to the placement agent; fourth, shares underlying
      the warrants issued to the investors in this Offering; and last, the shares
      issued to the investors in this Offering.

     

    6. Use
      of Proceeds

     

    The
      net
      proceeds of the Offering will be used in a manner consistent with the plan
      described in “Use of Proceeds” in the Memorandum. 

     

    7. Indemnity;
      Escrow Release

     

    (a) The
      undersigned agrees to indemnify and hold harmless the Company, the Placement
      Agent, the Escrow Agent and their respective officers and directors, employees,
      agents, sub-agents and affiliates and each other person, if any, who controls
      any of the foregoing, against any loss, liability, claim, damage and expense
      whatsoever (including, but not limited to, any and all expenses whatsoever
      reasonably incurred in investigating, preparing or defending against any
      litigation commenced or threatened or any claim whatsoever) arising out of
      or
      based upon any false representation or warranty by the undersigned, or the
      undersigned’s breach of, or failure to comply with, any covenant or agreement
      made by the undersigned herein or in any other document furnished by the
      undersigned to the Company, the Placement Agent, the Escrow Agent and their
      respective officers and directors, employees, agents, sub-agents and affiliates
      and each other person, if any, who controls any of the foregoing in connection
      with the Offering.

     

    (b) The
      Subscriber acknowledges that the Placement Agent may act on behalf of the
      Subscribers, solely for the sake of convenience, in connection with confirmation
      to the Escrow Agent that the Closing has occurred and thereby direct the Escrow
      Agent to disburse the Subscribers’ subscription funds held in escrow to the
      Company at such time. In doing so, however, the Placement Agent makes no
      representation or warranty to the Subscribers as to the satisfaction of all
      conditions precedent to the closing or with respect to any due diligence
      investigations concerning the Company, all of which shall be and remain the
      Subscriber’s own responsibility.

     

    
      
         

      

      
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    8. Conditions
      to Acceptance of Subscription

     

    The
      Company’s right to accept the subscription of the undersigned is conditioned
      upon satisfaction of the following conditions precedent on or before the date
      the Company accepts such subscription (any or all of which may be waived by
      the
      undersigned in his, her or its sole discretion):

     

    (a) On
      the
      Closing Date, no legal action, suit or proceeding shall be pending which seeks
      to restrain or prohibit the transactions contemplated by this
      Agreement.

     

    (b) The
      representations and warranties of the Company contained in this Agreement shall
      have been true and correct on the date of this Agreement and shall be true
      and
      correct on the Closing Date as if made on the Closing Date.

     

    9. Notices
      to Subscribers

     

    (a) THE
      SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES
      LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS
      FROM
      THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. THE
      SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, ANY STATE
      SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE
      FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR
      THE
      ACCURACY OR ADEQUACY OF THE MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY
      IS
      UNLAWFUL.

     

    (b) THE
      SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY
      NOT
      BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT, AND
      APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
      THEREFROM. SUBSCRIBERS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE
      FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF
      TIME.

     

    
      
        10.
          Miscellaneous
          Provisions

      

    

     

    (a) Modification.
      Neither
      this Agreement, nor any provisions hereof, shall be waived, modified, discharged
      or terminated except by an instrument in writing signed by the party against
      whom any waiver, modification, discharge or termination is sought.

     

    (b) Survival.
      The
      undersigned’s representations and warranties made in this Agreement shall
      survive the execution and delivery of this Agreement and the delivery of the
      Securities.

     

    (c) Notices.
      Any
      party may send any notice, request, demand, claim or other communication
      hereunder to the undersigned at the address set forth on the signature page
      of
      this Agreement or to the Company at the address set forth above using any means
      (including personal delivery, expedited courier, messenger service, fax,
      ordinary mail or electronic mail), but no such notice, request, demand, claim
      or
      other communication will be deemed to have been duly given unless and until
      it
      actually is received by the intended recipient. Any party may change the address
      to which notices, requests, demands, claims and other communications hereunder
      are to be delivered by giving the other parties written notice in the manner
      herein set forth.

     

    (d) Binding
      Effect.
      Except
      as otherwise provided herein, this Agreement shall be binding upon, and inure
      to
      the benefit of, the parties to this Agreement and their heirs, executors,
      administrators, successors, legal representatives and assigns. If the
      undersigned is more than one person or entity, the obligation of the undersigned
      shall be joint and several and the agreements, representations, warranties
      and
      acknowledgments contained herein shall be deemed to be made by, and be binding
      upon, each such person or entity and his or its heirs, executors,
      administrators, successors, legal representatives and assigns. This Agreement
      sets forth the entire agreement and understanding between the parties as to
      the
      subject matter thereof and merges and supersedes all prior discussions,
      agreements and understandings of any and every nature among them.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (e) Assignability.
      This
      Agreement is not transferable or assignable by the undersigned. This Agreement
      shall be transferable or assignable by the Company to a proposed publicly-traded
      successor company.

     

    (f) Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of California, without giving effect to conflicts of law
      principles.

     

    (g) Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument.

     

    11. U.S.A.
      Patriot Act Representations.

     

    (a) Subscriber
      represents, warrants and covenants that Subscriber: 

     

    (i)(a)
      is
      subscribing for the Securities for Subscriber’s own account, own risk and own
      beneficial interest, (b) is not acting as an agent, representative,
      intermediary, nominee or in a similar capacity for any other person or entity,
      nominee account or beneficial owner, whether a natural person or entity (each
      such natural person or entity, an “Underlying Beneficial Owner”) and no
      Underlying Beneficial Owner will have a beneficial or economic interest in
      the
      Securities being purchased by Subscriber (whether directly or indirectly,
      including without limitation, through any option, swap, forward or any other
      hedging or derivative transaction), (c) if it is an entity, including, without
      limitation, a fund-of-funds, trust, pension plan or any other entity that is
      not
      a natural person (each, an “Entity”), has carried out thorough due diligence as
      to and established the identities of such Entity’s investors, directors,
      officers, trustees, beneficiaries and grantors (to the extent applicable, each
      a
“Related Person” of such Entity), holds the evidence of such identities, will
      maintain all such evidence for at least five years from the date of Subscriber’s
      resale or other disposition of all the Common Stock underlying the Securities
      and Warrants, will request such additional information as the Company may
      require to verify such identities as may be required by applicable law, and
      will
      make such information available to the Company upon its request, and (d) does
      not have the intention or obligation to sell, pledge, distribute, assign or
      transfer all or a portion of the Common Stock and Warrants to any Underlying
      Beneficial Owner or any other person; or

    

    (ii)(a)
      is subscribing for the Securities as a record owner and will not have a
      beneficial ownership interest in the Securities, (b) is acting as an agent,
      representative, intermediary, nominee or in a similar capacity for one or more
      Underlying Beneficial Owners (as defined in (A)(i)(a) above), and understands
      and acknowledges that the representations, warranties and agreements made in
      this Agreement are made by Subscriber with respect to both Subscriber and the
      Underlying Beneficial Owner(s), (c) has all requisite power and authority from
      the Underlying Beneficial Owner(s) to execute and perform the obligations under
      the Subscription Agreement, (d) has carried out thorough due diligence as to
      and
      established the identities of all Underlying Beneficial Owners (and, if an
      Underlying Beneficial Owner is not a natural person, the identities of such
      Underlying Beneficial Owner’s Related Persons (to the extent applicable)), holds
      the evidence of such identities, will maintain all such evidence for at least
      five years from the date of Subscriber’s resale or other disposition of all the
      Common Stock and Warrants, and will make such information available to the
      Company upon its request and (e) does not have the intention or obligation
      to
      sell, pledge, distribute, assign or transfer all or a portion of the Common
      Stock and Warrants to any person other than the Underlying Beneficial
      Owner(s).

    

    (b) Subscriber
      hereby represents and warrants that the proposed investment in the Company
      that
      is being made on its own behalf or, if applicable, on behalf of any Underlying
      Beneficial Owners does not directly or indirectly contravene United States
      federal, state, local or international laws or regulations applicable to
      Subscriber, including anti-money laundering laws (a “Prohibited
      Investment”).

    

    (c) Federal
      regulations and Executive Orders administered by the U.S. Treasury Department’s
      Office of Foreign Assets Control (“OFAC”) prohibit, among other things, the
      engagement in transactions with, and the provision of services to, certain
      foreign countries, territories, entities and individuals. The lists of OFAC
      prohibited countries, territories, persons and entities can be found on the
      OFAC
      website at www.treas.gov/ofac. Subscriber hereby represents and warrants that
      neither Subscriber nor, if applicable, any Underlying Beneficial Owner or
      Related Person, is a country, territory, person or entity named on an OFAC
      list,
      nor is Subscriber nor, if applicable, any Underlying Beneficial Owner or Related
      Person, a natural person or entity with whom dealings are prohibited under
      any
      OFAC regulations. 

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    (d) Subscriber
      represents and warrants that neither Subscriber nor, if applicable, any
      Underlying Beneficial Owner or Related Person, is a senior foreign political
      figure, or any immediate family member or close associate of a senior foreign
      political figure within the meaning of, and applicable guidance issued by the
      Department of the Treasury concerning, the U.S. Bank Secrecy Act (31 U.S.C.
      §5311 et seq.), as amended, and any regulations promulgated
      thereunder.

    

    (e) Subscriber
      agrees promptly to notify the Company should Subscriber become aware of any
      change in the information set forth in paragraphs (a) through (d). 

    

    (f) Subscriber
      agrees to indemnify and hold harmless the Company, its affiliates, their
      respective directors, officers, shareholders, employees, agents and
      representatives (each, an “Indemnitee”) from and against any and all losses,
      liabilities, damages, penalties, costs, fees and expenses (including legal
      fees
      and disbursements) (collectively, “Damages”) which may result, directly or
      indirectly, from Subscriber’s misrepresentations or misstatements contained
      herein or breaches hereof relating to paragraphs (a) through (d).

    

    (g) Subscriber
      understands and agrees that, notwithstanding anything to the contrary contained
      in any document (including any side letters or similar agreements), if,
      following Subscriber’s investment in the Company, it is discovered that the
      investment is or has become a Prohibited Investment, such investment may
      immediately be redeemed by the Company or otherwise be subject to the remedies
      required by law, and Subscriber shall have no claim against any Indemnitee
      for
      any form of Damages as a result of such forced redemption or other
      action.

    

    (h) Upon
      the
      written request from the Company, Subscriber agrees to provide all information
      to the Company to enable the Company to comply with all applicable anti-money
      laundering statutes, rules, regulations and policies, including any policies
      applicable to a portfolio investment held or proposed to be held by the Company.
      Subscriber understands and agrees that the Company may release confidential
      information about Subscriber and, if applicable, any Underlying Beneficial
      Owner(s) or Related Person(s) to any person, if the Company, in its sole
      discretion, determines that such disclosure is necessary to comply with
      applicable statutes, rules, regulations and policies.

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    ALL
      SUBSCRIBERS MUST COMPLETE THIS PAGE

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Agreement on the ____ day
      of
      ____________ 2006.

     

    

    
      	
              ________________________

            	
              x
                $1.00 for each Share

            	
              =
                $_____________________.

            
	
              Shares
                subscribed for

            	 	
               Aggregate
                Purchase Price

            

    

    

    The
      number of Warrants issuable will be equal to the number of Shares subscribed
      for
      divided by 2, without giving effect to any fractional warrants.

    

    Manner
      in
      which Title is to be held (Please Check One):

     

    
      	
              1.

            	
              ___

            	
              Individual

            	
              7.

            	
              ___

            	
              Trust/Estate/Pension
                or Profit sharing Plan

              Date
                Opened:______________

            
	
              2.

            	
              ___

            	
              Joint
                Tenants with Right of Survivorship

            	
              8.

            	
              ___

            	
              As
                a Custodian for

              ________________________________

              Under
                the Uniform Gift to Minors Act of the State of

              ________________________________

            
	
              3.

            	
              ___

            	
              Community
                Property

            	
              9.

            	
              ___

            	
              Married
                with Separate Property

            
	
              4.

            	
              ___

            	
              Tenants
                in Common

            	
              10.

            	
              ___

            	
              Keogh

            
	
              5.

            	
              ___

            	
              Corporation/Partnership/
                Limited Liability Company

            	
              11.

            	
              ___

            	
              Tenants
                by the Entirety

            
	
              6.

            	
              ___

            	
              IRA

            	 	 	 

    

     

    ALTERNATIVE
      DISTRIBUTION INFORMATION

     

    To
      direct
      distribution to a party other than the registered owner, complete the
      information below. YOU MUST COMPLETE THIS SECTION IF THIS IS AN IRA
      INVESTMENT.

     

    
      	
              Name
                of Firm (Bank, Brokerage, Custodian): 

            	 

    

     

    
      	
              Account
                Name: 

            	 

    

     

    
      	
              Account
                Number: 

            	 

    

     

    
      	
              Representative
                Name: 

            	 

    

     

    
      	
              Representative
                Phone Number: 

            	 

    

     

    
      	
              Address:
                

            	 

    

     

    
      	
              City,
                State, Zip: 

            	 

    

     

    IF
      MORE
      THAN ONE SUBSCRIBER, EACH SUBSCRIBER MUST SIGN.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

       

    

    EXECUTION
      BY NATURAL PERSONS

     

    
      	 

	
              Exact
                Name in Which Title is to be Held

            

    

     

    
      	 	 	 
	
              Name
                (Please Print)

            	 	
              Name
                of Additional Purchaser

            
	 	 	 
	 	 	 
	
              Residence:
                Number and Street

            	 	
              Address
                of Additional Purchaser

            
	 	 	 
	 	 	 
	
              City,
                State and Zip Code

            	 	
              City,
                State and Zip Code

            
	 	 	 
	 	 	 
	
              Social
                Security Number

            	 	
              Social
                Security Number

            
	 	 	 
	 	 	 
	
              Telephone
                Number 

            	 	
              Telephone
                Number

            
	 	 	 
	 	 	 
	
              Fax
                Number (if available)

            	 	
              Fax
                Number (if available)

            
	 	 	 
	 	 	 
	
              E-Mail
                (if available) 

            	 	
              E-Mail
                (if available)

            
	 	 	 
	 	 	 
	
              (Signature)

            	 	
              (Signature
                of Additional Purchaser)

            

    

     

    ACCEPTED
      this ___ day of _________ 2006, on behalf of the Company.

    

    
      	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
              Title:

            
	 	 

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    EXECUTION
      BY SUBSCRIBER WHICH IS AN ENTITY

    (Corporation,
      Partnership, LLC, Trust, Etc.)

     

    
      	 
	
              Name
                of Entity (Please Print)

            

    

    

    
      	
              Date
                of Incorporation or Organization: 

            	 

    

    

    
      	
              State
                of Principal Office: 

            	 

    

    

    
      	
              Federal
                Taxpayer Identification Number:

            	 

    

    

    
      	 
	
              Office
                Address

            
	 
	 
	
              City,
                State and Zip Code

            
	 
	 
	
              Telephone
                Number

            
	 
	 
	
              Fax
                Number (if available)

            
	 
	 
	
              E-Mail
                (if available)

            

    

     

    
      
        
          	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
Name:
                  Title:

                
	 	 

 

      

    

    
      	[seal]	 	 	 
	 	 	 	 
	
              Attest:
                

            	 	 	
               

            
	 	
              (If
                Entity is a Corporation)

            	 	
            
	 	 	 	 
	 	 	 	 
	 	 	 	
              Address

            

    

    

    ACCEPTED
      this ____ day of __________ 2006, on behalf of the Company.

    
      

      
        	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
                Title:

              
	 	 

      

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    INVESTOR
      QUESTIONNAIRE

     

    Instructions:
      Check all boxes below which correctly describe you.

     

    
      	
              o

            	 	
              You
                are (i)
                a
                bank, as defined in Section 3(a)(2) of the Securities Act of 1933,
                as
                amended (the “Securities
                Act”),
                (ii)
                a
                savings and loan association or other institution, as defined in
                Section
                3(a)(5)(A) of the Securities Act, whether acting in an individual
                or
                fiduciary capacity, (iii)
                a
                broker or dealer registered pursuant to Section 15 of the Securities
                Exchange Act of 1934, as amended (the “Exchange
                Act”),
                (iv)
                an insurance company as defined in Section 2(13) of the Securities
                Act,
                (v)
                an investment company registered under the Investment Company Act
                of 1940,
                as amended (the “Investment
                Company Act”),
                (vi)
                a
                business development company as defined in Section 2(a)(48) of the
                Investment Company Act, (vii)
                a
                Small Business Investment Company licensed by the U.S. Small Business
                Administration under Section 301 (c) or (d) of the Small Business
                Investment Act of 1958, as amended, (viii)
                a
                plan established and maintained by a state, its political subdivisions,
                or
                an agency or instrumentality of a state or its political subdivisions,
                for
                the benefit of its employees and you have total assets in excess
                of
                $5,000,000, or (ix)
                an employee benefit plan within the meaning of the Employee Retirement
                Income Security Act of 1974, as amended (“ERISA”)
                and (1)
                the decision that you shall subscribe for and purchase the Securities,
                is
                made by a plan fiduciary, as defined in Section 3(21) of ERISA, which
                is
                either a bank, savings and loan association, insurance company, or
                registered investment adviser, (2) you have total assets in excess
                of
                $5,000,000 and the decision that you shall subscribe for and purchase
                the
                Securities is made solely by persons or entities that are accredited
                investors, as defined in Rule 501 of Regulation D promulgated under
                the
                Securities Act (“Regulation
                D”)
                or (3)
                you are a self-directed plan and the decision that you shall subscribe
                for
                and purchase the Securities is made solely by persons or entities
                that are
                accredited investors.

            
	 	 	 
	
              o

            	 	
              You
                are a private business development company as defined in Section
                202(a)(22) of the Investment Advisers Act of 1940, as
                amended.

            
	 	 	 
	
              o

            	 	
              You
                are an organization described in Section 501(c)(3) of the Internal
                Revenue
                Code of 1986, as amended (the “Code”),
                a corporation, Massachusetts or similar business trust or a partnership,
                in each case not formed for the specific purpose of making an investment
                in the Securities and with total assets in excess of
                $5,000,000.

            
	 	 	 
	
              o

            	 	
              You
                are a director or executive officer of Reprints Desk, Inc. or Derycz
                Scientific, Inc.

            
	 	 	 
	
              o

            	 	
              You
                are a natural person whose individual net worth, or joint net worth
                with
                your spouse, exceeds $1,000,000 at the time of your subscription
                for and
                purchase of the Securities.

            
	 	 	 
	
              o

            	 	
              You
                are a natural person who had an individual income in excess of $200,000
                in
                each of the two most recent years or joint income with your spouse
                in
                excess of $300,000 in each of the two most recent years, and who
                has a
                reasonable expectation of reaching the same income level in the current
                year.

            
	 	 	 
	
              o

            	 	
              You
                are a trust, with total assets in excess of $5,000,000, not formed
                for the
                specific purpose of acquiring the Securities, whose subscription
                for and
                purchase of the Securities is directed by a sophisticated person
                as
                described in Rule 506(b)(2)(ii) of Regulation D.

            
	 	 	 
	
              o

            	 	
              You
                are an entity in which all of the equity owners are persons or entities
                described in one of the preceding
                paragraphs.

            

    

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    Check
      all boxes below which correctly describe you.

     

    With
      respect to this investment in Securities of the Company, your:

     

    
      	
              Investment
                Objectives:  

            	
              x Aggressive
                Growth 

            	
              x Speculation

            	 
	
              Risk
                Tolerance:  

            	
              o Low
                Risk  

            	
              o Moderate
                Risk  

            	
              x High
                Risk 

            

    

     

    
      	
              Are
                you associated with a NASD Member Firm?  

            	
              o Yes 
                

            	
              o No

            

    

     

    Your
      initials (purchaser and co-purchaser, if applicable) are required for each
      item
      below:

     

    
      	
              ____

            	
              ____ 
                

            	
              I/We
                have received a copy of the offering Memorandum. 

            
	 	 	 
	
              ____ 

            	
              ____ 
                

            	
              I/We
                have reviewed the risk sections of the offering Memorandum. 

            
	 	 	 
	
              ____ 

            	
              ____ 
                

            	
              I/We
                understand that this investment is not guaranteed. 

            
	 	 	 
	
              ____ 

            	
              ____ 
                

            	
              I/We
                are aware that this investment is not liquid. 

            
	 	 	 
	
              ____ 

            	
              ____ 
                

            	
              I/We
                meet the suitability standards listed in the offering Memorandum. 

            
	 	 	 
	
              ____ 

            	
              ____ 
                

            	
              I/We
                are sophisticated in financial and business affairs and are able
                to evaluate the risks and merits of an  investment in
                this offering. 

            
	 	 	 
	
              ____ 

            	
              ____ 
                

            	
              I/We
                confirm that this investment is considered “high risk.” (This type of
                investment is considered high risk due to the inherent risks
                including lack
                of liquidity and lack of diversification.  Success or failure
                of private placements such as this is dependent on the corporate
                issuer
                of these
                securities and is outside the control of the investors. While potential
                loss is limited to the amount invested, such
                loss is possible.)

            

    

     

    The
      undersigned hereby represents and warrants that all of its answers to this
      Investor Questionnaire are true as of the date of its execution of the
      Subscription Agreement pursuant to which it purchased Securities of the
      Company.

     

    
      	 	 	 
	
              Name
                of Purchaser [please print]

            	 	
              Name
                of Co-Purchaser [please print]

            
	 	 	 
	 	 	 
	
              Signature
                of Purchaser (Entities please provide signature of Purchaser’s duly
                authorized signatory.)

            	 	
              Signature
                of Co-Purchaser

            
	 	 	 
	 	 	 
	
              Name
                of Signatory (Entities only)

            	 	 
	 	 	 
	 	 	 
	
              Title
                of Signatory (Entities only)

            	 	 

    

    

    
      
         

      

      
        14Exhibit
      10.33

     

     

    FIRST
      AMENDMENT TO CREDIT AGREEMENT AND WAIVER

     

    This
      FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”)
      dated
      as of February 26, 2008 (the “Effective
      Date”)
      is
      executed among ION
      GEOPHYSICAL CORPORATION,
      formerly known as Input/Output, Inc., a Delaware corporation (the “Borrower”),
      the
      Subsidiaries of the Borrower listed on the signature pages hereto as Guarantors,
      the banks and other financial institutions party hereto (the “Lenders”)
      and
CITIBANK,
      N.A.,
      as
      Administrative Agent (in such capacity, the “Administrative
      Agent”).
      

     

    INTRODUCTION

     

    A. WHEREAS,
      the Borrower (under the name “Input/Output, Inc.”), the Guarantors, the certain
      financial institutions, as lenders, and the Administrative Agent are parties
      to
      that certain Credit Agreement dated as of March 22, 2007 (as amended
      or modified prior to the date hereof, the “Credit
      Agreement”).

     

    B. WHEREAS,
      Borrower has now requested that the Administrative Agent and the Lenders modify
      the Credit Agreement and change certain terms thereof, and the Administrative
      Agent and the Lenders have agreed to do so; and

     

    C. WHEREAS,
      Borrower, Administrative Agent and the Lenders wish to execute this Amendment
      to
      evidence such agreement;

     

    THEREFORE,
      the Borrower, the Guarantors, the Lenders and the Administrative Agent hereby
      agree as follows:

     

    ARTICLE
      I
AMENDMENT

     

    SECTION
      1.1 Definitions.
      All capitalized terms used herein and not otherwise defined shall have the
      meanings given in the Credit Agreement.

     

    SECTION
      1.2 Amendment
      to Section 1.01. Section 1.01 of the Credit Agreement is hereby amended to
      include the following new definitions and to restate the definitions of “Fixed
      Charge Coverage Ratio” and “Total Funded Debt” as follows:

     

    “Domestic
      Fixed Charge Coverage Ratio”
means,
      at any date, the ratio of (i) Consolidated EBITDA of the Borrower and its
      Domestic Subsidiaries less the sum of: (A) cash income tax expense of the
      Borrower and its Domestic Subsidiaries, (B) non-financed Consolidated Capital
      Expenditures and (C) capitalized research and development costs of the Borrower
      and its Domestic Subsidiaries; to (ii) the (A) scheduled payments of lease
      payments of the Borrower and its Domestic Subsidiaries, (B) scheduled payments
      of principal of Indebtedness of the Borrower and its Domestic Subsidiaries,
      (C)
      Consolidated Interest Expense of the Borrower and its Domestic Subsidiaries
      actually paid and (D) dividends paid in cash by the Borrower, in each case
      for
      the period of four consecutive fiscal quarters most recently ended on or prior
      to such date for which financial information is available.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    “Domestic
      Leverage Ratio”
means,
      at any date, the ratio of (i) Domestic Total Funded Debt as such date to (ii)
      Consolidated EBITDA of the Borrower and its Domestic Subsidiaries for the four
      consecutive fiscal quarters most recently ended on or prior to such date for
      which financial information is available.

     

    “Domestic
      Total Funded Debt”
means
      all funded Consolidated Indebtedness of the Borrower and its Domestic
      Subsidiaries, plus Capital Lease Obligations of the Borrower and its Domestic
      Subsidiaries and issued letters of credit of the Borrower and its Domestic
      Subsidiaries.

     

    “Fixed
      Charge Coverage Ratio”
means,
      at any date, the ratio of (i) Consolidated EBITDA of the Borrower and its
      Subsidiaries less the sum of: (A) cash income tax expense of the Borrower and
      its Subsidiaries, (B) non-financed Consolidated Capital Expenditures and (C)
      capitalized research and development costs of the Borrower and its Subsidiaries;
      to (ii) the (A) scheduled payments of lease payments of the Borrower and
      its Subsidiaries, (B) scheduled payments of principal of Indebtedness of the
      Borrower and its Subsidiaries, (C) Consolidated Interest Expense of the Borrower
      and its Subsidiaries actually paid and (D) dividends paid by the Borrower in
      cash, in each case for the period of four consecutive fiscal quarters most
      recently ended on or prior to such date for which financial information is
      available.

     

    “Total
      Funded Debt”
means
      all Funded Consolidated Indebtedness of the Borrower and its Subsidiaries,
      plus
      Capital Lease Obligations of the Borrower and its Subsidiaries, plus issued
      letters of credit of the Borrower and its Subsidiaries.

     

    SECTION
      1.3 Amendment
      to Section 6.01. Section 6.01 of the Credit Agreement is hereby amended by
      deleting the word “and” at the end of the existing clause (o), replacing the
      period at the end of the existing clause (p) with “; and” and adding
      the following new section 6.01(q) at the end of Section 6.01:

     

    “(q)
      Indebtedness not to exceed $150,000,000 in the aggregate until the end of the
      Borrower’s 2008 fiscal year and not to exceed $135,000,000 in the aggregate
      thereafter owed by I/O International, Ltd., or ION International Sarl, a
      Luxembourg Person, to Borrower or any Domestic Subsidiary in connection with
      licensing agreements with respect to Intellectual Property, which Indebtedness
      may be evidenced by one or more promissory notes.
      For the avoidance of doubt, such Indebtedness shall not be a Receivable of
      Borrower or any Domestic Subsidiary.” 

     

    SECTION
      1.4 Amendment
      to Section 6.08. Section 6.08 of the Credit Agreement is hereby amended by
      adding the following new section 6.08(i) to the end of Section
      6.08:

     

    “(i) transactions
      between or among Affiliates of the Borrower permitted by
      Section 6.04;”

     

    SECTION
      1.5  Addition
      of Sections 6.17, 6.18 and 6.19. New Sections 6.17, 6.18 and 6.19 are hereby
      added to the Credit Agreement as follows:

     

    “Section
      6.17 Minimum Domestic Fixed Charge Coverage Ratio. 
      The Borrower shall not permit the Domestic Fixed Charge Coverage Ratio to be
      less than 1.50 to 1.0.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Section
      6.18 Maximum Domestic Leverage Ratio  The
      Borrower shall not permit the Domestic Leverage Ratio to exceed 1.5 to
      1.0.

     

    Section
      6.19 Domestic
      Asset Coverage Ratio.
      The
      Borrower shall not permit the ratio of (i) the book value of Receivables (to
      the
      extent earned by performance), plus cash on hand and Permitted Investments,
      plus
      inventory plus equipment, in each case, of the Borrower and its Domestic
      Subsidiaries to (ii) the aggregate Commitments of the Lenders to be less than
      1.75 to 1.0 at any time.”

     

    SECTION
      1.6  Waiver.
      For the avoidance of doubt, the Lenders hereby waive any breach prior to the
      date hereof, if any, of (a) Section 5.01(c) of the Credit Agreement caused
      by
      Borrower’s delivery on February 19, 2008, of the Borrowing Base Certificate and
      related calculations that was due on January 30, 2008; and (b) Section 6.01
      of
      the Credit Agreement caused by the existence prior to the date hereof of any
      Indebtedness (if any) of the type described in Section 1.3 above.

     

    ARTICLE
      II
MISCELLANEOUS

     

    SECTION
      2.1 Representations
      True; No Default. The Borrower and the Guarantors represent and warrant, as
      applicable, that:

     

    (a) This
      Amendment has been duly authorized, executed and delivered on their behalf
      and
      the Credit Agreement, together with each other Loan Documents to which the
      Borrower and each of the Guarantors is a party, constitute valid and legally
      binding agreements of the Borrower and the Guarantors enforceable in accordance
      with their terms, except as enforceability thereof may be limited by bankruptcy,
      insolvency, fraudulent conveyance, fraudulent transfer, reorganization or
      moratorium or other similar law relating to creditors’ rights and by general
      equitable principles which may limit the right to obtain equitable remedies
      (regardless of whether such enforceability is considered in a proceeding, in
      equity or at law);

     

    (b) After
      giving effect to this Amendment, the representations and warranties of the
      Borrower contained in Article
      III
      of the
      Credit Agreement are true and correct in all material respects on and as of
      the
      date hereof as though made on and as of the date hereof, except to the extent
      such representations and warranties relate solely to an earlier date;
      and

     

    (c) After
      giving effect to this Amendment, there has not occurred and is not continuing
      a
      Default or an Event of Default.

     

    SECTION
      2.2 Effectiveness.
      This Amendment shall become effective as of the Effective Date upon receipt
      by
      the Administrative Agent of executed signature pages hereof from the Borrower,
      the Guarantors and Lenders constituting at least the Required
      Lenders.

     

    SECTION
      2.3 Expenses,
      Additional Information. The Borrower shall pay to the Administrative Agent
      all
      reasonable expenses incurred in connection with the negotiation and execution
      of
      this Amendment. The Borrower and the Guarantors shall furnish to the
      Administrative Agent all such other documents, consents and information relating
      to the Borrower and the Guarantors as the Administrative Agent may reasonably
      require to accomplish the purposes hereof.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    SECTION
      2.4 Miscellaneous
      Provisions.

     

    (a) From
      and
      after the Effective Date of this Amendment, the Credit Agreement shall be deemed
      to be amended and modified as herein provided, and except as so amended and
      modified the Credit Agreement shall continue in full force and
      effect.

     

    (b) From
      and
      after the Effective Date of this Amendment, the Credit Agreement and this
      Amendment shall be read and construed as one and the same
      instrument.

     

    (c) From
      and
      after the Effective Date of this Amendment, any reference in any of the Loan
      Documents to the Credit Agreement shall be a reference to the Credit Agreement
      as amended by this Amendment.

     

    (d) This
      Amendment may be signed in any number of counterparts and by different parties
      in separate counterparts, each of which shall be deemed an original but all
      of
      which together shall constitute one and the same instrument.

     

    (e) The
      headings herein shall be accorded no significance in interpreting this
      Amendment.

     

    SECTION
      2.5 Binding
      Effect. As of the Effective Date of this Amendment, this Amendment shall be
      binding upon and inure to the benefit of the Borrower, the Guarantors,
      Administrative Agent and Lenders and the successors and assigns of the
      Administrative Agent and Lenders. The Borrower and the Guarantors shall not
      have
      the right to assign its rights hereunder or any interest herein.

     

    SECTION
      2.6 Choice
      of
      Law. THIS AMENDMENT
      SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
      OF
      NEW YORK, EXCEPT TO THE EXTENT THAT THE LAWS OF THE UNITED STATES OF AMERICA
      AND
      ANY RULES, REGULATIONS OR ORDERS ISSUED OR PROMULGATED THEREUNDER APPLICABLE
      TO
      THE AFFAIRS AND TRANSACTIONS OF THE LENDERS OTHERWISE PREEMPT NEW YORK LAW,
      IN
      WHICH EVENT SUCH FEDERAL LAW SHALL CONTROL.

     

     

    [Signature
      Page Follows]

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    EXECUTED
      to be effective as of the date first written above.

    
      	 	 	 
	 	BORROWER:
	 	 
	 	ION GEOPHYSICAL CORPORATION,
a Delaware
              corporation 
	 
 	 
 	 
 
	
            	By:  	/s/
              David L. Roland
	 	
              
Name:
              David L. Roland
	 	Title:
              Senior Vice President and General Counsel

    

    
       

      
        	 	 	 
	 	 	 
	 	GUARANTORS:
	 	 
	 	GMG/AXIS, Inc., a Delaware
                corporation
	 
 	 
 	 
 
	
              	By:  	/s/
                David L. Roland
	 	
                
Name:
                David L. Roland
	 	Title:
                Vice President and Director

      

      
         

        
          	 	 	 
	 	 	 
	 	GX
                  TECHNOLOGY
                  CORPORATION, a Texas corporation
	 	 
	 
 	 
 	 
 
	
                	By:  	/s/
                  David L. Roland
	 	
                  
Name:
                  David L. Roland
	 	Title:
                  Vice President and Director

        

      

    

    
       

      
        	 	 	 
	 	 	 
	 	BORROWER:
	 	 
	 	I/O EXPLORATION PRODUCTS (U.K.), Inc.,
a
                Delaware corporation 
	 
 	 
 	 
 
	
              	By:  	/s/
                David L. Roland
	 	
                
Name:
                David L. Roland
	 	Title:
                Vice President and Director

      

       

      

    

     

    [Signature
      Page]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      
        	 	 	 
	 	I/O
                EXPLORATION
                PRODUCTS (U.S.A.), Inc.,
a Delaware corporation
	 	 
	 
 	 
 	 
 
	
              	By:  	/s/
                David L. Roland
	 	
                
Name:
                David L. Roland
	 	Title:
                Vice President and Director

      

    

    
      
        	 	 	 
	 	 	 
	 	I/O
                MARINE
                SYSTEMS, INC., a Louisiana corporation
	 	 
	 
 	 
 	 
 
	
              	By:  	/s/
                David L. Roland
	 	
                
Name:
                David L. Roland
	 	Title:
                Vice President and Director

      

      
        
           

          
            	 	 	 
	 	 	 
	 	I/O
                    NEVADA, LLC, a
                    Delaware limited liability company
	 	 
	 
 	 
 	 
 
	
                  	By:  	/s/
                    Signed
	 	
                    
Name:
	 	Title:

          

        

        
           

        

      

    

    
      
        
          	 	 	 
	 	 	 
	 	I/O
                  TEXAS, LP, a
                  Delaware limited partnership
	 	 
	 	 	 
	
                	By:  	Input/Output,
                  Inc., a Delaware corporation, 
                  its
                    General Partner

                
	 	 	 
	 	 	 
	 	 	By:  /s/ David L.
                  Roland  
	 	
                  
                    

                  

                  Name:
                    David L. Roland

                
	 	Title:
                  Senior Vice President and General Counsel

        

      

      
        
          	 

          
             

            
              	 	 	 
	 	IPOP
                      MANAGEMENT,
                      INC., a Delaware corporation
	 	 
	 
 	 
 	 
 
	
                    	By:  	/s/
                      David L. Roland
	 	
                      
Name:
                      David L. Roland
	 	Title:
                      Vice President and Director

            

          

          
            
              	 

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
         

        
          	 	 	 
	 	ADMINISTRATIVE
                  AGENT AND LENDER:
	 	 
	 	CITIBANK, N.A
	 
 	 
 	 
 
	
                	By:  	/s/
                  Signed
	 	
                  
Name:

	 	Title:
                  

        

      

      
        
          	 

        

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        
           

          
            	 	 	 
	 	LENDERS:
	 	 
	 	WHITNEY NATIONAL BANK
	 
 	 
 	 
 
	
                  	By:  	/s/
                    Signed
	 	
                    
Name:

	 	Title:
                    

          

        

        
          
            	 

          

        

      

       

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
          
             

            
              	 	 	 
	 	PNC
                      BANK, NATIONAL
                      ASSOCIATION
	 	 
	 
 	 
 	 
 
	
                    	By:  	/s/
                      Signed
	 	
                      
Name:

	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]