Document:

Exhibit 10.03

 

BUILDABLOCK CORP. 

2012 EQUITY INCENTIVE PLAN 

 

STOCK OPTION GRANT NOTICE 

 

Buildablock Corp., a Florida corporation,
(the “Company”), pursuant to its 2012 Equity Incentive Plan, as amended from time to time (the “Plan”),
hereby grants to the holder listed below (“Participant”), an option to purchase the number of shares
of Common Stock set forth below (the “Option”). This Option is subject to all of the terms and conditions
set forth herein and in the Stock Option Agreement attached hereto as Exhibit A (the “Stock Option Agreement”)
and the Plan, each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan
shall have the same defined meanings in this Grant Notice and the Stock Option Agreement.

 

Participant:

 

Grant Date:

 

Exercise Price per Share:

 

Total Exercise Price:

 

Total Number of Shares

Subject to the Option:

 

Expiration Date:

 

Vesting Schedule:

 

Type of Option:             ̈    Incentive
Stock Option     ̈    Non-Qualified Stock
Option

 

By his or her signature and the Company’s signature below,
Participant agrees to be bound by the terms and conditions of the Plan, the Stock Option Agreement and this Grant Notice. Participant
has reviewed the Stock Option Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the
advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Stock Option
Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of
the Administrator upon any questions arising under the Plan, this Grant Notice or the Stock Option Agreement.

 

	BUILDABLOCK CORP.:	 	PARTICIPANT:
	 	 	 	 	 
	By:	 	 	By:	 
	Print Name:	 	 	Print Name:	 
	Title:	 	 	 	 
	Address:	 	 	Address:	 
	 	 	 	 	 

 

    	 

    	 

    

 

Exhibit 10.03

 

EXHIBIT A

 

TO STOCK OPTION GRANT NOTICE

 

STOCK OPTION AGREEMENT

 

Pursuant to the Stock Option Grant Notice
(the “Grant Notice”) to which this Stock Option Agreement (this “Agreement”)
is attached, Buildablock Corp., a Florida corporation (the “Company”), has granted to Participant an
option (the “Option”) to purchase the number of shares of the Company’s Common Stock, par value
$0.00001 per share (“Stock”), specified in the Grant Notice, upon the terms and conditions set forth
in the Buildablock Corp. 2012 Equity Incentive Plan, as such plan may be amended from time to time (the “Plan”),
the Grant Notice and this Agreement.

 

ARTICLE I

 

GENERAL

 

1.1 Defined Terms. Capitalized terms
not specifically defined herein shall have the meanings specified in the Grant Notice or, if not defined therein, the Plan.

 

1.2 Incorporation of Terms of Plan.
The Option is subject to the terms and conditions of the Plan which are incorporated herein by reference.

 

ARTICLE II

 

GRANT OF OPTION

 

2.1 Grant of Option. In consideration
of Participant’s agreement to remain in the service or employ of the Company or a Subsidiary and for other good and valuable
consideration, effective as of the “Grant Date” set forth in the Grant Notice (the “Grant Date”),
the Company irrevocably grants to Participant an Option to purchase any part or all of an aggregate of the number of shares of
Stock set forth in the Grant Notice, upon the terms and conditions set forth in the Plan, the Grant Notice and this Agreement,
subject to adjustment as provided in Section 12.3 of the Plan. Unless designated as an Incentive Stock Option in the Grant
Notice, the Option shall be a Non-Qualified Stock Option.

 

2.2 Exercise Price. The exercise
price of the shares of Stock subject to the Option shall be as set forth in the Grant Notice, without commission or other charge;
provided, however, that the exercise price per share of Stock subject to the Option shall not be less than 100% of
the Fair Market Value of a share of Stock on the Grant Date. Notwithstanding the foregoing, if this Option is designated as an
Incentive Stock Option and Participant owns (within the meaning of Section 424(d) of the Code) more than 10% of the total
combined voting power of all classes of stock of the Company or any Subsidiary Corporation or “parent corporation”
of the Company (as defined in Section 424(e) of the Code), the exercise price per share of Stock subject to the Option shall
not be less than 110% of the Fair Market Value of a share of Stock on the Grant Date (or the date the Option is modified, extended
or renewed for purposes of Section 424(h) of the Code).

 

2.3 Consideration to the Company; No
Employment Rights. In consideration of the grant of the Option by the Company, Participant agrees to render faithful and efficient
services to the Company or any Subsidiary. Nothing in the Plan or this Agreement shall confer upon Participant any right to continue
in the employ or service of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company
and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any
time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement
between the Company or a Subsidiary and Participant.

 

ARTICLE III

 

PERIOD OF EXERCISABILITY

 

3.1 Commencement of Exercisability.

 

(a) Subject to Sections 3.2, 3.3 and 3.4,
the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice.

 

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Exhibit 10.03

 

(b) No portion of the Option which has
not become vested and exercisable at the date of Participant’s Termination of Employment or Termination of Consultancy, as
applicable, shall thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set
forth in a written agreement between the Company and Participant.

 

3.2 Duration of Exercisability.
The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative. Each such installment which
becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and exercisable
until it becomes unexercisable under Section 3.3.

 

3.3 Expiration of Option. The Option
may not be exercised to any extent by anyone after the first to occur of the following events:

 

(a) The expiration of ten years following
the Grant Date;

 

(b) If this Option is designated as an Incentive Stock Option
and Participant owned (within the meaning of Section 424(d) of the Code), at the time the Option was granted, more than 10%
of the total combined voting power of all classes of stock of the Company or any Subsidiary Corporation or any “parent corporation”
of the Company (as defined in Section 424(e) of the Code), the expiration of five years from the Grant Date;

 

(c) The expiration of three months following
the date of Participant’s Termination of Employment or Termination of Consultancy, as applicable, unless such termination
occurs by reason of Participant’s death, Participant’s “permanent and total disability” (within the meaning
of Section 22(e)(3) of the Code) or Participant’s engagement in willful misconduct that injures the Company or any of
its Subsidiaries;

 

(d) The expiration of 12 months following
the date of Participant’s Termination of Employment or Termination of Consultancy, as applicable, by reason of Participant’s
death or Participant’s “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code);

 

(e) The date of Participant’s Termination
of Employment or Termination of Consultancy by the Company or Subsidiary by reason of Participant’s engagement in willful
misconduct that injures the Company or any of its Subsidiaries; or

 

Participant acknowledges that an Incentive
Stock Option exercised more than three months after Participant’s Termination of Employment, other than by reason of death
or Participant’s “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code),
will be taxed as a Non-Qualified Stock Option.

 

3.4 Acceleration of Exercisability.
The Option shall vest and become exercisable as to all shares of Stock covered thereby, notwithstanding that the Option may not
yet have become fully vested and exercisable under Section 3.1(a), as follows:

 

(a) immediately prior to (or such time
prior thereto as shall allow for the exercise thereof) a Change in Control as described in Section 1.6(c) of the Plan if the Option
shall not continue in effect or be assumed by the Successor Entity or its parent or subsidiary or substituted with an equivalent
replacement option by a Successor Entity or its parent or subsidiary in connection with such a Change in Control, and shall in
such case terminate upon the consummation of such a Change in Control;

 

(b) upon a Change in Control as described
in Section 1.6(d) of the Plan;

 

(c) upon a Termination of Employment within
one year following a Change in Control as described in Section 1.6(a) or (b) if such termination is by the Participant for "good
reason" or by the employer without "cause";

 

(d) upon a Termination of Employment within
one year following a Change in Control as described in Section 1.6(c) where the Option continues in effect or is assumed or substituted,
if such termination is by the Participant for "good reason" or by the employer without "cause."

 

For purposes of this Section 3.4, "cause"
shall mean (i) the willful and continued failure by the Participant to substantially perform his duties with the Company and its
subsidiaries (other than any such failure resulting from his incapacity due to physical or mental illness) after a written demand
for substantial performance is delivered to the Participant by the Company which demand specifically identifies the manner in which
the Company believes that the Participant has not substantially performed his duties, (ii) the willful engaging by the Participant
in conduct which is demonstrably and materially injurious to the Company or its subsidiaries, monetarily or otherwise, or (iii)
the Participant’s conviction of, or entering a plea of nolo contendere to, a felony. For purposes of clauses (i) and (ii),
no act or failure to act on the Participant’s part shall be deemed “willful” unless done, or omitted to be done,
by the Participant not in good faith or without reasonable belief that his action or omission was in the best interest of the Company
and its subsidiaries. For purposes of this Section 3.4, "good reason" shall mean (a) a material reduction or change in
the Participant’s employment duties or reporting responsibilities, (b) a reduction in the annual base salary made available
by the Company to the Participant from the annual base salary in effect immediately prior to a Change in Control, or (c) a material
diminution in the Participant’s status, working conditions (including a material change in Participant’s primary work
location of more than 50 miles) or other economic benefits from those in effect immediately prior to a Change in Control.

 

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Exhibit 10.03

 

3.5 Special Tax Consequences. Participant
acknowledges that, to the extent that the aggregate Fair Market Value (determined as of the time the Option is granted) of all
shares of Stock with respect to which Incentive Stock Options, including the Option, are exercisable for the first time by Participant
in any calendar year exceeds $100,000, the Option and such other options shall be Non-Qualified Stock Options to the extent necessary
to comply with the limitations imposed by Section 422(d) of the Code. Participant further acknowledges that the rule set forth
in the preceding sentence shall be applied by taking the Option and other “incentive stock options” into account in
the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder.

 

ARTICLE IV

 

EXERCISE OF OPTION

 

4.1 Person Eligible to Exercise.
Except as provided in Sections 5.2(b) and 5.2(c), during the lifetime of Participant, only Participant may exercise the Option
or any portion thereof. After the death of Participant, any exercisable portion of the Option may, prior to the time when the Option
becomes unexercisable under Section 3.3, be exercised by Participant’s personal representative or by any person empowered
to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution.

 

4.2 Partial Exercise. Any exercisable
portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior
to the time when the Option or portion thereof becomes unexercisable under Section 3.3; provided, however, that
each partial exercise shall be for not less than 100 shares (or, if less, the maximum number of shares for which the Option is
vested and exercisable at such time) and shall be for whole shares only.

 

4.3 Manner of Exercise. The Option,
or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the Company or the Secretary’s
office of all of the following prior to the time when the Option or such portion thereof becomes unexercisable under Section 3.3:

 

(a) Written evidence of exercise of the
Option or any portion thereof by Participant or any other person then entitled to exercise the Option or portion thereof, in such
form or forms deemed acceptable by the Company (including an exercise notification confirmation statement provided by a broker),
stating that the Option or portion thereof is thereby exercised, such written evidence complying with all applicable rules established
by the Administrator;

 

(b) The receipt by the Company of full
payment for the shares with respect to which the Option or portion thereof is exercised, including payment of any applicable withholding
tax, which may be in one or more of the forms of consideration permitted under Section 4.4;

 

(c) Such representations and documents
as the Administrator, in its discretion, deems necessary or advisable to effect compliance with all applicable provisions of the
Securities Act and any other federal, state or foreign securities laws or regulations. The Administrator may, in its discretion,
also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends
on share certificates and issuing stop-transfer orders to transfer agents and registrars; and

 

(d) In the event the Option or portion
thereof shall be exercised pursuant to Section 4.1 by any person or persons other than Participant, appropriate proof of the
right of such person or persons to exercise the Option.

 

4.4 Method of Payment. Payment of
the exercise price shall be by any of the following, or a combination thereof, at the election of Participant:

 

(a) cash;

 

(b) check;

 

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Exhibit 10.03

 

(c) to the extent permitted under applicable
laws, delivery of a notice that Participant has placed a market sell order with a broker with respect to shares of Stock then issuable
upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale
to the Company in satisfaction of the aggregate exercise price; provided, that payment of such proceeds is then made to
the Company upon settlement of such sale;

 

(d) with the consent of the Administrator,
through the delivery of shares of Stock which have been owned by Participant for at least six months, duly endorsed for transfer
to the Company with a Fair Market Value on the date of exercise equal to the aggregate exercise price of the Option or exercised
portion thereof; or

 

(e) any combination of the foregoing.

 

4.5 Conditions to Issuance of Shares.
The shares of Stock deliverable upon the exercise of the Option, or any portion thereof, may be either previously authorized but
unissued shares or issued shares which have then been reacquired by the Company. Such shares shall be fully paid and nonassessable.
The Company shall not be required to issue or deliver any shares of Stock purchased upon the exercise of the Option or portion
thereof prior to fulfillment of all of the following conditions:

 

(a) The admission of such shares to listing
on all stock exchanges on which such Stock is then listed;

 

(b) The completion of any registration
or other qualification of such shares under any federal, state or foreign law or under rulings or regulations promulgated by the
Securities and Exchange Commission or any other governmental regulatory body, which the Administrator shall, in its discretion,
deem necessary or advisable;

 

(c) The obtaining of any approval or other
clearance from any federal, state or foreign governmental agency which the Administrator shall, in its discretion, determine to
be necessary or advisable;

 

(d) The receipt by the Company of full
payment for such shares, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration
permitted under Section 4.4;

 

(e) Unless a Registration Statement under
the Securities Act is in effect with respect to the shares of Stock to be issued, the receipt of a written representation of Participant
that the shares of Stock are being acquired by Participant for investment and with no present intention of selling or transferring
them and that Participant will not sell or otherwise transfer the shares except in compliance with all applicable securities laws;
and

 

(f) The lapse of such reasonable period
of time following the exercise of the Option and the satisfaction of all other conditions to issuance as the Administrator may
from time to time establish for reasons of administrative convenience.

 

4.6 Rights as Stockholder. The holder
of the Option shall not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any shares
purchasable upon the exercise of any part of the Option unless and until such shares shall have been issued by the Company to such
holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).
No adjustment will be made for a dividend or other right for which the record date is prior to the date the shares are issued,
except as provided in Section 12.3 of the Plan.

 

ARTICLE V

 

OTHER PROVISIONS

 

5.1 Administration. The Administrator
shall have the power to (a) interpret the Plan and this Agreement, (b) adopt such rules for the administration, interpretation
and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules and (c) amend this
Agreement, subject to Section 5.9. All actions taken and all interpretations and determinations made by the Administrator
in good faith shall be binding, conclusive and final upon Participant, the Company and all other interested persons. No member
of the Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect
to the Plan, this Agreement or the Option. In its discretion, the Board may at any time and from time to time exercise any and
all rights and duties of the Administrator under the Plan.

 

5.2 Option Not Transferable.

 

(a) Subject to Section 5.2(b), the
Option may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution.
Neither the Option nor any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of
Participant or Participant’s successors in interest or shall be subject to sale or other disposition by transfer, alienation,
anticipation, pledge, encumbrance, assignment or any other means whether such sale or other disposition be voluntary or involuntary
or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempted sale or other disposition thereof shall be null and void and of no effect, except to the extent that such sale
or other disposition is permitted by the preceding sentence.

 

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Exhibit 10.03

 

(b) Notwithstanding any other provision
in this Agreement, with the consent of the Administrator and to the extent the Option is not intended to qualify as an Incentive
Stock Option, the Option may be transferred to one or more Permitted Transferees, subject to the terms and conditions set forth
in Section 12.1(b) of the Plan.

 

(c) Unless transferred to a Permitted
Transferee in accordance with Section 5.2(b), during the lifetime of Participant, only Participant may exercise the Option
or any portion thereof. Subject to such conditions and procedures as the Administrator may require, a Permitted Transferee may
exercise the Option or any portion thereof during Participant’s lifetime. After the death of Participant, any exercisable
portion of the Option may, prior to the time when the Option becomes unexercisable under Section 3.3, be exercised by Participant’s
personal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable
laws of descent and distribution.

 

5.3 Restrictive Legends and Stop-Transfer
Orders.

 

(a) The share certificate or certificates
evidencing the shares of Stock purchased hereunder shall be endorsed with any legends that may be required by any applicable federal,
state or foreign securities laws.

 

(b) Participant agrees that, in order
to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions
to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the
same effect in its own records.

 

(c) The Company shall not be required:
(i) to transfer on its books any shares of Stock that have been sold or otherwise transferred in violation of any of the provisions
of this Agreement, or (ii) to treat as owner of such shares of Stock or to accord the right to vote or pay dividends to any
purchaser or other transferee to whom such shares shall have been so transferred.

 

5.4 Shares to Be Reserved. The Company
shall at all times during the term of the Option reserve and keep available such number of shares of Stock as will be sufficient
to satisfy the requirements of this Agreement.

 

5.5 Notices. Any notice to be
given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the
Company at the address for the Company appearing on the Grant Notice, and any notice to be given to Participant shall be
addressed to Participant at the address appearing for the Participant on the Grant Notice or at the last known address for
Participant contained in the Company’s records. By a notice given pursuant to this Section 5.5, either party may
thereafter designate a different address for notices to be given to that party. Any notice which is required to be given to
Participant shall, if Participant is then deceased, be given to the person entitled to exercise Participant’s Option
pursuant to Section 4.1 by written notice under this Section 5.5. Any notice shall be deemed duly given when sent
via email or enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a
post office or branch post office regularly maintained by the United States Postal Service.

 

5.6 Titles. Titles are provided
herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 

5.7 Governing Law; Severability.
This Agreement shall be administered, interpreted and enforced under the laws of the State of Florida, without regard to the conflicts
of laws principles thereof. Should any provision of this Agreement be determined by a court of law to be illegal or unenforceable,
the other provisions shall nevertheless remain effective and shall remain enforceable.

 

5.8 Conformity to Securities Laws.
Participant acknowledges that the Plan is intended to conform to the extent necessary with all applicable federal, state and foreign
securities laws (including the Securities Act and the Exchange Act) and any and all regulations and rules promulgated thereunder
by the Securities and Exchange Commission or any other governmental regulatory body. Notwithstanding anything herein to the contrary,
the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to such laws,
rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent
necessary to conform to such laws, rules and regulations.

 

5.9 Amendments. This Agreement may
not be modified, amended or terminated, except by an instrument in writing, signed by a duly authorized representative of the Company
and, to the extent any such modification, amendment or termination may adversely affect the rights of Participant or such other
person as may be permitted to exercise the Option pursuant to Section 4.1, by Participant or such other person, except as
otherwise provided under the terms of the Plan.

 

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Exhibit 10.03

 

5.10 Successors and Assigns. The
Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the
benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 5.2,
this Agreement shall be binding upon Participant and Participant’s heirs, executors, administrators, successors and assigns.

 

5.11 Notification of Disposition.
If this Option is designated as an Incentive Stock Option, Participant shall give prompt notice to the Company of any disposition
or other transfer of any shares of Stock acquired under this Agreement if such disposition or transfer is made (a) within
two years from the Grant Date or (b) within one year after the transfer of such shares to Participant. Such notice shall specify
the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or
other consideration, by Participant in such disposition or other transfer.

 

5.12 Limitations Applicable to Section 16
Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of
the Exchange Act, the Plan, the Option and this Agreement shall be subject to any additional limitations set forth in any applicable
exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements
for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to
the extent necessary to conform to such applicable exemptive rule.

 

5.13 Entire Agreement. The Plan,
the Grant Notice (including all Exhibits thereto) and this Agreement constitute the entire agreement of the parties and supersede
in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof,
except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant.

 

5.14 Section 409A. This Option
is not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code
(together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation
any such regulations or other guidance that may be issued after the date hereof, “Section 409A”). However,
notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator determines
that the Option (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole
discretion (without any obligation to do so or to indemnify Participant or any other person for failure to do so) to adopt such
amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies
and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate
either for the Option to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.

 

5.15 Limitation on Participant’s
Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only
a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither
the Plan nor any underlying program, in and of itself, has any assets. Participant shall have only the rights of a general unsecured
creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no
greater than the right to receive the Stock as a general unsecured creditor with respect to options, as and when exercised pursuant
to the terms hereof.

 

    	A-6Exhibit 10.1

 

MASTER GEOPHYSICAL

DATA ACQUISITION AGREEMENT

 

 

  

This MASTER GEOPHYSICAL
DATA ACQUISITION AGREEMENT (the “Master Agreement” or “Agreement”) is entered into this 1st
day of June, 2012; between Armada Oil, Inc., having an office located at 10777 Westheimer Road, Suite 1100, Houston, Texas 77042
(hereinafter called “Company”) and Geokinetics USA, Inc. having an office at 1500 CityWest Blvd., Suite 800,
Houston, Texas 77042 (hereinafter called “Contractor”). Company and Contractor may each be referred to herein
as “Party” or collectively as “Parties”.

 

For and in consideration
of the mutual covenants and promises of the Parties herein set forth, the Parties do hereby agree as follows:

 

1.           NATURE
OF WORK

 

1.1         Contractor
shall conduct, for the benefit of Company, field geophysical data acquisition surveys (the “Surveys” or the
“Work”) and related services in search of subsurface geological formations and structures favorable to the accumulation
of oil, gas and mineral deposits underlying those land or marine areas designated, from time to time, by Client and accepted by
Contractor, all in accordance with the terms and conditions of this Agreement, and the applicable Supplemental Agreement.

 

1.2         Such
Survey(s) shall be conducted by one or more geophysical crews, as may be agreed upon by Contractor and Company, in such a manner
and subject to the terms and conditions as set forth herein and in the applicable Supplemental Agreement.

 

1.3         Nothing
herein shall require Company to contract with Contractor or Contractor to accept assignments from Company to conduct Survey(s),
except as may be agreed upon, from time to time, in an appropriate Supplemental Agreement.

 

2.          SUPPLEMENTAL
AGREEMENTS

 

2.1         (General)
Whenever Company requests, and Contractor agrees, to conduct a Survey on behalf of Company, Contractor and Company shall enter
into separate Supplemental Agreements for each separate Survey so undertaken, which Supplemental Agreements shall be consecutively
numbered for identification and shall provide the following:

 

		(a)	The area(s) (state, county/parish, etc.) where the Survey(s)
will be conducted (the “Area of Operations”).

		(b)	The approximate commencement date, if applicable, of the
Survey(s) (the “Commencement Date”).

		(c)	The approximate period of time or number of miles (or square
miles), if applicable, that will be required to complete the Survey(s).

		(d)	The type of Survey(s) to be conducted. The equipment, instruments,
personnel and other items (the “Crew”) which will be required for the Survey(s).

(e)          The
parameters and other technical aspects of the Survey(s) and/or the processing of the Data acquired thereby.

(f)           The
compensation to be paid Contractor for conducting the Survey(s) (the “Compensation”).

(g)          Any
other matters of a business, operational or technical nature as may be agreed by the Parties.

 

    	 

    	 

    

 

2.2          (Crew
Availability) It is recognized that difficulties in scheduling the activities of Contractor's geophysical crews may result
in overlap or conflicts which prevent Contractor from providing geophysical Crews to conduct a particular Survey designated by
Company at the time desired. Contractor shall make every reasonable effort to avoid such overlaps or conflicts in furnishing Company
a geophysical Crew for any designated Survey. In the event of any such conflict, however, Contractor shall notify Company promptly
after such Survey has been requested by Company that Contractor will be unable to conduct the Survey pursuant to Company’s
time schedule. There shall then be, if feasible, at the election of Company, an agreed alternate date between Company and Contractor
that shall be a firm date for commencement of the Survey by Contractor. If no such alternate date can be agreed upon, then Contractor
shall thereafter have no obligations hereunder in connection with not conducting said Survey.

 

2.3          (Incorporation
by Reference) Each Supplemental Agreement shall be incorporated herein by reference, and all terms and provisions of this Agreement
shall apply to each Supplemental Agreement unless, in any particular Supplemental Agreement, any of the terms and conditions hereof
are eliminated or modified for purposes of that Supplemental Agreement by specific reference to those terms and conditions hereof
to be eliminated or modified. Any Supplemental Agreement incorporated herein and subject, thereby, to the terms and conditions
hereof shall hereinafter be referred to as “Supplemental Agreement” or “Supplement.” This
Master Agreement and any applicable Supplemental Agreements may collectively be referred to as “this Agreement.”

 

2.4          (Conflicting
Terms) In the event of a conflict between any of the terms and conditions of this Master Agreement and those of any Supplemental
Agreement, the appropriate terms of this Agreement shall govern and control, unless specifically provided to the contrary in any
Supplemental Agreement, as provided above, or where a provision herein states that it is subject to or otherwise anticipates contrary
terms of a Supplement. The fact that additional terms or provisions appear in one or the other document shall not, in and of itself,
create a conflict.

 

3.           PERSONNEL,
EQUIPMENT AND SUPPLIES

 

3.1          (General)
The Contractor shall furnish, place in service and maintain, at its sole cost and expense, for the performance of Survey(s) hereunder,
the Crew more particularly described in Supplemental Agreements annexed hereto.

 

3.2          (Additional/Different
Personnel or Equipment) Changing operating conditions may require the Crew personnel and equipment set forth in said Supplemental
Agreements to be increased, reduced or changed or the Area of Operations or the parameters of the Survey changed. Accordingly,
Contractor shall, when authorized by Company, furnish such auxiliary or additional personnel, equipment, supplies and services
or make such other changes as may be required in connection therewith all as more particularly set forth and described in the Supplemental
Agreements or amendments thereto, which shall clearly set forth the additional compensation, if any, to be paid to the Contractor
as a result of such changes.

 

4.          CONDUCT
OF OPERATIONS

 

4.1          (Conduct
of Operations by Contractor) In conducting operations hereunder, Contractor shall use its best efforts to conduct all operations
hereunder in accordance with the terms and specifications of this Agreement (and those of the applicable Supplemental Agreement)
and in conformance with generally accepted practices of the geophysical data acquisition industry. In particular, Contractor agrees
that, in conducting operations under the terms hereof it will:

 

		(a)	Enter upon no lands in respect of which all necessary Land Entry Permits shall not have been first obtained, as provided in
Clause 5 below.

		(b)	Equip its Crew with instruments and equipment as specified in the Supplemental Agreement and maintain such equipment in good
operating condition and provide its Crew with qualified and experienced personnel.

		(c)	Perform all Survey(s) hereunder in an orderly, efficient and workmanlike manner in compliance with the terms of this Agreement
and each Supplemental Agreement and all applicable laws, ordinances, rules and regulations for the time being in force in every
state and locality wherein the Survey(s) hereunder is to be performed.

		(d)	Comply fully with the provisions of all worker’s compensation legislation, ordinances, rules and regulations in force
in every state wherein the Survey(s) is to be performed.

 

    	 

    	 

    

 

		(e)	Initiate all energy source units at a safe distance from water wells, buildings and other structures owned by third parties
for the purpose of avoiding, as far as reasonably possible and consistent with prudent geophysical operations, damage to such wells,
buildings and other structures.

		(f)	Attempt to minimize disturbance to the surface of the land and all crops and other vegetation thereon. Liability for any subsequent
requirements for erosional or pollution repair or prevention which has not been caused by the negligence or other fault of Contractor
shall rest solely with Company under Clauses 9.7 and 9.8 below, which liability shall survive the termination of this Agreement.

 

4.2         (Company’s
Obligations) Company agrees with Contractor that it will:

 

		(a)	Not require Contractor to do any matter, act or thing in the performance of the Survey(s) hereunder that is contrary to or
in violation of any law, ordinance, rule or regulation governing the subject matter of this Agreement.

		(b)	In the event Company is responsible, under the terms of any Supplemental Agreement, for obtaining Land Entry Permits (Clause
5 below) and/or the surveying, shot-hole drilling or other components of a Survey (whether such services will be provided by Company
or other contractors of Company), cause such services to be provided in a timely and competent manner and shall be responsible,
to the extent provided herein and in the Supplemental Agreement, for all costs, losses and liabilities related thereto.

		(c)	Designate, sufficiently in advance to permit orderly planning of the Survey by Contractor, each area to be surveyed and shall
furnish Contractor with all land and base maps, subsurface well data and all other information that may be necessary or helpful
to the conduct of the Survey(s), all of which shall be considered the property of Company to be held by Contractor confidential
as provided in Clause 8 below.

 

4.3         (Work
Time) Normal hours and days of work, time off and holidays to be observed shall be as provided in the applicable Supplemental
Agreements hereto or as otherwise agreed by the Parties.

 

4.4         (Progress
of the Work) Contractor shall keep Company fully informed on a timely basis of the progress of operations and results obtained
during the course of the Work hereunder and shall consult with Company’s Representative(s) concerning planning of the Work
and the seismic data collected. Progress reports shall be furnished by Contractor as provided in Clause 6 below.

 

4.5         (No
Liens)

 

		(a)	Contractor shall not allow any mechanic’s or materialmen’s liens or encumbrances to
become attached to any property of Company resulting from the Work performed by Contractor hereunder. Likewise, Contractor shall
be solely responsible for, and shall promptly pay, when due, all obligations for labor and material supplied by third parties for
Work to be performed hereunder and shall indemnify and save Company harmless from and against any and all claims, liens, security
interests or other encumbrances on or against Company property on account of labor performed or materials furnished to Contractor
by its subcontractors, suppliers and vendors for such Work; provided, however, that Contractor shall not be required to make payment
of any such claim where a bona fide dispute with regard thereto exists between Contractor and its vendors or suppliers. Contractor
shall provide Company with recordable Releases for all such claims and liens so satisfied.

 

		(b)	Company may, if it so elects, pay or discharge any such lien or encumbrance and may thereupon deduct
the amount or amount so paid by Company from any sums been due or which thereafter shall become due to Contractor under the terms
hereof; provided, however, that prior to discharging any such lien or encumbrance, Company will consult with Contractor in order
to determine whether or not there is a bona fide dispute between Contractor and its supplier or subcontractor concerning the claim
underlying the lien or encumbrance. If such a bona fide dispute does exist, Company shall delay discharging the affected lien or
encumbrance until the matter is resolved.

 

    	 

    	 

    

 

4.6         (Title
to Data) Except as provided elsewhere in this Agreement or in any Supplemental Agreement, title to all Data shall pass to Company
when acquired by Contractor and Contractor shall deliver all Data to Company retaining no copies thereof. Contractor shall deliver
to Company or, if so required in writing by Company, Contractor shall destroy any or all records, maps, reports or other information
in Contractor's possession and which has been produced by the Work performed hereunder, upon the termination of this Agreement.

 

4.7         (Waiver
of Mineral Interest) Unless otherwise specifically provided for in this Agreement or any Supplemental Agreement hereto, Contractor,
for itself and its subcontractors and the officers, directors and employees thereof, hereby waives any right, title or interest
it may have in, and to any discovery of, hydrocarbon or other mineral deposits which may be made by reason for the Work performed
under the terms of this Agreement.

 

5.          PERMITS

 

5.1.        (General)
Unless Company assumes the permitting responsibility under Clause 5.3 below, Contractor shall, at Company's request and expense,
obtain such permits, licenses and clearances from land owners, mineral owners, appropriate governmental agencies, lessees, tenants,
and all other persons having permissible interests in the land or its subsurface minerals, in the Area of Operations, as may be
required in connection with all such Survey(s) to be performed by Contractor under this Agreement (the “Land Entry Permits”).
Company's cost shall include entry fees and damage payments as well as payments to governmental agents, their per diem, if any,
needed to secure such Land Entry Permits. Contractor will use its reasonable efforts to secure written Land Entry Permits from
the person or persons representing themselves to be owners or lessees of the areas involved. Contractor will not enter upon lands
where Land Entry Permits have not been obtained by it (or represented by Company as having been obtained by it) unless otherwise
directed, at Company’s sole risk and responsibility, by Company to do so.

 

5.2         (Permit
Fees) In the event it becomes necessary to pay for permission to enter upon any area connected with the Survey, Contractor
will notify Company of such area involved and the fees required in order to obtain the Land Entry Permits and will proceed with
the consent of Company’s Representative. Company will reimburse Contractor the cost of all such Permits unless otherwise
provided in the applicable Supplemental Agreement.

 

5.3         (Permits
Obtained by Company) In the event Company assumes the responsibility for obtaining or supervising the obtaining all or some
Land Entry Permits from owners or occupants of the land to be surveyed, or lessees of the minerals thereunder, either by utilizing
Company personnel or those of third party contractors (whether individuals, corporate or otherwise), Company shall have the obligations
set forth in Clause 9.6 below and Contractor shall not be responsible for any delays in its operations caused by (i) the inability
of Company to acquire any Permit on a timely basis or (ii) onerous provisions contained in such Permits which impede or adversely
affect the operations of Contractor hereunder. Contractor shall be compensated during any such delays at the standby rate set forth
in the applicable Supplement. If Company acquires Land Entry Permits, it will provide copies thereof to Contractor sufficiently
in advance of operations in order for Contractor to properly plan its operations.

 

6.          REPORTS

 

6.1         (Required
Reports) During the course of the Survey(s), Contractor shall furnish Company with such periodic production and progress reports
as provided in the applicable Supplemental Agreement or, if not so provided, as Company shall reasonably require, including such
reports as may be required by the various agencies of the federal, state and local authorities where the Survey is being performed.

 

6.2         (Contractor’s
Proprietary Information)    Contractor shall not be required to include in reports prepared for,
or information or Data supplied to Company hereunder, any data or information proprietary to Contractor, including, but not limited
to, that pertaining to its Equipment, methods or expertise.

 

6.3         (Access
to Data) Subject to Section 12 of this Master Agreement, Company shall at all times have complete access to all geophysical
records and such other data of Contractor relating to the Work and all such data and records shall, at the conclusion of the Work,
belong exclusively to Company, but shall be retained by the Contractor pending instructions to be issued by Company with regard
to the deposition thereof.

 

    	 

    	 

    

 

7.          WARRANTY

 

CONTRACTOR
MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS, OR IMPLIED, OR GUARANTEES OR RESULTS FROM USE OF THE EQUIPMENT, TAPES, OR DATA,
OR THE PERFORMANCE OF ANY SERVICES OR SURVEYS OR ANY REPORTS (COLLECTIVELY, “WORK”). TO THE MAXIMUM EXTENT PERMITTED
BY APPLICABLE LAW, CONTRACTOR HEREBY DISCLAIMS, DENIES, AND NEGATES, AND COMPANY HEREBY WAIVES ANY CLAIM OR CAUSE OF ACTION WHATSOEVER
BASED ON, ANY WARRANTIES OR REPRESNTATIONS WITH RESPECT TO THE WORK. CONTRACTOR’S EMPLOYEES WILL EXERCISE THEIR JUDGMENT
UNDER THE PREVAILING CONDITIONS AS THEY UNDERSTAND THEM. ANY RECOMMENDATION, INTERPRETATION, OPINION, OR REPORT BY CONTRACTOR OR
ITS EMPLOYEES IS BASED UPON UNDERSTANDINGS AS TO CONDITIONS AND UPON INFERENCE AND ASSUMPTIONS WHICH ARE SUBJECT TO ERROR, AND
WITH RESPECT TO WHICH SIMILARLY SITUATED ANALAYSES MAY DIFFER. ACCORDINGLY, CONTRACTOR CANNOT AND DOES NOT GUARANTEE OR WARRANT
THE RESULTS, ACCURACY, OR CORRECTNESS OF ANY SUCH RECOMMENDATION, INTERPRETATION, OPINION ARISING FROM THE WORK. ANY ACTION TAKEN
BY COMPANY BASED ON ANY OF THE WORK SHALL BE THEIR OWN RESPONSIBILITY AND AT THEIR OWN RISK. CONTRACTOR ASSUMES NO RESPONSIBILITY
AND MAKES NO WARRANTIES OR REPRESENTATIONS, INCLUDING WITHOUT LIMITATION ANY EXPRESS OR IMPLIED WARRANTIES OR MERCHANTABILITY,
CONDITION, DURABILITY, DESIGN, CAPACITY, OPERABILITY, ABSENCE OR REDHIBITORY DEFECTS, COMPLETENESS, SUITABILITY, FITNESS FOR ANY
PARTICULAR PURPOSE OR USE, UTILITY, PRODUCTIVITY, PROPER OPERATIONS, OR PROFITABLENESS OF ANY OF THE WORK.

 

8.          CONFIDENTIALITY

 

8.1         (Confidentiality
of Data) Contractor shall use its best efforts to safeguard (i) geophysical Data acquired from the Work performed hereunder,
(ii) information relating to the location of the Surveys and the type of Work performed and (iii) information supplied by Company
to Contractor which is not otherwise proprietary to Contractor. Contractor shall not divulge to anyone, other than Company, its
designated agents or employees, any such Data or information unless previously authorized by Company in writing. Contractor shall
further use its best efforts to cause its employees, agents and subcontractors to comply with this obligation of secrecy. Reciprocally,
Company shall observe the above secrecy obligation, insofar as it has access to and knowledge of the equipment, instruments, programs,
procedures, and the design and operation thereof, which are proprietary to Contractor.

 

8.2         (Confidentiality
Exceptions) The obligations of confidentiality and limited use contained in this Agreement shall not apply to information subject
to this Agreement which:

 

		(a)	At the time of disclosure to the receiving Party, was in the public domain as evidenced by written
publications;

 

		(b)	After disclosure to the receiving Party, became part of the public domain by written publication
through no fault of the receiving Party;

 

		(c)	At the time of disclosure to the receiving Party, was already in the possession of the receiving
Party as evidenced by written records, and was not acquired directly or indirectly from the disclosing Party;

 

		(d)	After disclosure to the receiving Party, the receiving Party acquired the information from a third
party having the right to convey the same, provided the receiving Party is not obligated to hold such information in confidence
by such third party;

 

		(e)	Is furnished to a third party by the disclosing Party without any restriction on the third party’s
rights to disclose such information; or

 

		(f)	Is authorized in writing by the disclosing Party to be released from the confidentiality and limited
use obligations herein;

 

    	 

    	 

    

 

		(g)	Is subsequently developed independently by an individual affiliated with Contractor or Company,
respectively, who had no access to the confidential information; or

 

(h)Is covered by
section 8.3 below.

 

8.3         (Government
Reporting) It is understood that it is the responsibility of Company and Contractor to comply with applicable laws, regulations,
rules, court or government agency order or stock exchange regulation or rule regarding the making of reports and disclosures to
appropriate governmental agencies of Data and information relating to the Work and Contractor shall promptly refer to Company for
appropriate action, including the seeking, at its sole cost, such protective action as it deems appropriate, any inquiry or request
received by it from any governmental agency respecting Data and information obtained under the terms thereof, and if Company shall
instruct Contractor not to comply with to any such inquiry or request, Company shall defend and indemnify Contractor against any
loss, damage, fine or penalty or other sanction received, incurred or suffered by Contractor in consequence of complying with such
instruction.

 

9           INDEMNITY

 

9.1         (General)
In order to allocate the respective responsibilities of Company and Contractor for liabilities arising out of personal injury or
property damage related to the Work, it is agreed as between Company and Contractor that certain responsibilities and liabilities
for personal injuries and property damage arising out of the performance of this Agreement should be allocated between them in
order to avoid protracted litigation between Company and Contractor, along with the associated legal expenses and so that insurance
or self-insurance may be arranged by each Party as necessary to protect them against these exposures to loss. The following sets
out the specifics of the agreements between Company and Contractor as to the allocation of such responsibilities and liabilities.

 

9.2         (Definitions)

 

		(a)	Claims- any and all losses, expenses, costs, damages, liabilities, claims, demands, liens, causes of action, suits, judgments,
settlements, regulatory proceedings, citations, orders, decrees, and taxes of any nature, kind or description (including without
limitation, reasonable attorney fees, court costs, fines, penalties, interest, clean up, remediation, debris removal, and well
control) that may be brought or asserted against an indemnitee by any person or legal entity whomsoever.

 

		(b)	Company Group shall include Company, its parent, subsidiaries, and affiliates, and its and their joint owners, co-lessees,
partners, joint venturers, lessors, contractors, and subcontractors, and entities with whom Company has entered a sharing agreement
or for whom Company is performing services, and the owners, shareholders, directors, officers, employees, agents, representatives,
and invitees of all the foregoing (but excluding any member of Contractor Group).

 

		(c)	Contractor Group shall include Geokinetics, its subsidiaries, and affiliates, and its and their joint owners, co-lessees, partners,
joint venturers, lessors, contractors, and subcontractors, and entities with whom Geokinetics has entered a sharing agreement or
for whom Geokinetics is performing services (excluding any member of the Company Group) and the owners, shareholders, directors,
officers, employees, agents, representatives, and invitees of all the foregoing.

 

9.3         (Contractor's
Personnel/Property) Contractor shall protect, indemnify, AND defend Company GROUP harmless from and against ANY AND all claims,
liabilities, demands, causes of action, judgments and settlements (including associated costs and reasonable attorneys fees), without
consideration of questions of negligence (other than wilLful misconduct of company) of the Parties, arising in favor of or asserted
by Contractor GROUP, on account of personal injury or death TO ANY MEMBER OF CONTRACTOR GROUP; or ANY AND ALL CLAIMS DIRECTLY OR
INDIRECTLY ARISING OUT OF ANY LOSS, HARM, INFRINGEMENT, DESTRUCTION, OR damage to property, EQUIPMENT OR INSTRUMENTS of Contractor
GROUP, whether caused by the sole, joint and/or concurrent, active or passive negligence, LATENT OR PATENT, OR PRE-EXISTING DEFECTS
OR CONDITIONS, fault or strict liability of company GROUP, the unseaworthiness of any vessel or any other cause or action whatsoever,
whether or not predating this agreement, AND EVEN THOUGH THE INDEMNITOR MAY BE PROTECTED FROM DIRECT SUIT BY STATE WORKERS’
COMPENSATION LAWS OR THE LONGSHORE AND HARBOR WORKERS COMPENSATION ACT OF THE UNITED STATES OR ANY OTHER WORKERS’ COMPENSATION
ACT OF THE UNITED STATES OR ANY OTHER WORKERS COMPENSATION LAWS AND INCLUDING ANY CLAIMS ARISING OUT OF INGRESS, EGRESS, LOADING
AND UNLOADING OF PERSONNEL OR CARGO. It is the intent hereof that Contractor GROUP shall indemnify and defend Company GROUP against
the negligence (other than wilLful misconduct) of Company GROUP for those matters described in the clause.

 

    	 

    	 

    

 

9.4         (Company's
Personnel/Property) Likewise, Company shall protect, indemnify, defend and save Contractor GROUP harmless from and against
all claims, liabilities, demands, causes of action, judgments and settlements (including associated costs and reasonable attorneys
fees), without consideration of questions of negligence (other than wilLful misconduct of contractor) of the Parties, arising in
favor of or asserted by Company GROUP on account of personal injury or death TO ANY MEMBER OF COMPANY GROUP; or ANY AND ALL CLAIMS
DIRECTLY OR INDIRECTLY ARISING OUT OF ANY LOSS, HARM, INFRINGEMENT, DESTRUCTION, OR damage to property EQUIPMENT OR INSTRUMENTS
of Company GROUP, whether caused by the sole, joint and/or concurrent, active or passive negligence, , LATENT OR PATENT, OR PRE-EXISTING
DEFECTS OR CONDITIONS, fault or strict liability of contractor GROUP, the unseaworthiness of any vessel or any other cause or action
whatsoever, whether or not predating this agreement. AND EVEN THOUGH THE INDEMNITOR MAY BE PROTECTED FROM DIRECT SUIT BY STATE
WORKERS’ COMPENSATION LAWS OR THE LONGSHORE AND HARBOR WORKERS COMPENSATION ACT OF THE UNITED STATES OR ANY OTHER WORKERS’
COMPENSATION ACT OF THE UNITED STATES OR ANY OTHER WORKERS COMPENSATION LAWS AND INCLUDING ANY CLAIMS ARISING OUT OF INGRESS, EGRESS,
LOADING AND UNLOADING OF PERSONNEL OR CARGO. It is the intent hereof that Company GROUP shall indemnify and defend Contractor GROUP
against the negligence (other than wilLful misconduct) of Contractor GROUP for those matter described in this clause.

 

9.5         (Subcontractors/Other
Contractors) Notwithstanding the provisions of Clauses 9.3 and 9.4 above, in the event of personal injury or property damage
sustained by subcontractors of Contractor Group or other third party contractors of Company Group operating on a Survey subject
hereto, and in the event it is determined that the Party with substantial and effective control over the claiming individual at
the time of the incident complained of was not contractually related to the contractor (of Company Group) or subcontractor (of
Contractor Group) with which such claiming individual was employed is otherwise engaged (or the entity asserting such claim was
not contractually so related), the liabilities of the Parties and their respective rights and obligations with respect to indemnifying
and defending the other Party as a consequence of such claim shall nevertheless be determined in accordance with Clause 9.6 below.

 

9.6         (Third
Party Personnel/Property)

 

		(a)	Contractor’ Liability- Contractor shall protect, indemnify, defend and save Company Group harmless from and against
all Claims arising from, connected with or under this Master Agreement or any applicable Supplement and arising in favor of or
asserted by Third Parties (defined for purposes of this Section as any person or entity not a member of either Contractor Group
or Company Group) on account of personal injury, death or damage to property of such third parties to the extent that any such
injury, death or damage is caused by the willful misconduct of Contractor Group.

 

    	 

    	 

    

 

		(b)	Company’s Liability- Except to the extent covered by Contractor’s indemnity
above, Company shall be liable for and hereby releases Contractor group from all liability for, and shall protect, defend, indemnify,
and hold Company Group harmless from and against, any and all claims directly or indirectly arising in favor of or asserted by
any third parties (defined for the purposes of this section as any person or entity nor a member of either Contractor Group or
Company Group) on account of personal injury, death or damage to property of, or any other liability to, such third parties whether
caused by the sole, joint and/or concurrent, active or passive negligence, latent or patent, or pre-existing defects or conditions,
fault or strict liability of Contractor Group, the unseaworthiness of any vessel or any other cause or action whatsoever, whether
or not predating this agreement, and even though the Indemnitor may be protected from direct suit by State Worker’s Compensation
Laws or the Longshore and Harbor Worker’s Compensation Act of the United States or any other Worker’s Compensation
Act or Law of the United States, including any claims arising out of ingress, egress, loading and unloading of personnel or cargo.
It is the intent hereof that Contrcator Group shall indemnify and defend Company Group against all negligence (other than the willful
misconduct) for those matters described in the clause.

 

9.7         (Routine
Land Damage) Notwithstanding the foregoing to the contrary, Company shall be solely responsible for and shall protect, indemnify,
defend and save Contractor Group harmless from and against any and all claims, liabilities, demands, causes of action, judgments
and settlements (including associated costs and reasonable attorneys’ fees) arising out of claimed damages to the land on
which Contractor Group has performed Work, as well as the crops, trees, grass and other flora and fauna thereon, water and irrigation
wells, houses and other structures thereon (collectively the “Land Damages”) where such claimed Land Damages result
from the non-negligent operations of Contractor Group in the performance of the Work subject to this Agreement and the applicable
Supplement. The foregoing obligations of defense and indemnity of Company Group shall not, however, be applicable in the event
and to the extent any such claimed Land Damages result from the willful misconduct of Contractor Group or which are otherwise not
in accordance with the terms of this Agreement or the applicable Supplement.

 

9.8         (Land
Restoration) Contractor agrees to leave all fences, gates and lands upon which Surveys are conducted, as near as possible,
in the same condition as when entered upon by Contractor. All holes drilled by Contractor (or its subcontractors) shall be filled
and left in a safe condition, so as to remove all hazard to persons or property, the latter to particularly include, but not be
limited to, livestock. In the event that any such holes thereafter require additional or remedial work after Contractor’s
crew has departed from the particular locality or after this Master Agreement (or the applicable Supplemental Agreement) is otherwise
terminated, Contractor agrees, upon Company's notification and request, to do such work, but in that event, Company shall reimburse
Contractor for the cost of its personnel and equipment employed in the performance of such work.

 

9.9         (The
Environment)

 

		(a)	Contractor’s Liability. Contractor shall be liable for, and hereby releases Company Group
from all liability for and shall protect, defend, indemnify and hold Company Group harmless from and against, any and all claims
for damage to the environment of whatsoever nature related to or arising from surface pollution or contamination (including control
and removal thereof) emanating from Contractor group’s vehicles while under its custody and control caused by any event arising
during the performance of the Services, whether caused by the sole, joint and/or concurrent, active or passive negligence, latent
or patent, or pre-existing defects or conditions, fault or strict liability of Contractor Group, the unseaworthiness of any vessel
or any other cause or action whatsoever, whether or not predating this agreement. It is the intent hereof that Contractor Group
shall indemnify and defend Company Group against all negligence (other than the willful misconduct) for those matters described
in the clause.

 

		(b)	Company’s Liability. Company shall be liable for, and hereby releases Contractor Group from
all liability for and shall protect, defend, indemnify and hold Contractor Group harmless from and against, any and all claims
from damage to the environment of whatsoever nature related to or arising from pollution or contamination emanating from any other
sources, including control and removal thereof, caused by any event arising during the performance of the services. Company shall
also indemnify Contractor Group from loss of or damage to any well, any geological formation, or reservoir beneath any well head
relating to or arising out of a blow-out, fire, explosion, or crater or control thereof or any other damage relating thereto. It
is the intent hereof that Company Group shall indemnify and defend Contractor Group against all negligence (other than the willful
misconduct) for those matters described herein.

    	 

    	 

    

 

9.10       (Minimum
Distances) Except as herein provided, Company will protect, defend and hold Contractor harmless from and against any and
all loss, damage, liability cost and expense arising out of claims for damage to the property of third parties arising out of the
operations of Contractor pursuant to this Agreement, unless such claims arise out of the negligence or the willful misconduct of
Contractor, its employees, subcontractors or their employees. Without limiting the generality of the foregoing, it is further agreed
that, unless otherwise instructed by Company, Contractor shall be deemed to be in full compliance with Contractor’s obligations
and duties hereunder regarding detonation of explosives by Contractor in the normal course of its operations when such detonations
are of no greater quantity and are detonated at no lesser distance from the objects as provided for in Exhibit “A”
attached hereto and made a part hereof. To the extent Contractor’s performance conforms with the foregoing, or Company’s
instructions, Company shall protect, defend, indemnify and hold harmless Contractor from and against all third party claims, liabilities,
demands, causes of action and judgments (including court costs and reasonable attorney’s fees) that occur as a result of
such shot points/vibrator stations, and this indemnification shall apply whether or not Contractor is claimed to be or is adjudicated
to be negligent by virtue of so locating such shot points/vibrator stations.

 

9.11       (Liability
Insurance) The indemnity obligation of the respective Parties, set forth above, shall be supported by liability insurance
provided by each Party in the amount of the lesser of (i) $1,000,000 or (ii) the maximum (minimum) amount authorized (required)
by applicable law.

 

9.12       (Permit
Liability)

 

		(a)	(General) Company shall protect, defend, indemnify and save Contractor harmless from and
against any claim by the owner or lessee of land and/or of a mineral interest in land on which Work is performed hereunder, which
claim is based upon any theory that (i) the operations of Contractor hereunder have depreciated the value of the minerals underlying
such land, (ii) mineral trespass, (iii) the wrongful taking, conversion or deprivation of subsurface and/or mineral information
or (iv) any similar theory of recovery (collectively “Trespass Claims”). However, the foregoing indemnification
of Company shall not apply and Company shall not be responsible for any Trespass Claims in any case and to the extent where (a)
Contractor is responsible for obtaining Land Entry Permits and (b) no required Land Entry Permits or defective or insufficient
Permits have been obtained by Contractor or in any case where such Trespass Claim arise from failure of Contractor to comply with
any conditions contained in Land Entry Permits obtained by it or by Company (and if obtained by Company, only in those cases where
such Permits are provided by Company to Contractor on a timely basis).

 

		(b)	(Permitting by Company) In the event and to the extent Company, either through its employees
or its contractors (other than Contractor), either (i) directly acquires or purports to acquire Land Entry Permits or (ii) directs
and supervises the activity of the personnel of Contractor or its subcontractors in obtaining Land Entry Permits, Company shall
thereupon assume full responsibility for any resulting Trespass Claims and shall fully and completely protect, defend, indemnify
and save Contractor harmless from and against all claims, demands, liabilities, causes of action, judgments and settlements (including
associated costs and reasonable attorneys’ fees) resulting from Trespass Claims arising therefrom. Contractor shall be fully
entitled to rely, in performing the Work, on any representations of or information given by Company or its Representatives to Contractor
or its subcontractors with regard to Land Entry Permits acquired or purported as having been acquired by or on behalf of Company.
The foregoing indemnity and defense obligation of Company shall not be applicable, however, if Contractor (i) operates on lands
not covered by permits obtained by or on behalf of Company (or represented by Company as having been obtained) or (ii) negligently
fails to observe conditions or restrictions contained in any such Permits, provided that same have been provided by Company to
Contractor sufficiently in advance of operations across the lands covered thereby.

 

    	 

    	 

    

 

9.13       (Tape
Responsibility) Contractor shall be responsible for the safekeeping of field tapes while such tapes are in the custody
of Contractor until such time as Contractor delivers said tapes to a representative of Company or places them in the possession
of a carrier designated by Company (or if Company does not so designate a carrier, any reputable carrier selected by Contractor)
for delivery to Company or a third party designated by Company. In the event of loss of or damage to any tapes for which Contractor
is responsible, as provided herein, Contractor's sole and only responsibility to Company shall be, at the option of Company, either
(i) reacquire the Data affected by such loss or damage or to (ii) refund (or grant credit) to Company for all Compensation paid
(or payable) to Contractor with respect to such Data so affected. Notwithstanding the foregoing, Contractor’s obligations
herein shall be fully satisfied in the event Contractor or Company has duplicate, undamaged copies of the affected Data and, if
Contractor has such duplicate tape, it promptly provides same to Company.

 

9.14       (Wages/Benefits)
Contractor shall be solely liable for the payment of (i) all wages and salaries earned by and payable to its employees as well
as for withholding and/or payment of all Social Security taxes, retirement pensions, benefits and annuities, now, or hereafter
imposed by the government of the U.S.A. or by any state or other political subdivision thereof and (ii) for benefits which are
now or hereafter offered by Contractor to its employees. Contractor shall indemnify and save Company, its officers and directors,
harmless from any claims, demands or liability for such wages, salaries or benefits, as well as for any withholding or Social Security
taxes, contributions or other benefits related thereto.

 

9.15       (Handling
of Claims)

 

(a)          (General)
In the event either Party hereto learns of any claim, liability, demand or cause of action relating to this Agreement or the performance
of it, said Party shall give written notice thereof as promptly as possible to the other Party. If indemnification is required
by any of the terms of this Agreement, the responsible Party shall defend the other and pay all settlements, judgments, costs,
including reasonable attorneys fees, and other expenses, whether related or unrelated, similar or dissimilar to the foregoing,
incident thereto. Each Party, if requested, agrees to cooperate with the other in any such defense, and the responsible Party shall
reimburse the other for all reasonable expenses incurred in connection therewith.

 

(b)          (Control
of Defense) The Party hereto providing indemnity to the other Party shall have the right to control the defense of any such
claim or lawsuit with attorneys selected by such Party or its insurers. However, the other Party shall have the right, at its sole
expense, to participate in the defense of such claim or lawsuit with legal counsel of its own selection.

 

9.16       (Company’s
Co-Venturers) In the event Company is in association with, is operator for or has some other contractual relationship with
other companies, individuals or others in connection with the Work to be performed hereunder, the above indemnifications extended
by Contractor to Company shall also extend to those parties, and their officers, directors and employees, to which Company is contractually
related.

 

9.17       (Consequential
Damages) neither Party hereto shall, notwithstanding the foregoing, be liable to the other Party for any special, incidental,
consequential or punitive damages arising, in any event, from the conduct of the Parties under the terms hereof, including without
limitation loss of revenue or profits.

 

10.         INSURANCE

 

10.1       (General)

 

The Contractor shall, at its sole cost,
maintain, so long as this Agreement remains in force, and cause its subcontractors to maintain, with one or more reputable insurance
companies, the following insurance:

 

		(a)	Worker’s compensation and/or employer’s liability insurance in compliance with the laws of all states in which
Survey(s) is to be performed or where Contractor’s personnel are hired covering all employees engaged by Contractor (or its
subcontractors) in such Survey(s).

 

		(b)	Automobile public liability insurance covering all vehicles performing Survey(s) hereunder, with limits of one million
Dollars ($1,000,000) for one or more persons injured or killed, or property damage incurred per occurrence, combined single
limit.

 

    	 

    	 

    

 

		(c)	Comprehensive public liability insurance covering
all operations hereunder with limits of one million Dollars ($1,000,000) for one or more persons injured or killed
in any one accident, and with property damage limits of one million Dollars ($1,000,000) per occurrence, combined
single limit.

 

		(d)	If aircraft are used in the operations hereunder, Aviation Liability Insurance covering all airplanes
and helicopters, whether non-owned, chartered, or hired and furnished by Contractor (or its subcontractors) and used in the operations
hereunder in an amount of not less than five million Dollars ($5,000,000) per occurrence combined single limit.

 

		(e)	If waterborne vessels are used in operations hereunder, hull and machinery insurance shall be maintained in an amount at least
equal to the market value of each vessel owned by Contractor and used in operations hereunder. In the event the vessel is time-chartered
by Contractor, then Contractor shall require the owner of the vessel to procure such insurance.

 

10.2       (Insurance
Certificates) Before any Survey(s) are commenced by Contractor hereunder, Contractor shall furnish to Company certificates
attesting the above insurance coverages to be in force and providing that Company will be given at least ten (10) days written
notice prior to cancellation, termination or significant modification thereof.

 

10.3       (Miscellaneous)
It is understood and agreed that Contractor's insurance coverage as detailed in the foregoing sections shall afford Company protection
and coverage with respect to those matters covered by specific indemnity agreements extended by Contractor elsewhere provided herein
and, except for workers compensation insurance, Company shall be named an additional insured Party under said policies but only
to the extent of the liabilities assumed by Contractor under the terms hereof. All insurance policies required by this Agreement
to be maintained by Contractor shall be endorsed whereby Contractor’s insurers shall waive their rights of subrogation against
Company, entities affiliated with Company and their respective insurers to the extent of the liabilities assumed herein by Contractor.
Any and all deductibles or retentions applicable to Contractor’s insurance coverages shall be assumed by Contractor at its
sole expense. Unless prohibited or limited by applicable law, insurance provided by the Parties in support of their respective
indemnity obligations set forth in Clause 8 above shall in no way serve to limit each such Party’s indemnity obligations.

 

10.4       (Subcontractors)
Contractor shall require, to the extent possible, that each of its subcontractors, if any, performing Work hereunder maintain such
insurance coverages as are required of Contractor.

 

11.         COMPLIANCE
WITH LAWS/HES

 

11.1       (Laws)
Contractor shall comply with all applicable laws, rules and regulations, both federal, state and local, applicable to any Survey
performed by Contractor hereunder, and shall also comply with, observe and abide by the Health, Environment and Safety standards
of any applicable governmental agency.

 

11.2       (Health,
Environment and Safety) Contractor will perform the Survey(s) applying the most current edition of either the IAGC Land Geophysical
Operations Safety Manual or the IAGC Marine Geophysical Operations Safety Manual, as applicable, as a minimum set of standards
supplemented by both Contractor and Company HES rules and work procedures. The more stringent of Company’s or Contractor’s
policy and standards shall apply. Company reserves the right to intervene and consult with Contractor in development of solutions
for hazards identified in execution of the Work. Contractor will equally apply HES standards to, and enforce compliance with all
such standards, by all subcontractors of any tier, and the agents, employees or other personnel under their control and will replace
at Contractor’s expense those who fail to comply.

 

11.3       (Accidents)
Contractor shall report all accidents to Company. In the event there is an accident involving damage to the property or injury
to the personnel of Contractor, Company or any third party, any environmental damage or any incidents involving media attention,
which arise out of, result from, or is in any way connected with Contractor’s Work under this Agreement, Contractor shall
immediately report all such incidents to Company’s Representative within twenty-four (24) hours after occurrence. In addition,
a copy of any written report which is required of Contractor by any governmental agency of such accident will be provided to Company’s
designated representative within seventy-two (72) hours of such accident. All Contractor reports shall contain factual information
only and will not contain opinion, speculation or supposition as to fault, liability or prevention. Company reserves the right
to participate in the investigation of any incident or accident resulting from the Work conducted pursuant to this Agreement.

 

    	 

    	 

    

 

12.         COMPANY
REPRESENTATIVE

 

Company shall designate
in writing a representative of Company (whether an employee of Company or a third party) to whom Contractor's Party Chief or other
representative may deliver reports and other confidential information developed from Survey(s) and from whom Contractor will receive
instructions related thereto (the “Company Representative” or “Representative”). Such Representative
shall have the right to be present during the conduct of the Survey(s). Contractor agrees to accept instructions in connection
with the operations hereunder within the scope of this Agreement and the applicable Supplement from such Company Representative.
All such instructions given by the Company Representative to Contractor which relate to the Work shall be binding on Company which
will not be entitled to thereafter disavow same.

 

13.         TAXES

 

13.1        (Equipment)
Contractor will be solely responsible for all taxes, duties, rates and assessments that may be levied in respect of any vehicles,
equipment, instruments or supplies furnished by Contractor in the performance of any Survey performed hereunder.

 

13.2        (Payroll)
Contractor will be solely responsible for all payroll taxes, unemployment insurance assessments, federal and/or pension contributions
and all other payroll deductions required to be made according to law in respect of the personnel of Contractor engaged in the
performance of any of the Survey hereunder.

 

13.3        (Income)
Contractor shall be solely responsible for any and all taxes assessed against it by the government of the U.S.A. or any state thereof
having jurisdiction, which taxes are assessed against Contractor as a result of compensation earned by Contractor hereunder and
Contractor shall protect, indemnify, defend and save Company harmless from and against any such tax assessments, as well as those
described in Clauses 13.1 and 13.2 above.

 

13.4        (Sales/Use)
Notwithstanding the foregoing, Contractor shall in no event be liable for sales, value added, use, gross receipts and similar taxes
and charges assessed by any applicable government agency, as a result of any Survey conducted by Contractor under the terms of
this Agreement, even though those taxes are generally measured by revenue or income of the Contractor, as such incidental taxes
are not usually considered as “income” or “profits” taxes as those terms are generally understood in the
geophysical industry. All such sales, value added, use and similar taxes and charges shall be for the account of Company and, if
paid by Contractor, shall be reimbursed by Company under applicable provisions hereof. Company acknowledges that Contractor’s
prices are exclusive of any sales tax or other taxes that Contractor is required by law to collect from Company. Contractor shall
not be responsible for any tax, interest or penalties due to any negligence, acts or omission on the part of Company Group and
the Company Group shall indemnify Contractor with respect to the same.

 

14.         COMPENSATION/CONTRACTOR’S
RIGHTS

 

14.1        (Fees)
The Company agrees to pay Contractor and Contractor agrees to accept payment for the Work to be performed hereunder at the applicable
rates set forth in the Supplemental Agreements.

 

14.2        (Payment)
Subject to contrary provision of any Supplement, the Contractor shall, on or before the fifth day of each month, render to Company
an itemized invoice showing the amount due for services rendered, reimbursable costs and charges incurred by Contractor on behalf
of Company hereunder during the preceding calendar month, such invoice to be accompanied in each case by supporting vouchers and
receipts. Except to the extent they are contested in good faith by Company, the Company shall, within thirty (30) days following
receipt of such invoice, remit payment of the undisputed portion of same in full in United States funds by check, bank draft or
money order (or bank/wire transfer) payable to Contractor at its offices (or bank account) set forth in Clause 22 or in the applicable
Supplemental Agreement.

 

    	 

    	 

    

 

14.3        (Late
Payment) If Company fails to pay any properly submitted and supported invoice, or portions thereof, of Contractor within the
said thirty (30) day period, the unpaid amount thereof shall (unless otherwise subject to bona fide dispute), at the option of
Contractor, bear interest until paid at a rate equal to one and one half percent (11/2%) or such lesser maximum rate allowed by
applicable law, per month until paid.

 

14.4        (Disputed
Invoices) In the event Company has a bona fide question concerning a Contractor invoice or a portion thereof, Company shall
give written notice thereof to Contractor specifying the reasons therefor within fifteen (15) days after receipt of such invoice
and thereafter the late payment charges provided above shall not apply to such invoice or portion thereof in question or dispute.
The Parties shall meet in an effort to answer such questions and to resolve such disputes as promptly as possible.

 

14.5        (Effect
of Payment) Payment of any Contractor invoice by Company shall not prejudice the right of Company to protest or dispute the
correctness of any invoice or any portion thereof before the expiration of the audit period (Clause 19 below) following the end
of the calendar month during which such statement was submitted. The passage of the audit period (Clause 19 below) without protest
shall conclusively establish its correctness.

 

14.6        (Right
to Withhold Data) Contractor shall have the option, exercisable at any time, to (i) retain possession of geophysical data (the
“Data”) acquired under the terms of this Master Agreement or any Supplemental Agreement hereto and, (ii) regardless
of any other provision of this Master Agreement to the contrary, not be required to deliver said Data to Company until such time
as all fees and other charges owed by Company to Contractor under the terms hereof (other than those which are subject to a bona
fide question or dispute) are paid in full.

 

14.7        (Security
Interest) In the event Contractor delivers said Data to Company prior to being paid in full for all monies due and owing by
Company to Contractor under the terms hereof, Contractor does hereby reserve, and Company does hereby grant to Contractor, a purchase
money security interest or lien in said Data, including the results of any processing, reprocessing and/or interpretation thereof,
and Company shall execute all such security agreements, financing statements and other documents as may be reasonably required
by Contractor to perfect such purchase money security interest or lien, pursuant to applicable law, in Contract. Company hereby
appoints Contractor as its agent to execute all such documents on behalf of Company, such appointment of Contractor being coupled
with an interest and therefore irrevocable. Upon being paid, in full, all sums due and owing Contractor under the terms hereof,
Contractor shall, upon request, immediately release any such security interest or lien which Contractor may have in said Data so
affected and shall thereafter have no further lien on, security interest in or other claim to such Data.

 

14.8        (Contractor
Ownership of Data) In the event and only in the event Contractor, is entitles, under the terms of the Master Service Agreement
or any Supplemental Agreement hereto, to (i) an ownership interest in the Data acquired under the terms hereof and/or (ii) the
right to share of the revenues received by Company or Contractor as the result of marketing such Data to others, Company agrees
to execute such documentation as is reasonably necessary to vest in Contractor such ownership and/or revenue-sharing rights as
and hereby appoints Contractor as the agent of Company to execute said documentation on behalf of Company, such appointment of
Contractor being coupled with an interest and therefore irrevocable.

 

14.9        (Data
Marketing) Also, and only if Contractor has the right to share in revenues generated by the marketing of the Data to others
and if Company becomes more than sixty (60) days in arrears in any payments due Contractor hereunder, Contractor may, at its election
and by giving written notice thereof to Company, assume the sole responsibility to market said Data on behalf of Company and Contractor.
In no event shall such Data be offered by Company to third parties for prices or terms of payment less or different from those
approved by Contractor, from time-to-time, in advance

 

14.10        (Audit
Rights) Company hereby grants to Contractor the right to audit the books and records of Company for purpose of verifying the
results of any marketing of the Data by Company to others in those cases and only those cases, where Contractor has either an ownership
interest in the Data or the right to share in the revenues generated in the marketing of said Data to others, but where the Company
has retained the right to perform all or a portion of such marketing.

 

    	 

    	 

    

 

15.         INTELLECTUAL
PROPERTY

 

15.1        Intellectual
Property means patents, registered trade marks, registered service marks, registered designs (including applications for any of
the foregoing), trademarks and service marks, logos, designs, copyright, design right, database right, confidential information,
trade secrets, inventions, discoveries, improvements, processes, formulae (whether or not reduced to writing and whether or not
capable of registration) and the right to legal protection thereof including the right to sue for damages and other remedies in
respect of any infringement thereof.

 

15.2        (Indemnity)
The Contractor shall, at its sole cost and expense, protect, defend, indemnify and save harmless Company from and against any and
all claims, demands and liabilities made against or incurred by Contractor and/or Company for the alleged infringement or misappropriation
by Contractor of any United States Letters Patent or patent rights held or licensed by Contractor or others which arise out of
the operations of Contractor under the terms hereof provided that (i) in the event such claim is received by or demand made upon
Company, Company notifies Contractor in writing of the receipt of the claim or demand or the filing of such proceeding within ten
(10) days after the receipt of notice of such claim, demand or service of process thereof, and (ii) Contractor is given complete
control of the defense of such proceedings, including the right to defend, settle and make adjustments in instruments, equipment,
methods, software or processes utilized by Contractor to perform the Work for the purpose of avoiding any such alleged infringement
or misappropriation, provided that such adjustments do not materially and adversely affect the quality of the Data acquired pursuant
hereto. Contractor’s obligation to indemnify and save harmless shall not apply in respect of any allegation of infringement
which arises directly or indirectly as a result of Contractor’s performing its obligations using any equipment, specifications,
data, documentation, information or Intellectual Property supplied by the Company or following any directions of the Company.

 

15.3        The
Company shall defend, indemnify and save harmless Contractor Group in respect of any claims by any third party relating to any
allegation of infringement of any Intellectual Property arising out of or in connection with the performance of the Services under
this Master Service Agreement or the use by the Contractor Group of any equipment, specifications, data, documentation, information
or Intellectual Property supplied by the Company or arising out of or in connection with the Contractor Group following any directions
of the Company.

 

15.4        (Infringement
Relief) If Contractor is prevented from performing any of its obligations hereunder by injunction or other legal proceedings
based upon any claims for alleged infringement or misappropriation of any United States Letters Patent or patent rights, or if
on account of claims of alleged patent infringement or misappropriation, Contractor shall discontinue its use of or change instruments,
equipment, methods, software or processes contemplated in this Agreement, Contractor shall, in every such event, be relieved from
performance of its obligations hereunder insofar as such nonperformance is the result of such alleged patent infringement or misappropriation
or any injunction or other legal proceeding. The Company shall be relieved of its obligation or make payment hereunder in respect
of any Survey(s) to the extent Contractor is unable to perform same by reason of the alleged patent infringement or misappropriation
claim.

 

15.5        (Rights
to Intellectual Property) The Parties expressly agree that all software programs, documents, materials and other work created,
developed or performed by Contractor in the course of performance of this Agreement, including, but not limited to, data, drawings,
reports, designs and working papers shall be and is the exclusive property of Contractor which shall have all rights, title and
interest therein including, but not limited to, patents, copyrights, trade secrets and any other proprietary rights. Contractor
will have no obligation under this Master Service Agreement or any Supplement to disclose to Company or any other person or entity
the substance of any equations, formulae, procedures, or other information which Contractor considers to be proprietary or is Contractor’s
Intellectual Property.

 

15.6        Except
as expressly stated in Clause 15.5, title to, copyright in, the right to possession of and free right of use of all things created
under or arising out of the performance of this Agreement exclusively for the purposes of the performance of the Services, including
but not limited to all Data (including that stored on computers), drawings, specifications, calculations, other documents, computer
tapes, discs and other essential recording matter, materials and work shall vest in the Company as soon as payment in full in respect
of the performance of the Services has been received.

 

    	 

    	 

    

 

16.        INDEPENDENT
CONTRACTOR

 

Nothing contained in this Agreement shall
be construed so as to constitute Contractor as a general agent or employee of Company, and the exclusive management, direction
and control of the employees of Contractor and its subcontractors and the Survey(s) to be conducted under the provisions hereof
shall, subject to the right of general supervision of Company’s Representative, always reside in Contractor, Company being
interested only in the results obtained. Company’s right to supervise shall include the right to request, for good cause
shown, the removal and replacement (at Contractor’s sole cost) of any of the personnel of Contractor or its subcontractors.
Company shall also have the right of prior approval before the transfer of any of Contractor’s key personnel assigned to
the Work.

 

17.        ASSIGNMENT
AND SUBCONTRACTS

 

17.1        (Subcontracts)
The Contractor may subcontract to any reputable subcontractor or subcontractors such portions of the Survey(s) to be performed
hereunder as is customary and usual in the performance of same, but Company shall in no way be held liable for payment of any monies
due to any such subcontractors. The Contractor shall, notwithstanding the subcontracting of any Survey(s) to be performed hereunder,
remain liable and responsible to Company for the proper performance of every portion of the Survey(s) subcontracted to others.

 

17.2        (Assignments)
Subject to Subclause 17.1 above, neither Party shall assign this Agreement in whole or in part without prior written consent of
the other Party except to a company which is affiliated to the assigning Party or where such assignment is the result of an operation
of law. An “affiliate” of a Party is defined as any company or other entity which is, either currently or resulting
from any future merger, acquisition or reorganization of the affected Party, (i) owned as to at least a 51% equity interest by
the affected Party, (ii) owns the affected Party as to at least a 51% equity interest or (iii) is under common ownership (as to
at least a 51% interest) with the affected Party.

 

17.3        (Right
to Pledge) Contractor reserves the right to pledge its receivables to be received under the terms hereof to the financial institution
which provides working capital financing to the Contractor. In the event Contractor so assigns its receivables, such financial
institution shall have no recourse against Company with regard thereto and Contractor shall defend and indemnify Company for any
loss resulting therefrom.

 

18.         FORCE
MAJEURE

 

Neither Contractor
nor Company shall be responsible for failure to perform the terms of this Agreement or any Supplemental Agreement (other than the
payment of money) when performance is hindered or prevented by strikes, lockouts, or other labor difficulty, war or acts of war,
riots or civil unrest, fire, storm, flood, earthquake, terrorism, acts of terrorism, vandalism, interference by any government
authority, disruption of the Services through the activities of any environmental lobbyists or third party direct action groups,
inclement weather that adversely affects Data recording operations or any other cause beyond the reasonable control of the affected
Party, whether or not similar to the matters herein enumerated (“Force Majeure”). Compensation shall be payable to
Contractor for work stoppages or delays due to Force Majeure at the applicable standby rate or such other rate, if any, as may
be set forth in the applicable Supplemental Agreement or as mutually agreed upon in writing by Company and Contractor for up to
fifteen (15) days; and if stoppage for such cause persists after said fifteen (15) day period (i) compensation shall be at a rate
agreed upon by Company and Contractor if Company requests Contractor to continue to stand by to resume operations; or (ii) Company
or Contractor may forthwith terminate this Agreement or the affected Supplemental Agreement by written notice to the other without
liability to the other, save for the payment of the Standby Rates (including as defined in the Supplement: recording Crew Non-Operating
Standby Rate, recording Crew Operating Standby Rate, and Survey crew Standby Rate) and any mobilization rate (if not previously
paid) and demobilization rate referred to in the applicable Supplemental and payment for that part of the Services performed up
to and including the date of actual termination.

 

    	 

    	 

    

 

19.         AUDIT

 

19.1        (Audit
Right) Contractor shall maintain full and complete records concerning invoices which are based on Contractor's costs or other
reimbursable billing basis in such manner and detail as to permit reasonable verification of all such charges made to Company.
Company shall have the right, at its sole cost, to audit such records at any reasonable time upon written request to Contractor
for a period of two (2) years from the date such costs were incurred. Items of Compensation stated in terms of fixed percentages
or fixed lump sums shall not be subject to audit under this clause. Any audit so conducted by Company hereunder shall be directed
solely to Contractor's records related only to Work performed hereunder for Company and Company payments and reimbursements related
thereto and shall not encompass Contractor's operations on behalf of any other client. Contractor shall provide reasonable assistance
and shall cooperate with Company in order to facilitate the timely performance of any audits provided for above. No such audit
shall pertain to any intellectual/property or trade secrets of Contractor or records or periods of time which have previously been
audited by Company.

 

19.2        (Audit
Results) Upon completion of any audit, Company shall pay Contractor any compensation due hereunder as shown by the audit. Any
amount by which the total payments made by Company to Contractor exceeds the amount due Contractor as shown by the audit shall
be promptly refunded to Company.

 

20.        CANCELLATION
FEES

 

In the event a Supplemental Agreement is
accepted and agreed to by the Parties and thereafter Company cancels such Supplement, then a cancellation fee shall be payable
to Contractor. The amount of such cancellation fee shall be calculated as follows and payable on the same monetary terms under
this Master Service Agreement or applicable Supplement: (a) If Contractor is unable to re-contract the crew and equipment in a
similar configuration (channel count and other equipment) for the same time period, the penalty shall be Contractor’s Standby
rate per hour starting from the time of cancellation and ending at the time Contractor would have finished the Services had Company
not canceled; or (b) if contractor is able to re-contract the crew and Equipment in a similar configuration (channel count and
other equipment), for the same time period, the cancellation fee shall be Contractor’s Standby rates (as defined in the Supplement)
per hour starting from the time of cancellation and ending at the time Contractor mobilizes the Crew and Equipment for another
company.

 

21.         TERM
AND RENEWAL

 

21.1        This
Master Agreement is effective from the day and year above written and will remain in effect until either Party terminates it by
giving the other thirty (30) days' advance written or electronically dispatched notice. However, if a Supplemental Agreement is
in effect when such notice is given, termination of the Master Agreement shall not be effective until the date of termination of
such Supplemental Agreement

 

21.2        Termination
of this Master Service Agreement and any Supplement shall not relieve Company of the obligation to pay for any Compensation due
to Contractor for Services rendered up to the time of termination.

 

22.        NOTICES

 

22.1        All
notices permitted or required to be given under the terms of this Agreement shall be in writing and shall be deemed effective upon
receipt if sent by air mail, registered or certified and return receipt requested, post prepaid, and addressed to the respective
parties hereto at their respective addresses shown below:

 

Contractor

Geokinetics USA, Inc.

Attn: Lynn Turner

1500 CityWest Blvd.,
Suite 800

Houston, Texas 77042

Telephone: (713) 850-7600

Fax: (713) 706-3749

 

    	 

    	 

    

 

Company

Armada Oil, Inc.

Attn: James J. Cerna

10777 Westheimer Road,
Suite 1100

Houston, Texas 77042

Telephone: (800) 676-1006

Fax:

 

or at such other address as shall be designated
in accordance with this Notice provision. Notices given by telex, telecopier, telefax, e-mail or other electronic means, or by
commercial courier/messenger service, shall also be effective upon receipt.

 

22.2        Either
Party may change its address for notice purposes at any time upon giving written notice specifying such new address and the effective
date of such address change to the other Party, as provided above.

 

23.         APPLICABLE
LAWS/DISPUTES

 

23.1.         (Applicable
Law) This Master Agreement and all Supplemental Agreements hereto shall be interpreted and construed in accordance with the
laws, both statutory and common law, of the State of Texas, excluding only those choice-of-law provisions which would require
the law of some other jurisdiction to be applicable.

 

23.2        (Resolution
of Disputes) All disputes between the Parties related to this Master Agreement or any Supplemental Agreement or the interpretation
thereof shall be resolved by negotiation and mutual agreement, if possible. If resolution of any such dispute is not so resolved
within thirty (30) days after it has arisen, and notice thereof has been given to the other Party, either Party may submit
the matter to the applicable State District Court, or other appropriate court, of the State of Texas or, if applicable,
a Federal District Court sitting in Harris County, State of Texas for final resolution, which court(s) shall have
exclusive jurisdiction of all matters concerning this Agreement. The Parties hereby waive all venue objections they may have to
the resolution of disputes in such courts.

 

24.         WAIVER

 

The rights herein given
to either Party hereto may be exercised from time to time, singularly or in combination, and the waiver of one or more of such
rights shall not be deemed to be a waiver of such rights in the future or of any one or more of the other rights which the exercising
Party may have. No waiver of any breach of a term, provision or condition of this Master Agreement or any Supplement by one Party
shall be deemed to have been made by the other Party, unless which waiver is expressed in writing and signed by an authorized representative
of such Party, and the failure of either Party to insist upon the strict performance of any term, provision or condition of this
Agreement or any Supplemental Agreement, or to exercise any option herein given, shall not be construed as a waiver or relinquishment
in the future of the same or any other term, provision, condition or option.

 

25.         DEFAULT

 

25.1        In
the event (i) either Party hereto, or the creditors of such Party, seek relief under any bankruptcy law, (ii) either Party should
become insolvent or make an assignment for the benefit of creditors or file a voluntary petition of bankruptcy or (iii) receivership
proceedings should be instituted against either Party, then the other Party shall have the right to terminate this Master Agreement,
and/or the appropriate Supplemental Agreement, immediately and without penalty.

 

25.2        In the event either party fails to comply
with any material term or provision hereof (any such action or condition being hereinafter referred to as “Default”),
the other Party may terminate this Master Agreement, or the appropriate Supplemental Agreement, at its option exercisable at any
time after twenty (20) days have elapsed after giving notice to the defaulting Party of such Default and the defaulting Party
has failed, during such period, to cure such Default or to commence such cure to the reasonable satisfaction of the other Party.

 

    	 

    	 

    

 

26.         SURVIVAL
OF TERMS

 

The termination of
this Agreement, or any Supplemental Agreement concluded in connection with this Agreement, shall not release the Parties from obligations
which, expressly or by their nature, survive the termination hereof beyond such termination. In particular, and as examples and
not by way of limitation, each Party shall remain, notwithstanding the termination hereof or of any Supplemental Agreement, bound
to their respective obligations arising under Clauses 5, 7, 8, 10, 12, 13, 17, 18 and 21 above.

 

27.         INUREMENT

 

Subject to Clause 16
above, this Master Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective successors
and assigns.

 

28.         ENTIRE
AGREEMENT/MODIFICATION

 

This Master Agreement
together with each Supplemental Agreement, as written, embodies the entire contract between the Parties hereto with respect to
the subject matter hereof and supersedes and replaces any previous agreement, oral or written, made and entered into between the
Parties hereto respecting the Survey(s) to be performed hereunder. No modification of this Master Agreement or any Supplemental
Agreement shall be valid unless in writing, referencing this Master Agreement or the applicable Supplemental Agreement and signed
by an authorized representative of both Parties.

 

29.         COUNTERPARTS

 

This Master Agreement
and any Supplemental Agreement may be executed in two (2) or more counterpart copies, each of which shall be deemed an original
and together they shall constitute one and the same instrument. Faxed or telecopied signature pages shall be deemed an original
provided that originally signed signature pages are exchanged timely.

 

IN WITNESS WHEREOF,
the Parties hereto have executed this Master Agreement as of the day and year first above written.

 

	COMPANY: 	 	CONTRACTOR:	 
	ARMADA OIL, INC.	 	GEOKINETICS USA, INC.	 
	 	 	 	 	 	 	 
	By:	 	 	By:	 	 	 
	 	 	 	 	 	 	 
	Name: 	 	 	Name: 	 	Lynn Turner	 
	 	 	 	 	 	 	 
	Title:	 	 	Title: 	 	Vice President, North America	 
	 	 	 	 	 	 	 
	Date: 	 	 	Date:	 	 	 

 

    	 

    	 

    

 

exhibit
“a”

 

ENERGY SOURCE OPERATING DISTANCE
CHART

 

COMMONLY USED AND ACCEPTED BY THE
GEOPHYSICAL INDUSTRY

  

	 	Explosives Energy Source 

Charge size shown in pounds	 	

Vibroseis
	 	 	 	 	 	 	 	 	 	 	 	 
	 	5 or under	 	6 to 10	 	11 to 20	 	21 to 40	 	41 to 100	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Pipeline less than 6” diameter	100’	 	140’	 	190’	 	230’	 	290’	 	300’
	 	 	 	 	 	 	 	 	 	 	 	 
	Pipeline 6” to 12” diameter	150’	 	215’	 	280’	 	350’	 	430’	 	300’
	 	 	 	 	 	 	 	 	 	 	 	 
	Pipeline greater than 12” diameter	200’	 	290’	 	380’	 	460’	 	580’	 	300’
	 	 	 	 	 	 	 	 	 	 	 	 
	Telephone line	40’	 	56’	 	76’	 	80’	 	115’	 	**
	 	 	 	 	 	 	 	 	 	 	 	 
	Railroad track or main paved highway	150’	 	215’	 	280’	 	350’	 	430’	 	**
	 	 	 	 	 	 	 	 	 	 	 	 
	Electric power line (shothole not to exceed 200’ depth)	TWO TIMES THE HOLE DEPTH
	 	 	 	 	 	 	 	 	 	 	 	 
	Water well, buildings, underground cistern	300’	 	430’	 	560’	 	700’	 	860’	 	300’

 

    	 

    	 

    

  

		Note:	Whenever energy sources are placed closer than these distances,
contractors and their clients may want to employ Peak Particle Monitoring.

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