Document:

EX-10.2

 Exhibit 10.2 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of July 27, 2016, by and among
SAExploration Holdings, Inc., a Delaware corporation (the “Company”), and each of the supporting holders listed on the signature pages hereto (the “Supporting Holders”) on behalf of themselves and the other Holders (as
defined below). 
 WHEREAS, the Company and certain former holders of the Company’s 10.000% Senior Secured Notes due 2019 (the
“Old Notes”) entered into a Restructuring Support Agreement dated as of June 13, 2016 (the “RSA”), which contemplated, among other things: (1) the issuance of shares of common stock of the Company
(“Common Stock”) to certain of such holders that acted as lenders and backstop providers (together, the “Senior Lenders”) under the Company’s new Term Loan and Security Agreement dated as of June 29, 2016
by and among the Company, as borrower, the guarantors named therein, the lenders from time to time party thereto, and Delaware Trust Company, as collateral agent and administrative agent (such shares, the “Loan Shares”); and
(2) the exchange of the Old Notes for the Company’s outstanding 10.000% Senior Secured Second Lien Notes due 2019 (the “New Notes”) and shares of the Common Stock in connection with the exchange offer (the
“Exchange Offer”) pursuant to the Company’s Exchange Offer Memorandum and Consent Solicitation Statement dated June 24, 2016 (such shares, the “Exchange Shares” and, together with the Loan Shares, the
“Shares”); 
 WHEREAS, the Company is issuing the Loan Shares to the Senior Lenders in connection with the RSA on
July 27, 2016 (the “Closing Date”); 
 WHEREAS, the Company is issuing the New Notes and Exchange Shares in exchange
for the Old Notes pursuant to the Exchange Offer on the Closing Date; and 
 WHEREAS, in connection with, and in consideration of, the
transactions contemplated by the RSA and Exchange Offer, the Company has agreed to provide resale registration rights with respect to the Registrable Securities (as hereinafter defined) as set forth in this Agreement to any recipient of Shares (each
a “Holder” and collectively, the “Holders”). 
 NOW THEREFORE, in consideration of the mutual covenants
and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the Parties hereby agree as follows: 

1. Definitions. As used in this Agreement, the following terms have the meanings indicated: 

“Affiliate” of any specified Person means any other person which, directly or indirectly, is in control of, is controlled by,
or is under common control with, such specified Person. For purposes of this definition, “control” of a Person means the power, direct or indirect, to direct or cause the direction of the management and policies of such Person, whether
through ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” has the meaning set forth in the recitals. 

 “Blackout Period” has the meaning set forth in Section 3(p). 

“Board” means the board of directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday or any other day on which banking institutions in the State of New
York are authorized or required to be closed. 
 “Closing Date” has the meaning set forth in the recitals 

“Commission” means the Securities and Exchange Commission or any other federal agency then administering the Securities Act or
Exchange Act. 
 “Common Stock” has the meaning set forth in the recitals. 

“Company” has the meaning set forth in the recitals. 

“Company Securities” means any equity interest of any class or series in the Company. 

“Effective Date” means the time and date that a Registration Statement is first declared effective by the Commission or
otherwise becomes effective. 
 “Effectiveness Period” has the meaning set forth in Section 2(a)(ii). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the
Commission promulgated thereunder. 
 “Exchange Offer” has the meaning set forth in the recitals. 

“FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Governmental Authority” means any United States federal, state, local (including county or municipal) or foreign
governmental, regulatory or administrative authority, agency, division, instrumentality, commission, court, judicial or arbitral body or any securities exchange or similar self-regulatory organization. 

“Holder” has the meaning set forth in the recitals. A Person shall cease to be a Holder hereunder at such time as it ceases to
hold any Registrable Securities. 
 “Holder Indemnified Persons” has the meaning set forth in Section 6(a). 

“Initiating Shelf Take-Down Holders” has the meaning set forth in Section 2(b)(i). 

“Losses” has the meaning set forth in Section 6(a). 

“Marketed Underwritten Shelf Take-Down” has the meaning set forth in Section 2(b)(ii). 

“Marketed Underwritten Shelf Take-Down Notice” has the meaning set forth in Section 2(b)(ii). 

  
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 “New Notes” has the meaning set forth in the recitals. 

“Old Notes” has the meaning set forth in the recitals. 

“Parties” has the meaning set forth in the recitals. 

“Person” means an individual, corporation, partnership, trust, incorporated or unincorporated association, joint venture,
limited liability company, joint stock company, estate, trust, government (or an agency or subdivision thereof) or other entity of any kind. 

“Piggyback Notice” has the meaning set forth in Section 2(c)(i). 

“Piggyback Registration” has the meaning set forth in Section 2(c)(i). 

“Proceeding” means any action, claim, suit, proceeding or investigation (including a preliminary investigation or partial
proceeding, such as a deposition) pending or, to the knowledge of the Company, to be threatened. 
 “Prospectus” means the
prospectus included in a Registration Statement (including a prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A, Rule 430B or
Rule 430C promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to such prospectus, including post-effective amendments, and all material incorporated by
reference or deemed to be incorporated by reference in such prospectus. 
 “Registrable Securities” means, collectively,
(i) the Shares received by the Holders, and (ii) any additional shares of Common Stock paid, issued or distributed in respect of any such Shares by way of a stock dividend or distribution, or in connection with a split or combination of
the Common Stock, and any security into which such Shares shall have been converted or exchanged in connection with a recapitalization, reorganization, reclassification, merger, consolidation, exchange, distribution or otherwise;
provided, however, that Registrable Securities shall not include: (i) any shares of Common Stock that have been registered under the Securities Act and disposed of pursuant to an effective Registration Statement or otherwise
transferred to a Person who is not entitled to the registration and other rights hereunder; (ii) any shares of Common Stock that have been sold or transferred by the Holder thereof pursuant to Rule 144 (or any similar provision then in
force under the Securities Act) and the transferee thereof does not receive “restricted securities” as defined in Rule 144; (iii) any shares of Common Stock that may be sold or transferred by the Holder thereof pursuant to
Rule 144 (or any similar provision then in force under the Securities Act) without volume or manner-of-sale restrictions thereunder; and (iv) any shares of Common Stock that cease to be outstanding (whether as a result of repurchase and
cancellation, conversion or otherwise). 
 “Registration” means a registration with the Commission of securities of the
Company under a Registration Statement. The term “Register” shall have a correlative meaning. 
 “Registration
Expenses” has the meaning set forth in Section 5. 

  
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 “Registration Statement” means a registration statement of the Company in the
form required to register the resale of the Registrable Securities under the Securities Act and other applicable law, and including any Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre- and
post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

“Representative” has the meaning set forth in Section 3(g)(i). 

“RSA” has the meaning set forth in the recitals. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended
from time to time. 
 “Rule 405” means Rule 405 promulgated by the Commission pursuant to the Securities Act, as
such rule may be amended from time to time. 
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to
the Securities Act, as such rule may be amended from time to time. 
 “Rule 424” means Rule 424 promulgated by the
Commission pursuant to the Securities Act, as such rule may be amended from time to time. 
 “Rule 430A” means
Rule 430A promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time. 

“Rule 430B” means Rule 430B promulgated by the Commission pursuant to the Securities Act, as such rule may be
amended from time to time. 
 “Rule 430C”means Rule 430C promulgated by the Commission pursuant to the Securities
Act, as such rule may be amended from time to time. 
 “Securities Act” means the Securities Act of 1933, as amended, and
the rules and regulations of the Commission promulgated thereunder. 
 “Selling Expenses” means all underwriting discounts,
selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder. 

“Senior Lenders” has the meaning set forth in the recitals. 

“Shares” has the meaning set forth in the recitals. 

“Shelf Take-Down” has the meaning set forth in Section 2(b)(i). 

“Shelf Registration” has the meaning set forth in Section 2(a)(i). 

“Shelf Registration Statement” means a Registration Statement of the Company filed with the Commission on Form S-3 (or
any successor form or other appropriate and permissible form under the Securities Act, including, without limitation, Form S-1) for an offering to be made on a continuous or delayed basis pursuant to Rule 415 (or any similar rule that may be
adopted by the Commission) covering the Registrable Securities. 

  
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 “Supporting Holders” has the meaning set forth in the recitals. 

“Suspension Period” has the meaning set forth in Section 3(q). 

“Trading Market” means the principal national securities exchange on which the Common Stock is then listed, if any. 

“Underwritten Offering” means an underwritten offering of Common Stock for cash (whether in connection with a Shelf Take-Down
or in connection with a public offering of Common Stock by the Company, a public offering of Common Stock by stockholders or both). 

“Underwritten Shelf Take-Down Notice” has the meaning set forth in Section 2(b)(i). 

Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or
neuter forms; (b) references to Sections refer to Sections of this Agreement; (c) the terms “include,” “includes,” “including” and words of like import shall be deemed to be followed by the words “without
limitation”; (d) the terms “hereof,” “herein” or “hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement; (e) unless the context otherwise requires, the term
“or” is not exclusive and shall have the inclusive meaning of “and/or”; (f) defined terms herein will apply equally to both the singular and plural forms and derivative forms of defined terms will have correlative meanings;
(g) references to any law or statute shall include all rules and regulations promulgated thereunder, and references to any law or statute shall be construed as including any legal and statutory provisions consolidating, amending, succeeding or
replacing the applicable law or statute; (h) references to any Person include such Person’s successors and permitted assigns; and (i) references to “days” are to calendar days unless otherwise indicated. 

2. Registration. 

(a) Shelf Registration Statement. 

(i) The Company shall use commercially reasonable efforts to prepare and file with the Commission a Shelf Registration
Statement within 15 days of the Closing Date (except if the Company is not then eligible to use Form S-3, in which case, within 60 days thereof) registering the offering and sale on a delayed or continuous basis pursuant to Rule 415 of all of
the Registrable Securities. The Shelf Registration Statement described in this Section 2(a)(i) shall relate to the offer and sale of the Registrable Securities by the Holders thereof from time to time in accordance with the methods of
distribution set forth in such Shelf Registration Statement and Rule 415 under the Securities Act (such Registration Statement, together with any Registration Statement to replace such Registration Statement upon expiration thereof, if any, is
referred to hereinafter as the “Shelf Registration”). Notwithstanding anything herein to the contrary, the Company shall have no obligation to register a Holder’s Registrable Securities if the Company has, at least 10
Business Days in advance of effectiveness, requested from the 

  
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Holder of such Registrable Securities information regarding such Holder that is required under the Securities Act to be included in the Shelf Registration and has not been provided with such
information within 5 Business Days. Subject to the terms of this Agreement, the Company shall use its commercially reasonable efforts to cause the Shelf Registration to be declared effective under the Securities Act as promptly as practicable after
the filing thereof, with a target effectiveness date with respect to a Shelf Registration on Form S-3 of October 15, 2016. The Company shall use its commercially reasonable efforts to address any comments from the Commission regarding the
Shelf Registration and to advocate with the Commission for the Registration of all Registrable Securities in accordance with applicable Commission rules and regulations. Notwithstanding the foregoing, if the Commission prevents the Company from
including any or all of the Registrable Securities on the Shelf Registration due to limitations on the use of Rule 415 of the Securities Act for the resale of the Registrable Securities by the Holders or otherwise, the Shelf Registration shall
Register the resale of a number of Registrable Securities which is equal to the maximum number of shares as is permitted by the Commission, and, subject to the provisions of this Section 2, the Company shall to use its commercially
reasonable efforts to promptly Register all remaining Registrable Securities as set forth in this Section 2(a)(i), whether by way of amending the Shelf Registration or filing a new Registration Statement (it being understood that the
Company is under no obligation to take any action with respect to any Registrable Securities that the Commission has informed the Company may not be registered). In such event, the number of Registrable Securities to be Registered for each
Holder in the Shelf Registration shall be reduced pro rata among all then-applicable Holders. The Company shall bear all Registration Expenses in connection with the Shelf Registration pursuant to this Section 2(a)(i), whether or not
such Shelf Registration becomes effective. 
 (ii) Except as provided herein, the Company shall use its commercially
reasonable efforts to keep the Shelf Registration filed pursuant to Section 2(a)(i) continuously effective under the Securities Act until the earliest of (i) the date as of which all Registrable Securities have been sold pursuant to
the Shelf Registration, (ii) the date on which this Agreement terminates under Section 8(k) with respect to all Holders and (iii) such shorter period as the Holders holdings at least 50% of the Registrable Securities with
respect to the Shelf Registration shall agree in writing (such period of effectiveness, the “Effectiveness Period”). Subject to Section 3(p), the Company shall use its commercially reasonable efforts to keep the Shelf
Registration effective during the Effectiveness Period for purposes of this Section 2(a)(ii) and shall not voluntarily and intentionally take any action or omit to take any action that would result in Holders not being able to offer and
sell any Registrable Securities pursuant to the Shelf Registration during the Effectiveness Period in accordance with the terms of this Agreement, unless such action or omission is (x) in connection with a Blackout Period permitted pursuant to
Section 3(p) or (y) required by applicable law, rule or regulation. 
 (iii) Notwithstanding any other
provisions of this Agreement to the contrary, the Company shall cause (i) the Shelf Registration (as of the effective date of such Shelf Registration), any amendment thereof (as of the effective date thereof) or supplement thereto (as of its
date), (A) to comply in all material respects with applicable 

  
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Commission form requirements and Commission rules and regulations and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein not misleading, and (ii) any related Prospectus (including any preliminary Prospectus) or free writing prospectus and any amendment thereof or supplement thereto, as of its date,
(A) to comply in all material respects with applicable Commission rules and regulations and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, the Company shall have no such obligations or liabilities with respect to any information pertaining to any
Holder furnished in writing to the Company by or on behalf of such Holder specifically for inclusion therein. 
 (b) Shelf
Take-Downs. 
 (i) An offering or sale of Registrable Securities pursuant to the Shelf Registration (each, a
“Shelf Take-Down”) may be initiated by Holders of at least an aggregate of 50% of the Registrable Securities (each, an “Initiating Shelf Take-Down Holders”) by written notice (an “Underwritten Shelf
Take-Down Notice”), which Shelf Take-Down shall be in the form of an Underwritten Offering, and the Company shall use its commercially reasonable efforts to amend or supplement the applicable Shelf Registration, if necessary, for such
purpose as soon as practicable; provided, however, that in no event shall (a) any Holder be entitled to join in more than two Underwritten Shelf Take-Down Notices or (b) the Company be required to effect more than one Shelf
Take-Down during any consecutive 90 day period. Subject to Section 2(b)(ii) below, such Initiating Shelf Take-Down Holders shall have the right to select the managing underwriter or underwriters to administer such offering, as
specified in Section 2(b)(ii) below, which managing underwriter or underwriters shall be reasonably acceptable to the Company. 

(ii) If the Underwritten Shelf Take-Down Notice provides that the offering will include a customary “road show”
(including an “electronic road show”) or other substantial marketing effort by the Company and the underwriters over a period expected to exceed 48 hours (a “Marketed Underwritten Shelf Take-Down”), promptly upon delivery
of such Underwritten Shelf Take-Down Notice (but in no event more than 3 Business Days thereafter), the Company shall promptly deliver a written notice (a “Marketed Underwritten Shelf Take-Down Notice”) of such Marketed Underwritten
Shelf Take-Down to all Holders (other than the Initiating Shelf Take-Down Holders), and the Company shall include in such Marketed Underwritten Shelf Take-Down all such Registrable Securities of such Holders that are Registered on the Shelf
Registration for which the Company has received written requests, which requests must specify the aggregate amount of such Registrable Securities of such Holder to be offered and sold pursuant to such Marketed Underwritten Shelf Take-Down, for
inclusion therein within 5 Business Days after the date that such Marketed Underwritten Shelf Take-Down Notice has been delivered; provided, that if the managing underwriter or underwriters of any proposed Marketed Underwritten Shelf
Take-Down informs the Holders that have 

  
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requested to participate in such Marketed Underwritten Shelf Take-Down in writing that, in its or their good-faith opinion, the number of Registrable Securities which such Holders intend to
include in such offering exceeds the number of Registrable Securities which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the
securities offered, then the Registrable Securities to be included in such Marketed Underwritten Shelf Take-Down shall be the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without
having such adverse effect in such Marketed Underwritten Shelf Take-Down, which number shall be allocated (i) first, to the Registrable Securities requested to be included in such Marketed Underwritten Shelf Take-Down by the Initiating
Shelf Take-Down Holders and (ii) second, to the Registrable Securities requested to be included in such Marketed Underwritten Shelf Take-Down by any Holder who is not one of the Initiating Shelf Take-Down Holders on a pro rata
basis. The Holders of a majority of the Registrable Securities to be included in any Marketed Underwritten Shelf Take-Down shall have the right to select the managing underwriter or underwriters to administer such offering, which managing
underwriter or underwriters shall be reasonably acceptable to the Company. No holder of securities of the Company shall be permitted to include such holder’s securities in any Marketed Underwritten Shelf Take-Down except for Holders who wish to
include Registrable Securities pursuant to this Section (2)(b)(ii). Notwithstanding anything herein to the contrary, if an Underwritten Shelf Take-Down Notice does not expressly specify that the plan of distribution for a Shelf Take-Down
shall include a customary road show or other substantial marketing efforts over a period expected to exceed 48 hours, the Company shall have no obligation to deliver a Marketed Underwritten Shelf Take-Down Notice to Holders. 

(c) Piggyback Registration. 

(i) If the Company shall at any time propose to conduct an Underwritten Offering of Common Stock for its own account or for
the account of any other Persons (excluding an offering relating solely to an employee benefit plan, an offering relating to a transaction on Form S-4 or S-8, an offering on any registration statement form that does not permit secondary sales
and any offering governed by Section 2(b) hereof), the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least 10 Business Days before) the commencement of the offering, which notice will
set forth the principal terms and conditions of the issuance, including the proposed offering price (or range of offering prices), if known, the anticipated filing date of the Registration Statement (if applicable) and the number of shares of Common
Stock that are proposed to be registered (the “Piggyback Notice”); provided, however, notwithstanding any other provision of this Agreement, if the managing underwriter or managing underwriters of an Underwritten
Offering (other than a Shelf Take-Down) advise the Company that in their reasonable opinion the inclusion of any of a Holder’s Registrable Securities requested for inclusion in the subject Underwritten Offering (and any related registration or
offering, if applicable) would likely have an adverse effect in any material respect on the price, timing or distribution of Common Stock proposed to be included in such Underwritten 

  
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Offering, the Company shall have no obligation to provide a Piggyback Notice to such Holder and such Holder shall have no right to include any Registrable Securities in such Underwritten Offering
(and any related registration or offering, if applicable). The Piggyback Notice shall offer the Holders the opportunity to include for registration in such Underwritten Offering (and any related registration or offering, if applicable) the number of
Registrable Securities as they may request (a “Piggyback Registration”); provided, however, that only Registrable Securities of Holders which are subject to an effective Shelf Registration may be included in such
Piggyback Registration. The Company shall use commercially reasonable efforts to include in each such Piggyback Registration such Registrable Securities for which the Company has received written requests for inclusion therein within five Business
Days after sending the Piggyback Notice. If a Holder decides not to include all of its Registrable Securities in any Registration Statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any
Registrable Securities in any subsequent Registration Statement or Registration Statements as may be filed by the Company with respect to offerings of Common Stock, all upon the terms and conditions set forth herein. 

(ii) If the managing underwriter or managing underwriters of an Underwritten Offering advise the Company and the Holders who
have requested their Registrable Securities be included in such offering following a Piggyback Notice that in its or their opinion the inclusion of all of such Holders’ Registrable Securities requested for inclusion in the subject Underwritten
Offering (and any other Common Stock proposed to be included in such offering) would likely have an adverse effect in any material respect on the price, timing or distribution of Common Stock proposed to be included in such offering by the Company,
the Company shall include in such Underwritten Offering only that number of shares of Common Stock proposed to be included in such Underwritten Offering that, in the opinion of the managing underwriter or managing underwriters, will not have such
adverse effect, with such number to be allocated as follows: (A) first, to the Company and (B) second, if there remains availability for additional shares of Common Stock to be included in such Underwritten Offering, on a
pro-rata basis among all Holders desiring to register Registrable Securities based on the number of Registrable Securities held by such Holder and, if applicable, to any other holders on whose behalf the Company filed such Registration Statement. If
any Holder disapproves of the terms of any such Underwritten Offering, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter(s) delivered on or prior to the time of the commencement of such
offering. Any Registrable Securities withdrawn from such underwriting shall be excluded and withdrawn from the registration. 

(iii) The Company shall have the right to terminate or withdraw any registration initiated by it under this
Section 2(c) at any time in its sole discretion whether or not any Holder has elected to include Registrable Securities in such Registration Statement. The Registration Expenses of such withdrawn registration shall be borne by the
Company in accordance with Section 5 hereof. 

  
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 (iv) Any Holder shall have the right to withdraw all or part of its request for
inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Company of its request to withdraw; provided, that (i) such request must be made in writing prior to the effectiveness of such
Registration Statement and (ii) such withdrawal shall be irrevocable and, after making such withdrawal, a Holder shall no longer have any right to include Registrable Securities in the Piggyback Registration as to which such withdrawal was
made. 
 (v) No Registration of Registrable Securities effected pursuant to a request under this Section 2(c)
shall be deemed to have been effected pursuant to Section 2(a) or Section 2(b) or shall relieve the Company of its obligations under Section 2(a) or Section 2(b). 

3. Registration and Underwritten Offering Procedures. 

The procedures to be followed by the Company and each Holder electing to sell Registrable Securities in a Registration Statement pursuant to
this Agreement, and the respective rights and obligations of the Company and such Holders, with respect to the preparation, filing and effectiveness of such Registration Statement and the effectuation of any Underwritten Offering, are as follows:

 (a) Preparation of the Registration Statement. The Company will prepare the required Registration Statement, and,
before filing a Registration Statement, Prospectus or any free writing prospectus, or any amendments or supplements thereto, (x) furnish to the underwriters, if any, and the Holders participating in the Registration or a Shelf Take-Down, as
applicable, copies of all documents prepared to be filed, and provide such underwriters and such Holders and their respective counsel with a reasonable opportunity to review and comment on such documents prior to their filing and (y) not file
any Registration Statement or Prospectus to which any underwriters participating in the Registration or the Shelf Take-Down, as applicable, shall reasonably object, provided that any such objection is delivered to the Company reasonably in advance
of any such filing. 
 (b) Holder Comments. In connection with any Registration Statement, the Company will use
commercially reasonable efforts to address in each such document when so filed with the Commission such comments relating to such Holder or its intended manner of distribution as such Holders shall reasonably propose at least 3 Business Days prior
to the filing thereof. 
 (c) Maintain Effectiveness. The Company will use commercially reasonable efforts to as
promptly as reasonably practicable (i) prepare and file with the Commission such amendments, including post-effective amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith as may be necessary
under applicable law to keep such Registration Statement continuously effective with respect to the disposition of all Registrable Securities covered thereby and, subject to the limitations contained in this Agreement, prepare and file with the
Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities held by the Holders; (ii) cause the related Prospectus to be amended or supplemented by any required
prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; and 

  
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(iii) respond to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably practicable provide such
Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to such Holders as selling stockholders but not any comments that would result in the disclosure to such Holders
of material and non-public information (within the meaning of U.S. federal securities laws) concerning the Company, unless requested by such Holders. 

(d) Notice. The Company will notify such Holders who are included in a Registration Statement as promptly as reasonably
practicable: (i)(A) when a Prospectus or any prospectus supplement or post-effective amendment to a Registration Statement in which such Holder is included has been filed; (B) when the Commission notifies the Company whether there will be
a “review” of the applicable Registration Statement and whenever the Commission comments in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto
to each of such Holders that pertain to such Holders as selling stockholders, but not any comments that would result in the disclosure to such Holders of material and non-public information (within the meaning of U.S. federal securities laws)
concerning the Company, unless requested by such Holders); and (C) with respect to each applicable Registration Statement or any post-effective amendment thereto, when the same has been declared effective; (ii) of any request by the
Commission or any other federal or state Governmental Authority for amendments or supplements to such Registration Statement or Prospectus or for additional information that pertains to such Holders as sellers of Registrable Securities;
(iii) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the
receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for
such purpose; and (v) of the occurrence of any event or passage of time that makes any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires any amendments or supplements to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading
(provided, however, that no notice by the Company shall be required pursuant to this clause (v) in the event that the Company either promptly files an amendment to the applicable Registration Statement, a prospectus
supplement to supplement or update the Prospectus or a Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement, which in either case, contains the requisite information that results in such
Registration Statement no longer containing any untrue statement of material fact or omitting to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading). 

  
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 (e) Avoidance of Stop Orders and Suspension of Qualification. The Company
will use commercially reasonable efforts to avoid the issuance of or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption
from qualification) of any of the Registrable Securities for sale in any jurisdiction, as promptly as reasonably practicable, or if any such order or suspension is made effective during any Blackout Period or Suspension Period, as promptly as
reasonably practicable after such Blackout Period or Suspension Period is over. 
 (f) Compliance with Laws; FINRA; Blue
Sky. The Company will: 
 (i) comply in all material respects with the provisions of the Securities Act and the Exchange
Act with respect to the Registration Statement(s) and the disposition of all Registrable Securities covered by thereby; 

(ii) other than as provided in clause (iv), use its commercially reasonable efforts to cause the Registrable Securities
covered by the Registration Statement to be registered with or approved by such other Governmental Authority as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of
such Registrable Securities; 
 (iii) cooperate with each Holder and each underwriter, if any, participating in the
disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

(iv) use its commercially reasonable efforts to cooperate with the Holders, the managing underwriter or underwriters, if any,
and their respective counsel, in connection with the registration or qualification of Registrable Securities for offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction of the United States as any Holder
or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing, provided that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so
qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject; 

(v) use its commercially reasonable efforts to comply with all applicable securities laws. 

(g) Underwriters; Due Diligence. In the case of an Underwritten Offering, the Company will: 

  
 12 

 (i) (a) make such customary representations and warranties to the applicable
Holders and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in secondary underwritten public offerings, (b) enter into such customary agreements (including underwriting agreements) and take
all such other actions as any Holder or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such Registrable Securities, (c) obtain for delivery to the
representative counsel or another representative designated to act on behalf of the Holders (the “Representative”) and to the underwriter or underwriters, if any, an opinion or opinions from counsel for the Company dated the date of
the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such Representative or underwriters, as the case may be, and (d) obtain for delivery to the Company and the
managing underwriter or underwriters, with copies to the Representative, a cold comfort letter from the Company’s independent certified public accountants in customary form and covering such matters of the type customarily covered by cold
comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the date of the closing of the Underwritten Offering, as specified in the underwriting
agreement. 
 (ii) subject to the execution of any confidentiality agreements as reasonably requested by the Company, make
available upon reasonable notice at reasonable times and for reasonable periods for inspection by the Representative, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney,
accountant or other agent retained by such Holder(s) or any such underwriter, all customarily provided, pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers,
directors and employees and the independent public accountants who have certified its financial statements to make themselves reasonably available to discuss the business of the Company and to supply all information reasonably requested by any such
Person in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility. 

(h) Transfer Agent; Exchange Listing. The Company will: 

(i) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable
Registration Statement from and after a date not later than the effective date of such Registration Statement; and 
 (ii)
use its commercially reasonable efforts to cause all Registrable Securities covered by the Registration Statement to be listed on each securities exchange on which any of the Company Securities are then listed or quoted and on each inter-dealer
quotation system on which any of the Company Securities are then quoted. 

  
 13 

 (i) Delivery of Registration Statement. 

During the period in which any Registration Statement is effective, the Company will furnish to each Holder, without charge, at
least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Holder (including those incorporated by reference) promptly after the filing of such documents with the Commission;
provided, that the Company will not have any obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system. 

(j) Delivery of Prospectus. 

The Company will promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including
each form of prospectus) authorized by the Company for use and each amendment or supplement thereto as such Holder may reasonably request during the period in which any Registration Statement is effective; provided, that the Company will not
have any obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system. Subject to the terms of this Agreement, including Sections 3(m), 3(p) and 3(q), the Company consents to the use
of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto. 

(k) Certificates. 

The Company will cooperate with such Holders to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to a sale under a Registration Statement, which certificates shall be free of all restrictive legends indicating that the Registrable Securities are unregistered or unqualified for
resale under the Securities Act, Exchange Act or other applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may reasonably request in writing. In connection
therewith, if required by the Company’s transfer agent, the Company will promptly, after the Effective Date of the Registration Statement, cause an opinion of counsel reasonably satisfactory to such transfer agent to be delivered to and
maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without any such legend upon
sale by the Holder of such Registrable Securities under the Registration Statement. 
 (l) Required Supplements and
Amendments. 
 Upon the occurrence of any event contemplated by Section 3(d)(v), as promptly as reasonably
practicable, the Company will prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the applicable 

  
 14 

 
Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as
thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading. 
 (m) Duties of Holders in Underwritten Offerings. 

With respect to Underwritten Offerings, (i) the right of any Holder to include such Holder’s Registrable Securities
in an Underwritten Offering shall be conditioned upon such Holder’s participation in the process and required delivery of information for such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to
the extent provided herein, (ii) each Holder participating in such Underwritten Offering agrees to enter into an underwriting agreement in customary form and sell such Holder’s Registrable Securities on the basis provided in any
underwriting arrangements approved by the Persons entitled to select the managing underwriter or managing underwriters hereunder and (iii) each Holder participating in such Underwritten Offering agrees to complete and execute all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. The Company hereby agrees with each Holder that, in connection with any Underwritten
Offering in accordance with the terms hereof, it will negotiate in good faith and execute all indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, including using all
commercially reasonable efforts to procure customary legal opinions and auditor “comfort” letters. In the event such Holders seek to complete an Underwritten Offering, for a commercially reasonable period prior to the filing of any
Registration Statement and throughout the effective period of such registration statement, the Company will make available upon commercially reasonable notice at the Company’s principal place of business or such other commercially reasonable
place for inspection during normal business hours by the managing underwriter or managing underwriters selected in accordance with this Section 3(m) such financial and other information and books and records of the Company, and cause the
appropriate officers, employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not violate an attorney client privilege in such
counsel’s reasonable belief) to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act. 

(n) Holder Provision of Information. 

Each Holder agrees to timely furnish to the Company any information regarding the Holder and the distribution of such
securities as the Company reasonably determines is required to be included in any Registration Statement or any prospectus or prospectus supplement relating to any offering or sale of Registrable Securities contemplated by this Agreement, and to
update or correct any previously delivered information as needed, and if any Holder does not do so after reasonably prompt written request by the Company, then the Company will not be required to register any shares of Common Stock of the Holder in
a Registration Statement, or permit the continued use of a Prospectus. 

  
 15 

 (o) Availability of Officers and Employees. 

In connection with any Shelf Take-Down, the Company will use commercially reasonable efforts to cause appropriate officers and
employees to be reasonably available, on a customary basis and upon commercially reasonable notice, to meet with prospective investors in presentations, meetings and road shows and otherwise to facilitate, cooperate with, and participate in each
such proposed Underwritten Offering to the extent reasonably requested by the managing underwriter or underwriters. 
 (p)
Suspension and Postponement. 
 Notwithstanding any other provision of this Agreement, upon delivery to the Holders of
a certificate signed by the Chief Executive Officer or Chief Financial Officer of the Company, the Company shall not be required to file a Registration Statement (or any amendment thereto), or if the Company has filed a Shelf Registration Statement
and has included Registrable Securities therein, the Company shall be entitled to suspend the offer and sale of Registrable Securities pursuant to such Registration Statement (including pursuant to a Shelf Takedown), for a period of up to
30 days, (i) if the Board determines that a postponement is in the best interest of the Company and its stockholders generally due to a pending transaction involving the Company, (ii) if the Board determines such registration would
render the Company unable to comply with applicable securities laws, (iii) if the Board determines such registration would require disclosure of material information that the Company has a bona fide business purpose for preserving as
confidential, (iv) upon issuance by the Commission of a stop order suspending the effectiveness of any Registration Statement under Section 8(d) or 8(e) of the Securities Act, (v) if the Company elects at such time to offer Common
Stock or other equity securities of the Company to (A) fund a merger, third-party tender offer or other business combination, acquisition of assets or similar transaction or (B) meet rating agency and other capital funding requirements or
(vi) if any other material development would materially and adversely interfere with any such registration (any such period, a “Blackout Period”); provided, however, that in no event shall any Blackout
Period together with any Suspension Period collectively exceed an aggregate of 90 days in any 12-month period. The Company shall promptly notify the Holders upon the termination of any Blackout Period, amend or supplement the applicable
Registration Statement, Prospectus and any free writing prospectus, if necessary, so it does not contain a material misstatement of fact or omit to state a material fact required to be stated therein, in light of the circumstances under which they
were made, or necessary to make the statements therein not misleading and furnish to the Holders such numbers of copies of the Prospectus and any free writing prospectus as so amended or supplemented as the Holders may reasonably request. The
Company agrees, if necessary, to supplement or make amendments to the Shelf Registration Statement if required by the registration form used by the Company for the Registration or by Commission rules and regulations, or as may reasonably be
requested by any Holder 

  
 16 

 (q) Discontinued Disposition. Each Holder agrees that, upon receipt of a
notice from the Company of the occurrence of any event of the kind described in clauses (ii) through (v) of Section 3(d) or (i) through (vi) of Section 3(p), such Holder will forthwith discontinue
disposition of such Registrable Securities under the Registration Statement until such Holder’s receipt of the copies of the supplemental Prospectus or amended Registration Statement as contemplated by Section 3(l) or until it is
advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such
Prospectus or Registration Statement (a “Suspension Period”). The Company may provide appropriate stop orders to their transfer agent to enforce the provisions of this Section 3(q). 

(r) Exchange Act Filings  

For the avoidance of doubt and notwithstanding any other provision of this Agreement, the Company shall not be required to
furnish to Holders copies of any Exchange Act filings prior to the filing thereof with the Commission not related to information included in the Registration Statement relating to the Holders or the intended manner of distribution of Registrable
Securities. 
 4. No Inconsistent Agreements; Additional Rights. The Company shall not hereafter enter into, and
is not currently a party to, any agreement with respect to its securities that is inconsistent in any material respect with the rights granted to the Holders of Registrable Securities by this Agreement. For the avoidance of doubt, nothing contained
in Section 5.05 of the Warrant Agreement dated July 27, 2016 between the Company and Continental Stock Transfer & Trust Company shall be deemed inconsistent with the rights granted to the Holders of Registrable Securities by this
Agreement. 
 5. Registration Expenses. Except as specifically provided otherwise elsewhere in this Agreement,
all expenses incident to the Parties’ performance of or compliance with their respective obligations under this Agreement or otherwise in connection with any Shelf Registration, Shelf Take-Down or Piggyback Registration (in each case, excluding
any Selling Expenses) (“Registration Expenses”) shall be borne by the Company, whether or not any Registrable Securities are sold pursuant to a Registration Statement. Registration Expenses shall include, without limitation,
(i) all registration and filing fees (including fees and expenses (A) with respect to filings required to be made with the Trading Market, the Commission or FINRA and (B) in compliance with applicable state securities or “Blue
Sky” laws), (ii) printing, word processing, messenger, telephone and facsimile expenses (including expenses of printing certificates for Company Securities and of printing Prospectuses if the printing of Prospectuses is reasonably
requested by a Holder of Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel, auditors and accountants for the Company,
(v) Securities Act liability insurance, if the Company so desires such insurance, (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement
and (vii) all expenses relating to marketing the sale of the Registrable Securities, including expenses related to conducting a “road show.” In addition, the Company shall be responsible for all of its expenses incurred in connection
with the consummation of the 

  
 17 

 
transactions contemplated by this Agreement (including expenses payable to third parties and including all salaries and expenses of the Company’s officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on the Trading Market. 

6. Indemnification. 

(a) The Company shall indemnify and hold harmless each Holder, its Affiliates and each of their respective officers, directors,
agents, advisors and employees thereof (collectively, “Holder Indemnified Persons”), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, joint or several, costs
(including commercially reasonable costs of preparation and commercially reasonable attorneys’ fees) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits or
proceedings, whether civil, criminal, administrative or investigative (collectively, “Claims”), which any Holder Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act
or otherwise (collectively, “Losses”), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained or incorporated by reference into any Registration Statement under which any
Registrable Securities were registered, in any preliminary prospectus or in any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the Company) or in any amendment or supplement thereto
(if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading; provided, however, that the Company shall not be liable to any Holder Indemnified Person to the
extent that (i) any such Claim arises out of, is based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or free writing
prospectus or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder Indemnified Person or any underwriter specifically for use in the preparation thereof,
(ii) the Holder Indemnified Person continued to use a Registration Statement or Prospectus after the Company notified such Holder Indemnified Person to cease such use pursuant to Section 3(q) or (iii) the Company provided a
corrected, supplemented or amended Registration Statement or Prospectus pursuant to Section 3(l) but the Holder Indemnified Person continued to use the then outdated or uncorrected Registration Statement or Prospectus. The Company shall
notify the Holders promptly of the institution, threat or assertion of any Claim of which the Company is aware in connection with the transactions contemplated by this Agreement. This indemnity shall be in addition to any liability the Company may
otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the transfer of such securities by such Holder. Notwithstanding
anything to the contrary herein, this Section 6 shall survive any termination or expiration of this Agreement indefinitely. 

  
 18 

 (b) In connection with any Registration Statement in which a Holder participates,
such Holder shall, severally and not jointly, indemnify and hold harmless the Company, its Affiliates and each of their respective officers, directors, agents, advisors and employees thereof to the fullest extent permitted by applicable law, from
and against any and all Losses as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any such Registration Statement, in any preliminary prospectus (if used prior to the Effective Date of
such Registration Statement), or in any summary or final prospectus or free writing prospectus or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out
of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not
misleading, but only to the extent that the same are made in reliance and in conformity with information relating to the Holder furnished in writing to the Company by such Holder for use therein. This indemnity shall be in addition to any liability
such Holder may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any indemnified party. In no event shall the liability of any selling Holder of Registrable
Securities hereunder be greater in amount than the dollar amount of the proceeds received by such Holder under the sale of the Registrable Securities giving rise to such indemnification obligation. 

(c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any
Claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such Claim or there may
be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to
the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld). An
indemnifying party who is not entitled to, or elects not to, assume the defense of a Claim shall not be obligated to pay the fees and expenses of more than one counsel (in addition to any local counsel) for all parties indemnified by such
indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party there may be one or more legal or equitable defenses available to such indemnified party that are in addition to or may conflict with those
available to another indemnified party with respect to such Claim. Failure to give prompt written notice shall not release the indemnifying party from its obligations hereunder. 

(d) If the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be
unavailable to an indemnified party with respect to any Losses referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or
payable by such indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the 

  
 19 

 
one hand, and of the indemnified party, on the other, in connection with the untrue or alleged untrue statement of a material fact or the omission to state a material fact that resulted in such
Losses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder. 

7. Facilitation of Sales Pursuant to Rule 144. To the extent it shall be required to do so under the Exchange Act,
the Company shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144),
and shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the limitations of the
exemption provided by Rule 144. Upon the request of any Holder in connection with that Holder’s sale pursuant to Rule 144, the Company shall deliver to such Holder a written statement as to whether it has complied with such
requirements. 
 8. Miscellaneous. 

(a) Remedies. In the event of a breach by the Company of any of its obligations under this Agreement, each Holder, in
addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not
provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement. 

(b) Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written instrument
signed by the Company and the Holders holding at least a majority of the then outstanding Registrable Securities. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default with respect to any
provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission
of any Party to exercise any right hereunder in any manner impair the exercise of any such right. 
 (c) Notices. Any
and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is
delivered via facsimile or electronic mail as specified in this Section 8(c) prior to 5:00 p.m. Central Time on a Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered
via facsimile or electronic mail as specified in this Agreement later than 5:00 p.m. Central Time on any 

  
 20 

 
date and earlier than 11:59 p.m. Central Time on such date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service or
(iv) upon actual receipt by the Party to whom such notice is required to be given. The address for such notices and communications shall be as follows: 
  

			
	 If to the Company:
	  	 SAExploration Holdings, Inc.
 Attention: Brent
Whiteley, Chief Financial Officer and General
 Counsel
 1160
Dairy Ashford, Suite 160
 Houston, Texas 77079
 Electronic
mail: bwhiteley@saexploration.com

		
		  	 With copy to:
  

Jones Day
 Attention: Alex Gendzier

250 Vesey Street
 New York, NY 10281

Electronic mail: agendzier@jonesday.com

		
	 If to any Person who

is then the registered

Holder:
	  	To the address of such Holder as it appears in the applicable register for the Registrable Securities or such other address as may be designated in writing by such Holder.

 (d) Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the Parties hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns, provided that (i) except as provided in this Section 8(d), this Agreement, and any rights
or obligations hereunder, may not be assigned without the prior written consent of the Company and the Holders, (ii) the registration rights of a Holder pursuant to this Agreement with respect to all or any portion of its Registrable Securities
may be transferred or assigned without such consent (but only with all related obligations) with respect to such Registrable Securities by such Holder to one or more transferees or assignees of such Registrable Securities; provided
(A) the Company is, within a commercially reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the Registrable Securities with respect to which such registration rights
are being assigned and (B) such transferee or assignee agrees in writing to be bound by and subject to the terms set forth in this Agreement and (iii) the Company shall have no obligation to file a Registration Statement or a
post-effective amendment to any Registration Statement to add a transferee or an assignee as a selling security holder thereunder unless such person holds not less than 5% of the then outstanding Registrable Securities. The Company may not assign
its rights or obligations hereunder without the prior written consent of the Holders. 

  
 21 

 (e) No Third Party Beneficiaries. Nothing in this Agreement, whether
express or implied, shall be construed to give any Person, other than the parties hereto or their respective successors and permitted assigns, any legal or equitable right, remedy, claim or benefit under or in respect of this Agreement. 

(f) Execution and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile or electronic mail transmission, such signature shall create a valid
binding obligation of the Party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such signature delivered by facsimile or electronic mail transmission were the original thereof. 

(g) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in
accordance with, the internal laws of the State of New York. Each of the Parties irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in the Borough of Manhattan in the City of New York and the United
States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any
such suit, action or proceeding may be served on each Party anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the Parties irrevocably waives any objection to the laying of venue of any
such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Each of the Parties hereby waives any right to
request a trial by jury in any litigation with respect to this Agreement and represents that counsel has been consulted specifically as to this waiver. 

(h) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the
Parties shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the Parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

(j) Entire Agreement. This Agreement constitutes the entire agreement among the Parties with respect to the subject
matter hereof and supersedes all prior contracts or agreements with respect to the subject matter hereof and the matters addressed or governed hereby, whether oral or written. 

  
 22 

 (k) Termination. The rights and obligations of the Company and of any
Holder under this Agreement, other than those obligations contained in Section 6, shall terminate with respect to the Company and such Holder on the first date upon which the such Holder no longer beneficially owns any Registrable
Securities. 
 [THIS SPACE LEFT BLANK INTENTIONALLY] 

  
 23 

 IN WITNESS WHEREOF, the Company and the Supporting Holders on behalf of themselves and the other
Holders have executed this Agreement as of the date first written above. 
  

			
	SAEXPLORATION HOLDINGS, INC.
		
	By:	 	 /s/ Brent Whiteley

	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer and General Counsel
	
	SUPPORTING HOLDERS:
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Address for notice:

 Signature Page to Registration Rights Agreement 

 
			
	WBOX 2015-7 LTD.
		
	By:	 	 /s/ Mark Strefling

	Name:	 	Mark Strefling
	Title:	 	Partner, General Counsel,
		 	Chief Operating Officer

 [Signature Page to Registration Rights Agreement] 

 
			
	BLUEMOUNTAIN CREDIT ALTERNATIVES MASTER FUND L.P.
		
	By:	 	BlueMountain Capital Management,
		 	LLC, its investment manager
		
	By:	 	 /s/ David O’Mara

	Name:	 	David O’Mara
	Title:	 	Deputy General Counsel
	
	BLUEMOUNTAIN MONTENVERS MASTER FUND SCA SICAV-SIF
		
	By:	 	BlueMountain Capital Management,
		 	LLC, its investment manager
		
	By:	 	 /s/ David O’Mara

	Name:	 	David O’Mara
	Title:	 	Deputy General Counsel
	
	BLUEMOUNTAIN KICKING HORSE FUND L.P.
		
	By:	 	BlueMountain Capital Management,
		 	LLC, its investment manager
		
	By:	 	 /s/ David O’Mara

	Name:	 	David O’Mara
	Title:	 	Deputy General Counsel

 [Signature Page to Registration Rights Agreement] 

 
			
	BLUEMOUNTAIN GUADALUPE PEAK FUND L.P.
		
	By:	 	BlueMountain Capital Management,
		 	LLC, its investment manager
		
	By:	 	 /s/ David O’Mara

	Name:	 	David O’Mara
	Title:	 	Deputy General Counsel
	
	BLUEMOUNTAIN SUMMIT TRADING
	L.P.	 	
		
	By:	 	 /s/ David O’Mara

	Name:	 	David O’Mara
	Title:	 	Deputy General Counsel

 [Signature Page to Registration Rights Agreement] 

 
			
	MORGAN STANLEY INSTITUTIONAL FUND TRUST HIGH YIELD PORTFOLIO
		
	By:	 	Morgan Stanley Investment
		 	Management Inc., as its Investment Advisor
		
	By:	 	 /s/ Kim Cross

	Name:	 	Kim Cross
	Title:	 	Managing Director
	
	MORGAN STANLEY GLOBAL FIXED INCOME OPPORTUNITIES FUND
		
	By:	 	Morgan Stanley Investment
		 	Management Inc., as its Investment Advisor
		
	By:	 	 /s/ Kim Cross

	Name:	 	Kim Cross
	Title:	 	Managing Director
	
	SUNSUPER SUPERANNUATION FUND
		
	By:	 	Morgan Stanley Investment
		 	Management Inc., as its Investment Advisor
		
	By:	 	 /s/ Kim Cross

	Name:	 	Kim Cross
	Title:	 	Managing Director

 [Signature Page to Registration Rights Agreement] 

 
			
	AMZAK CAPITAL MANAGEMENT, LLC
		
	By:	 	 /s/ Michael Kazma

	Name:	 	Michael Kazma
	Title:	 	President

 [Signature Page to Registration Rights Agreement] 

 
			
	ARISTIDES FUND LP
		
	By:	 	 /s/ Daniel C. Nall

	Name:	 	Daniel C. Nall
	Title:	 	Chief Compliance Officer of GP
	
	ARlSTIDES FUND QP, LP
		
	By:	 	 /s/ Daniel C. Nall

	Name:	 	Daniel C. Nall
	Title:	 	Chief Compliance Officer of GP

 [Signature Page to Registration Rights Agreement] 

	
	 /s/ John Pecora

	MR. JOHN PECORA

 [Signature Page to Registration Rights Agreement] 

 
			
	TEGEAN MASTER FUND, LTD
		
	By:	 	 /s/ Joseph N. Levy

	Name:	 	Joseph N. Levy
	Title:	 	Chief Compliance Officer – Controller

 [Signature Page to Registration Rights Agreement]EX-10.3

 Exhibit 10.3 

WARRANT AGREEMENT 

dated as of July 27, 2016 between 

SAExploration Holdings, Inc. 

and 
 Continental Stock
Transfer & Trust Company, 
 as Warrant Agent 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
			
	Article 1	  	Definitions	  	 	1	  
				
		  	Section 1.01	  	Certain Definitions	  	 	1	  
			
	Article 2	  	Issuance, Execution and Transfer of Warrants	  	 	7	  
				
		  	Section 2.01	  	Issuance and Delivery of Warrants	  	 	7	  
		  	Section 2.02	  	Execution and Authentication of Warrants	  	 	8	  
		  	Section 2.03	  	Registration, Transfer, Exchange and Substitution	  	 	8	  
		  	Section 2.04	  	Form of Warrant Certificates	  	 	9	  
		  	Section 2.05	  	Cancellation of the Series A Warrants	  	 	9	  
		  	Section 2.06	  	Cancellation of the Series B Warrants	  	 	9	  
		  	Section 2.07	  	Limitations on Transfer	  	 	10	  
			
	Article 3	  	Exercise and Settlement of Warrants	  	 	10	  
				
		  	Section 3.01	  	Exercise of Warrants	  	 	10	  
		  	Section 3.02	  	Procedure for Exercise	  	 	10	  
		  	Section 3.03	  	Settlement of Warrants	  	 	11	  
		  	Section 3.04	  	Delivery of Common Shares	  	 	12	  
		  	Section 3.05	  	No Fractional Common Shares to Be Issued	  	 	13	  
		  	Section 3.06	  	Acquisition of Warrants by Company	  	 	13	  
		  	Section 3.07	  	Validity of Exercise	  	 	13	  
		  	Section 3.08	  	Certain Calculations	  	 	13	  
			
	Article 4	  	Adjustments	  	 	14	  
				
		  	Section 4.01	  	Adjustments to Exercise Price	  	 	14	  
		  	Section 4.02	  	Adjustments to Number of Warrants	  	 	16	  
		  	Section 4.03	  	Certain Distributions of Rights and Warrants	  	 	16	  
		  	Section 4.04	  	Stockholder Rights Plans	  	 	17	  
		  	Section 4.05	  	Restrictions on Adjustments	  	 	17	  
		  	Section 4.06	  	Successor upon Consolidation, Merger and Sale of Assets	  	 	18	  
		  	Section 4.07	  	Adjustment upon Reorganization Event	  	 	19	  
		  	Section 4.08	  	Reserved	  	 	19	  
		  	Section 4.09	  	Common Shares Outstanding; Common Shares Reserved for Issuance on Exercise	  	 	19	  
		  	Section 4.10	  	Calculations; Instructions to Warrant Agent	  	 	20	  
		  	Section 4.11	  	Notice of Adjustments	  	 	20	  
		  	Section 4.12	  	Warrant Agent Not Responsible for Adjustments or Validity	  	 	20	  
		  	Section 4.13	  	Statements on Warrants	  	 	21	  
		  	Section 4.14	  	Effect of Adjustment	  	 	21	  
			
	Article 5	  	Other Provisions Relating to Rights of Global Warrant Holder	  	 	21	  
				
		  	Section 5.01	  	No Rights as Stockholders	  	 	21	  
		  	Section 5.02	  	Mutilated or Missing Global Warrant Certificates	  	 	21	  
		  	Section 5.03	  	Modification, Waiver and Meetings	  	 	21	  
		  	Section 5.04	  	Notices of Date, etc	  	 	22	  
		  	Section 5.05	  	Registration and Listing	  	 	22	  
			
	Article 6	  	Representations of the Company	  	 	24	  
				
		  	Section 6.01	  	Representations	  	 	24	  
			
	Article 7    	  	Concerning the Warrant Agent and Other Matters	  	 	25	  
				
		  	Section 7.01	  	Certificated Common Shares	  	 	25	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	  	 	  	 	  	Page	 
				
		  	Section 7.02	  	Payment of Certain Taxes	  	 	25	  
		  	Section 7.03	  	Reserved	  	 	25	  
		  	Section 7.04	  	Change of Warrant Agent	  	 	25	  
		  	Section 7.05	  	Compensation; Further Assurances	  	 	26	  
		  	Section 7.06	  	Reliance on Counsel	  	 	27	  
		  	Section 7.07	  	Proof of Actions Taken	  	 	27	  
		  	Section 7.08	  	Correctness of Statements	  	 	27	  
		  	Section 7.09	  	Validity of Agreement	  	 	27	  
		  	Section 7.10	  	Use of Agents	  	 	27	  
		  	Section 7.11	  	Liability of Warrant Agent	  	 	27	  
		  	Section 7.12	  	Legal Proceedings	  	 	28	  
		  	Section 7.13	  	Actions as Agent	  	 	28	  
		  	Section 7.14	  	Appointment and Acceptance of Agency	  	 	28	  
		  	Section 7.15	  	Successors and Assigns	  	 	28	  
		  	Section 7.16	  	Notices	  	 	28	  
		  	Section 7.17	  	Applicable Law; Jurisdiction	  	 	29	  
		  	Section 7.18	  	Waiver of Jury Trial	  	 	29	  
		  	Section 7.19	  	Benefit of this Warrant Agreement	  	 	29	  
		  	Section 7.20	  	Registered Warrant Holder	  	 	29	  
		  	Section 7.21	  	Headings	  	 	29	  
		  	Section 7.22	  	Counterparts	  	 	29	  
		  	Section 7.23	  	Entire Agreement	  	 	30	  
		  	Section 7.24	  	Severability	  	 	30	  
		  	Section 7.25	  	Termination	  	 	30	  
		  	Section 7.26	  	Confidentiality	  	 	30	  

  

			
	SCHEDULE A	  	SCHEDULE OF INCREASES OR DECREASES IN WARRANTS
		
	EXHIBIT A	  	FORM OF GLOBAL WARRANT CERTIFICATE
		
	EXHIBIT B	  	FORM OF EXERCISE NOTICE
		
	EXHIBIT C	  	WARRANT AGENT FEE SCHEDULE

  
 -ii- 

 WARRANT AGREEMENT 

Warrant Agreement (as it may be amended from time to time, this “Warrant Agreement”), dated as of July 27, 2016, between
SAExploration Holdings, Inc., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Warrant Agent”). 

WITNESSETH THAT: 

WHEREAS, holders of the Company’s outstanding common stock, whether held in book entry or certificated form, as of July 26, 2016 (the
“Initial Beneficial Holders”) are to be issued warrants to purchase up to an aggregate of 154,108 Common Shares (the “Series A Warrants”) and warrants to purchase up to an aggregate of 154,108 Common Shares
(the “Series B Warrants” and, together with the Series A Warrants, the “Warrants”); 
 WHEREAS, the
Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, exchange, Transfer, substitution and exercise of the Warrants; 

WHEREAS, the Company desires to provide for the terms upon which the Warrants shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; 
 WHEREAS, the Warrants have the
terms and conditions set forth in this Warrant Agreement (including the Exhibits hereto); and 
 WHEREAS, all acts and things have been done
and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent as provided herein, the valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement. 
 NOW THEREFORE in consideration of the mutual agreements herein contained, the Company and the
Warrant Agent agree as follows: 
 Article 1 

Definitions 

Section 1.01 Certain Definitions. As used in this Warrant Agreement, the following terms shall have their respective meanings set
forth below: 
 “Affiliate” shall mean, with respect to any specified Person, any other Person that directly, or indirectly
through one or more intermediaries, controls, is controlled by, or is under common control with, such first specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to
direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to
the foregoing. 
 “Affiliated Buyer” means, with respect to an Asset Sale or tender offer, any Person (i) who is an
Affiliate of the Company, (ii) who is an officer, director, employee or member of the Company or any Affiliate of the Company, or (iii) a majority of which Person’s total outstanding equity, upon consummation of such transaction, is held by
Persons who are equity holders in the Company immediately prior to the consummation of such transaction. 

  
 - 1 - 

 “Alaska Tax Credit” means any tax credit certificates issued by the State of
Alaska to the Company or any of its Affiliates in connection with the receivable due to the Company from Alaska Seismic Ventures, LLC in a face amount of at least $25 million. 

“Appropriate Officer” has the meaning set forth in Section 2.02(a).

“Asset Sale” has the meaning set forth in Section 4.06(c). 

“Authentication Order” means a Company Order for authentication and delivery of the Warrants.

“Beneficial Owner” means any Person beneficially owning an interest in the Warrant Certificates, which, in the case of the
Global Warrant Certificates, interest is credited to the account of a direct participant in the Depository for the benefit of such Person through the book-entry system maintained by the Depositary (or its agent)). For the avoidance of doubt, a
Participant may also be a Beneficial Owner. 
 “Board” means the board of directors of the Company or any committee of such
board duly authorized to exercise the power of the board of directors with respect to the matters provided for in this Warrant Agreement as to which the board of directors is authorized or required to act. 

“Business Day” means any day other than (x) a Saturday or Sunday or (y) any day which is a legal holiday in the State of New
York or a day on which banking institutions and trust companies in the state in which the Warrant Agent is located are authorized or obligated by Law, regulation or executive order to close. 

“Cash” means such coin or currency of the United States as at any time of payment is legal tender for the payment of public
and private debts. 
 “Certificated Holders” means holders of the Company’s outstanding common stock held in
certificated form. 
 “Change of Control” means (i) any person or group (within the meaning of Sections 13(d)(3) or
14(d)(2) of the Exchange Act) (other than an Excluded Person, the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the shareholders of the
Company in substantially the same proportions as their ownership of Common Shares of the Company or pursuant to an Exempt Transaction), becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding Voting Securities; (ii) the consummation of a merger, reorganization or consolidation of the Company or a direct
or indirect subsidiary of the Company with, another Person (other than an Exempt Transaction); (iii) the consummation of a sale, disposition or other change in ownership of assets of the Company and/or any of its direct and indirect subsidiaries
having a value constituting at least 50% of the total gross fair market value of all of the assets of the Company and its direct and indirect subsidiaries (on a consolidated basis) immediately prior to such transaction to a Person other than an
Excluded Person; or (iv) the consummation of a transaction that implements in whole or in part a resolution of the stockholders of the Company authorizing a complete liquidation or dissolution of the Company. For the avoidance of doubt, a
Change of Control will not be deemed to have occurred if an Excluded Person has the ability to appoint a majority of the Board of the Company or any parent entity, and none of the transactions contemplated by the RSA shall be deemed a Change of
Control. 
 “Charter” means the certificate of incorporation of the Company, as amended or restated.

“Close of Business” means 5:00 p.m., New York City time. 

“Closing Date” means July 27, 2016. 

“Common Shares” means shares of the common stock, par value $0.0001 per share, of the Company.

  
 - 2 - 

 “Common Shares Deemed Outstanding” means, at any given time, the sum of (a)
the number of Common Shares actually outstanding at such time, plus (b) the number of Common Shares issuable upon conversion or exchange of Convertible Securities actually outstanding at such time, regardless of whether the Convertible
Securities are actually exercisable at such time, plus (c) the number of Common Shares reserved for issuance at such time under the Company’s Management Plan or any other equity incentive plan of the Company, regardless of whether the Common
Shares are actually subject to outstanding options at such time or whether any outstanding options are actually exercisable at such time; provided, that Common Shares Deemed Outstanding at any given time shall not include shares owned or held
by or for the account of the Company or any of its wholly-owned subsidiaries. 
 “Company” has the meaning set forth in the
preamble. 
 “Company Order” means a written request or order signed in the name of the Company by any Appropriate Officer
or other duly authorized officer of the Company and delivered to the Warrant Agent. 
 “Convertible Securities” means
options, rights, warrants or other securities convertible into or exchangeable or exercisable for Common Shares (including the Warrants). 

“Depository” means The Depository Trust Company, its nominees, and their respective successors. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the related rules and regulations
promulgated there under. 
 “Excluded Person” shall mean any of (a) Whitebox Advisors LLC, BlueMountain Capital Management,
LLC, Morgan Stanley Investment Management Inc., Aristides Capital LLC, Taegean Capital Management, LLC, Amzak Capital Management, LLC, John Pecora, Jeff Hastings, Brian Beatty and Brent Whiteley, (b) any Related Party thereof, (c) any Person acting
in the capacity of an underwriter or initial purchaser in connection with a public or private offering of the capital stock of the Company or any direct or indirect parent entity or securities convertible into or exchangeable or exercisable for such
capital stock, (d) any controlling stockholder, 80% or more (based on voting power) owned Subsidiary, or immediate family member (in the case of an individual) of a Person described in clause (a), and (e) any trust, corporation, partnership, limited
liability company or other entity, the beneficiaries, stockholders, partners, members, owners or Persons beneficially holding an 80% or more controlling interest of which consist of any one or more Excluded Persons. 

“Exempt Transaction” shall mean a merger, reorganization or consolidation that results in the Voting Securities of the
Company outstanding immediately prior thereto continuing to represent immediately following such merger, reorganization or consolidation (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) more than
50% of the combined voting power of the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation (or the ultimate parent company of the Company or such surviving entity). 

“Exercise Date” has the meaning set forth in Section 3.02(b). 

“Ex-Date” means with respect to a dividend or distribution to holders of the Common Shares, the first date on which the
Common Shares can be traded without the right to receive such dividend or distribution. 
 “Exercise Notice” means, for any
Warrant, an exercise notice substantially in the form set forth in Exhibit B hereto. 
 “Exercise
Prices” means the Series A Exercise Price and the Series B Exercise Price. 
 “Expiration Date” means the Close of
Business on July 27, 2021. 
 “Fair Value,” as of a specified date, means the price per Common Share, other Securities or
other distributed property determined as follows: 

  
 - 3 - 

 (i) in the case of Common Shares or other Securities listed on the New York Stock
Exchange or the NASDAQ Stock Market, the VWAP of a Common Share or a single unit of such other Security for the 20 Trading Days ending on, but excluding, the specified date (or if the Common Shares or other Security has been listed for less than 20
Trading Days, the VWAP for such lesser period of time); 
 (ii) in the case of Common Shares or other Securities not listed
on the New York Stock Exchange or the NASDAQ Stock Market, the VWAP of a Common Share or a single unit of such other Security in composite trading for the principal U.S. national or regional securities exchange on which such securities are then
listed for the 20 Trading Days ending on, but excluding, the specified date (or if the Common Shares or other Security has been listed for less than 20 Trading Days, the VWAP for such lesser period of time); or 

(iii) in all other cases, the fair value per Common Share, other Securities or other distributed property as of a date not
earlier than 10 Business Days preceding the specified date as determined in good faith by the Board and, if the Board elects to engage the same, upon the advice of an independent investment banking, financial advisory or valuation firm or appraiser
selected by the Board (a “Representative”); provided, however, that 
 (iv) notwithstanding the foregoing,
if the Board determines in good faith that the application of clauses (i) or (ii) of this definition would result in a VWAP based on the trading prices of a thinly-traded Security such that the price resulting therefrom may not represent an accurate
measurement of the fair value of such Security, the Board at its election may apply the provisions of clause (iii) of this definition in lieu of the applicable clause (i) or (ii) with respect to the determination of the fair value of such Security.

 “Full Physical Settlement” means the settlement method pursuant to which an exercising Beneficial Owner shall be
entitled to receive from the Company, for each Warrant exercised, a number of Common Shares equal to the Full Physical Share Amount in exchange for payment by the Beneficial Owner of the applicable Exercise Price. 

“Full Physical Share Amount” means, for each Warrant exercised as to which Full Physical Settlement is applicable, one Common
Share.
 “Fundamental Equity Change” has the meaning set forth in Section 4.06(a). 

“Global Warrants” means the Series A Global Warrants and the Series B Global Warrants. 

“Global Warrant Certificates” means the Series A Global Warrant Certificates and the Series B Global Warrant Certificates.

 “Global Warrant Holder” means the Person acting as the Depository or nominee of the Depository in whose name the
applicable Warrants are registered in the Warrant Register. The initial Global Warrant Holder shall be Cede & Co., as the Depository’s nominee. 

“Initial Beneficial Holders” has the meaning set forth in the Recitals. 

“Law” means any federal, state, local, foreign or provincial law, statute, ordinance, rule, regulation, judgment, order,
injunction, decree or agency requirement having the force of law or any undertaking to or agreement with any governmental authority, including common law. 

“Management Plan” means the management incentive plan to be adopted by the Company which shall reserve 10%, on a fully
diluted basis, of the total outstanding Common Shares for distribution to covered employees. 
 “Net Share Amount” means
for each Series A Warrant and Series B Warrant exercised as to which Net Share Settlement is applicable, a fraction of a Common Share equal to (i) the Fair Value (as of the Exercise Date for such Warrant) of one Common Share minus the Series A
Exercise Price or the Series B Exercise Price, as applicable 

  
 - 4 - 

 
therefor divided by (ii) such Fair Value. The number of Common Shares issuable upon exercise, on the same Exercise Date, of Warrants as to which Net Share Settlement is applicable
shall be aggregated, with any fractional Common Share rounded down to the nearest whole share as provided in Section 3.05. In no event shall the Company deliver a fractional Common Share in connection with an exercise of Warrants as to
which Net Share Settlement is applicable. 
 “Net Share Settlement” means the settlement method pursuant to which an
exercising Beneficial Owner shall be entitled to receive from the Company, for each Warrant exercised, a number of Common Shares equal to the Net Share Amount without any payment of Cash therefor. 

“Non-Affiliate Combination” means a Fundamental Equity Change where (i) the acquirer is a true third party and not an
Affiliate of the Company or any of its or its Affiliates’ officers, directors, employees or members and (ii) all of the equity held by equity holders of the Company (other than management) is extinguished or replaced by equity in a different
Person (other than a Fundamental Equity Change in which the equity interests in the Company are replaced in a merger or other corporate combination with equity in the surviving Person that represents more than 50% of the total equity in the
surviving Person). 
 “Number of Warrants” means the “Number of Warrants” specified on the face of the Series A
Warrant Certificates and the Series B Warrant Certificates, subject to adjustment pursuant to Article 4. 
 “Officer’s
Certificate” means a certificate signed by any Appropriate Officer or other duly authorized officer of the Company. 

“Open of Business” means 9:00 a.m., New York City time. 

“Participant” means any direct participant of the Depository, the account of which is credited with a beneficial interest in
the Global Warrant for the benefit of a Beneficial Owner through the book-entry system maintained by the Depositary (or its agent). 

“Person” means an individual, partnership, firm, corporation, limited liability company, business trust, joint stock company,
trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature. 

“Prospectus” means the prospectus included in a Shelf Registration Statement (including a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective Shelf Registration Statement in reliance upon Rule 430A, Rule 430B or Rule 430C promulgated under the Securities Act), as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion of the Warrants or the Common Shares issuable upon exercise of the Warrants covered by such Registration Statement and all other amendments and supplements to such
prospectus, including post-effective amendments, and all documents incorporated by reference or deemed to be incorporated by reference in such prospectus. 

“Record Date” means, with respect to any dividend, distribution or other transaction or event in which the holders of Common
Shares have the right to receive any Cash, Securities or other property or in which Common Shares (or another applicable Security) are exchanged for or converted into, or any combination of, Cash, Securities or other property, the date fixed for
determination of holders of Common Shares entitled to receive such Cash, Securities or other property or participate in such exchange or conversion (whether such date is fixed by the Board or by statute, contract or otherwise). 

“Reference Property” has the meaning set forth in Section 4.07(a). 

“Reorganization Event” has the meaning set forth in Section 4.07(a). 

“Representative” has the meaning set forth in clause (iii) of the definition of Fair Value. 

  
 - 5 - 

 “RSA” means the Restructuring Support Agreement dated as of June 13, 2016 among
the Company, certain members of management identified therein and the Supporting Holders identified therein. 
 “SEC” means
the United States Securities and Exchange Commission, or any other federal agency at the time administering the Securities Act or the Exchange Act, whichever is the relevant statute for the particular purpose. 

“Securities” means (i) any capital stock (whether Common Shares or preferred stock, voting or non-voting), partnership,
membership or limited liability company interest or other equity or voting interest, (ii) any right, option, warrant or other security or evidence of indebtedness convertible into, or exercisable or exchangeable for, directly or indirectly, any
interest described in clause (i), (iii) any notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtedness, and (iv) any other “securities,” as such term is defined or determined under the
Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and the related rules
and regulations promulgated thereunder. 
 “Series A Exercise Price” means $10.30 per share. 

“Series A Global Warrant” means a Series A Warrant in the form of a Global Warrant Certificate. 

“Series A Global Warrant Certificate” means any certificate representing the Series A Global Warrants satisfying the
requirements set forth in Section 2.04. 
 “Series A Warrants” means the warrants of the Company which have the
Series A Exercise Price, are exercisable for a single Common Share as provided herein and are issued pursuant to this Warrant Agreement with the terms, conditions and rights set forth herein. 

“Series A Warrant Certificate” means any certificate representing the Series A Warrants satisfying the requirements set forth
in Section 2.04. 
 “Series B Exercise Price” means $12.88 per share, determined assuming the full exercise of the
Series B Warrants. 
 “Series B Global Warrant” means a Series B Warrant in the form of a Global Warrant Certificate. 

“Series B Global Warrant Certificate” means any certificate representing the Series B Global Warrants satisfying the
requirements set forth in Section 2.04. 
 “Series B Warrants” means the warrants of the Company which have the
Series B Exercise Price, are exercisable for a single Common Share as provided herein and are issued pursuant to this Warrant Agreement with the terms, conditions and rights set forth herein. 

“Series B Warrant Certificate” means any certificate representing the Series A Warrants satisfying the requirements set forth
in Section 2.04. 
 “Settlement Date” means, in respect of a Warrant that is exercised hereunder, the third Business
Day immediately following the Exercise Date for such Warrant. 
 “Subsidiary” means, as to any Person, any corporation,
partnership, limited liability company or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or other interests having by their terms voting power to elect a majority of the Board or others
performing similar functions with respect to such corporation or other organization is directly or indirectly beneficially owned or controlled by such party or by any one or more of its subsidiaries, or by such party and one or more of its
subsidiaries. 

  
 - 6 - 

 “Third Party Tender Offer” means the acquisition by a Person (other than (i) the
Company or a wholly-owned subsidiary of the Company or (ii) a Person or Persons who are not Affiliated Buyers) in a tender offer or exchange offer of 50% or more of the outstanding Common Shares (determined on a fully-diluted basis). 

“Trading Day” means each Monday, Tuesday, Wednesday, Thursday and Friday, other than any day on which Securities are not
traded on the applicable securities exchange. 
 “Transfer” means, with respect to any Warrant, to directly or indirectly
(whether by act, omission or operation of law), sell, exchange, transfer, hypothecate, negotiate, gift, convey in trust, pledge, assign, encumber, or otherwise dispose of, or by adjudication of a Person as bankrupt, by assignment for the benefit of
creditors, by attachment, levy or other seizure by any creditor (whether or not pursuant to judicial process), or by passage or distribution of Warrants under judicial order or legal process, carry out or permit the transfer or other disposition of,
all or any portion of such Warrant. 
 “Transferee” means a Person to whom any Warrant (or interest in the Global Warrant)
is Transferred. 
 “Unit of Reference Property” has the meaning set forth in Section 4.07(a). 

“VWAP” means, for any Trading Day, the price for Securities (including Common Shares) determined by the daily volume weighted
average price per unit of such Securities for such Trading Day on the trading market on which such Securities are then listed or quoted, in each case, for the regular trading session (including any extensions thereof, without regard to pre-open or
after hours trading outside of such regular trading session) as reported on the New York Stock Exchange or NASDAQ Stock Market, or if such Securities are not listed or quoted on the New York Stock Exchange or NASDAQ Stock Market, as reported by the
principal U.S. national or regional securities exchange on which such Securities are then listed or quoted, whichever is applicable, as published by Bloomberg at 4:15 P.M., New York City time (or 15 minutes following the end of any extension of the
regular trading session), on such Trading Day, or if such volume weighted average price is unavailable or in manifest error, the price per unit of such Securities using a volume weighted average price method selected by an independent nationally
recognized investment bank or other qualified financial institution selected by the Board. 
 “Warrant” or
“Warrants” means the Series A Warrants and the Series B Warrants. 
 “Warrant Agent” has the meaning set
forth in the preamble.
 “Warrant Agreement” has the meaning set forth in the preamble.

“Warrant Certificates” means the Series A Warrant Certificates and the Series B Warrant Certificates. 

“Warrant Register” has the meaning set forth in Section 2.03(a). 

Article 2 

Issuance, Execution and Transfer of Warrants 

Section 2.01 Issuance and Delivery of Warrants. 

(a) On the Closing Date, the Company shall initially issue and execute an aggregate of 308,217 Warrants, comprising 154,108 Series A Warrants
and 154,108 Series B Warrants, and shall issue and execute Global Warrants (in accordance with Section 2.02) evidencing an initial aggregate Number of Warrants to be held in global form equal to 93,054 in the case of the Series A Warrants and
93,054 in the case of the Series B Warrants (such Number of Warrants to be subject to adjustment from time to time as described herein) in accordance with the terms of this Warrant Agreement and deliver such Warrants to the Warrant Agent, for
authentication, along with duly executed Authentication Orders. The Warrant Agent shall then Transfer the applicable Warrants to Certificated Holders and the Global Warrants to the Global Warrant Holder for crediting to the accounts of the
applicable Participants for the benefit of the applicable Initial Beneficial Holders pursuant to the 

  
 - 7 - 

 
procedures of the Depository on or after the Closing Date. The Series A Global Warrant and the Series B Global Warrant shall each evidence one or more Warrants. Each Warrant (including
those evidenced by Global Warrants) shall be exercisable (upon payment of their respective Exercise Prices and compliance with the procedures set forth in this Warrant Agreement) for one Common Share. On the Closing Date, the Warrant Agent
shall, upon receipt of such Warrants and Authentication Orders, authenticate such Warrants in accordance with Section 2.02 and register such Warrants in the Warrant Register. The Warrants shall be dated as of the Closing Date and,
subject to the terms hereof, shall evidence the only Warrants issued or outstanding under this Warrant Agreement. The Global Warrant Certificates shall be deposited on or after the date hereof with the Warrant Agent. 

(b) All Warrants issued under this Warrant Agreement shall in all respects be equally and ratably entitled to the benefits hereof, without
preference, priority, or distinction on account of the actual time of the issuance and authentication or any other terms thereof. Each Warrant shall be, and shall remain, subject to the provisions of this Warrant Agreement until such time as
all of the Warrants evidenced thereby shall have been duly exercised or shall have expired or been canceled in accordance with the terms hereof. The Global Warrant Holder shall be bound by all of the terms and provisions of this Warrant
Agreement as fully and effectively as if the Global Warrant Holder had signed the same. 
 (c) Any Warrant that is forfeited by a Beneficial
Owner or repurchased by the Company shall be deemed to be no longer outstanding for all purposes of this Warrant Agreement. 
 Section 2.02
Execution and Authentication of Warrants. 
 (a) Each of the Warrants (including those evidenced by Global Warrant Certificates and
certificated Warrants) shall be executed on behalf of the Company by the Chief Executive Officer, President, the Chief Financial Officer, any Executive Vice President, any Senior Vice President or any Vice President, any Treasurer or Secretary
(each, an “Appropriate Officer”) of the Company. The signature of any of the Appropriate Officers on such Warrants may be in the form of a facsimile or other electronically transmitted signature (including, without limitation,
electronic transmission in portable document format (.pdf)). 
 (b) Any of the Warrants bearing the signatures of individuals, each of whom
was, at the time he or she signed any of the Warrants or his or her facsimile signature was affixed to such Warrants, as the case may be, an Appropriate Officer, shall bind the Company, notwithstanding that such individuals or any of them have
ceased be such an Appropriate Officer prior to the authentication of such Warrants by the Warrant Agent or was not such an Appropriate Officer at the date of such Warrants. 

(c) No Warrant shall be entitled to any benefit under this Warrant Agreement or be valid or obligatory for any purpose unless there appears on
the applicable Warrant a certificate of authentication substantially in the form provided for herein executed by the Warrant Agent, and such signature upon any of the Warrants shall be conclusive evidence, and the only evidence, that such Global
Warrant has been duly authenticated and delivered hereunder. The signature of the Warrant Agent on any of the Warrants may be in the form of a facsimile or other electronically transmitted signature (including, without limitation, electronic
transmission in portable document format (.pdf)). 
 Section 2.03 Registration, Transfer, Exchange and Substitution. 

(a) The Company shall cause to be kept at the office of the Warrant Agent, and the Warrant Agent shall maintain, a register (the
“Warrant Register”) in which the Company shall provide for the registration of any Warrants (including any Global Warrant) and Transfers, exchanges or substitutions thereof as provided herein. Any Warrant issued upon any
registration of Transfer or exchange of or substitution for any Warrant shall be a valid obligation of the Company, evidencing the same obligations, and entitled to the same benefits under this Warrant Agreement, as any Warrant surrendered for such
registration of Transfer, exchange or substitution. 
 (b) Transfers of a Global Warrant shall be limited to Transfers in whole, and not in
part, to the Company, the Depository, their successors, and their respective nominees. A Warrant may be Transferred upon the delivery of a written instruction of Transfer in form reasonably satisfactory to the Warrant Agent and the

  
 - 8 - 

 
Company, duly executed by the Warrant Holder or by such Warrant Holder’s attorney, duly authorized in writing. No such Transfer shall be effected until, and the Transferee shall succeed
to the rights of the Warrant Holder only upon, final acceptance and registration of the Transfer in the Warrant Register by the Warrant Agent. Prior to the registration of any Transfer of a Warrant by the Warrant Holder as provided herein, the
Company, the Warrant Agent, and any agent of the Company or the Warrant Agent may treat the Person in whose name such Warrant is registered as the owner thereof for all purposes, notwithstanding any notice to the contrary. To permit a
registration of a Transfer of a Warrant, the Company shall execute the Warrant Certificates at the Warrant Agent’s request and the Warrant Agent shall authenticate such Warrant Certificates. Any Global Warrant Certificates shall be
deposited on or after the date hereof with the Warrant Agent. No service charge shall be made for any such registration of Transfer. A party requesting transfer of a Warrant must provide any evidence of authority that may be required by
the Warrant Agent, including but not limited to, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, Inc. 

(c) Interests of Beneficial Owners in a Global Warrant registered in the name of the Depository or its nominee shall only be Transferred in
accordance with the procedures of the Depository, the applicable Participant and applicable Law. 
 (d) So long as any Global Warrant is
registered in the name of the Depository or its nominee, the Beneficial Owners shall have no rights under this Warrant Agreement with respect to such Global Warrant held on their behalf by the Depository, and the Depository may be treated by the
Company, the Warrant Agent and any agent of the Company or the Warrant Agent as the absolute owner of such Global Warrant for all purposes. Accordingly, any such Beneficial Owner’s interest in such Global Warrant will be shown only on, and
the Transfer of such interest shall be effected only through, records maintained by the Depository or its nominee or the applicable Participant, and neither the Company nor the Warrant Agent shall have any responsibility or liability with respect to
such records maintained by the Depository or its nominee or the applicable Participant. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving
effect to any written certification, proxy or other authorization furnished by the Depository or impair the operation of customary practices of the Depository or Participants governing the exercise of the rights of a Beneficial Owner. 

(e) Transfers hereunder shall be subject at all times to Section 2.07 hereof. 

Section 2.04 Form of Warrant Certificates. Each of the Warrant Certificates shall be in substantially the form set forth in
Exhibit A hereto and shall have such insertions as are appropriate or required by this Warrant Agreement and may have such letters, numbers or other marks of identification and such legends and endorsements, stamped, printed, lithographed or
engraved thereon, as the Company may deem appropriate and as are not inconsistent with the provisions of this Warrant Agreement, such as may be required to comply with this Warrant Agreement, any Law or any rule of any securities exchange on which
Warrants may be listed, and such as may be necessary to conform to customary usage. Global Warrant Certificates shall bear the global certificate legend, as set forth in Exhibit A and shall include the Schedule of Increases or Decreases in Warrants
set forth in Schedule A. 
 Section 2.05 Cancellation of the Series A Warrants. Any Series A Warrant Certificate shall be
promptly cancelled by the Warrant Agent upon the earlier of (i) the Series A Expiration Date, (ii) the mutilation of the Series A Warrant Certificate as described in Section 5.02, or (iii) registration of Transfer or exercise of such Series A
Warrants (or, in the case of a Series A Global Warrant, all Series A Warrants represented thereby) and, except as provided in this Article 2 in case of a Transfer or Section 5.02 in case of mutilation, no Series A Warrant Certificate
shall be issued hereunder in lieu thereof. 
 Section 2.06 Cancellation of the Series B Warrants. Any Series B Warrant
Certificate shall be promptly cancelled by the Warrant Agent upon the earlier of (i) the Series B Expiration Date, (ii) the mutilation of the Series B Global Warrant Certificate as described in Section 5.02, or (iii) registration of Transfer
or exercise of such Series B Warrants (or, in the case of a Series B Global Warrant Certificate, all Series B Warrants represented thereby) and, except as provided in this Article 2 in case of a Transfer or Section 5.02 in case of
mutilation, no Series B Warrant Certificate shall be issued hereunder in lieu thereof. 

  
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 Section 2.07 Limitations on Transfer. Notwithstanding any other provision of this
Warrant Agreement, the Warrants, and the Common Shares issuable upon exercise thereof, have not been registered under the Securities Act and, accordingly, may not be resold or otherwise transferred within the United States or to, or for the account
or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act), except as set forth in the following sentence. The Beneficial Owners may not sell or transfer any Warrants in the absence of an effective registration statement
under the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act. By accepting a Warrant (whether at initial issuance or pursuant to a Transfer thereof), the recipient thereof agrees (A)
that, prior to the expiration of the applicable holding period pursuant to Rule 144 under the Securities Act, it will not resell or otherwise transfer such Warrants except (1) to the Company or any Subsidiary thereof, (2) in accordance with an
exemption from the registration requirements of the Securities Act (and based upon an opinion of counsel if the Company or the Warrant Agent so requests), in reliance with Rule 144A or Regulation S, or (3) following the filing by the Company of a
registration statement covering the Warrants with the SEC in accordance with Section 5.05 of the Warrant Agreement and the SEC declaring such registration statement to be effective, and (B) to inform the Beneficial Owner of the limitations on
Transfer set forth in this Section 2.07, and shall instruct and direct such Beneficial Owner to conform to the restrictions set forth herein and shall maintain any applicable legends in its books and records. The Common Shares issuable in
connection with the exercise of a Warrant shall be issued in accordance with Section 3.04(b) hereof. The Warrant Agent shall not be under any duty or responsibility to ensure compliance by the Company, the Global Warrant Holder, any Beneficial
Owner or any other Person with any applicable U.S. federal or state securities laws.
 Article 3 

Exercise and Settlement of Warrants 

Section 3.01 Exercise of Warrants.

(a) Contingent upon the receipt by the Company of the Alaska Tax Credit, the Warrants may be exercised during the period commencing thirty
(30) days prior to the Expiration Date through, and including, the Close of Business on the Expiration Date. Any Warrants not exercised prior to the Expiration Date shall expire unexercised and all rights thereunder and all rights in respect thereof
under this Warrant Agreement shall cease as of the Close of Business on the Expiration Date. Only whole Warrants may be exercised. 
 (b) As
soon as commercially practicable following the receipt of the Alaska Tax Credit, the Company will provide notice of the receipt in a form reasonably satisfactory to the Warrant Agent. The Warrant Agent will then provide notice to the Global Warrant
Holder to be further distributed pursuant to the procedures established by the Depository and the applicable Participant. 
 Section 3.02
Procedure for Exercise. 
 (a) To exercise each Warrant, a Beneficial Owner must arrange for (i) the delivery of the Exercise Notice
duly completed and executed by its applicable Participant to the principal office of the Warrant Agent and the Company, (ii) if Full Physical Settlement is elected, payment to the Warrant Agent in an amount equal to the respective Exercise Price for
each Warrant to be exercised together with all applicable taxes and charges thereto, (iii) delivery of each Warrant to be exercised through the facilities of the Depository and (iv) compliance with all other procedures established by the Depository,
the applicable Participant and the Warrant Agent for the exercise of Warrants. 
 (b) The date on which all the requirements for exercise
set forth in this Section 3.02 in respect of a Warrant are satisfied is the “Exercise Date” for such Warrant. 
 (c)
Subject to Section 3.02(e) and Section 3.02(f), any exercise of a Warrant pursuant to the terms of this Warrant Agreement shall be irrevocable and enforceable in accordance with its terms. 

(d) All funds received by the Warrant Agent under this Agreement that are to be distributed or applied by the Warrant Agent in the performance
of services in accordance with this Agreement (the “Funds”) 

  
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shall be held by the Warrant Agent as agent for the Company and deposited in one or more bank accounts to be maintained by the Warrant Agent in its name as agent for the Company (the
“Funds Account”). Until paid pursuant to the terms of this Agreement, the Warrant Agent will hold the Funds through the Funds Account in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or
with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating), each as reported by Bloomberg Finance L.P. The Warrant Agent
shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made by the Warrant Agent in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution
or other third party. The Warrant Agent may from time to time receive interest, dividends or other earnings in connection with such deposits. The Warrant Agent shall not be obligated to pay such interest, dividends or earnings to the
Company, any Beneficial Owner or any other party. 
 (e) The Company shall assist and cooperate with any Beneficial Owner required to make
any governmental filings or obtain any governmental approvals prior to or in connection with any exercise of a Warrant (including, without limitation, making any filings required to be made by the Company), and any exercise of a Warrant may be made
contingent upon the making of any such filing and the receipt of any such approval. 
 (f) Notwithstanding any other provision of this
Warrant Agreement, if the exercise of any Warrant is to be made in connection with a registered public offering or a Change of Control, such exercise may, upon proper election in the Exercise Notice, be conditioned upon consummation of such
transaction or event in which case such exercise shall not be deemed effective until the consummation of such transaction or event. 
 (g)
The Warrant Agent shall forward funds deposited in the Funds Account in a given month by the fifth Business Day of the following month by wire transfer to an account designated by the Company. 

(h) The Company hereby instructs the Warrant Agent to record tax basis for newly issued Common Shares as follows: the tax basis of each
newly issued Common Share equals the tax basis of the exercised Warrant plus the applicable Exercise Price. The Company shall provide the tax basis of the Warrants no later than 90 days after the Closing Date. 

(i) Payment of the applicable Exercise Price by or on behalf of a Beneficial Owner upon exercise of Warrants, in the case of Full Physical
Settlement, shall be by federal wire or in lawful money of the United States, in good certified check or good bank draft payable to the order of the Warrant Agent. 

Section 3.03 Settlement of Warrants. 

(a) Full Physical Settlement shall apply to each Warrant unless the Beneficial Owner elects for Net Share Settlement to apply upon exercise of
such Warrant. Such election shall be made in the Exercise Notice for such Warrant. 
 (b) If Full Physical Settlement applies to the
exercise of a Warrant, upon the proper and valid exercise thereof by a Beneficial Owner the Company shall cause to be delivered to the exercising Beneficial Owner the Full Physical Settlement Amount. 

(c) If Net Share Settlement applies to the exercise of a Warrant, upon the proper and valid exercise thereof by a Beneficial Owner the Company
shall cause to be delivered to the exercising Beneficial Owner the Net Share Amount, with any fractional Common Share rounded down to the nearest whole share as provided in Section 3.05. 

(d) If there is a dispute as to the determination of the applicable Exercise Price or the calculation of the number of shares of Common Stock
to be delivered to an exercising Beneficial Owner, the Company shall cause to be promptly delivered to the exercising Beneficial Owner the number of Common Shares that is not in dispute. 

  
 - 11 - 

 Section 3.04 Delivery of Common Shares. 

(a) In connection with the exercise of Warrants, the Warrant Agent shall: 

(1) examine all Exercise Notices and all other documents delivered to it to ascertain whether, on their face, such Exercise
Notices and any such other documents have been executed and completed in accordance with their terms; 
 (2) where an
Exercise Notice or other document appears on its face to have been improperly completed or executed or some other irregularity in connection with the exercise of the Warrant exists, endeavor to inform the appropriate parties (including the Person
submitting such instrument) of the need for fulfillment of all requirements, specifying those requirements which appear to be unfulfilled; 

(3) inform the Company of and cooperate with and assist the Company in resolving any reconciliation problems between the
Exercise Notices received and delivery of Warrants to the Warrant Agent’s account; 
 (4) advise the Company with
respect to an exercise, no later than two Business Days following the satisfaction of each of the applicable procedures for exercise set forth in Section 3.02(a), of (v) the receipt of such Exercise Notice and the number of Warrants exercised
in accordance with the terms and conditions of this Warrant Agreement, (w) the number of Common Shares to be delivered by the Company; (x) the instructions with respect to issuance of the Common Shares, subject to the timely receipt from the
Depository of the necessary information, (y) the number of Persons who will become holders of record of the Company (who were not previously holders of record) as a result of receiving Common Shares upon exercise of the Warrants and (z) such other
information as the Company shall reasonably require; 
 (5) promptly deposit in the Funds Account all Funds received in
payment of the applicable Exercise Price in connection with Full Physical Settlement of Warrants; 
 (6) promptly cancel and
destroy the applicable Global Warrant Certificate if all Warrants represented thereby have been exercised in full and deliver a certificate of destruction to the Company, unless the Company shall otherwise direct in writing; 

(7) if all Warrants represented by a Global Warrant Certificate shall not have been exercised in full, note and authenticate
such decrease in the Number of Warrants on Schedule A of such Global Warrant Certificate; and 
 (8) provide to the Company,
upon the Company’s request, the number of Warrants previously exercised, the number of Common Shares issued in connection with such exercises and the number of remaining outstanding Warrants. 

(b) With respect to each properly exercised Warrant in accordance with this Warrant Agreement, the Company shall, in accordance with such
Exercise Notice, issue and deliver to the Beneficial Owner in the name of the Beneficial Owner or in such other name or names of any Person(s) designated in such Exercise Notice, a certificate for the Common Shares issuable in connection with such
exercise with appropriate restrictive legends, unless a registration statement covering the resale of such Common Shares and naming the Beneficial Owner as a selling stockholder thereunder is effective or the Common Shares issued in connection with
such exercise are freely transferable without volume restrictions pursuant to Rule 144(b) under the Securities Act, in which case such Beneficial Owner shall receive (i) a certificate for the Common Shares issuable in connection with such exercise,
free of restrictive legends, or (ii) an electronic delivery of the Common Shares issuable in connection with such exercise to the Beneficial Owner’s account (or the account of a Participant for the benefit of such Beneficial Owner) at the
Depository. The Person on whose behalf and in whose name any Common Shares are registered shall for all purposes be deemed to have become the holder of record of such Common Shares as of the Close of Business on the applicable Exercise Date. 

  
 - 12 - 

 (c) If a registration statement covering a resale of Common Shares issued in connection with
properly exercised Warrants is not effective and the Beneficial Owner directs the Company to deliver the Common Shares issued in connection with such exercise in a name other than that of the Beneficial Owner or an Affiliate of the Beneficial Owner,
such Beneficial Owner shall deliver to the Company on the Exercise Date an opinion of counsel reasonably satisfactory to the Company to the effect that the issuance of such Common Shares in such other name may be made pursuant to an available
exemption from the registration requirements of the Securities Act and all applicable state securities or blue sky laws. 
 (d) Promptly
after the Warrant Agent shall have taken the action required by this Section 3.04 (or at such later time as may be mutually agreeable to the Company and the Warrant Agent), the Warrant Agent shall account to the Company with respect to the
consummation of any exercise of any Warrants. 
 Section 3.05 No Fractional Common Shares to Be Issued. 

(a) Notwithstanding anything to the contrary in this Warrant Agreement, the Company shall not be required to issue any fraction of a Common
Share upon exercise of any Warrants. 
 (b) If any fraction of a Common Share would, except for the provisions of this Section 3.05,
be issuable on the exercise of any Warrants, the Company shall instead round down to the nearest whole share the number of Common Shares that such Person designated in the applicable Exercise Notice shall receive. All Warrants exercised by a
Beneficial Owner on the same Exercise Date shall be aggregated for purposes of determining the number of Common Shares to be delivered pursuant to Section 3.04(b). 

(c) Each Beneficial Owner, by its acceptance of an interest in a Warrant, expressly waives its right to any fraction of a Common Share upon
its exercise of such Warrant. 
 Section 3.06 Acquisition of Warrants by Company. The Company shall have the right, except as
limited by Law, to purchase or otherwise to acquire one or more Warrants at such times, in such manner and for such consideration as it may deem appropriate. 

Section 3.07 Validity of Exercise. All questions as to the validity, form and sufficiency (including time of receipt) of a Warrant
exercise shall be determined by the Company, which determination shall be final and binding with respect to the Warrant Agent. The Warrant Agent shall incur no liability for or in respect of and, except to the extent such liability arises from
the Warrant Agent’s gross negligence, willful misconduct or bad faith (as determined by a court of competent jurisdiction in a final non-appealable judgment), shall be indemnified and held harmless by the Company for acting or refraining from
acting upon, or as a result of such determination by the Company. The Company reserves the absolute right to waive any of the conditions to the exercise of Warrants or defects in Exercise Notices with regard to any particular exercise of
Warrants. 
 Section 3.08 Certain Calculations. 

(a) The Warrant Agent shall be responsible for performing all calculations, save for in the case of Net Share Settlements, required in
connection with the exercise and settlement of the Warrants as described in this Article 3. In connection therewith, the Warrant Agent shall provide prompt written notice to the Company, in accordance with Section 3.04(a)(4), of the
number of Common Shares deliverable upon exercise and settlement of Warrants. For the avoidance of doubt, the Warrant Agent shall not be responsible for performing the calculations set forth in Article 4. 

(b) The Warrant Agent shall not be accountable with respect to the validity or value of any Common Shares or Units of Reference Property that
may at any time be issued or delivered upon the exercise of any Warrant, and it makes no representation with respect thereto. The Warrant Agent shall not be responsible, to the extent not arising from the Warrant Agent’s gross negligence,
willful misconduct or bad faith (as determined by a 

  
 - 13 - 

 
court of competent jurisdiction in a final non-appealable judgment), for any failure of the Company to issue, transfer or deliver any Common Shares or Units of Reference Property, or to comply
with any of the covenants of the Company contained in this Article 3. 
 Article 4 

Adjustments 

Section 4.01 Adjustments to Exercise Price. After the date on which the Warrants are first issued and while any Warrants remain
outstanding and unexpired, the Exercise Prices shall be subject to adjustment (without duplication) upon the occurrence of any of the following events: 

(a) The issuance of Common Shares as a dividend or distribution to all holders of Common Shares, or a subdivision, combination, split, reverse
split or reclassification of the outstanding Common Shares into a greater or smaller number of Common Shares, in which event the Exercise Prices shall be adjusted based on the following formula: 

 

							
	E1 = E0	 	x	 	 N0
	 	
		 		 	N1	 	

  

					
	where:	 		 	
			
	E1	 	=	 	the applicable Exercise Price in effect immediately after (i) the Open of Business on the Ex-Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision, combination,
split, reverse split or reclassification;
			
	E0	 	=	 	the applicable Exercise Price in effect immediately prior to (i) the Open of Business on the Ex-Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision, combination,
split, reverse split or reclassification;
			
	N0	 	=	 	the number of Common Shares Deemed Outstanding immediately prior to (i) the Open of Business on the Record Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision,
combination, split, reverse split or reclassification; and
			
	N1	 	=	 	the number of Common Shares equal to (i) in the case of a dividend or distribution, the sum of the number of Common Shares Deemed Outstanding immediately prior to the Open of Business on the Record Date for such dividend or
distribution plus the total number of Common Shares issued pursuant to such dividend or distribution or (ii) in the case of a subdivision, combination, split, reverse split or reclassification, the number of Common Shares Deemed Outstanding
immediately after such subdivision, combination, split, reverse split or reclassification.

 Such adjustment shall become effective immediately after (i) the Open of Business on the Ex-Date in the case of a dividend or
distribution or (ii) the consummation of the transaction in the case of a subdivision, combination, split, reverse split or reclassification. If any dividend or distribution or subdivision, combination, split, reverse split or reclassification
of the type described in this Section 4.01(a) is declared or announced but not so paid or made, the Exercise Prices shall again be adjusted to the applicable Exercise Prices that would then be in effect if such dividend or distribution or
subdivision, combination, split, reverse split or reclassification had not been declared or announced, as the case may be. 
 (b)
Reserved. 
 (c) The issuance as a dividend or distribution to all holders of Common Shares of evidences of indebtedness, Securities
of the Company or any other Person (other than Common Shares), Cash or other property (excluding any dividend or distribution covered by Section 4.01(a)), in which event the Exercise Prices will be adjusted based on the following formula:

  

							
	E1 = E0	 	x	 	 P - FMV
	 	
		 		 	P	 	

  
 - 14 - 

					
	where:	 		 	
			
	E1	 	=	 	the applicable Exercise Price in effect immediately after the Open of Business on the Ex-Date for such dividend or distribution;
			
	E0	 	=	 	the applicable Exercise Price in effect immediately prior to the Open of Business on the Ex-Date for such dividend or distribution;
			
	P	 	=	 	the Fair Value of a Common Share as of immediately prior to the Open of Business on the second Business Day preceding the Ex-Date for such dividend or distribution; and
			
	FMV	 	=	 	the Fair Value of the portion of such dividend or distribution applicable to one Common Share as of the Open of Business on the date of such dividend or distribution.

 Such adjustment shall become effective immediately after the Open of Business on the Ex-Date for such dividend or
distribution. In the event that such dividend or distribution is declared or announced but not so paid or made, the Exercise Prices shall again be adjusted to be the Exercise Prices which would then be in effect if such distribution had not
been declared or announced. 
 (d) The payment in respect of any tender offer or exchange offer by the Company for Common Shares, where the
cash and Fair Value of any other consideration included in the payment per Common Share exceeds the Fair Value of a Common Share as of the open of business on the second business day preceding the expiration date of the tender or exchange offer (the
“Offer Expiration Date”), in which event the applicable Exercise Price will be adjusted based on the following formula: 
  

							
	E1 = E0	 	x	 	 N0 x P) – A
	 	
		 		 	(P x N1)	 	

  

					
	 where:
  

E1
	 	=	 	the applicable Exercise Price in effect immediately after the Close of Business on the Offer Expiration Date;
			
	E0	 	=	 	the applicable Exercise Price in effect immediately prior to the Close of Business on the Offer Expiration Date;
			
	N0	 	=	 	the number of Common Shares Deemed Outstanding immediately prior to the expiration of the tender or exchange offer (prior to giving effect to the purchase or exchange of Common Stock);
			
	N1	 	=	 	the number of Common Shares deemed outstanding immediately after the expiration of the tender or exchange offer (after giving effect to the purchase or exchange of Common Shares);
			
	A	 	=	 	the aggregate cash and Fair Value of any other consideration payable for Common Shares purchased in such tender offer or exchange offer; and
			
	P	 	=	 	the Fair Value of a Common Share as of the Open of Business on the second Business Day preceding the Offer Expiration Date.

 Such adjustment shall become effective immediately after the close of business on the Offer Expiration Date. In the event that
the Company or a Subsidiary of the Company is obligated to purchase Common Shares pursuant to any such tender offer or exchange offer, but the Company or such Subsidiary is permanently prevented by applicable Law from effecting any such purchases,
or all such purchases are rescinded, then the Exercise Price shall again be adjusted to be the Exercise Price which would then be in effect if such tender offer or exchange offer had not been made. Except as set forth in the preceding sentence, if
the application of this clause (d) to any tender offer or exchange offer would result in an increase in the Exercise Price, no adjustment shall be made for such tender offer or exchange offer under this clause (d). 

  
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 (e) If any single action would require adjustment of the Exercise Prices pursuant to more than
one subsection of this Section 4.01, only one adjustment shall be made and such adjustment shall be the amount of adjustment that has the highest, relative to the rights and interests of the registered holders of the Warrants then
outstanding, absolute value. For the purpose of calculations pursuant to Section 4.01, the number of Common Shares outstanding shall be equal to the sum of (i) the number of Common Shares issued and outstanding and (ii) the number of
Common Shares issuable pursuant to the conversion or exercise of Convertible Securities that are outstanding, in each case on the applicable date of determination. 

(f) The Company may from time to time, to the extent permitted by Law, decrease the Exercise Prices and/or increase the Number of Warrants by
any amount for any period of at least twenty days. In that case, the Company shall give the Global Warrant Holder and the Warrant Agent at least ten days’ prior written notice of such increase or decrease, and such notice shall state the
applicable decreased Exercise Price and/or increased Number of Warrants and the period during which the decrease and/or increase will be in effect. The Company may make such decreases in the Exercise Prices and/or increases in the Number of
Warrants, in addition to those set forth in this Article 4, as the Board deems advisable, including to avoid or diminish any income tax to holders of the Common Shares resulting from any dividend or distribution of stock (or rights to acquire
stock) or from any event treated as such for income tax purposes. 
 (g) Notwithstanding this Section 4.01 or any other provision of
this Warrant Agreement or the Warrants, if an Exercise Prices adjustment becomes effective on any Ex-Date, and a Warrant has been exercised on or after such Ex-Date and on or prior to the related Record Date resulting in the Person issued Common
Shares being treated as the record holder of the Common Shares on or prior to the Record Date, then, notwithstanding the Exercise Prices adjustment provisions in this Section 4.01, the Exercise Prices adjustment relating to such Ex-Date will
not be made with respect to such Warrant. Instead, such Person will be treated as if it were the record owner of Common Shares on an un-adjusted basis and participate in the related dividend, distribution or other event giving rise to such
adjustment. 
 Section 4.02 Adjustments to Number of Warrants. Concurrently with any adjustment to the Exercise Prices under
Section 4.01, the Number of Warrants will be adjusted such that the Number of Warrants in effect immediately following the effectiveness of such adjustment will be equal to the Number of Warrants in effect immediately prior to such
adjustment, multiplied by a fraction, (i) the numerator of which is the applicable Exercise Price in effect immediately prior to such adjustment and (ii) the denominator of which is the applicable Exercise Price in effect immediately following such
adjustment. 
 Section 4.03 Certain Distributions of Rights and Warrants. 

(a) Rights or warrants distributed by the Company to all holders of Common Shares entitling the holders thereof to subscribe for or purchase
the Company’s Securities (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (a “Trigger Event”): 

(1) are deemed to be transferred with such Common Shares; 

(2) are not exercisable; and 

(3) are also issued in respect of future issuances of Common Shares, 

shall be deemed not to have been distributed for purposes of Article 4 (and no adjustment to the Exercise Prices or the Number of Warrants under this
Article 4 will be made) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Exercise Prices and the Number
of Warrants shall be made under this Article 4 (subject in all respects to Section 4.04). 
 (b) If any such right or warrant
is subject to events, upon the occurrence of which such rights or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to
be the date of distribution and Record Date with respect to new rights or warrants with such rights (subject in all respects to Section 4.04). 

  
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 (c) In addition, except as set forth in Section 4.04, in the event of any distribution (or
deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in Section 4.03(b)) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the
Exercise Prices and the Number of Warrants under Article 4 was made (including any adjustment contemplated in Section 4.04): 

(1) in the case of any such rights or warrants that shall all have been redeemed or repurchased without exercise by the holders
thereof, the Exercise Prices and the Number of Warrants shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a distribution under
Section 4.01(c), equal to the per share redemption or repurchase price received by a holder or holders of Common Shares with respect to such rights or warrants (assuming such holder had retained such rights or warrants),
made to all holders of Common Shares as of the date of such redemption or repurchase; and 
 (2) in the case of such rights
or warrants that shall have expired or been terminated without exercise by the holders thereof, the Exercise Prices and the Number of Warrants shall be readjusted as if such rights and warrants had not been issued or distributed. 

Section 4.04 Stockholder Rights Plans. If the Company has a stockholder rights plan in effect with respect to the Common Shares,
upon exercise of a Warrant the holder shall be entitled to receive, in addition to the Common Shares, the rights under such stockholder rights plan, unless, prior to such exercise, such rights have separated from the Common Shares. 

Section 4.05 Restrictions on Adjustments. 

(a) Except in accordance with Section 4.01, the Exercise Prices and the Number of Warrants will not be adjusted for the issuance of
Common Shares or other Securities of the Company. 
 (b) For the avoidance of doubt, neither the Exercise Prices nor the Number of Warrants
will be adjusted: 
 (1) upon the issuance of any Securities by the Company on or after the Closing Date pursuant to either
the RSA or the transactions contemplated thereby; 
 (2) upon the issuance of any Common Shares or other Securities or any
payments pursuant to the Management Plan or any other equity incentive plan of the Company; 
 (3) upon any issuance of any
Common Shares (or Convertible Securities) pursuant to the exercise of the Warrants; and 
 (4) upon the issuance of Common
Shares or other Securities of the Company in connection with a business acquisition transaction (except to the extent otherwise expressly required by this Warrant Agreement). 

(c) No adjustment shall be made to the Exercise Prices or the Number of Warrants for any of the transactions described in Section 4.01
if the Company makes provisions for participation in any such transaction with respect to Warrants without exercise of such Warrants on the same basis as with respect to Common Shares with notice that the Board determines in good faith to be
fair and appropriate. 
 (d) Notwithstanding anything to the contrary in this Warrant Agreement, prior to, or in the absence of, the receipt
of stockholder approval, any adjustment to be made to the Exercise Prices or the Number of 

  
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Warrants that would result in the Common Shares issued or issuable upon exercise of all Warrants to be equal to 20% or greater of the then-outstanding Common Shares shall be limited to the extent
necessary for such adjustment to result in Common Shares issued or issuable upon exercise of all Warrants representing no more than 19.9% of the then-outstanding Common Shares so that the Company may remain in compliance with the listing
requirements of the stock exchange on which its Common Shares are then listed. Upon receipt of stockholder approval, the full adjustment to the Exercise Prices or Number of Warrants shall be made. 

(e) No adjustment shall be made to the Series A Exercise Price or the Series B Exercise Price, nor will any corresponding adjustment be made
to the Number of Warrants, unless the adjustment would result in a change of at least 1% of the Series A Exercise Price or the Series B Exercise Price, respectively; provided, however, that any adjustment of less than 1% that was not made by reason
of this Section 4.04(d) shall be carried forward and made as soon as such adjustment, together with any other adjustments not previously made by reason of this Section 4.04(d), would result in a change of at least 1% in the
aggregate. All calculations under this Article 4 shall be made to the nearest cent or to the nearest 1/100th of a Common Share, as the case may be. 

(f) If the Company takes a record of the holders of Common Shares for the purpose of entitling them to receive a dividend or other
distribution, and thereafter (and before the dividend or distribution has been paid or delivered to members) legally abandons its plan to pay or deliver such dividend or distribution, then thereafter no adjustment to the Exercise Prices or the
Number of Warrants then in effect shall be required by reason of the taking of such record. 
 Section 4.06 Successor upon Consolidation,
Merger and Sale of Assets. 
 (a) The Company may consolidate or merge with another Person (a “Fundamental Equity
Change”) only (i) if the Company is the surviving Person or (ii), if the Company is not the surviving Person, then: 

(1) the successor to the Company assumes all of the Company’s obligations under this Warrant Agreement and the Warrants,
other than as provided in Section 4.07, shall become exercisable into the common stock or other common equity of the successor; and 

(2) the successor to the Company provides written notice of such assumption to the Warrant Agent promptly following the
Fundamental Equity Change. 
 (b) In the case of a Fundamental Equity Change, the successor Person to the Company shall succeed to and be
substituted for the Company with the same effect as if it had been named herein as the Company, and the Company shall thereupon be released from all obligations and covenants under this Warrant Agreement and the Warrants. Such successor Person
shall provide in writing to the Warrant Agent with such identifying corporate information as may be reasonably requested by the Warrant Agent. Such successor Person thereafter may cause to be signed, and may issue any or all of, the Global
Warrants issuable pursuant to this Warrant Agreement which theretofore shall not have been issued by the Company; and, upon the order of such successor Person, instead of the Company, and subject to all the terms, conditions and limitations in this
Warrant Agreement, the Warrant Agent shall authenticate and deliver, as applicable, any Global Warrants that previously shall have been signed and delivered by the officers of the Company to the Warrant Agent for authentication, and any Warrants
which such successor Person thereafter shall cause to be signed and delivered to the Warrant Agent for such purpose. 
 (c) If the Company
desires to sell, lease, convey or otherwise transfer in one transaction or a series of related transactions all or substantially all of the consolidated assets of the Company and its Subsidiaries (an “Asset Sale”), the Company may
only consummate such Asset Sale if such Buyer agrees (i) to enter into a warrant agreement in form and substance substantially similar to this Warrant Agreement and (ii) to issue warrants for equity in such Buyer (or a Person to which all or
substantially all of the assets of the Company and its Subsidiaries acquired in such Asset Sale are transferred or conveyed) to the Global Warrant Holder on terms (including economic) and conditions substantially similar to the Global Warrant
(taking into account any Warrants that are exercised prior to the Expiration Date (taking into account the materiality of the transferred assets to the total assets and operations of the Affiliated Buyer, taken as a whole), for crediting to the
accounts of the applicable Participants for the benefit of the Beneficial Owners pursuant to the procedures of the Depository. 

  
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 Section 4.07 Adjustment upon Reorganization Event. 

(a) If there occurs any Fundamental Equity Change or any recapitalization, reorganization, consolidation, reclassification, change in the
outstanding Common Shares (other than changes resulting from a subdivision or combination to which Section 4.01(a) applies), statutory share exchange or other transaction (each such event a “Reorganization Event”), in each
case as a result of which the Common Shares would be converted into, changed into or exchanged for, stock, other securities, other property or assets (including Cash or any combination thereof) (the “Reference Property”) while any
Warrants remain outstanding and unexpired, then following the effective time of the Reorganization Event, the right to receive Common Shares upon exercise of a Warrant shall be changed to a right to receive, upon exercise of such Warrant, the kind
and amount of shares of stock, other securities or other property or assets (including Cash or any combination thereof) that a holder of one Common Share would have owned or been entitled to receive in connection with such Reorganization Event (such
kind and amount of Reference Property per Common Share, a “Unit of Reference Property”). In the event holders of Common Shares have the opportunity to elect the form of consideration to be received in a Reorganization Event,
the type and amount of consideration into which the Warrants shall be exercisable from and after the effective time of such Reorganization Event shall be deemed to be the weighted average of the types and amounts of consideration received by the
holders of Common Shares in such Reorganization Event. The Company hereby agrees not to become a party to any Reorganization Event unless its terms are consistent with this Section 4.07. 

(b) At any time from, and including, the effective time of a Reorganization Event: 

(1) each Warrant shall be exercisable for a single Unit of Reference Property instead of one Common Share; and 

(2) the Fair Value shall be calculated with respect to a Unit of Reference Property. 

(c) On or prior to the effective time of any Reorganization Event, the Company or the successor or purchasing Person, as the case may be,
shall execute an amendment to this Warrant Agreement providing that the Warrants shall be exercisable for Units of Reference Property in accordance with the terms of this Section 4.07. If the Reference Property in connection with any
Reorganization Event includes shares of stock or other securities and assets of a Person other than the successor or purchasing Person, as the case may be, in such Reorganization Event, then the Company shall cause such amendment to this Warrant
Agreement to be executed by such other Person and such amendment shall contain such additional provisions to protect the interests of the Global Warrant Holder (for the benefit of the Beneficial Owners) as the Board shall reasonably consider
necessary by reason of the foregoing. Any such amendment to this Warrant Agreement shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 4. In the event the
Company shall execute an amendment to this Warrant Agreement pursuant to this Section 4.07, the Company shall promptly file with the Warrant Agent an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of Cash,
securities or property or assets that will comprise a Unit of Reference Property after the relevant Reorganization Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with. The Company
shall cause notice of the execution of the amendment to be mailed to the Global Warrant Holder within 20 Business Days after execution thereof. 

(d) The above provisions of this Section 4.07 shall similarly apply to successive Reorganization Events. 

(e) If this Section 4.07 applies to any event or occurrence, no other provision of this Article 4 shall apply to such event or
occurrence (other than Section 4.06). 
 Section 4.08 Reserved. 

Section 4.09 Common Shares Outstanding; Common Shares Reserved for Issuance on Exercise. 

(a) For the purposes of this Article 4, the number of Common Shares at any time outstanding shall not include Common Shares held,
directly or indirectly, by the Company or any of its Subsidiaries. 

  
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 (b) The Board has authorized and reserved for issuance such number of Common Shares as will be
issuable upon the exercise of all outstanding Warrants for Common Shares. The Company covenants that all Common Shares that shall be so issuable shall be duly and validly issued, fully paid and non-assessable. 

(c) The Company agrees to authorize and direct its current and future transfer agents for the Common Shares to reserve for issuance the number
of Common Shares specified in this Section 4.09 and shall take all action required to increase the authorized number of Common Shares if at any time there shall be insufficient authorized but unissued Common Shares to permit such reservation
or to permit the exercise of a Warrant. Promptly after each of the Expiration Dates, the Warrant Agent shall certify to the Company the aggregate Number of Warrants then outstanding, and thereafter no Common Shares shall be required to be
reserved in respect of such Warrants. 
 Section 4.10 Calculations; Instructions to Warrant Agent. 

(a) Subject to Section 4.10(b), the Company shall be responsible for making all calculations called for under this Section 4 for
purposes of determining any adjustments to the Exercise Prices and the Number of Warrants, including determinations as to Fair Value and the composition of Units of Reference Property. Such calculations and determinations shall be final and
binding on the Global Warrant Holder and all Beneficial Owners absent manifest error. The Company shall provide a schedule of the Company’s calculations and determinations to the Warrant Agent, and the Warrant Agent is entitled to rely
upon the accuracy of the Company’s calculations without independent verification. 
 (b) In the event the Board engages a
Representative to advise it with respect to the determination of Fair Value, the Board shall be entitled to rely upon the determination of such Representation. The Company shall pay the fees and expenses of any Representative. 

Section 4.11 Notice of Adjustments. The Company shall mail, or cause to be mailed, to the Global Warrant Holder and the Warrant
Agent, in accordance with Section 7.16, a notice of any adjustment or readjustment to the Exercise Prices or the Number of Warrants no less than three Business Days prior to the effective date of such adjustment or
readjustment. The Company shall file with the Warrant Agent such notice and an Officer’s Certificate setting forth such adjustment or readjustment and kind and amount of securities, Cash or other property for which a Warrant shall
thereafter be exercisable and the applicable Exercise Price, showing in reasonable detail the facts upon which such adjustment or readjustment is based. The Officer’s Certificate shall be conclusive evidence that the adjustment or
readjustment is correct, and the Warrant Agent shall not be deemed to have any knowledge of any adjustments or readjustments unless and until it has received such Officer’s Certificate. The Warrant Agent shall not be under any duty or
responsibility with respect to any such Officer’s Certificate except to exhibit the same to the Global Warrant Holder. 
 Section 4.12
Warrant Agent Not Responsible for Adjustments or Validity. The Warrant Agent shall at no time be under any duty or responsibility to determine whether any facts exist that may require an adjustment or readjustment of the Exercise Prices
and the Number of Warrants, or with respect to the nature or extent of any such adjustment or readjustment when made, or with respect to the method employed, herein or in any supplemental agreement provided to be employed, in making the
same. The Warrant Agent shall have no duty to verify or confirm any calculation called for hereunder. The Warrant Agent shall have no liability for any failure or delay in performing its duties hereunder caused by any failure or delay of
the Company in providing such calculations to the Warrant Agent. The Warrant Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any Common Shares or of any Securities or property which may at any
time be issued or delivered upon the exercise of any Warrant or upon any adjustment or readjustment pursuant to this Article 4, and it makes no representation with respect thereto. The Warrant Agent shall not be responsible for any
failure of the Company to make any Cash payment or to issue, transfer or deliver any Common Shares or stock certificates or other securities or property or scrip upon the surrender of any Warrant for the purpose of exercise or upon any adjustment
pursuant to this Article 4, or to comply with any of the covenants of the Company contained in this Article 4. The Warrant Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice of any fact
or circumstance not specifically set forth herein or in any notice from the Company. The Warrant Agent may rely conclusively, and shall be protected in acting, upon any notice, instruction, request, order, judgment, certification, opinion or advice
of counsel, statement, demand or other instrument or document, not only as to its due execution, 

  
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validity (including the authority of the person signing or presenting the same) and effectiveness, but also as to the truth and accuracy of any information contained therein, which the Warrant
Agent shall believe to be genuine and to have been signed or presented by the person or parties purporting to sign the same. 
 Section 4.13
Statements on Warrants. Other than notation of any applicable increase or decrease in the Number of Warrants on Schedule A of each Global Warrant Certificate, the form of each Warrant Certificate need not be changed because of any
adjustment or readjustment made pursuant to this Article 4, and Warrant Certificates issued after such adjustment or readjustment may state the same information (other than the applicable adjusted Exercise Price and the adjusted Number of
Warrants) as are stated in the Warrant Certificates initially issued pursuant to this Warrant Agreement. 
 Section 4.14 Effect of
Adjustment. The Depository and applicable Participants shall effect any applicable adjustments, changes or payments to the Beneficial Owners with respect to beneficial interests in the Global Warrants resulting from any adjustments
or readjustments, changes or payments effected pursuant to this Article 4 in accordance with the procedures of the Depository and the applicable Participants. 

Article 5 

Other Provisions Relating to the Rights of Warrant Holders 

Section 5.01 No Rights as Stockholders. Nothing contained in this Warrant Agreement or in any Warrant Certificate shall be
construed as conferring upon any Person, by virtue of holding or having a warrant or a beneficial interest in a Global Warrant, the right to vote, to consent, to receive any Cash dividends, stock dividends, allotments or rights or other
distributions paid, allotted or distributed or distributable to the holders of Common Shares, or to exercise any rights whatsoever as a stockholder of the Company unless, until and only to the extent such Persons become holders of record of Common
Shares issued upon settlement of Warrants. 
 Section 5.02 Mutilated or Missing Warrant Certificates. If any Warrant Certificate
at any time is mutilated, defaced, lost, destroyed or stolen, then on the terms set forth in this Warrant Agreement, such Warrant Certificate may be replaced with a new Warrant Certificate, of like date and tenor and representing the same number of
Warrants, at the cost of the Company at the office of the Warrant Agent subject to the replacement procedures of the Warrant Agent which shall include obtaining an open penalty surety bond satisfactory to the Warrant Agent holding the Company and
the Warrant Agent harmless. Any such new Warrant Certificate shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant Certificate shall be at any time
enforceable by anyone. All Warrant Certificates shall be issued upon the express condition that the foregoing provisions are exclusive with respect to the substitution for lost, stolen, mutilated or destroyed Warrant Certificates, and shall
preclude any and all other rights or remedies notwithstanding any Law or statute existing or hereafter enacted to the contrary with respect to the substitution for and replacement of negotiable instruments or other securities without their
surrender. 
 Section 5.03 Modification, Waiver and Meetings. 

(a) This Warrant Agreement may be modified or amended by the Company and the Warrant Agent, without the consent of the Warrant Holders, any
Beneficial Owner of any Global Warrant, or any applicable Participant with respect to any Global Warrant, for the purposes of curing any ambiguity or correcting or supplementing any defective provision contained in this Warrant Agreement or to make
any other provisions in regard to matters or questions arising in this Warrant Agreement which the Company and the Warrant Agent may deem necessary or desirable; provided that such modification or amendment does not adversely affect the interests of
the Warrant Holder or the Beneficial Owners in any material respect. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from an Appropriate Officer that
states that the proposed amendment is in compliance with the terms of this Section 5.03. 
 (b) Modifications and amendments to this
Warrant Agreement or to the terms and conditions of Warrants not contemplated by Section 5.03(a) may also be made by the Company and the Warrant Agent, and noncompliance with any provision of the Warrant Agreement or Warrants may be waived, by the
Warrant Holders (pursuant to a proper vote or consent of a majority of the Warrants at the time outstanding). Notwithstanding 

  
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anything to the contrary herein, the Company may amend Schedule A from time to time to accurately reflect the name and address of the Warrant Holder after the Closing Date without any
further consent or agreement from any other Person. 
 (c) However, no modification, amendment or waiver may, without the written consent
of: 
 (1) the Warrant Holders (pursuant to a proper vote or consent of each Warrant): 

(A) change the Expiration Date; or 

(B) increase either of the Exercise Prices or decrease the Number of Warrants (except as set forth in Article 4); 

(2) the Warrant Holders (pursuant to a proper vote or consent of 66.66% of the Warrants affected): 

(A) impair the right to institute suit for the enforcement of any payment or delivery with respect to the exercise and
settlement of any Warrant; 
 (B) except as otherwise expressly permitted by provisions of this Warrant Agreement concerning
specified reclassifications or corporate reorganizations, impair or adversely affect the exercise rights with respect to Warrants, including any change to the calculation or payment of the number of Common Shares received upon exercise of each
Warrant; 
 (C) reduce the percentage of Warrants outstanding necessary to modify or amend this Warrant Agreement or to
waive any past default; or 
 (D) reduce the percentage in Warrants outstanding required for any other waiver under this
Warrant Agreement. 
 Section 5.04 Notices of Date, etc. In the event of any Change of Control, then, and in each such
case, the Company will mail or cause to be mailed to the Warrant Holder, at least 15 days prior to the effective date, a notice specifying the effective date on which such Change of Control is or is expected to take place, and the time, if any is to
be fixed, as of which the holders of record of Common Shares (or such other stock or Securities at the time deliverable upon the exercise of a Warrant) shall be entitled to exchange their Common Shares (or such other stock or Securities) for
Securities or other property deliverable upon such Change of Control. 
 Section 5.05 Registration and Listing. 

(a) If the Board determines that it is necessary for the Company to file a registration statement in order for the Warrants or the Common
Shares issuable upon exercise of the Warrants to be freely transferable, then no later than 90 days from the issuance of the Warrants, the Company agrees to use commercially reasonable efforts to cause to be filed pursuant to the Securities Act a
registration statement covering the resale of the Warrants and such Common Shares (the “Shelf Registration Statement”). The Company agrees to use commercially reasonable efforts to cause the Shelf Registration Statement to become
effective thereafter and to remain effective until the earlier of (i) such time as all Warrants and such Common Shares have been exercised, (ii) such time as the Warrants and such Common Shares are freely transferable pursuant to Rule 144, and (iii)
the Expiration Date. The Company shall promptly inform the Warrant Agent of any change in the status of the effectiveness or availability of the Shelf Registration Statement. 

(b) Notwithstanding any other provision of this Agreement, the Company shall not be required to file a registration statement (or any
amendment thereto) or, if the Company has filed a Shelf Registration Statement, the Company shall be entitled to suspend the offer and sale of Warrants or the Common Shares issuable upon exercise of the Warrants pursuant to such Shelf Registration
Statement for a period of up to 60 days, (i) if the 

  
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Board determines that such postponement or suspension, as applicable, is in the best interest of the Company due to a pending transaction involving the Company (including a pending securities
offering by the Company), (ii) if the Board determines such registration would render the Company unable to comply with applicable securities laws, (iii) if the Board determines such registration would require disclosure of material information that
the Company has a bona fide business purpose for preserving as confidential, (iv) upon issuance by the SEC of a stop order suspending the effectiveness of such Shelf Registration Statement or upon the receipt by the Company of any notification with
respect to the suspension of the qualification or exemption from qualification of the Warrants or the Common Shares issuable upon exercise of the Warrants for sale in any jurisdiction, or the initiation or threatening of any proceeding for such
purpose, (v) if the Company elects at such time to offer any equity securities of the Company to (A) fund a merger, third-party tender offer or other business combination, acquisition of assets or similar transaction or (B) meet rating agency and
other capital funding requirements, (vi) if the Company is pursuing a primary underwritten offering of equity securities pursuant to a registration statement or a private placements of its equity securities or equity-linked securities, (vii) upon
the occurrence of any event or any passage of time that makes any statement made in such Shelf Registration Statement (or any related Prospectus) untrue in any material respect or that requires any revisions thereto so that it will not contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (viii) if any other
material development would materially and adversely interfere with the use of such Shelf Registration Statement (any such period, a “Blackout Period”); provided, however, that in no event shall such Blackout Periods
collectively exceed an aggregate of 120 days in any 12-month period. Each Beneficial Owner of Warrants agrees, that upon receipt of a notice from the Company of a Blackout Period, such Beneficial Owner shall forthwith discontinue disposition of
Warrants under the Shelf Registration Statement until the Company confirms the expiration thereof. The Company may provide appropriate stop orders to enforce such restrictions. 

(c) All expenses incident to the Company’s performance of or compliance with its obligations under this Section 5.05 will be borne
by the Company, including without limitation: (i) all SEC, stock exchange or Financial Industry Regulatory Authority registration and filing fees, (ii) all expenses of any Persons incurred by or on behalf of the Company in preparing or assisting in
preparing, printing and distributing the Shelf Registration Statement or any other registration statement, prospectus, any amendments or supplements thereto and other documents relating to the performance of and compliance with this Section
5.05, (iv) the fees and disbursements of counsel for the Company and the Warrant Agent as agreed and (v) any fees and disbursements of the independent public accountants of the Company incident to such performance and compliance. 

(d) The Company will notify such Beneficial Owners who are included in a Shelf Registration Statement as promptly as reasonably practicable:
(i)(A) when Prospectus or any prospectus supplement or post-effective amendment to a Shelf Registration Statement in which such Beneficial Owner is included has been filed; (B) when the SEC notifies the Company whether there will be a
review of the applicable Shelf Registration Statement and whenever the SEC comments in writing on such Shelf Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each
of such Beneficial Owners that pertain to such Beneficial Owners as selling stockholders); and (C) with respect to each applicable Shelf Registration Statement or any post-effective amendment thereto, when the same has been declared effective;
(ii) of any request by the SEC or any other federal or state governmental authority for amendments or supplements to such Shelf Registration Statement or Prospectus or for additional information that pertains to such Beneficial Owners as
sellers of the Warrants or the Common Shares issuable upon exercise of the Warrants; (iii) of the issuance by the SEC of any stop order suspending the effectiveness of such Shelf Registration Statement covering any or all of the Warrants or the
Common Shares issuable upon exercise of the Warrants or the initiation of any proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Warrants or the Common Shares issuable upon exercise of the Warrants for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; and (v) of the occurrence of any event or
passage of time that makes any statement made in such Shelf Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such
Shelf Registration Statement, Prospectus or other documents so that, in the case of such Shelf Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (provided, however, that no notice by the Company shall be
required pursuant to this 

  
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clause (v) in the event that the Company either promptly files a prospectus supplement to update the Prospectus or a Form 8-K or other appropriate Exchange Act report that is incorporated by
reference into the Shelf Registration Statement, which in either case, contains the requisite information that results in such Shelf Registration Statement no longer containing any untrue statement of material fact or omitting to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading). 
 (e) The
right of any Beneficial Owner to include their Warrants or the Common Shares issuable upon exercise of the Warrants in a Shelf Registration Statement or any Prospectus or prospectus supplement shall be conditioned upon the Beneficial Owner
furnishing to the Company such information the Company deems is reasonably necessary for any Shelf Registration Statement or any Prospectus or prospectus supplement including, without limitation, the completion and execution of all
questionnaires, powers of attorney, indemnities, underwriter lock-up agreements (if requested by the Company) and other documents and information regarding the distribution of their Warrants or the Common Shares issuable upon exercise of the of the
Warrants, and if any Holder does not do so after prompt written request by the Company, then the Company will not be required to register any shares of Common Shares of the Beneficial Owner in a Shelf Registration Statement. 

(f) Following the Shelf Registration Statement being declared effective by the SEC, if the Board determines that it is in the best interests
of the Company for the Warrants or the Common Shares issuable upon exercise of the Warrants to be listed on a national securities exchange, the Company agrees to use its commercially reasonable efforts to list the Warrants on the stock exchange
on which the Company’s Common Shares are then listed or such other national securities exchange as the Board may select as soon as commercially practicable thereafter. 

Section 5.06 Tax Consequences. All Persons holding or having a Warrant or a beneficial interest in a Global Warrant are responsible for
obtaining their own tax advice regarding the tax consequences of such interest. The Company has given no tax advice regarding the Warrants. 

Article 6 

Representations of the Company 

Section 6.01 Representations. The Company makes the following representations to the Transfer Agent: 

(a) the issuance of the Warrants will comply in all material respects with the Securities Act and all other applicable requirements of
applicable U.S. and non-U.S. federal, state and local law, including, without limitation, any applicable regulations of the SEC and any other U.S. and non-U.S. regulatory or governmental authority; 

(b) as of the date hereof and, after giving effect to the Transactions (as defined in the Exchange Offer Memorandum and Consent Solicitation
Statement of the Company dated as of June 24, 2016), each of the Company and its subsidiaries is not and will not be, individually or on a consolidated basis, an “investment company” that is required to be registered under the Investment
Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder; 
 (c) without limiting any provision herein,
no registration under the Securities Act is required for the issuance of the Warrants. 
 (d) no securities of the Company of the same class
as the Warrants have been offered, issued, or sold by the Company or any of its affiliates within the six-month period immediately prior to the date hereof, and the Company does not have any intention of making an offer or sale of such securities of
the Company of the same class as the Warrants, for a period of six months after the issue date of the Warrants; 

  
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 (e) none of the Company, any of its affiliates or any person acting on behalf of the Company has
engaged or will engage, in connection with the issuance of the Warrants, in any form of general solicitation or general advertising within the meaning of Rule 502 under the Securities Act; 

(f) none of the Company, any of its affiliates or any person acting on behalf of the Company has, with respect to Warrants issued outside the
United States, offered the Warrants to buyers qualifying as “U.S. persons” (as defined in Rule 902 under the Securities Act) or engaged in any directed selling efforts within the meaning of Rule 902 under the Securities Act; and 

(g) neither the Company, nor any of its affiliates has entered or will enter into any arrangement or agreement with respect to the
distribution of the Warrants except for this Agreement.
 As used in clause (d) above, the terms “offer” and “sale” have the meanings
specified in Section 2(a)(3) of the Securities Act. 
 Article 7 

Concerning the Warrant Agent and Other Matters 

Section 7.01 Certificated Common Shares. Certificated Holders shall be subject to the same terms and conditions set forth in this
Warrant Agreement (including the Exhibits hereto) as Initial Beneficial Holders that hold Common Shares in book-entry form. In exercising any rights and satisfying any obligations pursuant to this Warrant Agreement, Certificated Holders shall comply
with any rules and procedures of the Warrant Agent applicable to Warrants issued to Certificated Holders, including, without limitation, such rules and procedures as may apply to the registration of transfer of any Warrant on the Warrant Register
(including the delivery of any requisite written instructions and supporting documentation), the treatment of the registered holder reflected in the Warrant Register as the absolute owner of such Warrants, and the exercise of Warrants by directly
completing the requirements set forth in Section 3.02. 
 Section 7.02 Payment of Certain Taxes. 

(a) The Company shall pay any and all documentary, stamp or similar issue or transfer taxes that may be payable upon the initial issuance of
the Warrants hereunder and delivery to the Warrant Holders. 
 (b) The Company shall pay any and all documentary, stamp or similar issue or
transfer taxes that may be payable upon the issuance of Common Shares upon the exercise of Warrants hereunder. 
 Section 7.03
Reserved. 
 Section 7.04 Change of Warrant Agent. 

(a) The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and
liabilities hereunder (except for liability arising as a result of the Warrant Agent’s own gross negligence, willful misconduct or bad faith) after giving sixty days’ notice in writing to the Company, except that such shorter notice may be
given as the Company shall, in writing, accept as sufficient. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor warrant agent in place of the
Warrant Agent. If the Company shall fail to make such appointment within a period of thirty days after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated warrant agent or by any Warrant Holder,
then the Warrant Holders (pursuant to a proper vote or consent of 50.00% of the Warrants) may apply to any court of competent jurisdiction for the appointment of a successor warrant agent. 

(b) The Warrant Agent may be removed by the Company at any time upon sixty days’ written notice to the Warrant Agent; provided,
however, that the Company shall not remove the Warrant Agent until a successor warrant agent meeting the qualifications hereof shall have been appointed; provided, further, that, until such successor warrant agent has been appointed, the
Company shall compensate the Warrant Agent in accordance with Section 7.05. 

  
 - 25 - 

 (c) Any successor warrant agent, whether appointed by the Company or by such a court, shall be a
corporation or banking association organized, in good standing and doing business under the Laws of the United States of America or any state thereof or the District of Columbia, and authorized under such Laws to exercise corporate trust powers and
subject to supervision or examination by federal or state authority and having a combined capital and surplus of not less than $50,000,000. The combined capital and surplus of any such successor warrant agent shall be deemed to be the combined
capital and surplus as set forth in the most recent report of its condition published prior to its appointment; provided that such reports are published at least annually pursuant to Law or to the requirements of a federal or state supervising or
examining authority. After acceptance in writing of such appointment by the successor warrant agent, such successor warrant agent shall be vested with all the authority, powers, rights, immunities, duties and obligations of its predecessor
warrant agent with like effect as if originally named as warrant agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor warrant agent shall execute and deliver, at the expense of
the Company, an instrument transferring to such successor warrant agent all the authority, powers and rights of such predecessor warrant agent hereunder; and upon request of any successor warrant agent, the Company shall make, execute, acknowledge
and deliver any and all instruments in writing to more fully and effectually vest in and conform to such successor warrant agent all such authority, powers, rights, immunities, duties and obligations. Upon assumption by a successor warrant
agent of the duties and responsibilities hereunder, the predecessor warrant agent shall deliver and transfer, at the expense of the Company, to the successor warrant agent any property at the time held by it hereunder. As soon as practicable
after such appointment, the Company shall give notice thereof to the predecessor warrant agent, each Warrant Holder and each transfer agent for its Common Shares. Failure to give such notice, or any defect therein, shall not affect the validity
of the appointment of the successor warrant agent. 
 (d) Any entity into which the Warrant Agent may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any Person succeeding to all or substantially all of the corporate trust or agency business of the
Warrant Agent, shall be the successor warrant agent under this Warrant Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that such entity would be eligible for appointment as
a successor warrant agent under Section 7.04(c). In case at the time such successor to the Warrant Agent shall succeed to the agency created by this Warrant Agreement, any Warrant Certificate shall have been countersigned but not
delivered, any such successor to the Warrant Agent may adopt the countersignature of the original Warrant Agent and deliver such Warrant Certificate so countersigned, and in case at that time any Warrant Certificates shall not have been
countersigned, any successor to the Warrant Agent may countersign such Warrant Certificate either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant Certificate shall have
the full force provided in the Warrant Certificate and in this Warrant Agreement. 
 (e) In case at any time the name of the Warrant Agent
shall be changed and at such time any Global Warrant Certificate shall have been countersigned but not delivered, the Warrant Agent may adopt the countersignatures under its prior name and deliver such Warrant Certificate so countersigned; and in
case at that time any Warrant Certificate shall not have been countersigned, the Warrant Agent may countersign such Warrant Certificate either in its prior name or in its changed name; and in all such cases such Warrant Certificate shall have the
full force provided in the Warrant Certificate and in this Warrant Agreement. 
 Section 7.05 Compensation; Further
Assurances. The Company agrees that it will (a) pay the Warrant Agent reasonable compensation for its services as Warrant Agent in accordance with Exhibit C attached hereto and, except as otherwise expressly provided, will pay or
reimburse the Warrant Agent upon written demand for all reasonable and documented expenses, disbursements and advances incurred or made by the Warrant Agent in accordance with any of the provisions of this Warrant Agreement (including the reasonable
compensation, expenses and disbursements of its agents and counsel incurred in connection with the execution and administration of this Agreement), except any such expense, disbursement or advance as may arise from its or any of their gross
negligence, willful misconduct or bad faith, and (b) perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required
by the Warrant Agent for the carrying out or performing of the provisions of this Warrant Agreement. 

  
 - 26 - 

 Section 7.06 Reliance on Counsel. The Warrant Agent may consult with legal counsel
(who may be legal counsel for the Company), and the written opinion of such counsel or any advice of legal counsel subsequently confirmed by a written opinion of such counsel shall be full and complete authorization and protection to the Warrant
Agent as to any action taken or omitted by it in good faith and in accordance with such written opinion or advice. 
 Section 7.07 Proof
of Actions Taken. Whenever in the performance of its duties under this Warrant Agreement the Warrant Agent shall deem it necessary or desirable that any matter be proved or established by the Company prior to taking or suffering or omitting
any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of bad faith on the part of the Warrant Agent, be deemed to be conclusively proved and established by an
Officer’s Certificate delivered to the Warrant Agent; and such Officer’s Certificate shall, in the absence of bad faith on the part of the Warrant Agent, be full warrant to the Warrant Agent for any action taken, suffered or omitted in
good faith by it under the provisions of this Warrant Agreement in reliance upon such Officer’s Certificate; but in its discretion the Warrant Agent may in lieu thereof accept other evidence of such fact or matter or may require such further or
additional evidence as to it may seem reasonable. 
 Section 7.08 Correctness of Statements. The Warrant Agent shall not be
liable for or by reason of any of the statements of fact or recitals contained in this Warrant Agreement or any Warrant Certificate (except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and
shall be deemed to have been made by the Company only. 
 Section 7.09 Validity of Agreement. From time to time, the
Warrant Agent may apply to any Appropriate Officer for instruction and the Company shall provide the Warrant Agent with such instructions concerning the services to be provided hereunder. The Warrant Agent shall not be held to have notice of
any change of authority of any Person, until receipt of notice thereof from the Company. The Warrant Agent shall not be under any responsibility in respect of the validity of this Warrant Agreement or the execution and delivery hereof or in
respect of the validity or execution of any Warrant Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant
Certificate; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common Shares to be issued pursuant to this Warrant Agreement or any Warrants or as to whether any Common
Shares will, when issued, be validly issued and fully paid and non-assessable. The Warrant Agent and its agents and subcontractors shall not be liable and shall be indemnified by the Company for any action taken or omitted by Warrant Agent in
reliance upon any Company instructions except to the extent that the Warrant Agent had actual knowledge of facts and circumstances that would render such reliance unreasonable. 

Section 7.10 Use of Agents. The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform
any duty hereunder either itself or by or through its attorneys or agents provided that the Warrant Agent shall remain responsible for the activities or omissions of any such agent or attorney and reasonable care has been exercised in the selection
and in the continued employment of such attorney or agent. 
 Section 7.11 Liability of Warrant Agent. The Warrant Agent
shall incur no liability or responsibility to the Company or to any Global Warrant Holder for any action taken or not taken (i) in reliance on any notice, resolution, waiver, consent, order, certificate, or other paper, document or instrument
believed by it to be genuine and to have been signed, sent or presented by the proper party or parties or (ii) in relation to its services under this Warrant Agreement, unless such liability arises out of or is attributable to the Warrant
Agent’s gross negligence, material breach of this Warrant Agreement, or willful misconduct or bad faith or material breach of any representation or warranty of the Warrant Agent hereunder. The Company agrees to indemnify the Warrant Agent
and save it harmless against any and all losses, expenses and liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted in good faith by the Warrant Agent in the execution of this Warrant Agreement or
otherwise arising in connection with this Warrant Agreement, except as a result of the Warrant Agent’s gross negligence, material breach of this Warrant Agreement, willful misconduct or bad faith (as

  
 - 27 - 

 
determined by a court of competent jurisdiction in a final non- appealable judgment) or material breach of any representation or warranty of the Warrant Agent hereunder. The Warrant Agent
shall be liable hereunder only for its gross negligence, material breach of this Warrant Agreement, willful misconduct or bad faith (as determined by a court of competent jurisdiction in a final non-appealable judgment) or its material breach of any
representation or warranty of the Warrant Agent hereunder, for which the Warrant Agent is not entitled to indemnification under this Warrant Agreement. Neither party to this Agreement shall be liable to the other party for any consequential,
indirect, punitive, special or incidental damages under any provisions of this Agreement or for any consequential, indirect, punitive, special or incidental damages arising out of any act or failure to act hereunder even if that party has been
advised of or has foreseen the possibility of such damages. 
 Section 7.12 Legal Proceedings. The Warrant Agent shall be under
no obligation to institute any action, suit or legal proceeding or to take any other action likely to involve expense unless the Company, the applicable Warrant Holder(s) or any applicable Participant on behalf of a Beneficial Owner shall furnish
the Warrant Agent with reasonable indemnity for any costs and expenses which may be incurred, but this provision shall not affect the power of the Warrant Agent to take such action as the Warrant Agent may consider proper, whether with or without
any such security or indemnity. The Warrant Agent shall promptly notify the Company and the Warrant Holders in writing of any claim made or action, suit or proceeding instituted against it arising out of or in connection with this Warrant
Agreement. 
 Section 7.13 Actions as Agent. The Warrant Agent shall act hereunder solely as agent and not in a
ministerial or fiduciary capacity, and its duties shall be determined solely by the provisions hereof. The duties and obligations of the Warrant Agent shall be determined solely by the express provisions of the Warrant Agreement, and the
Warrant Agent shall not be liable except for the performance of such duties and obligations as are specifically set forth in the Warrant Agreement. No implied covenants or obligations shall be read into the Warrant Agreement against the Warrant
Agent. The Warrant Agent shall not be liable for anything that it may do or refrain from doing in good faith in connection with this Warrant Agreement except for its own gross negligence, willful misconduct or bad faith. 

Section 7.14 Appointment and Acceptance of Agency. The Company hereby appoints the Warrant Agent to act as agent for the Company
in accordance with the instructions set forth in this Warrant Agreement, and the Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform the same upon the terms and conditions herein set forth or as the
Company and the Warrant Agent may hereafter agree. 
 Section 7.15 Successors and Assigns. All the covenants and provisions of
this Warrant Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. The Warrant Agent may assign this Agreement or any rights and obligations
hereunder, in whole or in part, to an Affiliate thereof with the prior consent of the Company, provided that the Warrant Agent may make such an assignment without consent of the Company to any successor to the Warrant Agent by consolidation, merger
or transfer of its assets subject to the terms and conditions of the Agreement. 
 Section 7.16 Notices. Any notice or demand
authorized by this Warrant Agreement to be given or made to the Company shall be sufficiently given or made if sent by mail first-class, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as
follows: 
 Attention: Brent Whiteley, Chief Financial Officer and General Counsel 

SAExploration Holdings, Inc. 

1160 Dairy Ashford, Suite 160 

Houston, Texas 77079 
 with a copy
to counsel designated by the Company. 
 Any notice or demand authorized by this Warrant Agreement to be given or made to the Warrant Agent
shall be sufficiently given or made if sent by mail first-class, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows: 

  
 - 28 - 

 Attention: Margaret Villani 

Continental Stock Transfer & Trust Company 

17 Battery Place 
 New York, NY
10004 
 Any notice or demand authorized by this Warrant Agreement to be given or made to the Global Warrant Holder shall be sufficiently
given or made if sent by first-class mail, postage prepaid to the last address of the Global Warrant Holder as it shall appear on the Warrant Register. 

Section 7.17 Applicable Law; Jurisdiction. The validity, interpretation and performance of this Warrant Agreement and of the
Warrant Certificates shall be governed in accordance with the laws of the State of New York. The parties hereto irrevocably consent to the exclusive jurisdiction of the courts of the State of New York and any federal court located in such state
in connection with any action, suit or proceeding arising out of or relating to this Warrant Agreement. 
 Section 7.18 Waiver of Jury
Trial. EACH OF THE COMPANY AND THE WARRANT AGENT ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS WARRANT AGREEMENT OR A WARRANT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH
PERSON HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PERSON MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS WARRANT AGREEMENT OR A WARRANT. EACH OF THE COMPANY
AND THE WARRANT AGENT CERTIFIES AND ACKNOWLEDGES THAT (a) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER, (b) SUCH PERSON UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (c) SUCH PERSON MAKES THIS WAIVER VOLUNTARILY, AND (d) SUCH PERSON HAS BEEN INDUCED TO ENTER INTO THIS WARRANT AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 7.19 Benefit of this Warrant Agreement. Nothing in this Warrant
Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any Person or corporation other than the parties hereto and the Warrant Holder any right, remedy or
claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements in this Warrant Agreement contained shall be for the
sole and exclusive benefit of the parties hereto and their successors and of the Warrant Holder. 
 Section 7.20 Registered Warrant
Holder. Prior to due presentment for registration of Transfer, the Company and the Warrant Agent may deem and treat the Person in whose name any Warrants are registered in the Warrant Register as the absolute owner thereof for all purposes
whatever (notwithstanding any notation of ownership or other writing thereon made by anyone other than the Company or the Warrant Agent) and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary or be bound to
recognize any equitable or other claim to or interest in any Warrants on the part of any other Person and shall not be liable for any registration of Transfer of Warrants that are registered or to be registered in the name of a fiduciary or the
nominee of a fiduciary unless made with actual knowledge that a fiduciary or nominee is committing a breach of trust in requesting such registration of Transfer or with such knowledge of such facts that its participation therein amounts to bad
faith. 
 Section 7.21 Headings. The Article and Section headings herein are for convenience only and are not a part of this
Warrant Agreement and shall not affect the interpretation thereof. 
 Section 7.22 Counterparts. This Warrant Agreement may be
executed in any number of counterparts on separate counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 

  
 - 29 - 

 Section 7.23 Entire Agreement. This Warrant Agreement and the Warrant Certificates
constitute the entire agreement of the Company, the Warrant Agent and Warrant Holder with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the Company, the Warrant Agent and the
Warrant Holder with respect to the subject matter hereof. 
 Section 7.24 Severability. Wherever possible, each provision of
this Warrant Agreement shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Warrant Agreement shall be prohibited by or invalid under applicable Law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Warrant Agreement. 

Section 7.25 Termination. This Warrant Agreement, as it relates to Warrants shall terminate at the Expiration Date (or Close of
Business on the Settlement Date with respect to any Exercise Notice delivered prior to the Expiration Date). Notwithstanding the foregoing, this Warrant Agreement, as it relates to the Series A Warrants and the Series B Warrants will terminate
on such earlier date on which all outstanding Series A Warrants or the Series B Warrants have been exercised, respectively. All provisions regarding indemnification, warranty, liability and limits thereon shall survive the termination or
expiration of this Warrant Agreement. 
 Section 7.26 Confidentiality. The Warrant Agent and the Company agree that (a)
personal, non-public Global Warrant Holder and Beneficial Owner information which is exchanged or received pursuant to the negotiation or the carrying out of this Agreement and (b) the fees for services set forth in the attached schedule shall
remain confidential, and shall not be voluntarily disclosed to any other person, except disclosures pursuant to applicable securities Laws or otherwise as may be required by Law, including, without limitation, pursuant to subpoenas from state or
federal government authorities. 
 [signature pages follow] 

  
 - 30 - 

 IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the
day and year first above written. 
  

					
	SAExploration Holdings, Inc.
		
	By:  	 	 /s/ Brent Whiteley

		 	Name: 	 	Brent Whiteley
		 	 Title:
	 	Chief Financial Officer and General Counsel
	
	Continental Stock Transfer & Trust Company
		
	By:	 	 /s/ Kevin Jennings

		 	Name:	 	Kevin Jennings 
		 	Title:	 	Vice President

  
 [SIGNATURE PAGE TO
WARRANT AGREEMENT] 

 SCHEDULE A 

SCHEDULE OF INCREASES OR DECREASES IN WARRANTS 

The initial Number of Warrants is 308,217. In accordance with the Warrant Agreement dated as of July 27, 2016 among the Company and
Continental Stock Transfer & Trust Company, as Warrant Agent, the following increases or decreases in the Number of Warrants have been made: 
  

									
	 Date
	 	 Amount of increase

in Number of
 Warrants
evidenced
 by this Global

Warrant
	 	 Amount of decrease

in Number of
 Warrants
evidenced
 by this Global

Warrant
	  	 Number of Warrants
evidenced by this

Global Warrant
following such

decrease or increase
	  	 Signature of

authorized signatory

		 		 		  		  	

 EXHIBIT A 

FORM OF SERIES A WARRANT 
  

			
	 No. 1
	  	
		
		  	CUSIP NO. [    ]

 [Global Certificate Legend: 

[UNLESS THIS GLOBAL WARRANT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
SAEXPLORATION HOLDINGS, INC. (THE “COMPANY”), THE CUSTODIAN OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL WARRANT SHALL BE LIMITED TO TRANSFERS
IN WHOLE, AND NOT IN PART, TO THE COMPANY, DTC, THEIR SUCCESSORS AND THEIR RESPECTIVE NOMINEES.] 
 TRANSFERS OF THIS WARRANT SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE WARRANT AGREEMENT REFERRED TO ON THE REVERSE HEREOF. 
 THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (2) IN ACCORDANCE WITH AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY OR THE WARRANT AGENT SO REQUESTS), IN RELIANCE WITH RULE 144A OR REGULATION S, OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT.

  
 A-1 

 SAExploration Holdings, Inc. 

July 27, 2016 
 NUMBER OF
WARRANTS: Initially, 154,108 Warrants, subject to adjustment as described in the Warrant Agreement dated as of July 27, 2016 between SAExploration Holdings, Inc. and Continental Stock Transfer & Trust Company, as Warrant Agent (as
supplemented or amended, the “Warrant Agreement”), each of which is exercisable for one Common Share. 
 EXERCISE PRICE: Initially, $10.30
per Warrant, subject to adjustment as described in the Warrant Agreement.
 FORM OF SETTLEMENT: 

Full Physical Settlement: If Full Physical Settlement is elected, the Company shall deliver, against payment of the Exercise
Price, a number of Common Shares equal to the number of Warrants exercised. 
 Net Share Settlement: If Net Share Settlement is
elected, the Company shall deliver, without any Cash payment therefor, a number of Common Shares equal to the quotient determined by dividing (i) the Fair Value (as of the Exercise Date) of the number of Common Shares deliverable pursuant to Full
Physical Settlement minus the Exercise Price that would be payable pursuant to Full Physical Settlement by (ii) the Fair Value of one Common Share determined pursuant to the above clause (i). 

DATES OF EXERCISE: Contingent upon the receipt by the Company of Alaska tax credit certificates in a face amount of at least $25 million, at any time and
from time to time during the period commencing thirty (30) days prior to July 27, 2021 through, and including, the Close of Business on July 27, 2021. 

EXPIRATION DATE: July 27, 2021. 
 This Series A Warrant
Certificate certifies that: 
 [[Cede & Co.], or its registered assigns, is the Global Warrant Holder] [is the Registered Holder] of the Number of
Warrants (the “Warrants”) specified above (such number subject to adjustment from time to time as described in the Warrant Agreement). 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, and such further provisions shall for all
purposes have the same effect as though fully set forth in this place. 
 This Warrant Certificate shall not be valid unless countersigned by the Warrant
Agent. 
 In the event of any inconsistency between the Warrant Agreement and this Warrant Certificate, the Warrant Agreement shall govern. 

  
 A-2 

 IN WITNESS WHEREOF, SAExploration Holdings, Inc. has caused this instrument to be duly executed as of the date
first written above. 
  

			
	SAEXPLORATION HOLDINGS, INC.
		
	By: 	 	  

	Name:
	  Title:

  
 A-3 

 Certificate of Authentication 

These are the Warrants referred to in the above-mentioned Warrant Agreement. Countersigned as of the date above written: 

Continental Stock Transfer & Trust Company, 
 as Warrant
Agent 
  

			
	By:  	 	  

		 	Authorized Officer

  
 A-4 

 SAEXPLORATION HOLDINGS, INC. 

The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants issued by the Company pursuant to the
Warrant Agreement, dated as of July 27, 2016 (as it may be amended or supplemented, the “Warrant Agreement”), between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and
provisions contained in the Warrant Agreement, to all of which terms and provisions the Warrant Holder consents by issuance of this Warrant Certificate. Without limiting the foregoing, all capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Warrant Agreement. 
 The Warrant Agreement and the terms of the Warrants are subject to amendment
as provided in the Warrant Agreement. 
 This Warrant Certificate shall be governed by, and interpreted in accordance with, the laws of the
State of New York. 

  
 A-5 

 FORM OF ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers the Warrant(s) represented by this Certificate to: 

 

			
	  

Name, Address and Zip Code of Assignee

		
	 and irrevocably appoints
	 	  
 Name of Agent

 as its agent to transfer this Warrant Certificate on the books of the Warrant Agent. 

[Signature page follows] 

Date: [    ] 

 

			
	  
 Name of
Assignor

		
	By: 	 	  

	Name:
	Title:
	
	(Sign exactly as your name appears on this Certificate)

 NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings
and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 

  
 A-6 

 FORM OF SERIES B WARRANT 

 

			
	 No. 1
	  	
		
		  	CUSIP NO. [    ]

 [Global Certificate Legend: 

[UNLESS THIS GLOBAL WARRANT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
SAEXPLORATION HOLDINGS, INC. (THE “COMPANY”), THE CUSTODIAN OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL WARRANT SHALL BE LIMITED TO TRANSFERS
IN WHOLE, AND NOT IN PART, TO THE COMPANY, DTC, THEIR SUCCESSORS AND THEIR RESPECTIVE NOMINEES.] 
 TRANSFERS OF THIS WARRANT SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE WARRANT AGREEMENT REFERRED TO ON THE REVERSE HEREOF. 
 THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (2) IN ACCORDANCE WITH AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY OR THE WARRANT AGENT SO REQUESTS), IN RELIANCE WITH RULE 144A OR REGULATION S, OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT.

  
 A-7 

 SAExploration Holdings, Inc. 

July 27, 2016 
 NUMBER OF
WARRANTS: Initially, 154,108 Warrants, subject to adjustment as described in the Warrant Agreement dated as of July 27, 2016 between SAExploration Holdings, Inc. and Continental Stock Transfer & Trust Company, as Warrant Agent (as
supplemented or amended, the “Warrant Agreement”), each of which is exercisable for one Common Share. 
 EXERCISE PRICE: Initially, $12.88
per Warrant, subject to adjustment as described in the Warrant Agreement.
 FORM OF SETTLEMENT: 

Full Physical Settlement: If Full Physical Settlement is elected, the Company shall deliver, against payment of the Exercise
Price, a number of Common Shares equal to the number of Warrants exercised. 
 Net Share Settlement: If Net Share Settlement is
elected, the Company shall deliver, without any Cash payment therefor, a number of Common Shares equal to the quotient determined by dividing (i) the Fair Value (as of the Exercise Date) of the number of Common Shares deliverable pursuant to Full
Physical Settlement minus the Exercise Price that would be payable pursuant to Full Physical Settlement by (ii) the Fair Value of one Common Share determined pursuant to the above clause (i). 

DATES OF EXERCISE: Contingent upon the receipt by the Company of Alaska tax credit certificates in a face amount of at least $25 million, at any time and
from time to time during the period commencing thirty (30) days prior to July 27, 2021 through, and including, the Close of Business on July 27, 2021. 

EXPIRATION DATE: July 27, 2021. 
 This Series A Warrant
Certificate certifies that: 
 [[Cede & Co.], or its registered assigns, is the Global Warrant Holder] [is the Registered Holder] of the Number of
Warrants (the “Warrants”) specified above (such number subject to adjustment from time to time as described in the Warrant Agreement). 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, and such further provisions shall for all
purposes have the same effect as though fully set forth in this place. 
 This Warrant Certificate shall not be valid unless countersigned by the Warrant
Agent. 
 In the event of any inconsistency between the Warrant Agreement and this Warrant Certificate, the Warrant Agreement shall govern. 

  
 A-8 

 IN WITNESS WHEREOF, SAExploration Holdings, Inc. has caused this instrument to be duly executed as of the date
first written above. 
  

			
	SAEXPLORATION HOLDINGS, INC.
		
	By:  	 	  

	Name:
	  Title:

  
 A-9 

 Certificate of Authentication 

These are the Warrants referred to in the above-mentioned Warrant Agreement. Countersigned as of the date above written: 

Continental Stock Transfer & Trust Company, 
 as Warrant
Agent 
  

			
	By:  	 	  

		 	Authorized Officer

  
 A-10 

 SAEXPLORATION HOLDINGS, INC. 

The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants issued by the Company pursuant to the
Warrant Agreement, dated as of July 27, 2016 (as it may be amended or supplemented, the “Warrant Agreement”), between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and
provisions contained in the Warrant Agreement, to all of which terms and provisions the Warrant Holder consents by issuance of this Warrant Certificate. Without limiting the foregoing, all capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Warrant Agreement. 
 The Warrant Agreement and the terms of the Warrants are subject to amendment
as provided in the Warrant Agreement. 
 This Warrant Certificate shall be governed by, and interpreted in accordance with, the laws of the
State of New York. 

  
 A-11 

 FORM OF ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers the Warrant(s) represented by this Certificate to: 

 

			
	  

Name, Address and Zip Code of Assignee

		
	 and irrevocably appoints
	 	  
 Name of Agent

 as its agent to transfer this Warrant Certificate on the books of the Warrant Agent. 

[Signature page follows] 

Date: [    ] 

 

			
	  
 Name of
Assignor

		
	By: 	 	  

	Name:
	Title:
	
	(Sign exactly as your name appears on this Certificate)

 NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings
and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 

  
 A-12 

 EXHIBIT B 

Form of Exercise Notice 
 [Address] 

Attention: Steven Vacante 
  

	Re:	Warrant Agreement dated as of July 27, 2016 between SAExploration Holdings, Inc (the “Company”) and Continental Stock Transfer & Trust Company, as Warrant Agent (as it may be supplemented or amended, the
“Warrant Agreement”) 

 The undersigned hereby irrevocably elects to exercise the right, represented by the Global
Warrant Certificate No. [    ] held for its benefit through the book-entry facilities of The Depository Trust Company (the “Depository”), to exercise Warrants and receive the consideration deliverable in exchange
therefor pursuant to the following settlement method (check one): 
  

	 	 ̈	Full Physical Settlement 

  

	 	 ̈	Net Sale Settlement 

 If Full Physical Settlement is elected, the undersigned shall tender
payment of the Exercise Price therefore in accordance with instructions received from the Warrant Agent. 
 Please check below if this
exercise is contingent upon a registered public offering or any Change of Control in accordance with Section 3.02(f) of the Warrant Agreement. 

 ̈ This exercise is being made in connection with a registered public offering or any Other
Change of Control; provided, that in the event that such transaction shall not be consummated, then this exercise shall be deemed revoked. 
 THIS EXERCISE
NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO CLOSE OF BUSINESS ON THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY YOU OF THE ADDRESS AND PHONE NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES
ARE TO BE SUBMITTED. 
 ALL CAPITALIZED TERMS USED HEREIN AND NOT OTHERWISE DEFINED SHALL HAVE THE MEANINGS SET FORTH IN THE WARRANT AGREEMENT. 

 

			
	By:  	 	  

		 	Authorized Signature
		 	Address:
		 	Telephone:

  
 B-1 

 EXHIBIT C 

Fee Schedule 
 The Company
shall pay the Warrant Agent for performance of its services under this Agreement such compensation as shall be agreed in writing between the Company and the Warrant Agent. 

  
 C-1

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