Document:

ocul_Ex10_31

		
			Exhibit 10.31
		

		
			EMPLOYMENT AGREEMENT
		

		
			This EMPLOYMENT AGREEMENT (the “Agreement”) is made as of January 5,  2018 (the “Effective Date”), by and between Ocular Therapeutix, Inc., a Delaware corporation (the “Company”), and Kevin Hanley (“Executive”).  In consideration of the mutual covenants contained in this Agreement, the Company and Executive agree as follows:
		

		
			1.         Employment.  The Company agrees to employ Executive and Executive agrees to be employed by the Company on the terms and conditions set forth in this Agreement.
		

		
			(a)        Capacity.  Executive shall serve the Company as Senior Vice President, Technical Operations reporting to the Company’s Chief Executive Officer (the “CEO”).  During the Term (as defined below) of Executive’s employment with the Company, Executive shall, subject to the direction of the CEO, have the responsibilities, duties and authority commensurate with the position of Senior Vice President, Technical Operations and shall perform such other duties as may from time to time be assigned to him by the Company.  The Company may change Executive’s position, duties, and work location as it deems necessary.
		

		
			(b)        Devotion of Duties; Representations.  During the Term of Executive’s employment with the Company,  Executive shall devote 100% of his best efforts and full business time and energies to the business and affairs of the Company, and shall endeavor to perform the duties and services contemplated hereunder to the reasonable satisfaction of the Company.  During the Term of Executive’s employment with the Company,  Executive shall not, without the prior written approval of the Company (by action of the Company’s Board of Directors (the “Board”)), undertake any other employment from any person or entity or serve as a director of any other company; provided, however, that (i) the Company will entertain requests as to such other employment or directorships in good faith and (ii) Executive will be eligible to participate in any policy relating to outside activities that is applicable to the senior executives of the Company and approved by the Board after the date hereof,  and provided further that in no event may any business activity be undertaken if it would (x) be in violation of any provision of this Agreement or other agreement between Executive and the Company, (y) interfere with the performance of Executive’s duties for the Company, or (z) present a conflict of interest with the Company’s  business interests.
		

		
			2.         Term of Employment.
		

		
			(a)        Executive’s employment hereunder shall begin on the Effective Date.  Executive’s employment hereunder shall be terminated upon the first to occur of the following:
		

		
			(i)         Immediately upon Executive’s death;
		

		
			(ii)       By the Company, by written notice to Executive effective as of the date of such notice (or on such other date as specified in such notice):
		

		
			(A)       Following the Disability of Executive.  “Disability” means that Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of
		

		
			 
		

		
			 
		

		
			

		 

 

		

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			not less than twelve (12) months or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company.  Such incapacity shall be determined by a physician chosen by the Company and reasonably satisfactory to Executive (or Executive’s legal representative) upon examination requested by the Company (to which Executive hereby agrees to submit). Notwithstanding the foregoing, such Disability must result in Executive becoming “Disabled” within the meaning of Section 409A(a)(2)(C) of the Internal Revenue Code of 1986, as amended (the “Code”) and the guidance issued thereunder.  (In this Agreement we refer to Section 409A of the Code and any guidance issued thereunder as “Section 409A.”)
		

		
			(B)       For Cause (as defined below); or
		

		
			(C)       Subject to Section 4 hereof, without Cause;
		

		
			(iii)      By Executive:
		

		
			(A)       At any time by written notice to the Company, effective thirty (30) days after the date of such notice; or
		

		
			(B)       By written notice to the Company for Good Reason (as defined below), effective on the date specified in such notice.
		

		
			The term of Executive’s employment by the Company under this Agreement is referred to herein as the “Term.”
		

		
			(b)        Definition of “Cause”.  For purposes of this Agreement, “Cause” shall, pursuant to the reasonable good faith determination by the Company as documented in writing, include: (i) the willful and continued failure by Executive to substantially perform Executive’s material duties or responsibilities under this Agreement (other than such a failure as a result of Disability); (ii) any action or omission by Executive involving willful misconduct or gross negligence with regard to the Company, which has a detrimental effect on the Company; (iii) Executive’s conviction of a felony, either in connection with the performance of Executive’s obligations to the Company or which otherwise shall adversely affect Executive’s ability to perform such obligations or shall materially adversely affect the business activities, reputation, goodwill or image of the Company; (iv) the material breach of a fiduciary duty to the Company; or (v) the material breach by Executive of any of the provisions of this Agreement, provided that any breach of Executive’s obligations with respect to Sections 5 or 6 of this Agreement, subject to the cure provision in the next sentence, shall be deemed “material.”  In respect of the events described in clauses (i) and (v) above, the Company shall give Executive notice of the failure of performance or breach, reasonable as to time, place and manner in the circumstances, and a 30-day opportunity to cure, provided that such failure of performance or breach is reasonably amenable to cure as determined by the Company in its sole discretion.
		

		
			(c)        Definition of “Good Reason”.  For purposes of this Agreement, a “Good Reason” shall mean any of the following, unless (i) the basis for such Good Reason is cured within
		

		
			
		

		
			

		 

 

		

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			a reasonable period of time (determined in the light of the cure appropriate to the basis of such Good Reason, but in no event less than thirty (30) nor more than ninety (90) days) after the Company receives written notice (which must be received from Executive within ninety (90) days of the initial existence of the condition giving rise to such Good Reason) specifying the basis for such Good Reason or (ii) Executive has consented to the condition that would otherwise be a basis for Good Reason:
		

		
			(i)         A change in the principal location at which Executive provides services to the Company to a location more than fifty (50) miles from such principal location (which change, the Company has reasonably determined as of the date hereof, would constitute a material change in the geographic location at which Executive provides services to the Company), provided that such a relocation shall not be deemed to occur under circumstances where Executive’s responsibilities require him to work at a location other than the corporate headquarters for a reasonable period of time;
		

		
			(ii)       A material adverse change by the Company in Executive’s duties, authority or responsibilities which causes Executive’s position with the Company to become of materially less responsibility or authority than Executive’s position immediately following the Effective Date;
		

		
			(iii)      A material reduction in Executive’s base salary;
		

		
			(iv)       A material breach of this Agreement by the Company which has not been cured within thirty (30) days after written notice thereof by Executive; or
		

		
			(v)        Failure to obtain the assumption (assignment) of this Agreement by any successor to the Company.
		

		
			(d)         Definition of “Corporate Change”.  For purposes of this Agreement, “Corporate Change” shall mean any circumstance in which (i) the Company is not the surviving entity in any merger, consolidation or other reorganization (or survives only as a subsidiary or affiliate of an entity other than a previously wholly-owned subsidiary of the Company); (ii) the Company sells, leases or exchanges all or substantially all of its assets to any other person or entity (other than a wholly-owned subsidiary of the Company); (iii) any person or entity, including a “group” as contemplated by Section 13(d)(3) of the Securities Exchange Act of 1934 (excluding, for this purpose, the Company or any subsidiary, or any employee benefit plan of the Company or any subsidiary, or any “group” in which all or substantially all of its members or its members’ affiliates are individuals or entities who are or were beneficial owners of the Company’s outstanding shares prior to the initial public offering of the Company’s common stock), acquires or gains ownership or control (including, without limitations, powers to vote) of more than 50% of the outstanding shares of the Company’s voting stock (based upon voting power); or (v) as a result of or in connection with a contested election of directors, the persons who were directors of the Company before such election shall cease to constitute a majority of the Board of Directors of the Company.  Notwithstanding the foregoing, a “Corporate Change” shall not occur as a result of a merger, consolidation, reorganization or restructuring after which either (1) a majority of the Board of Directors of the controlling entity consists of persons who were directors of the Company prior to the merger, consolidation, reorganization or restructuring or (2) all or substantially all of the individuals or entities who were the beneficial owners of the Company’s outstanding shares immediately prior to such merger, consolidation, reorganization
		

		
			
		

		
			

		 

 

		

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			or restructuring beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in substantially the same proportions as their ownership of the Company’s outstanding shares immediately prior to the merger, consolidation, reorganization or restructuring.  Notwithstanding the foregoing, for any payments or benefits hereunder (including pursuant to Section 4(b)(iii) hereof) or pursuant to any other agreement between the Company and Executive, in either case that are subject to Section 409A, the Corporate Change must constitute a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(i).
		

		
			3.         Compensation.
		

		
			(a)        Base Salary.  Executive’s minimum base salary during the Term shall be at the rate of $335,000 per year.  Executive’s base salary shall be payable in substantially equal installments in accordance with the Company’s payroll practices as in effect from time to time, less any amounts required to be withheld under applicable law.  The base salary will be subject to adjustment from time to time in the sole discretion of the Company; provided that, the Company covenants that (A) during the first twelve months of Executive’s employment, it shall not reduce Executive’s base salary and (B) following such twelve month period,  it shall not reduce the base salary below the base salary then in effect immediately prior to the reduction unless (i) Executive consents to such reduction, or (ii) the reduction is in connection with a general reduction of not more than 20% in compensation of senior executives of the Company generally that occurs prior to the effective date of any Corporate Change.
		

		
			(b)        Bonus.  In addition to the base salary, the Company may pay Executive an annual bonus (the “Bonus”) as determined by the Board, solely in its discretion (it being understood that Executive’s target annual bonus shall be 35% of Executive’s base salary in effect for such year, but may be higher or lower in any year in the Board’s discretion).  The Board’s decision to issue a Bonus to Executive in any particular year shall have no effect on the absolute discretion of the Board to grant or not to grant a  Bonus in subsequent years.  Executive must be an active employee of the Company on December 31 of any calendar year in order to be eligible for and to earn any Bonus for that year.  Any Bonus for a particular year shall be paid or provided to Executive in a lump sum no later than March 15th of the calendar year following the calendar year in which the Bonus was earned.  For the avoidance of doubt, Executive will first be eligible for the Bonus in 2018, and will not be eligible to receive or earn any Bonus for the 2017 calendar year.
		

		
			(c)        Stock Option Grant. Subject to approval by the Board, the Company will grant to Executive an option to purchase 125,000 shares of the Company’s common stock (the “Option”). The Option is subject to adjustment for stock splits, combinations or other recapitalizations. The exercise price per share of the Option shall be equal to the last reported sale price per share of the common stock on the NASDAQ stock exchange on the effective date of grant of the Option approved by the Board. The Option shall be issued pursuant to the Company’s 2014 Equity Incentive Plan, as it may be amended from time to time, and will be subject to all of the terms and conditions set forth in such plan and the Stock Option Agreement covering the Option.
		

		
			
		

		
			

		 

 

		

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			(d)        Vacation.  Executive shall be entitled to take 20 days of paid vacation during each year of the Term to be taken at such time or times as shall be mutually convenient and consistent with his duties and obligations to the Company.  The number of vacation days for which Executive is eligible shall accrue at the rate of 1.67 days per month.  Vacation is at all times subject to the Company’s  Time-Off Policy, which the Company may change periodically in its sole discretion.
		

		
			(e)        Fringe Benefits.  Executive shall be entitled to participate in any employee benefit plans that the Company makes available to its executives (including, without limitation, group life, disability, medical, dental and other insurance, retirement, pension, profit-sharing and similar plans) (collectively, the “Fringe Benefits”), provided that the Fringe Benefits shall not include any stock option or similar plans relating to the grant of equity securities of the Company.  These benefits may be modified or changed from time to time at the sole discretion of the Company.  Where a particular benefit is subject to a formal plan (for example, medical or life insurance), eligibility to participate in and receive any particular benefit is governed solely by the applicable plan document, and eligibility to participate in such plan(s) may be dependent upon, among other things, a physical examination.
		

		
			(f)        Reimbursement of Expenses.  Executive shall be entitled to reimbursement for all ordinary and reasonable out-of-pocket business expenses that are reasonably incurred by him in furtherance of the Company’s business in accordance with reasonable policies adopted from time to time by the Company for senior executives, subject to Section 4(d)(v).
		

		
			4.         Severance Compensation.
		

		
			(a)        In the event of any termination of Executive’s employment for any reason, the Company shall pay Executive (or Executive’s estate) such portions of Executive’s base salary as have accrued prior to such termination and have not yet been paid, together with (i) amounts for accrued unused vacation days (as provided above), (ii) any amounts for expense reimbursement which have been properly incurred or the Company has become obligated to pay prior to termination and have not been paid as of the date of such termination and (iii) the amount of any Bonus previously granted to Executive by the Board but not yet paid, which amount shall not include any pro rata portion of any Bonus which would have been earned if such termination had not occurred (the “Accrued Obligations”).  Such Accrued Obligations shall be paid as soon as possible after termination, and in any event in accordance with applicable law.
		

		
			(b)        In the event that Executive’s employment hereunder is terminated (i) by Executive for a Good Reason or (ii) by the Company without Cause, the Company shall pay to Executive the Accrued Obligations.  In addition, the Company shall pay to Executive the severance benefits set forth below for twelve (12) months, or for eighteen (18) months if such termination occurs during the twelve (12) month period following a Corporate Change (the “Protected Period”), following Executive’s termination of employment (as applicable, the “Severance Period”).  The receipt of any severance benefits provided in this Section shall be dependent upon Executive’s execution and, to the extent applicable, nonrevocation of a standard separation and general release of claims agreement, substantially in the form attached hereto as Exhibit A (the “Release”), which Release must be signed and any applicable revocation period with respect thereto must have expired by the sixtieth (60th) day following Executive’s termination of employment.  The severance benefits
		

		
			
		

		
			

		 

 

		

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			shall be paid or commence, as applicable, on the first payroll period following the date the Release becomes effective (the “Payment Date”).  Notwithstanding the foregoing, if the 60th day following Executive’s termination occurs in the calendar year following the date on which Executive’s employment terminates, then the Payment Date shall be no earlier than January 1 of such subsequent calendar year.
		

		
			(i)         The Company shall continue to pay Executive his base salary for the Severance Period in accordance with the Company’s payroll practice, beginning on the Payment Date.  Notwithstanding the foregoing, if Executive’s termination of employment occurs during the Protected Period, the Company shall pay Executive his base salary for the Severance Period in a lump sum on the Payment Date.
		

		
			(ii)       Only if Executive’s employment is terminated (A) by Executive for a Good Reason or (B) by the Company without Cause, in each case during the Protected Period, the Company shall pay Executive an amount equal to one and one-half times his target annual bonus, described in Section 3(b) hereof, for the year in which the termination of employment occurs, which total amount shall be payable in a lump sum on the Payment Date.
		

		
			(iii)      Only if Executive’s employment is terminated (A) by Executive for a Good Reason or (B) by the Company without Cause, in each case during the Protected Period, one hundred percent (100%) of Executive’s outstanding unvested equity awards granted under the Company’s equity and long-term incentive plan(s) prior to his termination shall vest immediately.
		

		
			(iv)       The Company shall continue to provide Executive and his then-enrolled eligible dependents with group health insurance and shall continue to pay the amount of the premium as in effect on the date of such termination for the Severance Period commencing on the effective date of such termination, subject to applicable law and the terms of the respective policies; provided that the Company’s obligation to provide the benefits contemplated herein shall terminate upon Executive’s becoming eligible for coverage under the medical benefits program of a subsequent employer.  The foregoing shall not be construed to extend any period of continuation coverage (e.g., COBRA) required by Federal law.
		

		
			(c)        In the event that Executive’s employment hereunder is terminated (i) by Executive for other than a Good Reason, or (ii) by the Company for Cause, or (iii) as a result of Executive’s death or Disability, then the Company will pay to Executive the Accrued Obligations.  The Company shall have no obligation to pay Executive (or Executive’s estate) any other compensation following such termination except as provided in Section 4(a).
		

		
			(d)        Compliance with Section 409A.  Subject to the provisions in this Section 4(d), any severance payments or benefits under this Agreement shall begin only upon the date of Executive’s “separation from service” (determined as set forth below) which occurs on or after the date of termination of Executive’s employment.  The following rules shall apply with respect to the distribution of the severance payments and benefits, if any, to be provided to Executive under this Agreement:
		

		
			
		

		
			

		 

 

		

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			(i)         It is intended that each installment of the severance payments and benefits provided under this Agreement shall be treated as a separate “payment” for purposes of Section 409A.  Neither the Company nor Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A.
		

		
			(ii)       If, as of the date of Executive’s “separation from service” from the Company, Executive is not a “specified employee” (within the meaning of Section 409A), then each installment of the severance payments and benefits shall be made on the dates and terms set forth in this Agreement.
		

		
			(iii)      If, as of the date of Executive’s “separation from service” from the Company, Executive is a “specified employee” (within the meaning of Section 409A), then:
		

		
			(A)       Each installment of the severance payments and benefits due under this Agreement that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from service occurs, be paid within the short-term deferral period (as defined under Section 409A) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A and such payments and benefits shall be paid or provided on the dates and terms set forth in this Agreement; and
		

		
			(B)       Each installment of the severance payments and benefits due this Agreement that is not described in Section 4(d)(iii)(A) above and that would, absent this subsection (B), be paid within the six-month period following Executive’s “separation from service” from the Company shall not be paid until the date that is six months and one day after such separation from service (or, if earlier, Executive’s death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following Executive’s separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of severance payments and benefits if and to the maximum extent that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service).  Any installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of Executive’s second taxable year following the taxable year in which the separation from service occurs.
		

		
			(iv)       The determination of whether and when Executive’s separation from service from the Company has occurred shall be made in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h).  Solely for purposes of this Section 4(d)(iv), “Company” shall include all persons with
		

		
			
		

		
			

		 

 

		

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			whom the Company would be considered a single employer under Section 414(b) and 414(c) of the Code.
		

		
			(v)        All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Sections 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable, the requirements that (i) any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit.
		

		
			(vi)       Notwithstanding anything herein to the contrary, the Company shall have no liability to Executive or to any other person if the payments and benefits provided hereunder that are intended to be exempt from or compliant with Section 409A are not so exempt or compliant.
		

		
			(e)        Modified Section 280G Cutback.
		

		
			(i)         Notwithstanding any other provision of this Agreement, except as set forth in Section 4(e)(ii), in the event that the Company undergoes a “Change in Ownership or Control” (as defined below), the Company shall not be obligated to provide to Executive a portion of any “Contingent Compensation Payments” (as defined below) that Executive would otherwise be entitled to receive to the extent necessary to eliminate any “excess parachute payments” (as defined in Section 280G(b)(1) of the Code) for Executive.  For purposes of this Section 4(e), the Contingent Compensation Payments so eliminated shall be referred to as the “Eliminated Payments” and the aggregate amount (determined in accordance with Treasury Regulation Section 1.280G-1, Q/A-30 or any successor provision) of the Contingent Compensation Payments so eliminated shall be referred to as the “Eliminated Amount.”
		

		
			(ii)       Notwithstanding the provisions of Section 4(e)(i), no such reduction in Contingent Compensation Payments shall be made if (1) the Eliminated Amount (computed without regard to this sentence) exceeds (2)  100% of the aggregate present value (determined in accordance with Treasury Regulation Section 1.280G-1, Q/A-31 and Q/A-32 or any successor provisions) of the amount of any additional taxes that would be incurred by Executive if the Eliminated Payments (determined without regard to this sentence) were paid to him (including federal and state income taxes on the Eliminated Payments, the excise tax imposed by Section 4999 of the Code payable with respect to all of the Contingent Compensation Payments in excess of Executive’s “base amount” (as defined in Section 280G(b)(3) of the Code), and any withholding taxes).  The override of such reduction in Contingent Compensation Payments pursuant to this Section 4(e)(ii) shall be referred to as a “Section 4(e)(ii) Override.”  For purpose of this paragraph, if any federal or state income taxes would be attributable to the receipt of any
		

		
			
		

		
			

		 

 

		

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			Eliminated Payment, the amount of such taxes shall be computed by multiplying the amount of the Eliminated Payment by the maximum combined federal and state income tax rate provided by law.
		

		
			(iii)      For purposes of this Section 4(e) the following terms shall have the following respective meanings:
		

		
			(1)        “Change in Ownership or Control” shall mean a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company determined in accordance with Section 280G(b)(2) of the Code.
		

		
			(2)        “Contingent Compensation Payment” shall mean any payment (or benefit) in the nature of compensation that is made or made available (under this Agreement or otherwise) to a “disqualified individual” (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the Company.
		

		
			(iv)       Any payments or other benefits otherwise due to Executive following a Change in Ownership or Control that could reasonably be characterized (as determined by the Company) as Contingent Compensation Payments (the “Potential Payments”) shall not be made until the dates provided for in this Section 4(e)(iv).  Within 30 days after each date on which Executive first becomes entitled to receive (whether or not then due) a Contingent Compensation Payment relating to such Change in Ownership or Control, the Company shall determine and notify Executive (with reasonable detail regarding the basis for its determinations) (1) which Potential Payments constitute Contingent Compensation Payments, (2) the Eliminated Amount and (3) whether the Section 4(e)(ii) Override is applicable.  Within 30 days after delivery of such notice to Executive, Executive shall deliver a response to the Company (the “Executive Response”) stating either (A) that he agrees with the Company’s determination pursuant to the preceding sentence or (B) that he disagrees with such determination, in which case he shall set forth (x) which Potential Payments should be characterized as Contingent Compensation Payments, (y) the Eliminated Amount, and (z) whether the Section 4(e)(ii) Override is applicable.  In the event that Executive fails to deliver an Executive Response on or before the required date, the Company’s initial determination shall be final.  If Executive states in the Executive Response that he agrees with the Company’s determination, the Company shall make the Potential Payments to Executive within three business days following delivery to the Company of the Executive Response (except for any Potential Payments which are not due to be made until after such date, which Potential Payments shall be made on the date on which they are due).  If Executive states in the Executive Response that he disagrees with the Company’s determination, then, for a period of 60 days following delivery of the Executive Response, Executive and the Company shall use good faith efforts to resolve such dispute.  If such dispute is not resolved within such 60-day period, such dispute shall be settled exclusively by arbitration in the greater Boston, Massachusetts area, in accordance with the rules of the American Arbitration Association then in effect.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction.  The Company shall, within three
		

		
			
		

		
			

		 

 

		

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			business days following delivery to the Company of the Executive Response, make to Executive those Potential Payments as to which there is no dispute between the Company and Executive regarding whether they should be made (except for any such Potential Payments which are not due to be made until after such date, which Potential Payments shall be made on the date on which they are due).  The balance of the Potential Payments shall be made within three business days following the resolution of such dispute.
		

		
			 (v)       The Contingent Compensation Payments to be treated as Eliminated Payments shall be determined by the Company by determining the “Contingent Compensation Payment Ratio” (as defined below) for each Contingent Compensation Payment and then reducing the Contingent Compensation Payments in order beginning with the Contingent Compensation Payment with the highest Contingent Compensation Payment Ratio.  For Contingent Compensation Payments with the same Contingent Compensation Payment Ratio, such Contingent Compensation Payment shall be reduced based on the time of payment of such Contingent Compensation Payments with amounts having later payment dates being reduced first.  For Contingent Compensation Payments with the same Contingent Compensation Payment Ratio and the same time of payment, such Contingent Compensation Payments shall be reduced on a pro rata basis (but not below zero) prior to reducing Contingent Compensation Payments with a lower Contingent Compensation Payment Ratio.  The term “Contingent Compensation Payment Ratio” shall mean a fraction the numerator of which is the value of the applicable Contingent Compensation Payment that must be taken into account by Executive for purposes of Section 4999(a) of the Code, and the denominator of which is the actual amount to be received by Executive in respect of the applicable Contingent Compensation Payment.  For example, in the case of an equity grant that is treated as contingent on the Change in Ownership or Control because the time at which the payment is made or the payment vests is accelerated, the denominator shall be determined by reference to the fair market value of the equity at the acceleration date, and not in accordance with the methodology for determining the value of accelerated payments set forth in Treasury Regulation Section 1.280G-1Q/A-24(b) or (c)).
		

		
			(vi)       The provisions of this Section 4(e) are intended to apply to any and all payments or benefits available to Executive under this Agreement or any other agreement or plan of the Company under which Executive receives Contingent Compensation Payments.
		

		
			5.         Employee Covenants.
		

		
			(a)        Confidential Information.  Executive recognizes and acknowledges the competitive and proprietary aspects of the business of the Company, and that as a result of Executive’s employment, Executive recognizes and acknowledges that he has had and will continue to have access to, and has been and will continue to be involved in the development of, Confidential Information (as defined below) of the Company.  As used herein, “Confidential Information” shall mean and include trade secrets, knowledge and other confidential information of the Company, which Executive has acquired, no matter from whom or on what matter such knowledge or information may have been acquired, heretofore or hereafter, concerning the content and details of the business of the Company, and which is not known to the general public, including but not limited to: confidential and proprietary information supplied to
		

		
			
		

		
			

		 

 

		

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			Executive with the legend “Confidential and Proprietary,” or equivalent, the Company’s marketing and customer support strategies, suppliers and customers, marketing and selling, business plans, licenses, the Company’s financial information, including sales, costs, profits, prices, pricing methods, budgets and unpublished financial statements, the Company’s internal organization, employee information obtained pursuant to Executive’s duties and responsibilities, information regarding the skills and compensation of other employees of the Company obtained pursuant to Executive’s duties and responsibilities and customer lists, the Company’s technology, including products, discoveries, inventions, research, experimental and development efforts, clinical studies, processes, hardware/software design and maintenance tools, samples, media and/or molecular structures (and procedures and formulations for producing any such samples, media and/or molecular structures), formulas, methods, know-how and show-how, designs, prototypes, plans for research and new products, and all derivatives, improvements and enhancements of any of the above and information of third parties as to which the Company has an obligation of confidentiality.
		

		
			(i)         For as long as Executive is employed and at all times thereafter, Executive shall not, directly or indirectly, communicate, disclose or divulge to any person or entity, or use for Executive’s own benefit or the benefit of any person (other than the Company), any Confidential Information, except as permitted in subparagraph (iii) below.  Upon termination of Executive’s employment, or at any other time at the request of the Company, Executive agrees to deliver promptly to the Company all Confidential Information, including, but not limited to, customer and supplier lists, files and records, in Executive’s possession or under Executive’s control.  Executive further agrees that he will not make or retain any copies of any of the foregoing and will so represent to the Company upon termination of Executive’s employment.
		

		
			(ii)       Executive shall disclose immediately to the Company any trade secrets or other Confidential Information conceived or developed by Executive at any time during Executive’s employment.  Executive hereby assigns and agrees to assign to the Company Executive’s entire right, title and interest in and to all Confidential Information.  Such assignment shall include, without limitation, the rights to obtain patent or copyright protection thereon in the United States and foreign countries.  Executive agrees to provide all reasonable assistance to enable the Company to prepare and prosecute any application before any governmental agency for patent or copyright protection or any similar application with respect to any Confidential Information.  Executive further agrees to execute all documents and assignments and to make all oaths necessary to vest ownership of such intellectual property rights in the Company, as the Company may request.  These obligations shall apply whether or not the subject thereof was conceived or developed at the suggestion of the Company, and whether or not developed during regular hours of work or while on the premises of the Company.
		

		
			(iii)      Except as set forth below, Executive shall at all times, both during and after termination of this Agreement by either Executive or the Company, maintain in confidence and shall not, without prior written consent of the Company, use, except in the course of performance of Executive’s duties for the Company or as required by legal process (provided that Executive will promptly notify the Company of such legal process except with respect to any confidential government investigation), disclose or give to others any Confidential Information.  In the event Executive is questioned by anyone not
		

		
			
		

		
			

		 

 

		

			- 12 -

		

		

		
			employed by the Company or by an employee of or a consultant to the Company not authorized to receive such information, in regard to any such information or any other secret or confidential work of the Company, or concerning any fact or circumstance relating thereto, Executive will promptly notify the Company. Notwithstanding the foregoing, however, nothing in this Agreement or elsewhere prohibits Executive from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies, filing a complaint with government agencies, or participating in government agency investigations or proceedings.  Executive is not required to notify the Company of any such communications; provided, however, that nothing herein authorizes the disclosure of information the Employee obtained through a communication that was subject to the attorney-client privilege.  Further, notwithstanding Executive’s confidentiality and nondisclosure obligations, Executive is hereby advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.”
		

		
			(b)        Non-Competition and Non-Solicitation.  Executive recognizes that the Company is engaged in a competitive business and that the Company has a legitimate interest in protecting its trade secrets, confidential business information, and customer, business development partner, licensee, supplier, and credit and/or financial relationships.  Accordingly, in exchange for valuable consideration, including without limitation Executive’s access to confidential business information and continued at-will employment, Executive agrees that, during the term hereof and for a period of twelve (12) months thereafter, Executive shall not:
		

		
			(i)         directly or indirectly, whether for himself or for any other person or entity, and whether as a proprietor, principal, shareholder, partner, agent, employee, consultant, independent contractor, or in any other capacity whatsoever, undertake or have any interest in (other than the passive ownership of publicly registered securities representing an ownership interest of less than 1%), engage in or assume any role involving directly or indirectly any business activity which is directly or indirectly in competition with the products or services being developed, marketed, sold or otherwise provided by the Company or any other business in which the Company is engaged and for which Executive has rendered services while employed by the Company, or enter into any agreement to do any of the foregoing; or
		

		
			(ii)       initiate contact with (including without limitation phone calls, press releases and the sending or delivering of announcements), or in any manner solicit, directly or indirectly, any customers, business development partners, licensors, licensees, or creditors (including institutional lenders, bonding companies and trade creditors) of the Company in an attempt to induce or motivate them either to discontinue or modify their
		

		
			
		

		
			

		 

 

		

			- 13 -

		

		

		
			then prevailing or future relationship with the Company or to transfer any of their business with the Company to any person or entity other than the Company; or
		

		
			(iii)      initiate contact with, or in any manner solicit, directly or indirectly, any supplier of goods, services or materials to the Company in an attempt to induce or motivate them either to discontinue or modify their then prevailing or future relationship with the Company or to supply the same or similar inventory, goods, services or materials (except generally available inventory, goods, services or materials) to any person or entity other than the Company; or
		

		
			(iv)       directly or indirectly recruit, solicit or otherwise induce or influence any employee or independent contractor of the Company to discontinue or modify his or her employment or engagement with the Company, or employ or contract with any such employee or contractor for the provision of services.
		

		
			(c)        Definition of “Customer”.  The term “customer” or “customers” shall include any person or entity (a) that is a current customer of the Company, (b) that was a customer of the Company at any time during the preceding twenty-four (24) months or (c) to which the Company made a written presentation for the solicitation of business at any time during the preceding twenty-four (24) months.
		

		
			(d)        Reasonableness of Restrictions.  Executive further recognizes and acknowledges that (i) the types of employment which are prohibited by this Section 5 are narrow and reasonable in relation to the skills which represent Executive’s principal salable asset both to the Company and to Executive’s other prospective employers, and (ii) the broad geographical scope of the provisions of this Section 5 is reasonable, legitimate and fair to Executive in light of the global nature of the Company’s business,  and in light of the limited restrictions on the type of employment prohibited herein compared to the types of employment for which Executive is qualified to earn Executive’s livelihood.
		

		
			(e)        Remedies.  Executive acknowledges that a breach of this Section 5 will cause great and irreparable injury and damage, which cannot be reasonably or adequately compensated by money damages.  Accordingly, Executive acknowledges that the remedies of injunction and specific performance shall be available in the event of such a breach, in addition to money damages, costs and attorneys’ fees, and other legal or equitable remedies, and that the Company shall be entitled as a matter of course to an injunction pending trial, without the posting of bond or other security.  Any period of restriction set forth in this Section 5 shall be extended for a period of time equal to the duration of any breach or violation hereof.
		

		
			(f)        Notification.  Any person employing Executive or evidencing any intention to employ Executive may be notified as to the existence and provisions of this Agreement.
		

		
			(g)        Modification of Covenants; Enforceability.  In the event that any provision of this Section 5 is held to be in any respect an unreasonable restriction, then the court so holding may modify the terms thereof, including the period of time during which it operates or the geographic area to which it applies, or effect any other change to the extent necessary to render this section enforceable, it being acknowledged by the parties that the representations and covenants set forth herein are of the essence of this Agreement.
		

		
			
		

		
			

		 

 

		

			- 14 -

		

		

		
			(h)        Subsidiaries.  For purposes of Sections 5 and 6 of this Agreement, “Company” shall include all direct and indirect subsidiaries of the Company.  An entity shall be deemed to be a subsidiary of the Company if the Company directly or indirectly owns or controls 50% or more of the equity interest in such entity.
		

		
			6.         Ownership of Ideas, Copyrights and Patents.
		

		
			(a)        Property of the Company.  Executive agrees that all ideas, inventions, original works of authorship, developments, concepts, know-how, improvements or trade secrets, whether patentable, copyrightable or not, which Executive may conceive, reduce to practice or develop, alone or in conjunction with another, or others, whether during or out of regular business hours, and whether at the request or upon the suggestion of the Company, or otherwise, in the course of performing services for the Company in any capacity, whether heretofore or hereafter, (collectively, “the Inventions”) are and shall be the sole and exclusive property of the Company, and that Executive shall not publish any of the Inventions without the prior written consent of the Company.  Executive hereby assigns to the Company all of Executive’s right, title and interest in and to all of the foregoing.  Executive further represents and agrees that to the best of Executive’s knowledge and belief none of the Inventions will violate or infringe upon any right, patent, copyright, trademark or right of privacy, or constitute libel or slander against or violate any other rights of any person, firm or corporation and that Executive will use his best efforts to prevent any such violation.
		

		
			(b)        Cooperation.  At any time during or after the Term, Executive agrees that he will fully cooperate with the Company, its attorneys and agents in the preparation and filing of all papers and other documents as may be required to perfect the Company’s rights in and to any of such Inventions, including, but not limited to, executing any lawful document (including, but not limited to, applications, assignments, oaths, declarations and affidavits) and joining in any proceeding to obtain letters patent, copyrights, trademarks or other legal rights of the United States and of any and all other countries on such Inventions, provided that any patent or other legal right so issued to Executive, personally, shall be assigned by Executive to the Company without charge by Executive.  Executive further designates the Company as his agent for, and grants to the Company a power of attorney with full power of substitution, which power of attorney shall be deemed coupled with an interest, for the purpose of effecting the foregoing assignments from Executive to the Company.  Company will bear the reasonable expenses which it causes to be incurred in Executive’s assisting and cooperating hereunder.  Executive waives all claims to moral rights in any Inventions.
		

		
			7.         Disclosure to Future Employers.  The Company may provide in its discretion, a copy of the covenants contained in Sections 5 and 6 of this Agreement to any business or enterprise which Executive may directly, or indirectly, own, manage, operate, finance, join, control or in which Executive participates in the ownership, management, operation, financing, or control, or with which Executive may be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise.
		

		
			8.         Records.  Upon termination of Executive’s relationship with the Company, Executive shall deliver to the Company any property of the Company which may be in Executive’s possession including products, materials, memoranda, notes, records, reports, or other documents or photocopies of the same.
		

		
			
		

		
			

		 

 

		

			- 15 -

		

		

		
			9.         Insurance.  The Company, in its sole discretion, may apply for and procure in its own name (whether or not for its own benefit) policies of insurance insuring Executive’s life.  Executive agrees to submit to reasonable medical or other examinations and to execute and deliver any applications or other instruments in writing that are reasonably necessary to effectuate such insurance.  No adverse employment actions may be based upon the results of any such exam or the failure by the Company to obtain such insurance.
		

		
			10.       No Conflicting Agreements.  Executive hereby represents and warrants that Executive has no commitments or obligations inconsistent with this Agreement.
		

		
			11.       Conditions to Employment.  Notwithstanding anything to the contrary contained herein, this Agreement and Executive’s employment hereunder is subject to and conditioned on satisfactory background and reference checks, and Executive’s provision of proof of his right to work in the United States.
		

		
			12.       General.
		

		
			(a)        Notices.  All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s address as follows:
		

		
			If to the Company:      Ocular Therapeutix, Inc.
		

		
			15 Crosby Drive
		

		
			Bedford, MA 01730
USA
Attention: Chief Executive Officer
		

		
			Telephone: (781) 357-4000
		

		
			With an email copy to: AMattessich@ocutx.com
		

		
			If to Executive:           Kevin Hanley
		

		
			101 Christian Way, North Andover, MA  01845
		

		
			or to such other address as a party may designate by notice hereunder, and shall be either (i) delivered by hand, (ii) sent by overnight courier, or (iii) sent by registered or certified mail, return receipt requested, postage prepaid.  All notices, requests, consents and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of the delivery thereof to the receiving party at the address of such party set forth above, (ii) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service, or (iii) if sent by registered or certified mail, on the fifth (5th) business day following the day such mailing is made.
		

		
			(b)        Entire Agreement.  This Agreement embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof.  No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.
		

		
			
		

		
			

		 

 

		

			- 16 -

		

		

		
			(c)        Modifications and Amendments.  The terms and provisions of this Agreement may be modified or amended only by written agreement executed by the parties hereto.
		

		
			(d)        Waivers and Consents.  The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions.  No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar.  Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.
		

		
			(e)        Assignment.  The Company shall assign its rights and obligations hereunder to any person or entity that succeeds to all or substantially all of the Company’s business or that aspect of the Company’s business in which Executive is principally involved.  Executive may not assign Executive’s rights and obligations under this Agreement without the prior written consent of the Company.
		

		
			(f)        Benefit.  All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto.  Nothing in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third‐party beneficiary of this Agreement.
		

		
			(g)        Governing Law.  This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the law of The Commonwealth of Massachusetts, without giving effect to the conflict of law principles thereof.
		

		
			(h)        Jurisdiction and Service of Process.  Any legal action or proceeding with respect to this Agreement shall be brought in the courts of The Commonwealth of Massachusetts or of the United States of America for the District of Massachusetts.  By execution and delivery of this Agreement, each of the parties hereto accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts.  Each of the parties hereto irrevocably consents to the service of process of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by certified mail, postage prepaid, to the party at its address set forth in Section 12(a) hereof.  THE PARTIES IRREVOCABLY WAIVE ANY RIGHT TO TRIAL BY JURY AS TO ALL CLAIMS HEREUNDER.
		

		
			(i)         Severability.  The parties intend this Agreement to be enforced as written.  However, (i) if any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a duly authorized court having jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law; and (ii) if any provision, or part thereof, is held to be unenforceable because of the duration of such provision or the geographic area covered thereby, the Company and Executive agrees that the court making such determination shall have the power to reduce the duration and/or geographic area of such provision, and/or to delete specific words and phrases (“blue-
		

		
			
		

		
			

		 

 

		

			- 17 -

		

		

		
			penciling”), and in its reduced or blue-penciled form such provision shall then be enforceable and shall be enforced.
		

		
			(j)         Headings and Captions; Interpretation.  The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall in no way modify, or affect the meaning or construction of any of the terms or provisions hereof.  The provisions of the following Sections of this Agreement are in addition to, and do not limit, each other: Sections 6 and 5(a); Sections 7 and 5(g); Sections 12(k) and 5(f); and Sections 12(l) and 12(d).
		

		
			(k)        Injunctive Relief.  Executive hereby expressly acknowledges that any breach or threatened breach of any of the terms and/or conditions set forth in Section 5 or 6 of this Agreement will result in substantial, continuing and irreparable injury to the Company.  Therefore, Executive hereby agrees that, in addition to any other remedy that may be available to the Company, the Company shall be entitled to injunctive or other equitable relief by a court of appropriate jurisdiction.
		

		
			(l)         No Waiver of Rights, Powers and Remedies.  No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of the party.  No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder.  The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies.  No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.
		

		
			(m)       Counterparts.  This Agreement may be executed in one or more counterparts, and by different parties hereto on separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
		

		
			(n)        Survival.  The provisions of Sections 4, 5, 6, 7, 8, and 12 shall survive the termination of this Agreement and Executive’s employment hereunder in accordance with their terms.
		

		
			IN WITNESS THEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
		

			
					
						Ocular Therapeutix, Inc.

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Antony Mattessich

					
					
						 

				
	
					
						Name:  Antony Mattessich

					
					
						 

				
	
					
						Title:  President and Chief Executive Officer

					
					
						 

				

		
			 
		

		
			
		

		

		 

 

		

			- 18 -

		

	
					
						

					
						Agreed and Accepted

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Kevin Hanley

					
					
						 

				
	
					
						Name: Kevin HanleyEX-10.1

 Exhibit 10.1 

WARRANT AGREEMENT 

dated as of March 8, 2018 

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	  	8	 
	 Section 2.01
	 	 Issuance and Delivery of Warrants
	  	 	8	 
	 Section 2.02
	 	 Execution and Authentication of Warrants
	  	 	9	 
	 Section 2.03
	 	 Registration, Transfer, Exchange and Substitution
	  	 	10	 
	 Section 2.04
	 	 Form of Warrant Certificates
	  	 	10	 
	 Section 2.05
	 	 Cancellation of the Warrants
	  	 	10	 
	 Section 2.06
	 	 Limitations on Transfer
	  	 	11	 
		
	Article 3 Exercise and Settlement of Warrants	  	11	 
	 Section 3.01
	 	 Exercise of Warrants
	  	 	11	 
	 Section 3.02
	 	 Procedure for Exercise by Warrant Holder
	  	 	11	 
	 Section 3.03
	 	 Procedure for Mandatory Exercise
	  	 	12	 
	 Section 3.04
	 	 Settlement of Warrants
	  	 	13	 
	 Section 3.05
	 	 Delivery of Common Shares
	  	 	13	 
	 Section 3.06
	 	 No Fractional Common Shares to Be Issued
	  	 	15	 
	 Section 3.07
	 	 Acquisition of Warrants by Company
	  	 	16	 
	 Section 3.08
	 	 Validity of Exercise
	  	 	16	 
	 Section 3.09
	 	 Certain Calculations
	  	 	16	 
	 Section 3.10
	 	 Limitation on Exercise
	  	 	16	 
		
	Article 4 Adjustments	  	17	 
	 Section 4.01
	 	 Adjustments to Number of Common Shares
	  	 	17	 
	 Section 4.02
	 	 Adjustments to Number of Warrants
	  	 	20	 
	 Section 4.03
	 	 Certain Distributions of Rights and Warrants
	  	 	20	 
	 Section 4.04
	 	 Stockholder Rights Plans
	  	 	21	 
	 Section 4.05
	 	 Restrictions on Adjustments
	  	 	21	 
	 Section 4.06
	 	 Successor upon Consolidation, Merger and Sale of Assets
	  	 	22	 
	 Section 4.07
	 	 Adjustment upon Reorganization Event
	  	 	23	 
	 Section 4.08
	 	 Reserved
	  	 	24	 
	 Section 4.09
	 	 Common Shares Outstanding; Common Shares Reserved for Issuance on Exercise
	  	 	24	 
	 Section 4.10
	 	 Calculations; Instructions to Warrant Agent
	  	 	25	 
	 Section 4.11
	 	 Notice of Adjustments
	  	 	25	 
	 Section 4.12
	 	 Warrant Agent Not Responsible for Adjustments or Validity
	  	 	25	 
	 Section 4.13
	 	 Statements on Warrants
	  	 	26	 
		
	Article 5 Other Provisions Relating to the Rights of Warrant Holders	  	26	 
	 Section 5.01
	 	 No Rights as Stockholders
	  	 	26	 
	 Section 5.02
	 	 Mutilated or Missing Warrant Certificates
	  	 	26	 
	 Section 5.03
	 	 Modification, Waiver and Meetings
	  	 	26	 
	 Section 5.04
	 	 Notices of Date, etc
	  	 	27	 
	 Section 5.05
	 	 Rights as Warrant Holders
	  	 	28	 
	 Section 5.06
	 	 Tax Consequences
	  	 	28	 
	 Section 5.07
	 	 Dividends
	  	 	28	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Article 6 Representations of the Company
	  	 	28	 
	 Section 6.01
	 	 Representations
	  	 	28	 
		
	 Article 7 Concerning the Warrant Agent and Other Matters
	  	 	29	 
	 Section 7.01
	 	 Payment of Certain Taxes
	  	 	29	 
	 Section 7.02
	 	 Reserved
	  	 	29	 
	 Section 7.03
	 	 Change of Warrant Agent
	  	 	29	 
	 Section 7.04
	 	 Compensation; Further Assurances
	  	 	31	 
	 Section 7.05
	 	 Reliance on Counsel
	  	 	31	 
	 Section 7.06
	 	 Proof of Actions Taken
	  	 	31	 
	 Section 7.07
	 	 Correctness of Statements
	  	 	31	 
	 Section 7.08
	 	 Validity of Agreement
	  	 	32	 
	 Section 7.09
	 	 Use of Agents
	  	 	32	 
	 Section 7.10
	 	 Liability of Warrant Agent
	  	 	32	 
	 Section 7.11
	 	 Legal Proceedings
	  	 	32	 
	 Section 7.12
	 	 Actions as Agent
	  	 	33	 
	 Section 7.13
	 	 Appointment and Acceptance of Agency
	  	 	33	 
	 Section 7.14
	 	 Successors and Assigns
	  	 	33	 
	 Section 7.15
	 	 Notices
	  	 	33	 
	 Section 7.16
	 	 Applicable Law; Jurisdiction
	  	 	34	 
	 Section 7.17
	 	 Waiver of Jury Trial
	  	 	34	 
	 Section 7.18
	 	 Benefit of this Warrant Agreement
	  	 	34	 
	 Section 7.19
	 	 Registered Warrant Holder
	  	 	35	 
	 Section 7.20
	 	 Headings
	  	 	35	 
	 Section 7.21
	 	 Counterparts
	  	 	35	 
	 Section 7.22
	 	 Entire Agreement
	  	 	35	 
	 Section 7.23
	 	 Severability
	  	 	35	 
	 Section 7.24
	 	 Termination
	  	 	35	 
	 Section 7.25
	 	 Confidentiality
	  	 	35	 

  

			
	 EXHIBIT A
	  	 FORM OF 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 March 8, 2018, 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, the Company is issuing Series D Warrants (the “Warrants”) to purchase shares of common stock, par value $0.0001 per
share, of the Company (“Common Shares”) to certain eligible holders of record of the Company’s Mandatorily Convertible Series B Preferred Stock. 

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 (as defined below), 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. 

“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. 

“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. 
 “Change of Control” means the occurrence of any of the following: (i) the direct or indirect
sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries taken as a
whole to any “person” (as that term is used in Section 13(d) of the Exchange Act) other than a Permitted Holder; (ii) the adoption or the approval by the holders of capital stock of a plan relating to the liquidation or
dissolution of the Company; (iii) the consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any person, other than a Permitted Holder, becomes the beneficial owner, directly or
indirectly, of more than 50% of the Voting Stock of the Company, measured by voting power rather than number of shares; or (iv) the Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with
or into, the Company, in any such event pursuant to a transaction in which any of the outstanding voting stock of the Company or such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the Voting Stock of the Company outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than Disqualified Stock (as defined in the Existing Indenture)) of the surviving or transferee person
constituting a majority of the outstanding shares of such Voting Stock of such surviving or transferee person (immediately after giving effect to such issuance). For the avoidance of doubt, a Change of Control will not be deemed to have occurred if
a Permitted Holder has the ability to appoint a majority of the Board of the Company, and none of the transactions contemplated by the RSA shall be deemed a Change of Control. 

  
 2 

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

“Closing Date” means March 8, 2018. 

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

“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 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. 
 “Conversion Blocker” has the meaning set forth in
Section 3.10. 
 “Convertible Securities” means options, rights, warrants or other securities
convertible into or exchangeable or exercisable for Common Shares (including the Warrants). 
 “Domestic Restricted
Warrant” means a Warrant issued in reliance on Regulation D or Section 4(a)(2) of the Securities Act. 
 “Equity
Incentive Plans” means any equity incentive plans for officers, employees or directors of the Company, including the Management Plan. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the related rules and regulations
promulgated there under. 
 “Exchange Offer” means the Company’s exchange offer and consent solicitation related to
the Company’s 10.000% Senior Secured Second Lien Notes due 2019 and the Company’s 10.000% Senior Secured Notes due 2019. 

“Exercise Date” has the meaning, (i) with respect to exercise by a Warrant Holder, set forth in
Section 3.02(b), and (ii) with respect to exercise by the Company, set forth in Section 3.03(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. 

  
 3 

 “Exercise Notice” means, for any Warrant, an exercise notice substantially in
the form set forth in Exhibit B hereto. 
 “Exercise Price” means $0.0001 per share. 

“Existing Indenture” means the Indenture dated as of July 27, 2016, among the Company, its domestic subsidiaries party
thereto and Wilmington Savings Fund Society, FSB, as trustee and noteholder collateral agent. 
 “Fair Value,” as of a
specified date, means the price per Common Share, other Securities or other distributed property determined as follows: 

(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 Warrant Holder 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 Warrant Holder 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. 
 “Fully Diluted Basis” means the issued and outstanding Common Shares of the Company, assuming the exercise or
conversion of all outstanding Convertible Securities for cash, 

  
 4 

 
but excluding any Common Shares or Convertible Securities issued or issuable pursuant to (i) an Equity Incentive Plan, (ii) the Company’s outstanding Series A Warrants or
(iii) the Company’s outstanding Series B Warrants. 
 “Fundamental Equity Change” has the meaning set forth in
Section 4.06(a). 
 “Funds” has the meaning set forth in
Section 3.02(d). 
 “Funds Account” has the meaning set forth in
Section 3.02(d). 
 “Governmental Authority” means (a) any national, supranational, federal,
state, provincial, county, municipal or local government or any entity exercising executive, legislative, judicial, quasi-judicial, arbitral, regulatory, taxing or administrative functions of or pertaining to government and (b) any agency,
commission, division, bureau, department, court, tribunal, instrumentality, authority, quasi-governmental authority or other political subdivision of any government, entity or organization described in the foregoing clause (a), in each case, whether
U.S. or non-U.S. 
 “Law” means any Order, law, statute, regulation, code,
ordinance, policy, rule, consent decree, consent order or other requirement of any Governmental Authority. 
 “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 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 Exercise Price 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 3.06. 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 Warrant Holder 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. 

“Number of Warrants” means the “Number of Warrants” specified on the face of the 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. 

  
 5 

 “Order” means any award, injunction, judgment, decree, order, ruling, subpoena
or verdict or other decision issued, promulgated or entered by or with a Governmental Authority of competent jurisdiction. 

“Permitted Holders” means (a) Whitebox Advisors LLC, BlueMountain Capital Management, LLC, Highbridge Capital
Management, LLC, Morgan Stanley Investment Management Inc., DuPont Capital Management, Amzak Capital Management, LLC, Minerva Advisors, Steven Roth, and any Related Party of any of the foregoing, (b) 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,
(c) any immediate family member of a Person (in the case of an individual) described in clause (a) above, (d) any trust, corporation, partnership, limited liability company or other entity, of whose Voting Stock more than 50% is
beneficially owned by one or more of the Persons described in clauses (a), (b), and (c) and (e) any co-investor in any person described in clause (d) above. 

“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. 
 “Preferred Stock
Redemption” means redemption of all of the outstanding shares of Series A Preferred Stock by the Company. 
 “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). 
 “Registration Rights
Agreement” shall mean that certain Registration Rights Agreement, dated as of January 29, 2018, by and among the Company and certain holders of the Company’s Securities, entered into in conjunction with the Exchange Offer. 

“Regulation D” means Regulation D promulgated under the Securities Act. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Warrant” means a Warrant issued pursuant to Regulation S. 

“Related Party” of a Person means (1) any fund manager of such Person or any fund or account under common management
with such Person, (2) any controlling equityholder of such Person and (3) any Person or entity of whose Voting Stock more than 50% is beneficially owned by such Person. 

  
 6 

 “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. 
 “Restricted Ownership Percentage” has the meaning set forth in
Section 3.10. 
 “RSA” means the Restructuring Support Agreement dated as of December 19,
2017 among the Company and the Supporting Holders identified therein, as amended, restated or otherwise modified from time to time. 

“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 Preferred Stock” means the Company’s 8.0% Cumulative Perpetual Series A Preferred
Stock. 
 “Settlement Date” means, in respect of a Warrant that is exercised hereunder, the second 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. 

“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. 

  
 7 

 “Transfer Agent” means Continental Stock Transfer & Trust Company or
its successors. 
 “Transferee” means a Person to whom any Warrant is Transferred. 

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

“Voting Stock” of a person, as of any time, means the equity securities of such person that at such time is entitled to vote
in the election of the board of directors (or similar governing body) of such person. 
 “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 warrants of the Company, each of which is exercisable for a single Common
Share as provided herein, issued pursuant to this Warrant Agreement with the terms, conditions and rights set forth herein. 

“Warrant Agent” has the meaning set forth in the preamble. 

“Warrant Agreement” has the meaning set forth in the preamble. 

“Warrant Certificates” means any certificate representing the Warrants satisfying the requirements set forth in
Section 2.04. 
 “Warrant Holder” has the meaning set forth in
Section 7.19. 
 “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 14,098,370 Warrants (such Number
of Warrants to be subject to adjustment from 

  
 8 

 
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. Each Warrant shall be exercisable (upon payment of the Exercise Price 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 evidenced by the Warrant Certificates 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 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 been canceled in accordance with the terms hereof. The Warrant Holder shall be bound by all of the terms and provisions of this Warrant Agreement
as fully and effectively as if the Warrant Holder had signed the same. 
 (c)    Any Warrant that is forfeited by a
Warrant Holder 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 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 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)). 

  
 9 

 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 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)    A Warrant may be Transferred upon the delivery of a
written instruction of Transfer in form reasonably satisfactory to the Warrant Agent and the 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 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)    Transfers hereunder shall be subject at all times to Section 2.06 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 and legends 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. 

Section 2.05    Cancellation of the Warrants. Any Warrant Certificate shall be promptly cancelled by the
Warrant Agent upon the earlier of (i) the mutilation of the Warrant Certificate as described in Section 5.02, or (ii) registration of Transfer or exercise of such Warrants and, except as provided in this
Article 2 in case of a Transfer or Section 5.02 in case of mutilation, no Warrant Certificate shall be issued hereunder in lieu thereof. 

  
 10 

 Section 2.06    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 Warrant Holders 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 or
(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 and (B) to
inform the Warrant Holder of the limitations on Transfer set forth in this Section 2.06, and shall instruct and direct such Warrant Holder 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 3.05(b) hereof. The Warrant Agent shall not be under any duty or
responsibility to ensure compliance by the Company, any Warrant Holder 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. Subject to and upon compliance
with the terms and conditions set forth herein, Warrants may be exercised immediately and at any time and from time to time, for the Common Shares obtainable thereunder. Only whole Warrants may be exercised. 

Section 3.02    Procedure for Exercise by Warrant Holder. 

(a)    To exercise each Warrant, a Warrant Holder must arrange for (i) the delivery of the Exercise Notice duly
completed and executed 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) surrender to the Warrant Agent the Warrant Certificate evidencing such Warrants and (iv) compliance with all other procedures established by 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 by a Warrant Holder pursuant to the terms of this Warrant Agreement shall be irrevocable and enforceable in accordance with its terms. 

  
 11 

 (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”) 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 Warrant Holder or any other party. 

(e)    In connection with any exercise of a Warrant by a Warrant Holder, the Company shall assist and cooperate with any
Warrant Holder 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 by a Warrant Holder
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)    Payment of the applicable Exercise Price by or on behalf of a Warrant Holder 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    Procedure for Mandatory Exercise. 

(a)    Subject to Section 3.10, upon the consummation of a Preferred Stock Redemption or Change
of Control and for a period of 30 days following such consummation, the Company may cause all (but not less than all) of the outstanding Warrants to be mandatorily exercised by issuing a press release for publication on the Dow Jones News Service or
Bloomberg Business News (or if either such service is not available, another broadly disseminated news or press release service selected by the Company) announcing such mandatory exercise and specifying the terms of such mandatory exercise. 

  
 12 

 (b)    The “Exercise Date” will be a date selected by the Company
that will be no earlier than 5 Business Days and no later than 20 Business Days after the date on which the Company issues such press release. 

(c)    Net Share Settlement will apply to any Warrant exercised by the Company pursuant to this
Section 3.03. 
 (d)    In addition to any information required by applicable law or
regulation, the press release and notice of mandatory exercise described in Section 3.03(a) shall state, as appropriate: (1) the Exercise Date; and (2) the number of shares of Common Stock to be issued upon
exercise of each Warrant. 
 (e)    On and after the Exercise Date established pursuant to
Section 3.03(b), all rights of Holders of Warrants shall terminate except for the right to receive the whole shares of Common Stock issuable upon exercise thereof with any fractional Common Share rounded down to the nearest
whole share as provided in Section 3.06. 
 Section 3.04    Settlement of
Warrants. 
 (a)    Full Physical Settlement shall apply to each Warrant unless the Warrant Holder elects for Net
Share Settlement to apply upon exercise of such Warrant or in the case of exercise by the Company pursuant to Section 3.03. 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
Warrant Holder, the Company shall cause to be delivered to the exercising Warrant Holder the Full Physical Settlement Amount on the Settlement Date, with any fractional Common Share rounded down to the nearest whole share as provided in
Section 3.06. 
 (c)    If Net Share Settlement applies to the exercise of a Warrant, upon the
proper and valid exercise thereof by a Warrant Holder or the Company, the Company shall cause to be delivered to the Warrant Holder the Net Share Amount on the Settlement Date, with any fractional Common Share rounded down to the nearest whole share
as provided in Section 3.06. 
 (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 Shares to be delivered to an exercising Warrant Holder, the Company shall cause to be promptly delivered to the exercising Warrant Holder the number of Common Shares that
is not in dispute. 
 Section 3.05    Delivery of Common Shares. 

(a)    In connection with the exercise of Warrants by a Warrant Holder, 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; 

  
 13 

 (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 Warrant Holder 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 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 Warrant Certificate shall not have been exercised in full, promptly
issue and deliver a new Warrant Certificate representing the remaining Warrants owned by the applicable Warrant Holder; 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)    In connection with the mandatory exercise of Warrants by the Company, the Warrant Agent shall: 

(1)    advise the Company of (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 Warrant Holder of the 

  
 14 

 
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; and 

(2)    promptly cancel and destroy the applicable Warrant Certificates and, if applicable, deliver a
certificate of destruction to the Company. 
 (c)    If a registration statement covering the resale of the Common
Shares issuable in connection with the exercise of a Warrant and naming the Warrant Holder as a selling stockholder thereunder is not effective or the Common Shares issued in connection with such exercise are not freely transferable without volume
restrictions pursuant to Rule 144(b) under the Securities Act, with respect to each properly exercised Warrant in accordance with this Warrant Agreement, the Company shall, in accordance with the applicable Exercise Notice, effect an electronic
delivery of the Common Shares with appropriate restrictive legends issuable in connection with such exercise to the Warrant Holder’s account. If a registration statement covering the resale of the Common Shares the Common Shares issuable in
connection with the exercise of a Warrant and naming the Warrant Holder 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, with respect to each properly exercised Warrant in accordance with this Warrant Agreement, the Company shall, in accordance with such Exercise Notice, effect an electronic delivery of the Common Shares free of
restrictive legends issuable in connection with such exercise to the Warrant Holder’s account. 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. 
 (d)    If a registration statement
covering a resale of Common Shares issued in connection with properly exercised Warrants is not effective and the Warrant Holder directs the Company to deliver the Common Shares issued in connection with such exercise in a name other than that of
the Warrant Holder or an Affiliate of the Warrant Holder, such Warrant Holder 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. 

(e)    Promptly after the Warrant Agent shall have taken the action required by this
Section 3.05 (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 3.06    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. 

  
 15 

 (b)    If any fraction of a Common Share would, except for the provisions of
this Section 3.06, 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 Warrant Holder on the same Exercise Date shall be aggregated for purposes of determining the number of Common Shares to be delivered pursuant to Section 3.05(b). 

(c)    Each Warrant Holder, 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 3.07    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 3.08    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 3.09    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 3.05(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 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. 

Section 3.10    Limitation on Exercise. Except in the context of a Change in Control, a Warrant Holder that
owns less than 10% of the shares of the Company’s Common Shares outstanding and is not otherwise an Affiliate of the Company will not have the right to exercise 

  
 16 

 
such Warrant and such Warrant shall not be exercisable by the Company, for so long as the Common Shares are registered under the Exchange Act, if and to the extent that after giving effect to
such exercise, such Person (together with such Person’s Affiliates) or any “group” (within the meaning of Section 13d-3 of the Exchange Act) that includes such person would beneficially own
in excess of 9.99% (the “Restricted Ownership Percentage”) of the shares of Common Shares outstanding immediately after giving effect to such exercise (the “Conversion Blocker”); provided, that the Conversion
Blocker shall continue to apply to Blue Mountain Capital Management, LLC and its affiliates (which, for the avoidance of doubt, shall not include the Company and its other affiliates) that are Holders at any time when Blue Mountain Capital
Management, LLC and its affiliates are Affiliates of the Company. Each Warrant Holder shall have the right at any time and from time to time to reduce the Restricted Ownership Percentage applicable to such Warrant Holder immediately upon prior
written notice to the Company or increase the Restricted Ownership Percentage applicable to such holder upon 61 days’ prior written notice to the Company. 

Article 4 
 Adjustments

 Section 4.01    Adjustments to Number of Common Shares. After the date on which the
Warrants are first issued and while any Warrants remain outstanding and unexpired, the number of Common Shares issuable upon exercise of the Warrants 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 number of Common Shares issuable upon exercise of the Warrants shall be
adjusted based on the following formula: 
  

							
	E1 = E0	  	x	 	  N1  	  	
		  		 	  N0	  	

 where: 
  

					
	E1	  	=	  	the number of Common Shares issuable upon exercise of the Warrants 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 number of Common Shares issuable upon exercise of the Warrants 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

  
 17 

					
	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 number of Common Shares issuable upon exercise of the
Warrants shall again be adjusted to the number of Common Shares issuable upon exercise of the Warrants 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 rights, options or warrants entitling such holders of Common Shares to subscribe for or purchase Common Shares at less than the market value thereof, preferred stock, common stock
of or related to a subsidiary or other business unit or other property (excluding (i) any dividend or distribution covered by Section 4.01(a), (ii) any rights, options or warrants covered by
Section 4.03, (iii) any consideration payable in connection with Section 4.01(d), or (iv) any dividend of preferred stock, or common stock of or related to a subsidiary or other business unit
in the case of transactions described in Section 4.07, in which event the Exercise Price will be adjusted in the reasonable discretion of the Board to appropriately ensure that the economic and other benefits of the
Warrants are preserved and protected after taking into account the transaction that triggers this Section 4.01(c). Such actions may include the distribution of rights, options, warrants or other consideration or property to
holders of Warrants on an as-exercised basis. 
 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 Price shall again be
adjusted to be the Exercise Price 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 

  
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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 Exercise Price will be
adjusted in the reasonable discretion of the Board to appropriately ensure that the economic and other benefits of the Warrants are preserved and protected after taking into account the transaction that triggers this
Section 4.01(d). Such actions may include the distribution of rights, options, warrants or other consideration or property to holders of Warrants on an as-exercised basis. 

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). 

(e)    If any single action would require adjustment of the Exercise Price 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 Price 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 Warrant Holders 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 Price 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 Price 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 Price adjustment provisions in this Section 4.01, the Exercise Price 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 

  
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dividend, distribution or other event giving rise to such adjustment. Notwithstanding this Section 4.01 or any other provision of this Warrant Agreement or the Warrants,
the Exercise Price shall never be less than the par value of the Common Shares. 
 (h)    Notwithstanding anything to
the contrary contained in Section 4.01, if, as a result of an adjustment pursuant to Section 4.01, the par value per Common Share would be greater than the Exercise Price, then the Exercise Price
shall be an amount equal to the par value per Common Share but the number of shares the holder of a Warrant shall be entitled to purchase shall be such greater number of Common Shares as would have resulted from the Exercise Price that, absent such
limitation, would have been in effect pursuant to this Section 4. 

Section 4.02    Adjustments to Number of Warrants. Concurrently with any adjustment to the Exercise Price
under Section 4.01 (except for any adjustment pursuant to Section 4.01(a)), 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. The Company may, from time to time, at its sole discretion, increase the number of shares of Common Shares issuable
upon the exercise of a Warrant for a period of not less than 20 Trading Days. After the expiration of such period, the number of shares of Common Shares issuable upon exercise of a Warrant shall revert to the number of such shares issuable upon
exercise as of immediately prior to such period. 
 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 Price 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 Price 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 Price 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 Price 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 Price 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 Price 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 Price nor the Number of Warrants will be adjusted: 
 (1)    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; 

(2)    upon any issuance of any Common Shares (or Convertible Securities) pursuant to the exercise or
conversion, as applicable, of the Warrants, the Company’s Series A Warrants, the Company’s Series B Warrants, the Company’s Series C Warrants, or shares of Series A Preferred Stock; 

(3)    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); or 

  
 21 

 (4)    upon any dividend or distribution made by the Company
in accordance with Section 5.06. 
 (c)    No adjustment shall be made to the Exercise Price
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)    [Reserved.] 

(e)    No adjustment shall be made to the 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 Exercise Price; provided, however, that any adjustment of less than 1% that was not made by reason of this Section 4.05(e) shall
be carried forward and made as soon as such adjustment, together with any other adjustments not previously made by reason of this Section 4.05(e), 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
Price 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 Warrants issuable pursuant to this Warrant 

  
 22 

 
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 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 Warrant Holders on terms (including economic) and conditions substantially similar to the Warrants (taking into account any Warrants that are exercised prior to the termination of this Agreement (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 Warrant Holders. 

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 

  
 23 

 (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 Warrant Holders 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 Warrant Holders 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. 
 (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. 

  
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 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 Article 4 for purposes of determining any adjustments to the Exercise Price 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 Warrant Holders 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, via
first-class mail, postage prepaid, to the Warrant Holders and the Warrant Agent, in accordance with Section 7.15, a notice of any adjustment or readjustment to the Exercise Price 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 Warrant Holders. 

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 Price 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 

  
 25 

 
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, 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. 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. 
 Article 5

 Other Provisions Relating to the Rights of Warrant Holders 

Section 5.01    No Rights as Stockholders. Except as expressly provided for herein (including, without
limitation, Section 5.07), 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
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, for the purposes of curing any ambiguity or correcting or supplementing any defective provision contained in this Warrant 

  
 26 

 
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 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 3.05(a)(7) or 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). 

(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)    increase the Exercise Price 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. 

  
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 Section 5.05    Rights as Warrant Holders. Upon exercise of a
Warrant, any Warrant Holder who receives Common Shares in excess of 2.5% of the then outstanding Common Shares will be entitled to execute a joinder to the Registration Rights Agreement. 

Section 5.06    Tax Consequences. All Persons holding or having a 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. 

Section 5.07    Dividends. Each Warrant Holder shall be entitled to any dividend, whether payable in cash, in
kind or other property, that would be distributed to such Warrant Holder if such Warrant Holder’s Warrants had been converted in full into Common Shares immediately prior to the Close of Business on the record date for the determination of the
stockholders entitled to receive such dividend. 
 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 December 22, 2017), 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)    except for securities offered in connection with the Exchange Offer, 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; 

(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; 

  
 28 

 (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    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 7.02    Reserved. 

Section 7.03    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. 

  
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 (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 7.04. 

(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 7.03(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. 

  
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 (e)    In case at any time the name of the Warrant Agent shall be changed and
at such time any 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 7.04    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. 

Section 7.05    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 7.06    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 7.07    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. 

  
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 Section 7.08    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 7.09    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 7.10    Liability of Warrant Agent. The Warrant Agent shall incur no liability or responsibility to
the Company or to any 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, willful misconduct or bad
faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution Warrant
Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith. The Warrant Agent shall be liable hereunder only for its gross negligence, willful misconduct or bad faith 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 7.11    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 or the applicable Warrant Holder(s) 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. 

  
 32 

 Section 7.12    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 7.13    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 7.14    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 7.15    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: 

SAExploration Holdings, Inc. 

Attention: Brent Whiteley, Chief Financial Officer and General Counsel 

1160 Dairy Ashford, Suite 160 

Houston, Texas 77079 
 with a
copy to: 
 Akin Gump Strauss Hauer & Feld LLP 

Attention: Sarah Link Schultz 

1700 Pacific Avenue 
 Suite 4100

 Dallas, TX 75201-4624 

Electronic mail: sschultz@akingump.com 

  
 33 

 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: 

Continental Stock Transfer & Trust Company 

1 State Street 
 30th Floor 

New York, NY 10004 
 Attn:
Margaret Villani 
 Any notice or demand authorized by this Warrant Agreement to be given or made to any Warrant Holder shall be
sufficiently given or made if sent by first-class mail, postage prepaid to the last address of such Warrant Holder as it shall appear on the Warrant Register. 

Section 7.16    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 7.17    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 7.18    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. 

  
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 Section 7.19    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 (the “Warrant Holder”) 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 7.20    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 7.21    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. 

Section 7.22    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 7.23    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 7.24    Termination. This Warrant Agreement, as it relates to the Warrants, will terminate on such
date on which all outstanding Warrants have been exercised. All provisions regarding indemnification, warranty, liability and limits thereon shall survive the termination or expiration of this Warrant Agreement. 

Section 7.25    Confidentiality. The Warrant Agent and the Company agree that (a) personal, non-public Warrant Holder 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] 

  
 35 

 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/ Margaret Villani

	Name:	 	Margaret Villani
	Title:	 	Vice President

  
 [SIGNATURE PAGE TO
WARRANT AGREEMENT] 

 EXHIBIT A 

FORM OF WARRANT 
 No.
[    ] 
 BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

1.    REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS [AN “ACCREDITED INVESTOR”
(WITHIN THE MEANING OF RULE 501(a) UNDER THE SECURITIES ACT) (AN “ACCREDITED INVESTOR”)] [A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT
DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT] [NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT)], AND 

2.    AGREES FOR THE BENEFIT OF SAEXPLORATION HOLDINGS, INC. (THE “COMPANY”) THAT IT WILL NOT
OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST DATE OF INITIAL ISSUANCE HEREOF OR SUCH OTHER PERIOD OF TIME AS PERMITTED BY RULE 144
UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

(A)    TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, OR 

(B)    PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR

 (C)    TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

 (D)    PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY
OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH CLAUSE (2)(B) ABOVE, THE COMPANY AND THE TRANSFER AGENT RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER
IS BEING MADE IN COMPLIANCE 

 
WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144
UNDER THE SECURITIES ACT) OF THE COMPANY DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE OR OTHERWISE ACQUIRE THIS WARRANT OR A BENEFICIAL INTEREST HEREIN.”]1 

SAExploration Holdings, Inc. 

March 8, 2018 
 NUMBER OF WARRANTS:
[●] Warrants, each of which is exercisable for one Common Share. 
 EXERCISE PRICE: Initially, $0.0001 per Warrant, subject to adjustment as described
in the Warrant Agreement dated as of March 8, 2018 between SAExploration Holdings, Inc. and Continental Stock Transfer & Trust Company, as Warrant Agent (as supplemented or amended, 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: At any time and
from time to time. 
 This Warrant Certificate certifies that: 

[                    ], or its registered assigns, is the
Warrant 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). 

 
  

	1 	Include only on a transfer restricted Warrant Certificate. 

 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. 
 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:	 	

 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

 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 March 8, 2018 (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. 

 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 SEC Rule 17Ad-15. 

 EXHIBIT B 

Form of Exercise Notice 
 [Address] 

Attention: [●] 
  

	Re:	Warrant Agreement dated as of March 8, 2018 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
Warrant Certificate No. [●], 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. 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:

  
 Exhibit 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. 

  
 Exhibit C-1

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