Document:

Exhibit 10.1

NONE OF THE SECURITIES TO WHICH THIS PRIVATE  PLACEMENT  SUBSCRIPTION  AGREEMENT
(THE  "SUBSCRIPTION  AGREEMENT")  RELATES HAVE BEEN REGISTERED  UNDER THE UNITED
STATES  SECURITIES  ACT OF 1933, AS AMENDED (THE "1933 ACT"),  OR ANY U.S. STATE
SECURITIES  LAWS, AND, UNLESS SO REGISTERED,  NONE MAY BE OFFERED OR SOLD IN THE
UNITED  STATES OR TO U.S.  PERSONS (AS  DEFINED  HEREIN)  EXCEPT  PURSUANT TO AN
EXEMPTION  FROM,  OR  IN  A  TRANSACTION   NOT  SUBJECT  TO,  THE   REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS.

                             SUBSCRIPTION AGREEMENT

                             (Offshore Subscribers)

TO: NORSTRA ENERGY INC. (THE "COMPANY")

                          Purchase of Convertible Note

1. SUBSCRIPTION AND USE OF PROCEEDS

1.1 On the basis of the  representations and warranties and subject to the terms
and conditions set forth herein, JACKSON BENNETT, LLC, (the "SUBSCRIBER") hereby
irrevocably  subscribes  for and agrees to purchase  one  convertible  note (the
"NOTE")  from the  Company for an  aggregate  purchase  price of  $150,000  (the
"SUBSCRIPTION   PROCEEDS"),   substantially   in  the  form   attached  to  this
Subscription  Agreement  as  Exhibit  "A" (the  subscription  and  agreement  to
purchase being the "SUBSCRIPTION").

1.2 On the basis of the  representations and warranties and subject to the terms
and conditions set forth herein,  the Company hereby  irrevocably agrees to sell
the Note to the Subscriber.

1.3 Subject to the terms hereof,  the  Subscription  will be effective  upon its
acceptance by the Company.

1.4  Unless  otherwise  provided,   all  dollar  amounts  referred  to  in  this
Subscription Agreement are in lawful money of the United States of America.

2. PAYMENT

2.1 the  Subscription  Proceeds  pertaining to the purchase of the Note shall be
paid on or before the Closing Date (as defined in Section 4.1,  below) by cheque
or wire transfer to the Company.

3. DOCUMENTS REQUIRED FROM SUBSCRIBER

3.1 The Subscriber must:

     (a)  complete,  sign and  return to the  Company an  executed  copy of this
          Subscription Agreement prior to the Closing Date; and,

     (b)  complete,  sign and  return to the  Company  an  executed  copy of the
          Investor Questionnaire attached as Annex B; and

     (c)  complete,  sign and  return to the  Company  as soon as  possible,  on
          request by the Company,  any  documents,  questionnaires,  notices and
          undertakings  as  may  be  required  by  regulatory   authorities  and
          applicable law

                                     (collectively the "TRANSACTION DOCUMENTS.")
<PAGE>
4. CLOSING

4.1 There shall be no formal closing  ceremony with respect to the  transactions
contemplated by this Agreement.  Instead, the parties shall execute and exchange
the  Transaction  Documents  by  facsimile  and  email  and the  closing  of the
transactions  contemplated  by this  Agreement  shall be deemed to have occurred
(the "CLOSING") on the date (the "CLOSING  DATE") that the Company  receives the
Subscription Proceeds in full. There may be multiple Closings

5. ACKNOWLEDGEMENTS OF SUBSCRIBER

5.1 The Subscriber acknowledges and agrees that:

     (a)  Neither the Note nor the shares of common stock ("SHARES") that may be
          issued upon a  conversion  of the Note (the Note and the Shares may be
          hereinafter referred to collectively as the "SECURITIES") have been or
          will be registered  under the 1933 Act, or under any state  securities
          or "blue sky" laws of any state of the United States,  and,  unless so
          registered,  none of them may be offered or sold in the United  States
          or, directly or indirectly,  to a U.S. Person, as that term is defined
          in  Regulation  S under  the  1933 Act  ("REGULATION  S"),  except  in
          accordance  with  the  provisions  of  Regulation  S,  pursuant  to an
          effective registration statement under the 1933 Act, or pursuant to an
          exemption from, or in a transaction  not subject to, the  registration
          requirements  of the  1933  Act and in each  case in  accordance  with
          applicable state securities laws;

     (b)  the Company has not  undertaken  to, and will have no  obligation  to,
          register the Securities, or any of them, under the 1933 Act;

     (c)  it has received and carefully read this Subscription Agreement;

     (d)  the decision to execute this  Subscription  Agreement  and acquire the
          Note   hereunder   has  not  been  based  upon  any  oral  or  written
          representation  as to fact or  otherwise  made by or on  behalf of the
          Company,  and  such  decision  is  based  entirely  upon a  review  of
          information (the adequacy of which is hereby  acknowledged)  about the
          Company  that is  available  to any  member of the public on the EDGAR
          database  maintained by the U.S.  Securities  and Exchange  Commission
          (the "SEC") at www.sec.gov;

     (e)  there  are  risks   associated  with  an  investment  in  the  Company
          including, by way of example and not in limitation, the specific risks
          identified in the Company's  most recent  periodic  reports filed with
          the SEC and available for viewing at the SEC's website at www.SEC.gov;

     (f)  it  and  its  advisor(s)  have  had a  reasonable  opportunity  to ask
          questions of and receive  answers from the Company in connection  with
          the sale of the Note hereunder,  and to obtain additional information,
          to  the  extent   possessed  or  obtainable  by  the  Company  without
          unreasonable effort or expense;

     (g)  all  information  which the  Subscriber has provided to the Company is
          correct and  complete  as of the date the  Subscription  Agreement  is
          signed, and if there should be any change in such information prior to
          this  Subscription  Agreement  being  executed  by  the  Company,  the
          Subscriber will immediately provide the Company with such information;

     (h)  the Company is entitled to rely on the  representations and warranties
          of the  Subscriber  contained in this  Subscription  Agreement and the
          Subscriber  will hold the Company  harmless from any loss or damage it
          may  suffer  as a result  of the  Subscriber's  failure  to  correctly
          complete this Subscription Agreement;

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<PAGE>
     (i)  the Subscriber has been advised to consult the Subscriber's own legal,
          tax and other  advisors  with  respect  to the  merits and risks of an
          investment in the  Securities  and with respect to  applicable  resale
          restrictions,  and it is solely responsible (and the Company is not in
          any way responsible) for compliance with:

          (i)  any applicable  laws of the  jurisdiction in which the Subscriber
               is resident in connection with the distribution of the Securities
               hereunder, and

          (ii) applicable resale restrictions;

     (j)  none of the  Securities  are listed on any stock exchange or automated
          dealer  quotation  system and no  representation  has been made to the
          Subscriber  that any of the Securities will become listed on any stock
          exchange or automated dealer quotation  system,  except that currently
          certain  market makers make market in the Shares of the Company on the
          OTC  Bulletin  Board  operated by the  Financial  Industry  Regulatory
          Authority ("FINRA");

     (k)  none of the  Securities  may be offered or sold by the Subscriber to a
          U.S.  Person (as  defined in Section 0,  below,  or for the account or
          benefit of a U.S.  Person (other than a distributor)  prior to the end
          of the Distribution Compliance Period (as defined herein);

     (l)  the  Subscriber is not acquiring the Note as a result of, and will not
          itself  engage in, any  "directed  selling  efforts"  (as that term is
          defined in  Regulation  S under the 1933 Act) in the United  States in
          respect  of  the   Securities   which  would  include  any  activities
          undertaken for the purpose of, or that could reasonably be expected to
          have the effect of,  conditioning  the market in the United States for
          the  resale  of any of the  Securities;  provided,  however,  that the
          Subscriber may sell or otherwise dispose of the Securities pursuant to
          registration  thereof  under  the  1933 Act and any  applicable  state
          securities   laws  or  under  an  exemption  from  such   registration
          requirements;

     (m)  the Company will refuse to register any transfer of the Securities not
          made in accordance with the provisions of Regulation S, pursuant to an
          effective  registration statement under the 1933 Act or pursuant to an
          available exemption from the registration requirements of the 1933 Act
          and in each case in accordance with applicable state securities laws;

     (n)  neither  the  SEC nor  any  other  securities  commission  or  similar
          regulatory  authority  has  reviewed  or passed  on the  merits of the
          Securities;

     (o)  no documents in connection  with the sale of the Note  hereunder  have
          been reviewed by the SEC or any state securities administrators;

     (p)  there  is no  government  or  other  insurance  covering  any  of  the
          Securities;

     (q)  the issuance and sale of the Securities to the Subscriber  will not be
          completed  if it would be  unlawful  or if, in the  discretion  of the
          Company  acting  reasonably,  it is not in the best  interests  of the
          Company;

     (r)  the Subscriber is purchasing  the Securities  pursuant to an exemption
          from the  registration  and the prospectus  requirements of applicable
          securities  legislation  on the  basis  that the  Subscriber  is not a
          resident of either the United States or Canada and, as a consequence:

          (i)  is  restricted  from using most of the civil  remedies  available
               under securities legislation,

          (ii) may not receive  information  that would otherwise be required to
               be provided under securities legislation, and

                                       3
<PAGE>
          (iii)the  Company is  relieved  from  certain  obligations  that would
               otherwise apply under securities legislation; and

     (s)  the  statutory  and  regulatory  basis  for the  exemption  from  U.S.
          registration  requirements claimed for the offer of the Note, although
          in technical  compliance  with Regulation S, would not be available if
          the  offering  is part of a plan or scheme  to evade the  registration
          provisions of the 1933 Act or any applicable state securities laws; .

6. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SUBSCRIBER

6.1 The  Subscriber  hereby  represents  and warrants to and covenants  with the
Company  (which  representations,  warranties  and  covenants  shall survive the
Closing), and acknowledges that the Company is relying thereon, that:

     (a)  the  Subscriber  is not a U.S.  Person  as  that  term is  defined  in
          Regulation S;

     (b)  the  Subscriber  is not  acquiring the Note for the account or benefit
          of, directly or indirectly, any U.S. Person as that term is defined in
          Regulation S;

     (c)  the  Subscriber  is  resident  in the  jurisdiction  set out under the
          heading "Name and Address of Subscriber" on the signature page of this
          Subscription   Agreement  and  the  sale  of  the  Securities  to  the
          Subscriber as contemplated  in this  Subscription  Agreement  complies
          with or is exempt from the  applicable  securities  legislation of the
          jurisdiction of residence of the Subscriber;

     (d)  the Subscriber has the legal capacity and competence to enter into and
          execute this  Subscription  Agreement and to take all actions required
          pursuant  hereto and, if the Subscriber is a  corporation,  it is duly
          incorporated and validly subsisting under the laws of its jurisdiction
          of  incorporation  and  all  necessary  approvals  by  its  directors,
          shareholders and others have been obtained to authorize  execution and
          performance   of  this   Subscription   Agreement  on  behalf  of  the
          Subscriber;

     (e)  if the Subscriber is a corporation or other entity,  the entering into
          of  this  Subscription  Agreement  and the  transactions  contemplated
          hereby do not and will not result in the violation of any of the terms
          and provisions of any law  applicable to, or the constating  documents
          of, the Subscriber or of any agreement,  written or oral, to which the
          Subscriber  may be a party or by  which  the  Subscriber  is or may be
          bound;

     (f)  the  Subscriber  has duly  executed and  delivered  this  Subscription
          Agreement  and  upon  acceptance   thereof  by  the  Company  it  will
          constitutes   a  valid  and  binding   agreement  of  the   Subscriber
          enforceable against the Subscriber in accordance with its terms;

     (g)  the  Subscriber is acquiring  the  Securities as principal for its own
          account for  investment  purposes  only and not for the account of any
          other person and not for distribution, assignment or resale to others,
          and no other  person has a direct or indirect  beneficial  interest in
          such  Securities,  and it  has  not  subdivided  its  interest  in the
          Securities with any other person;

     (h)  the  Subscriber  is  outside  the United  States  when  receiving  and
          executing  this  Subscription  Agreement  and is acquiring the Note as
          principal for the  Subscriber's  own account for  investment  purposes
          only,  and  not  with a view  to,  or  for,  resale,  distribution  or
          fractionalisation  thereof,  in whole or in part,  and no other person
          has a direct or indirect beneficial interest in the Securities;

     (i)  the  Subscriber  is  aware  that  an  investment  in  the  Company  is
          speculative and involves certain risks, including the possible loss of
          the entire  investment  and it has carefully  read and  considered the
          matters set forth under the heading  "Risk  Factors"  appearing in the
          Company's  Forms 10-K,  10-Q, 8-K and any other filings filed with the
          SEC;

                                       4
<PAGE>
     (j)  the Subscriber has made an independent  examination and  investigation
          of an investment in the Securities and the Company and has depended on
          the advice of its legal and  financial  advisors  and agrees  that the
          Company  will  not  be  responsible  in any  way  whatsoever  for  the
          Subscriber's decision to invest in the Securities and the Company;

     (k)  the  Subscriber  (i) has adequate net worth and means of providing for
          its current financial needs and possible personal contingencies,  (ii)
          has no need for  liquidity  in this  investment,  and (iii) is able to
          bear the economic  risks of an  investment  in the  Securities  for an
          indefinite period of time;

     (l)  the Subscriber understands and agrees that the Company and others will
          rely   upon  the   truth  and   accuracy   of  the   acknowledgements,
          representations   and  agreements   contained  in  this   Subscription
          Agreement   and   agrees   that  if  any  of  such   acknowledgements,
          representations  and  agreements  are no longer  accurate or have been
          breached, the Subscriber shall promptly notify the Company;

     (m)  the Subscriber has the legal capacity and competence to enter into and
          execute this  Subscription  Agreement and to take all actions required
          pursuant hereto;

     (n)  the  Subscriber  has duly  executed and  delivered  this  Subscription
          Agreement  and it  constitutes  a valid and binding  agreement  of the
          Subscriber  enforceable  against the Subscriber in accordance with its
          terms;

     (o)  the Subscriber is not an  underwriter  of, or dealer in, the Company's
          Shares, nor is the Subscriber participating, pursuant to a contractual
          agreement or otherwise, in the distribution of any of the Shares;

     (p)  the Subscriber is not an  underwriter  of, or dealer in, the Company's
          Shares, nor is the Subscriber participating, pursuant to a contractual
          agreement or otherwise, in the distribution of any of the Securities;

     (q)  the Subscriber  understands and agrees that offers and sales of any of
          the Securities prior to the expiration of restricted  period after the
          date of original  issuance  of the  Securities  (the six month  period
          hereinafter referred to as the "DISTRIBUTION COMPLIANCE PERIOD") shall
          only be made in compliance  with the safe harbor  provisions set forth
          in Regulation S, pursuant to the  registration  provisions of the 1933
          Act or an exemption therefrom, and that all offers and sales after the
          Distribution  Compliance  Period shall be made only in compliance with
          the registration  provisions of the 1933 Act or an exemption therefrom
          and in each case only in accordance with applicable  state  securities
          laws;

     (r)  the  Subscriber  agrees  not to  engage  in any  hedging  transactions
          involving  any of  the  Securities  unless  such  transactions  are in
          compliance  with the  provisions of the 1933 Act and in each case only
          in accordance with applicable state securities laws;

     (s)  the  Subscriber  (i) is able to fend for  itself in the  Subscription;
          (ii) has such  knowledge  and  experience  in  financial  and business
          matters  as to be capable  of  evaluating  the merits and risks of its
          investment  in the  Securities  and the  Company;  and  (iii)  has the
          ability to bear the economic risks of its  prospective  investment and
          can afford the complete loss of such investment;

     (t)  the Subscriber will indemnify the Company  against,  and will hold the
          Company and, where  applicable,  its respective  directors,  officers,
          employees,  agents,  advisors and shareholders  harmless from, any and
          all loss, liability,  claim, damage and expense whatsoever (including,
          but not limited to, any and all fees,  costs and  expenses  whatsoever
          reasonably  incurred in investigating,  preparing or defending against
          any claim, lawsuit, administrative proceeding or investigation whether
          commenced   or   threatened)   arising   out  of  or  based  upon  any
          representation  or warranty of the Subscriber  contained  herein or in
          any document  furnished by the Subscriber to the Company in connection
          herewith being untrue in any material respect or any breach or failure

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<PAGE>
          by the Subscriber to comply with any covenant or agreement made by the
          Subscriber to the Company in connection therewith;

     (u)  the  Subscriber  is  not  aware  of  any  advertisement  of any of the
          Securities and is not acquiring the Securities as a result of any form
          of   general    solicitation   or   general   advertising    including
          advertisements, articles, notices or other communications published in
          any  newspaper,  magazine or similar media or broadcast  over radio or
          television,  or any  seminar  or  meeting  whose  attendees  have been
          invited by general solicitation or general advertising; and

     (v)  no  person   has  made  to  the   Subscriber   any   written  or  oral
          representations:

          (i)  that any person will resell or repurchase any of the Securities,

          (ii) that any  person  will  refund the  purchase  price of any of the
               Securities,

          (iii) as to the future price or value of any of the Securities, or

          (iv) that any of the Securities  will be listed and posted for trading
               on any stock  exchange or automated  dealer  quotation  system or
               that  application  has  been  made to list  and  post  any of the
               Securities  of the  Company on any stock  exchange  or  automated
               dealer  quotation  system,  except that  currently  the Company's
               common shares are quoted on the over-the-counter  market operated
               by the Over-The-Counter Bulletin Board operated by FINRA.

6.2 In this  Subscription  Agreement,  the term  "U.S.  Person"  shall  have the
meaning ascribed thereto in Regulation S.

7. ACKNOWLEDGEMENT AND WAIVER

7.1 The Subscriber has acknowledged that the decision to purchase the Securities
was solely made on the basis of  information  available to the Subscriber on the
EDGAR  database  maintained by the SEC at  www.sec.gov.  The  Subscriber  hereby
waives,  to the  fullest  extent  permitted  by law,  any rights of  withdrawal,
rescission or compensation for damages to which the Subscriber might be entitled
in connection with the distribution of the Securities.

8. LEGENDING OF SUBJECT SECURITIES

8.1 The Subscriber hereby acknowledges that that upon the issuance thereof,  and
until  such  time  as the  same  is no  longer  required  under  the  applicable
securities  laws  and  regulations,  the  certificates  representing  any of the
Securities will bear a legend in substantially the following form:

     NONE  OF THE  SECURITIES  TO  WHICH  THIS  PRIVATE  PLACEMENT  SUBSCRIPTION
     AGREEMENT (THE "SUBSCRIPTION AGREEMENT") RELATES HAVE BEEN REGISTERED UNDER
     THE UNITED STATES  SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"),  OR
     ANY U.S. STATE  SECURITIES  LAWS,  AND,  UNLESS SO REGISTERED,  NONE MAY BE
     OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN)
     EXCEPT  PURSUANT TO AN EXEMPTION  FROM, OR IN A TRANSACTION NOT SUBJECT TO,
     THE  REGISTRATION  REQUIREMENTS  OF THE 1933 ACT AND IN EACH  CASE  ONLY IN
     ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

     The  Subscriber  hereby  acknowledges  and agrees to the  Company  making a
     notation  on its  records  or  giving  instructions  to the  registrar  and
     transfer  agent of the Company in order to implement  the  restrictions  on
     transfer set forth and described in this Subscription Agreement.

                                       6
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9. COSTS

9.1 The Subscriber  acknowledges and agrees that all costs and expenses incurred
by the Subscriber  (including any fees and  disbursements of any special counsel
retained  by the  Subscriber)  relating  to the  purchase  of the Note or to the
conversion  of  the  Note  or  the  Conversion  Shares  shall  be  borne  by the
Subscriber.

10. GOVERNING LAW

10.1 This Subscription  Agreement is governed by the laws of the State of Nevada
and the federal laws  applicable  thereto.  The  Subscriber,  in its personal or
corporate  capacity and, if applicable,  on behalf of each beneficial  purchaser
for whom it is acting,  irrevocably attorns to the jurisdiction of the courts of
the State of Nevada.

11. SURVIVAL

11.1   This   Subscription   Agreement,   including   without   limitation   the
representations,  warranties and covenants  contained herein,  shall survive and
continue  in full  force and  effect  and be  binding  upon the  parties  hereto
notwithstanding  the  completion  of the purchase of the Note by the  Subscriber
pursuant hereto.

12. ASSIGNMENT

12.1 This Subscription Agreement is assignable.

13. SEVERABILITY

13.1 The  invalidity or  unenforceability  of any  particular  provision of this
Subscription  Agreement shall not affect or limit the validity or enforceability
of the remaining provisions of this Subscription Agreement.

14. ENTIRE AGREEMENT

14.1 Except as  expressly  provided in this  Subscription  Agreement  and in the
agreements, instruments and other documents contemplated or provided for herein,
this  Subscription  Agreement  contains the entire agreement between the parties
with  respect  to the sale of the  Securities  and  there  are no  other  terms,
conditions,  representations or warranties,  whether expressed, implied, oral or
written,  by statute or common  law,  by the  Company  or by anyone  else.  This
subscription  may only be amended by instrument in writing signed by the parties
hereto.

15. NOTICES

15.1 All  notices  and other  communications  hereunder  shall be in writing and
shall be deemed to have been duly given if mailed or transmitted by any standard
form of  telecommunication.  Notices to the Subscriber  shall be directed to the
address on the signature page of this Subscription  Agreement and notices to the
Company  shall be directed  to it at Norstra  Energy  Inc.,  1048 West 11th Ave,
Spokane,  Washington, 99204 and with a copy to Norstra Energy Inc. c/o 4th Floor
- 570 Granville Street, Vancouver British Columbia V6C 3P1.

16. COUNTERPARTS AND ELECTRONIC MEANS

16.1 This Subscription  Agreement may be executed in any number of counterparts,
each of which, when so executed and delivered,  shall constitute an original and
all of which together shall  constitute one instrument.  Delivery of an executed
copy of this  Subscription  Agreement by electronic  facsimile  transmission  or
other means of electronic communication capable of producing a printed copy will
be deemed to be execution and delivery of this Subscription  Agreement as of the
date hereinafter set forth.

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17. REGISTRATION INSTRUCTIONS

17.1 The Subscriber hereby directs the Company to cause any Note issued pursuant
to this  Subscription  Agreement to be registered on the books of the Company as
directed on the signature page of this Agreement.

IN WITNESS WHEREOF the Subscriber has duly executed this Subscription  Agreement
as of the date of acceptance by the Company.

                            JACKSON BENNETT LLC

                            /s/ Authorized Signatory
                            ----------------------------------------------------
                            (Signature and, if applicable, Office)

                            Registration Information (if different from above)

                            ----------------------------------------------------

                            ----------------------------------------------------
                            (Name of Subscriber - Please type or print)

                            ----------------------------------------------------
                            (Signature and, if applicable, Office)

                            ----------------------------------------------------
                            (Address of Subscriber)

                            ----------------------------------------------------
                            (City, State or Province, Postal Code of Subscriber)

                            ----------------------------------------------------
                            (Country of Subscriber)

                            ----------------------------------------------------
                            (Fax and/or E-mail Address of Subscriber)

                               A C C E P T A N C E

The  above-mentioned  Subscription  Agreement  in  respect of the Note is hereby
accepted by Norstra Energy Inc.

DATED at Southlake, Texas, the 6h day of December, 2013.

NORSTRA ENERGY INC.

Per: /s/ Glen Landry
    ----------------------------------
    Glen Landry

                                       8
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                                   EXHIBIT "A"

                            FORM OF CONVERTIBLE NOTE

THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES INTO WHICH THIS SECURITY IS
CONVERTIBLE HAVE BEEN OFFERED IN AN OFFSHORE  TRANSACTION TO A PERSON WHO IS NOT
A U.S.  PERSON (AS DEFINED  HEREIN)  PURSUANT TO  REGULATION  S UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT").

NONE OF THE SECURITIES  REPRESENTED  HEREBY NOR THE SECURITIES  INTO WHICH THESE
SECURITIES ARE CONVERTIBLE  HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S.
STATE  SECURITIES  LAWS, AND, UNLESS SO REGISTERED,  MAY NOT BE OFFERED OR SOLD,
DIRECTLY  OR  INDIRECTLY,  IN THE UNITED  STATES OR TO A U.S.  PERSON  EXCEPT IN
ACCORDANCE  WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT,  PURSUANT TO
AN  EFFECTIVE  REGISTRATION  STATEMENT  UNDER THE 1933 ACT,  OR  PURSUANT  TO AN
AVAILABLE  EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE  REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THIS SECURITY
AND THE SECURITIES  INTO WHICH THIS SECURITY IS CONVERTIBLE MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S. PERSON" ARE AS
DEFINED BY REGULATION S UNDER THE 1933 ACT.

DATED:  DECEMBER 6, 2013

                                                                   U.S. $150,000

                                CONVERTIBLE NOTE

FOR VALUE  RECEIVED,  NORSTRA  ENERGY INC.  (the  "COMPANY")  promises to pay to
JACKSON BENNETT LLC, or its registered assignS (the "HOLDER"), the principal sum
of One Hundred  Fifty  Thousand  Dollars  ($150,000)  in lawful  currency of the
United States (the "PRINCIPAL  AMOUNT") on December 6, 2015 or such earlier date
as the Note may be permitted to be repaid as provided  hereunder  (the "MATURITY
DATE"),  with 10%  annual  interest,  to the  Holder on the  earlier  of (i) the
Conversion Date (as hereafter  defined) and (ii) the Maturity Date (except that,
if any such date is not a Business  Day,  then such payment  shall be due on the
next succeeding Business Day) in cash. THE COMPANY MAY PREPAY ANY PORTION OF THE
PRINCIPAL AMOUNT WITHOUT THE PRIOR WRITTEN CONSENT OF THE HOLDER.

This Note is subject to the following additional provisions:

1. OTHER AGREEMENTS.

1.1 This Note has been issued pursuant to a subscription  agreement  between the
Company and the Holder  dated  December 6, 2013 (the  "SUBSCRIPTION  AGREEMENT")
pursuant to which the Holder  purchased  this Note,  and this Note is subject in
all respects to the terms of the  Subscription  Agreement and  incorporates  the
terms of the Subscription Agreement to the extent that they do not conflict with
the terms of this Note. This Note may be transferred or assigned.

2. EVENTS OF DEFAULT.

2.1 "Event of Default",  wherever  used herein,  means any one of the  following
events  (whatever the reason and whether it shall be voluntary or involuntary or
effected by operation of law or pursuant to any judgment, decree or order of any
court, or any order,  rule or regulation of any  administrative  or governmental
body):

                                       9
<PAGE>
     (a)  any default in the payment of the Principal  Amount of this Note, free
          of any claim of  subordination,  as and when the same shall become due
          and payable  (whether on a Conversion  Date or the Maturity Date or by
          acceleration or otherwise);

     (b)  the  Company  shall fail to observe or perform  any other  covenant or
          agreement  contained in this Note or the Subscription  Agreement which
          failure is not cured,  if  possible to cure,  within 30 calendar  days
          after notice of such default is sent by the Holder to the Company; or

     (c)  the Company or any of its  subsidiaries  (each a  "SUBSIDIARY")  shall
          commence,  or there  shall be  commenced  against  the  Company or any
          Subsidiary a case under any applicable  bankruptcy or insolvency  laws
          as now or hereafter in effect or any successor thereto, or the Company
          or  any   Subsidiary   commences  any  other   proceeding   under  any
          reorganization,  arrangement,  adjustment of debt,  relief of debtors,
          dissolution,   insolvency  or   liquidation  or  similar  law  of  any
          jurisdiction  whether  now or  hereafter  in  effect  relating  to the
          Company or any Subsidiary or there is commenced against the Company or
          any Subsidiary  any such  bankruptcy,  insolvency or other  proceeding
          which remains  undismissed  for a period of 60 days; or the Company or
          any Subsidiary is adjudicated  insolvent or bankrupt;  or any order of
          relief  or other  order  approving  any  such  case or  proceeding  is
          entered;  or the Company or any Subsidiary  suffers any appointment of
          any  custodian  or the  like  for it or any  substantial  part  of its
          property which  continues  undischarged or unstayed for a period of 60
          days; or the Company or any Subsidiary makes a general  assignment for
          the benefit of  creditors;  or the Company shall fail to pay, or shall
          state that it is unable to pay,  or shall be unable to pay,  its debts
          generally as they become due; or the Company or any  Subsidiary  shall
          call  a  meeting  of  its  creditors   with  a  view  to  arranging  a
          composition,  adjustment or restructuring of its debts; or the Company
          or any  Subsidiary  shall  by  any  act or  failure  to act  expressly
          indicate  its consent to,  approval of or  acquiescence  in any of the
          foregoing; or any corporate or other action is taken by the Company or
          any Subsidiary for the purpose of effecting any of the foregoing.

2.2 If any Event of Default  occurs,  the full Principal  Amount,  together with
interest and other amounts owing in respect  thereof to the date of acceleration
shall become,  at the Holder's  election,  immediately  due and payable in cash.
Upon payment of the full  Principal  Amount,  together  with  interest and other
amounts  owing in  respect  thereof,  in  accordance  herewith,  this Note shall
promptly be  surrendered  to or as directed by the Company.  The Holder need not
provide and the Company hereby waives any presentment,  demand, protest or other
notice of any kind, and the Holder may immediately and without expiration of any
grace period  enforce any and all of its rights and remedies  hereunder  and all
other remedies  available to it under  applicable  law. Such  declaration may be
rescinded and annulled by the Holder at any time prior to payment  hereunder and
the Holder  shall have all rights as a Note holder  until such time,  if any, as
the full  payment  under this  Section  shall have been  received by it. No such
rescission or annulment  shall affect any subsequent  Event of Default or impair
any right consequent thereon.

3. CONVERSION.

3.1  At any  time  after  the  Financing  Date  until  this  Note  is no  longer
outstanding,  this Note may be converted into Conversion  Shares at any time and
from time-to-time,  in whole or in part, at the option of the Holder. The Holder
shall  effect  conversions  by  delivering  to the Company the form of Notice of
Conversion  attached  hereto as Annex A (a "NOTICE OF  CONVERSION"),  specifying
therein  the  amount of  principal  to be  converted  and the date on which such
conversion is to be effected (a "CONVERSION DATE");  provided that the date upon
which any such  conversion  may be effected may not be less than 5 calendar days
following  the date of delivery of the Notice of  Conversion.  If no  Conversion
Date is specified in a Notice of Conversion,  the  Conversion  Date shall be the
date that is 5 calendar days after such Notice of Conversion is delivered to the
Company.  To effect conversions  hereunder,  the Holder shall not be required to
physically  surrender the Note to the Company unless the entire principal amount
of this Note has been so converted.  Conversions hereunder shall have the effect
of lowering the outstanding  principal amount of this Note in an amount equal to

                                       10
<PAGE>
the applicable  conversion.  The Holder and the Company shall  maintain  records
showing the principal  amount  converted and the date of such  conversions.  The
Company  shall  deliver  any  objection  to any Notice of  Conversion  within 10
business days of receipt of such notice. The Holder, by acceptance of this Note,
acknowledges  and agrees that, by reason of the  provisions  of this  paragraph,
following  conversion  of a portion  of this Note,  the  unpaid and  unconverted
principal  amount of this Note may be less  than the  amount  stated on the face
hereof.

3.2  The  number  of  Conversion  Shares  issuable  upon  a  conversion  of  any
outstanding  principal  under  the Note  shall  be  determined  by the  quotient
obtained by dividing (x) by (y) where (x) is equal to the amount of  outstanding
principal  to be  converted  and (y) is the  Conversion  Price  (as  hereinafter
defined).

3.3 Not later than five Trading Days after any Conversion Date, the Company will
deliver to the Holder a certificate or certificates  representing the Conversion
Shares  (bearing  such  legends as may be required by  applicable  law and those
required by the  Subscription  Agreement)  representing the number of Conversion
Shares being acquired upon the conversion of Note.

3.4 The conversion  price (the  "CONVERSION  PRICE") in effect on any Conversion
Date shall be shall mean $0.25 per share.

3.5  At any  time  after  the  Financing  Date  until  this  Note  is no  longer
outstanding,  this Note may be converted into Conversion  Shares at any time and
from  time-to-time,  in whole or in part,  at the  option  of the  Company.  The
Company shall effect  conversions  by delivering to the Holder written notice of
conversion  specifying  therein the amount of principal to be converted  and the
date on which such conversion is to be effected (a "CONVERSION DATE");

3.6 The Company  covenants  that it will at all times reserve and keep available
out of its authorized and unissued  shares of Common Stock such number of shares
as is necessary in order to ensure that a sufficient  number are  available  for
the purpose of issuance of Conversion  Shares upon conversion of this Note, free
from  pre-emptive  rights  or any other  actual  contingent  purchase  rights of
Persons other than the Holder.  The Company covenants that all Conversion Shares
shall,  upon issue,  be duly and validly  authorized,  issued and fully paid and
non-assessable.

3.7 Upon a conversion hereunder the Company shall not be required to issue stock
certificates  representing fractions of any Conversion Shares, and the number of
Conversion Shares shall be rounded up or down to the nearest whole number.

3.8 If the Company, at any time while this Note is outstanding: (A) pays a stock
dividend or otherwise  makes a distribution  or  distributions  in shares of its
Common  Stock or any other  equity or equity  equivalent  securities  payable in
shares of Common Stock, (B) subdivides outstanding shares of Common Stock into a
larger number of shares, (C) combines  (including by way of reverse stock split)
outstanding  shares of Common  Stock  into a smaller  number of  shares,  or (D)
issues by  reclassification  of shares of the Common Stock any shares of capital
stock of the  Company,  then the  Conversion  Price  shall  be  multiplied  by a
fraction of which the  numerator  shall be the number of shares of Common  Stock
(excluding  treasury shares, if any) outstanding  before such event and of which
the denominator  shall be the number of shares of Common Stock outstanding after
such event.  Any adjustment made pursuant to this Section shall become effective
immediately after the record date for the determination of stockholders entitled
to receive such dividend or distribution and shall become effective  immediately
after  the  effective  date  in  the  case  of  a  subdivision,  combination  or
re-classification.

4. REPAYMENT

4.1 Repayment of this Note, including all interest, shall be due on the Maturity
Date, unless earlier converted into common shares.

5. INTEREST

5.1 Interest on the Principal  Amount shall be calculated at 10%, per annum, and
be payable on the Maturity Date.

                                       11
<PAGE>
6. NOTICES

6.1 Any and all notices or other  communications or deliveries to be provided by
the Holder hereunder,  including,  without limitation, any Notice of Conversion,
shall be in writing and delivered personally, by facsimile, sent by a nationally
recognized  overnight courier service,  addressed to the Company, at the address
set forth above,  or such other  address or facsimile  number as the Company may
specify for such purposes by notice to the Holder  delivered in accordance  with
this Section.  Any and all notices or other  communications  or deliveries to be
provided by the Company hereunder shall be in writing and delivered  personally,
by  facsimile,  sent  by  a  nationally  recognized  overnight  courier  service
addressed  to the Holder at the  facsimile  telephone  number or address of such
Holder appearing on the books of the Company,  or if no such facsimile telephone
number or address  appears,  at the address of the Holder to which this Note was
delivered.  Any notice or other  communication or deliveries  hereunder shall be
deemed given and effective on the earliest of (i) the date of  transmission,  if
such  notice or  communication  is  delivered  via  facsimile  at the  facsimile
telephone number specified in this Section prior to 5:30 p.m.  (Eastern Standard
Time),  (ii)  the  date  after  the  date of  transmission,  if such  notice  or
communication  is delivered  via  facsimile at the  facsimile  telephone  number
specified in this Section later than 5:30 p.m.  (Eastern  Standard  Time) on any
date and earlier than 11:59 p.m. (Eastern Standard Time) on such date, (iii) the
second  business  day  following  the  date of  mailing,  if sent by  nationally
recognized  overnight courier service,  or (iv) upon actual receipt by the party
to whom such notice is required to be given.

7. DEFINITIONS.

7.1 For the purposes hereof,  in addition to the terms defined elsewhere in this
Note: (i) capitalized terms not otherwise defined herein have the meanings given
to such terms in the Subscription Agreement,  and (ii) the following terms shall
have the following meanings:

     (a)  "BUSINESS DAY" means any day except Saturday, Sunday and any day which
          shall be a federal  legal  holiday  in the  United  States or a day on
          which  banking  institutions  in the State of Texas are  authorized or
          required by law or other government action to close.

     (b)  "COMMON STOCK" means the common stock,  par value $0.001 per share, of
          the  Company  and stock of any other  class into which such shares may
          hereafter have been reclassified or changed.

     (c)  "CONVERSION DATE" has the meaning set forth in Section 3.5 hereof.

     (d)  "CONVERSION PRICE" has the meaning set forth in Section 3.4 hereof.

     (e)  "CONVERSION  SHARE"  means shares of the  Company's  Common Stock into
          which  principal  and  Interest  due  pursuant  to  this  Note  may be
          converted.

     (f)  "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

     (g)  "FINANCING  DATE"  means  the date on which  the  Principal  Amount is
          delivered to the Company by the Investor.

     (h)  "SECURITIES ACT" means the Securities Act of 1933, as amended, and the
          rules and regulations promulgated thereunder.

     (i)  "TRADING  DAY"  means a day on which the  shares  of Common  Stock are
          traded on a trading  market  on which the  shares of Common  Stock are
          then listed or quoted,  provided, that in the event that the shares of
          Common  Stock are not listed or quoted,  then Trading Day shall mean a
          Business Day.

                                       12
<PAGE>
8. REPLACEMENT OF NOTE IF LOST OR DESTROYED.

If this Note shall be mutilated,  lost,  stolen or destroyed,  the Company shall
execute and deliver, in exchange and substitution for and upon cancellation of a
mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed
Note,  a new Note for the  principal  amount  of this Note so  mutilated,  lost,
stolen or  destroyed  but only upon  receipt of evidence of such loss,  theft or
destruction  of such  Note,  and of the  ownership  hereof,  and  indemnity,  if
requested, all reasonably satisfactory to the Company.

9. GOVERNING LAW.

All  questions   concerning  the   construction,   validity,   enforcement   and
interpretation  of this Note shall be governed by and  construed and enforced in
accordance with the internal laws of the State of Nevada,  without regard to the
principles of conflicts of law thereof.

10. WAIVERS

Any waiver by the  Company or the  Holder of a breach of any  provision  of this
Note shall not operate as or be  construed to be a waiver of any other breach of
such provision or of any breach of any other provision of this Note. The failure
of the Company or the Holder to insist upon strict adherence to any term of this
Note on one or more  occasions  shall not be considered a waiver or deprive that
party of the right  thereafter  to insist upon strict  adherence to that term or
any other term of this Note. Any waiver must be in writing.

11. USURY

If any provision of this Note is invalid, illegal or unenforceable,  the balance
of this Note shall remain in effect, and if any provision is inapplicable to any
Person or circumstance,  it shall  nevertheless  remain  applicable to all other
Persons  and  circumstances.  If it shall be found  that any  interest  or other
amount deemed interest due hereunder  violates  applicable laws governing usury,
the applicable rate of interest due hereunder shall  automatically be lowered to
equal the maximum  permitted  rate of interest.  The Company  covenants  (to the
extent that it may  lawfully  do so) that it shall not at any time insist  upon,
plead,  or in any manner  whatsoever  claim or take the benefit or advantage of,
any stay,  extension  or usury law or other law which would  prohibit or forgive
the Company  from paying all or any portion of the  principal  of or interest on
this Note as contemplated herein, wherever enacted, now or at any time hereafter
in  force,  or  which  may  affect  the  covenants  or the  performance  of this
indenture,  and the  Company  (to  the  extent  it may  lawfully  do so)  hereby
expressly  waives all benefits or advantage of any such law, and covenants  that
it will not, by resort to any such law,  hinder,  delay or impeded the execution
of any power  herein  granted  to the  Holder,  but will  suffer  and permit the
execution of every such as though no such law has been enacted.

12. NEXT BUSINESS DAY

Whenever any payment or other  obligation  hereunder shall be due on a day other
than a Business Day, such payment shall be made on the next succeeding  Business
Day.

IN WITNESS  WHEREOF,  the Company has caused  this  Convertible  Note to be duly
executed by a duly authorized officer as of the date first above indicated.

                                   NORSTRA ENERGY INC.

                                   By: /s/ Glen Landry
                                      -----------------------------------
                                   title: President

                                       13
<PAGE>
                                     ANNEX A

                              NOTICE OF CONVERSION

The undersigned hereby elects to convert principal under the Convertible Note of
Norstra Energy Inc., a Nevada  corporation (the  "COMPANY"),  due on December 6,
2015, into shares of the Company's  common stock (each a "Share") as of the date
written below. The undersigned will pay all transfer taxes,  intangible or other
taxes payable with respect hereto and is delivering  herewith such  certificates
and opinions as reasonably requested by the Company in accordance therewith.  No
fee will be charged to the holder for any conversion.

The undersigned agrees to comply with the prospectus delivery requirements under
the applicable  securities laws in connection with any transfer of the aforesaid
Shares.

Conversion calculations:

Date to Effect Conversion:

Principal Amount of Note to be Converted:

Accrued Interest to be Converted:

Number of  Shares to be issued:

Signature:

Name:

Address:

                                       14exh_41.htm

EXHIBIT 4.1

 

 

DEPOSIT AGREEMENT

 

among

 

GLOBAL GEOPHYSICAL SERVICES, INC.,

 

COMPUTERSHARE INC. and COMPUTERSHARE TRUST COMPANY, N.A.,

 

as Depositary,

 

and

 

THE HOLDERS FROM TIME TO TIME OF

 

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

 

Dated as of December 13, 2013

 

 

 

  

  

  

TABLE OF CONTENTS

 

	 	 	  	
Page

	
Article I DEFINED TERMS

	
 

	1
	 	
Section 1.1

	
Definitions.

	
1

	Article II FORM OF RECEIPTS, DEPOSIT OF SERIES A PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER, REDEMPTION AND CONVERSION OF RECEIPTS 3	3
	 	
Section 2.1

	
Appointment of Depositary.

	
3

	 	
Section 2.2

	
Rights, Privileges and Preferences.

	
3

	 	
Section 2.3

	
Form and Transfer of Receipts.

	
4

	 	
Section 2.4

	
Deposit of Series A Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.

	
5

	 	
Section 2.5

	
Registration of Transfer of Receipts.

	
5

	 	
Section 2.6

	
Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series A Preferred Stock.

	
6

	 	
Section 2.7

	
Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

	
6

	 	
Section 2.8

	
Lost Receipts, etc.

	
7

	 	
Section 2.9

	
Cancellation and Destruction of Surrendered Receipts.

	
7

	 	
Section 2.10

	
Conversion of Depositary Shares.

	
7

	 	
Section 2.11

	
Receipts Issuable in Global Registered Form.

	
8

	 	
Section 2.12

	
Redemption of the Series A Preferred Stock.

	
9

	Article III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS, THE CORPORATION AND THE DEPOSITARY	11
	 	
Section 3.1

	
Filing Proofs, Certificate of Designations and Other Information.

	
11

	 	
Section 3.2

	
Payment of Taxes or Other Governmental Charges.

	
11

	 	
Section 3.3

	
Warranty as to Series A Preferred Stock.

	
12

	 	
Section 3.4

	
Warranty as to Receipts.

	
12

	 	
Section 3.5

	
Corporate Existence and Authority of the Depositary.

	
12

	 	
Section 3.6

	
Listing.

	
12

	Article IV THE DEPOSITED SECURITIES; NOTICES	13
	 	
Section 4.1

	
Cash Distributions.

	
13

	 	
Section 4.2

	
Distributions Other than Cash, Rights, Preferences or Privileges.

	
13

	 	
Section 4.3

	
Subscription Rights, Preferences or Privileges.

	
14

	 	
Section 4.4

	
Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts.

	
14

	 	
Section 4.5

	
Voting Rights.

	
15

	 	
Section 4.6

	
Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.

	
15

	 	
Section 4.7

	
Delivery of Reports.

	
16

	 	
Section 4.8

	
Lists of Receipt Holders.

	
16

	Article V THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION	16
	 	
Section 5.1

	
Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.

	
16

 

  

i

  

 

	 	
Section 5.2

	
Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation.

	
17

	 	
Section 5.3

	
Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation.

	
17

	 	
Section 5.4

	
Resignation and Removal of the Depositary; Appointment of Successor Depositary.

	
18

	 	
Section 5.5

	
Corporate Notices and Reports.

	
19

	 	
Section 5.6

	
Indemnification.

	
19

	 	
Section 5.7

	
Fees, Charges and Expenses.

	
20

	 	
Section 5.8

	
Tax Compliance.

	
21

	Article VI AMENDMENT AND TERMINATION	21
	 	
Section 6.1

	
Amendment.

	
21

	 	
Section 6.2

	
Termination.

	
22

	
Article VII MISCELLANEOUS

	22
	 	
Section 7.1

	
Counterparts.

	
22

	 	
Section 7.2

	
Exclusive Benefit of Parties.

	
22

	 	
Section 7.3

	
Invalidity of Provisions.

	
22

	 	
Section 7.4

	
Notices.

	
22

	 	
Section 7.5

	
Depositary’s Agents.

	
23

	 	
Section 7.6

	
Appointment of Registrar, Dividend Disbursing Agent, Redemption Agent and Conversion Agent in Respect of the Series A Preferred Stock.

	
24

	 	
Section 7.7

	
Governing Law.

	
24

	 	
Section 7.8

	
Inspection of Deposit Agreement.

	
24

	 	
Section 7.9

	
Headings.

	
24

	 	
Section 7.10

	
Confidentiality.

	
24

	 	
Section 7.11

	
Further Assurances.

	
24

	 	
Section 7.12

	
Holders of Receipts are Parties.

	
24

  

ii

  

DEPOSIT AGREEMENT

 

DEPOSIT AGREEMENT, dated as of December 13, 2013, among Global Geophysical Services, Inc., a Delaware corporation, Computershare Inc., a Delaware corporation, and its wholly-owned subsidiary, Computershare Trust Company, N.A., a federally chartered national association, collectively, as Depositary, and the holders from time to time of the Receipts described herein.

 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Series A Preferred Stock of the Corporation from time to time with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance of Depositary Shares representing fractional interests in the Series A Preferred Stock so deposited and for the execution and delivery of Receipts evidencing Depositary Shares;

 

WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; and

 

WHEREAS, the terms and conditions of the Series A Preferred Stock, including the redemption and conversion provisions thereof, are set forth in the Certificate of Designations.

 

NOW, THEREFORE, in consideration of the promises contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE I

 

DEFINED TERMS

Section 1.1   Definitions.

 

The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement:

 

“Approved Bank” shall mean a commercial bank with capital exceeding Five Hundred Million Dollars ($500 million).

 

“Certificate of Designations” shall mean the relevant Certificate of Designations filed with the Secretary of State of the State of Delaware establishing the Series A Preferred Stock as a series of preferred stock of the Corporation.

 

“Common Stock” means the common stock, par value $0.01 per share, of the Corporation.

 

“Computershare” means Computershare Inc., a Delaware corporation.

 

“Corporation” shall mean Global Geophysical Services, Inc., a Delaware corporation, and its successors.

 

“Deposit Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time.

 

“Depositary” shall mean Computershare and the Trust Company, collectively, and any successor as Depositary hereunder.  Notwithstanding the foregoing, in the event that the Depositary is obligated 

 

  

1

  

to hold or handle cash, however received, pursuant to the terms of this Deposit Agreement, any references to the Depositary in connection therewith shall be interpreted to refer to Computershare only and not the Trust Company.

 

“Depositary Shares” shall mean the depositary shares, each representing 1/1000th of a share of the Series A Preferred Stock, evidenced by a Receipt.

 

“Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5.

 

“Depositary’s Office” shall mean the principal office of the Depositary at 250 Royall Street, Canton, Massachusetts 02021, at which at any particular time its depositary receipt business shall be administered.

 

“DTC” shall mean the Depository Trust Company.

 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

“Exchange Event” shall mean with respect to any Global Registered Receipt:

 

(1)(A) the Global Receipt Depository which is the Holder of such Global Registered Receipt or Receipts notifies the Corporation that it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Exchange Act, and (B) the Corporation has not appointed a qualified successor Global Receipt Depository within 90 calendar days after the Corporation received such notice, or

 

(2) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Registered Receipt or Receipts.

 

“Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, DTC or such other entity designated as Global Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Exchange Act.

 

“Global Registered Receipt” shall mean a global registered Receipt registered in the name of a nominee of DTC.

 

“Letter of Representations” shall mean any applicable agreement among the Corporation, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise modified from time to time and any successor agreement thereto.

 

“NYSE” shall mean the New York Stock Exchange.

 

“Officer’s Certificate” shall mean a certificate in substantially the form set forth as Exhibit B hereto, which is signed by an officer of the Corporation and which attaches, as an annex thereto, the Certificate of Designations describing the terms and conditions of the Series A Preferred Stock to be issued by the Corporation and deposited with the Depositary from time to time in accordance with the terms hereof.

 

  

2

  

“Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to the Series A Preferred Stock held of record by the Record Holder of such Depositary Shares.

 

“Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is registered on the books of the Depositary maintained for such purpose.

 

“Registrar” shall mean the Depositary or such other successor bank or trust company which shall be appointed by the Corporation to register ownership and transfers of Receipts as herein provided, and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Depository shall be deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose.

 

“Securities Act” shall mean the Securities Act of 1933, as amended.

 

“Series A Preferred Stock” shall mean the shares of the Corporation’s 11.5% Series A Cumulative Preferred Stock, $0.01 par value per share, with a liquidation preference of $25,000.00 per preferred share, designated in the Certificate of Designations.

 

“Trust Company” means Computershare Trust Company, N.A., a federally chartered national association.

 

“Underwriting Agreement” shall mean the Underwriting Agreement, dated as of December 6, 2013, among the Corporation and MLV & Co. LLC, as representative of the several underwriters named in Schedule III thereto.

 

ARTICLE II

 

FORM OF RECEIPTS, DEPOSIT OF SERIES A PREFERRED STOCK, EXECUTION

AND DELIVERY, TRANSFER, SURRENDER, REDEMPTION AND CONVERSION OF RECEIPTS

 

Section 2.1   Appointment of Depositary.

 

The Corporation hereby appoints the Depositary, and the Depositary hereby accepts such appointment, as depositary for the Series A Preferred Stock, on the terms and conditions set forth in this Deposit Agreement.

 

Section 2.2   Rights, Privileges and Preferences.

 

Subject to the terms of this Deposit Agreement, each Record Holder of a Receipt is entitled, proportionately, to all the rights, preferences and privileges of the Series A Preferred Stock represented by the Depositary Shares evidenced by such Receipt (including the conversion, dividend, voting, and liquidation rights contained in the Certificate of Designations) and the same proportionate interest in any and all other property received by the Depositary in respect of such Series A Preferred Stock and held under this Deposit Agreement.

 

  

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Section 2.3   Form and Transfer of Receipts.

 

The definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise prepared so as to comply with applicable rules of the NYSE. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation or any holder of Series A Preferred Stock, delivered in compliance with Section 2.4, shall execute and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at an office described in the penultimate paragraph of Section 2.4, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge to the Holder therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the Series A Preferred Stock, as definitive Receipts.

 

Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by facsimile signature of a duly authorized officer of the Depositary or, if a Registrar for the Receipts (other than the Registrar) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided.

 

Receipts shall be in denominations of any number of whole Depositary Shares.

 

Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange upon which the Depositary Shares or the Receipts may be listed for trading or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject.

 

Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly executed instrument of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Depositary as provided in Section 2.5, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or payments with respect to the deposited Series A Preferred Stock, to exercise any redemption, voting or conversion rights, to receive any notice provided for in this Deposit Agreement and for all other purposes.

 

The Corporation shall cause to be provided to the Depositary an opinion of counsel on the date hereof, which opinion shall state that: (1) the issuance of the Depositary Shares has been registered under the Securities Act and complies with applicable state securities laws, or, alternatively, that the Depositary

 

  

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Shares are “covered securities” under Section 18 of the Securities Act of 1933; and (2) when the Series A Preferred Stock is issued and delivered and the Depositary Shares are issued and delivered against payment therefor as provided in the Underwriting Agreement, such Series A Preferred Stock will be duly and validly issued, fully paid and non-assessable.

 

Section 2.4   Deposit of Series A Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.

 

Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of the Series A Preferred Stock under this Deposit Agreement by delivery to the Depositary of a certificate or certificates for such shares of the Series A Preferred Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement including an executed Officer’s Certificate and (ii) a written order of the Corporation directing the Depositary to execute and deliver to, upon the written request of, the person or persons stated in the Corporation’s order a Receipt or Receipts for the number of Depositary Shares representing such deposited Series A Preferred Stock.

 

The Series A Preferred Stock that is deposited shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine. The Depositary shall not lend any Series A Preferred Stock deposited hereunder.

 

Upon receipt by the Depositary of a certificate or certificates for Series A Preferred Stock deposited in accordance with the provisions of this Section, together with the other documents required as above specified, and upon recordation of the Series A Preferred Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to, upon the written request of, the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts for the number of Depositary Shares representing, in the aggregate, the number of shares of the Series A Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery.

 

Section 2.5   Registration of Transfer of Receipts.

 

Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers of Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer. Each such instrument will be affixed with a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto.

 

The Depositary shall not be required to transfer or exchange for another Receipt any Receipt called or being called for redemption in whole or in part except as provided in Section 2.12.

 

  

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Section 2.6   Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series A Preferred Stock.

 

Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share.

 

Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Series A Preferred Stock and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals.  Thereafter, without unreasonable delay, the Depositary shall deliver to such Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of whole shares of Series A Preferred Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such whole shares of Series A Preferred Stock will not thereafter be entitled to deposit such Series A Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Series A Preferred Stock, the Depositary shall at the same time, in addition to such number of whole shares of Series A Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.5 upon his order, a new Receipt evidencing such excess number of Depositary Shares.

 

In no event will fractional shares of Series A Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery of the Series A Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate in its reasonable judgment.

 

If the Series A Preferred Stock and the money and other property, if any, being withdrawn are to be delivered to a person or persons other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such Series A Preferred Stock, such Holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of Series A Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank.

 

Delivery of the Series A Preferred Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such delivery may be made at such other place as may be designated by such Holder.

 

Section 2.7   Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

 

As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that the 

 

  

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Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any signature (which evidence may include a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association), and may also require compliance with such regulations, if any, as the Depositary or the Corporation may establish consistent with the provisions of this Deposit Agreement and/or applicable law.

 

The deposit of the shares of the Series A Preferred Stock may be refused, the delivery of Receipts against the shares of the Series A Preferred Stock may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Corporation is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any government or governmental body or commission or under any provision of this Deposit Agreement.

 

Section 2.8   Lost Receipts, etc.

 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of evidence reasonably satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof, (ii) the Holder thereof furnishing the Depositary with an affidavit and a surety bond reasonably satisfactory to the Depositary and (iii) the payment of any reasonable expense (including reasonable fees, charges and expenses of the Depositary). Applicants for substitute receipts shall also comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code in effect in the State of New York.

 

Section 2.9   Cancellation and Destruction of Surrendered Receipts.

 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled.

 

Section 2.10   Conversion of Depositary Shares.

 

(a) Upon the occurrence of a Change of Control (as defined in the Certificate of Designations), the Depositary Shares held by any Holder of a Receipt or Receipts may, at the option of such Holder, be converted, in whole or in part, into shares of Common Stock upon the same terms and conditions as the Series A Preferred Stock (unless, prior to the Change of Control Conversion Date (as defined in the Certificate of Designations), the Corporation has provided or provides irrevocable notice of its election to redeem the Series A Preferred Stock, in which case such Holder will only have the right with respect to Depositary Shares representing shares of Series A Preferred Stock not called for redemption (unless the Corporation defaults in the payment of the redemption price and accumulated and unpaid dividends in which case the Holder will again have the right with respect to the Depositary Shares representing shares of the Series A Preferred Stock subject to such default in payment), except that the number of shares of Common Stock received upon conversion of each Depositary Share will be equal to the number of shares of Common Stock received upon conversion of one Series A Preferred Stock share divided by 1,000. Whenever a Holder of a Receipt or Receipts shall elect to convert the Depositary Shares represented by such Receipt or Receipts into shares of Common Stock pursuant to the terms of the Series 

 

  

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A Preferred Stock, such Holder shall deliver to the Depositary or the Depositary’s Agent the Receipt or Receipts evidencing the Depositary Shares to be converted, together with a written notice of conversion and an assignment of the Receipt or Receipts to the Corporation or in blank, in form reasonably acceptable to the Depositary. In addition, if such Holder surrenders such Depositary Shares for conversion during the period from the close of business on any record date fixed pursuant to Section 4.4 for the payment of dividends until the opening of business of the dividend payment date corresponding to such record date (the “Dividend Payment Date”), such Receipt or Receipts shall be accompanied by a payment in cash in an amount equal to the dividend payable on the Dividend Payment Date. Each conversion of Depositary Shares shall be deemed to have been in effect on the Change of Control Conversion Date (as defined in the Certificate of Designations) (the “Conversion Date”).

 

(b) If a Holder of a Receipt elects to convert less than all of the Depositary Shares evidenced by a Receipt, the Depositary will deliver to the Holder of the Receipt upon its surrender to the Depositary a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not converted, together with a certificate (or book-entry, for shares held in electronic form) for the shares of Common Stock issued upon conversion. The foregoing shall further be subject to the terms and conditions of the Series A Preferred Stock, as set forth in the Restated Certificate of Incorporation (including the Certificate of Designations).

 

(c) No fractional shares of Common Stock shall be issued upon conversion of Depositary Shares. If such conversion would otherwise result in a fractional share of Common Stock being issued, the Corporation shall pay the cash value of such fractional shares.

 

(d) From and after the Conversion Date, the Depositary Shares being converted shall be deemed no longer outstanding, all dividends in respect of the Series A Preferred Stock converted shall cease to accrue, all rights of the Holders of Receipts evidencing such Depositary Shares shall, to the extent of such Depositary Shares, cease and terminate, except the right to receive shares of Common Stock (or equivalent Alternative Conversion Consideration (as defined in the Certificate of Designations)) into which the Depositary Shares have been converted and the right to receive any money or other property to which the Holders of such Receipts were entitled upon conversion (including all amounts, if any, paid by the Corporation in respect of dividends which, on the Conversion Date, have accrued on the Series A Preferred Stock to be converted and have not theretofore been paid).

 

Section 2.11   Receipts Issuable in Global Registered Form.

 

If the Corporation shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the form of one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing the Receipts of such series, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Receipts to be represented by such Global Registered Receipt or Receipts and (ii) shall be registered in the name of the Global Receipt Depository therefor or its nominee.

 

Notwithstanding anything to the contrary in this Deposit Agreement, unless otherwise provided in the Global Registered Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such Global Registered Receipt selected or approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not 

 

  

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be entitled to receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the Depositary as the holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements, and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Corporation and the Depositary shall give all such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt Depository.

 

If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Corporation for the execution and delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, execute and deliver individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Registered Receipt in exchange for such Global Registered Receipt.

 

Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such names and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to the persons in whose names such Receipts are so registered.

 

Notwithstanding anything to the contrary in this Deposit Agreement, should the Corporation determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of any Letter of Representations.

 

Section 2.12   Redemption of the Series A Preferred Stock.

 

Whenever the Corporation (or, if applicable, an acquiring entity in the event of a Change of Control) shall be permitted and shall elect to redeem shares of the Series A Preferred Stock in accordance with the terms of the Certificate of Designations, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date (as defined in the Certificate of Designations), notice of the date of such proposed redemption of deposited shares of the Series A Preferred Stock and of the number of such shares held by the Depositary to be so redeemed and the Series A Liquidation Value (as defined in the Certificate of Designations), which notice shall be accompanied by a certificate from the Corporation (or, if applicable, an acquiring entity in the event of a Change of Control) stating that such redemption of deposited shares of the Series A Preferred Stock is in accordance with the provisions of the Certificate of Designations.  On the Redemption Date, provided that the Corporation shall then have paid or caused to be paid in full to the Depositary the Series A Liquidation Value of the deposited shares of the Series A Preferred Stock to be redeemed, the Depositary shall redeem the number of Depositary Shares representing such Series A Preferred Stock.

 

Notice of redemption by the Corporation (or, if applicable, an acquiring entity in the event of a Change of Control) of shares of the Series A Preferred Stock and the proposed simultaneous redemption 

 

  

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of the number of Depositary Shares representing the shares of the Series A Preferred Stock to be redeemed shall be (1) mailed by first-class mail, postage prepaid, at the respective last addresses as they appear on the records of the Depositary, or (2) transmitted by such other method approved by the Depositary, in its reasonable discretion, in either case not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed; but neither the failure to mail or transmit any such notice of redemption of Depositary Shares to one or more such Holders nor any defect in any notice of redemption of Depositary Shares to one or more such Holders shall affect the sufficiency of the proceedings for redemption as to the other Holders.  Each such notice shall be prepared by the Corporation (or, if applicable, an acquiring entity in the event of a Change of Control) and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such Holder are to be redeemed, the number of such Depositary Shares held by such Holder to be so redeemed (or the method of determining such number); (iii) the Series A Liquidation Value; (iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment of the Redemption Price; (v) that dividend rights on the Depositary Shares to be redeemed will cease to accrue on the Redemption Date (unless the Corporation (or, if applicable, an acquiring entity in the event of a Change of Control), shall fail to make available an amount of cash necessary to effect such redemption); and (vi) any other information required by law or by the applicable rules of any national securities exchange upon which the Depositary Shares or Receipts may be listed or admitted for trading.  In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected from Depositary Shares not previously called for redemption by lot or pro rata (as nearly as may be) or by any other method determined by the Corporation in its sole discretion to be fair and equitable.  For the avoidance of doubt, the Depositary shall give or cause to be given the notice of redemption, as described in the foregoing paragraph, to the Record Holders of the Receipts evidencing the Depositary Shares to be redeemed.

 

Upon notice having been mailed or transmitted by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation (or, if applicable, an acquiring entity in the event of a Change of Control) shall have failed to provide the funds necessary to redeem the shares of the Series A Preferred Stock evidenced by the Depositary Shares called for redemption):  (i) dividends on the shares of the Series A Preferred Stock so called for redemption shall cease to accrue from and after the Redemption Date, (ii) the Depositary Shares being redeemed from such proceeds shall no longer be deemed to be outstanding and (iii) all rights of the Holders of Receipts evidencing such Depositary Shares (except the right to receive the Series A Liquidation Value, without interest thereon) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender, in accordance with such redemption notice, of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to 1/1000th of the Series A Liquidation Value per share of the Series A Preferred Stock so redeemed plus all money and other property, if any, represented by such Depositary Shares.  Subject to applicable escheat laws, any funds deposited by the Corporation (or, if applicable, an acquiring entity in the event of a Change of Control) with the Depositary for the redemption of Depositary Shares which remains unclaimed by the Holders thereof at the end of six (6) months from the Redemption Date, other than funds representing proceeds of uncashed checks, will be returned to the Corporation (or, if applicable, an acquiring entity in the event of a Change of Control), after which reversion the Holders of such Depositary Shares shall look only to the general funds of the Corporation (or, if applicable, an acquiring entity in the event of a Change of Control) for the payment of such Series A Liquidation Value. The Corporation and the Depositary hereby agree that following the delivery of any of the aforementioned funds to the Corporation (or, if applicable, an acquiring entity in the event of a Change of Control) pursuant to this Section 2.12, the Depositary shall be relieved of, and the Corporation shall assume, all responsibility for compliance with applicable state abandoned or unclaimed property laws, rules or regulations and the Corporation shall indemnify and hold 

 

  

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the Depositary harmless against any interest or penalties assessed by state abandoned or unclaimed property authorities with respect to actions or inactions following the delivery of the aforementioned funds to the Corporation pursuant to this Section 2.12.

 

If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the Holder of such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share.  Rather, the Corporation, at its election, shall cause the Depositary to pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the redemption price per Depositary Share, or round up to the next whole Depositary Share.

 

All funds received by the Depositary under this Agreement that are to be distributed or applied by the Depositary in the performance of Services (the “Funds”) shall be delivered to the Depositary on or before 9:00 a.m. Eastern Standard Time on the date of such distribution or application and held by the Depositary as agent for the Corporation in a bank account held in the United States, and shall be deposited in one or more interest-bearing accounts to be maintained at an Approved Bank by the Depositary in its name as agent for the Corporation. The amounts held by the Depositary pursuant to this Section 2.12 are at the sole risk of the Corporation and, without limiting the generality of the foregoing, the Depositary shall have no responsibility or liability for any diminution of the value of the Funds which may result from any deposits made pursuant to this Deposit Agreement, including any losses resulting from a default by an Approved Bank or any other credit losses (whether or not resulting from such default) or other losses on any deposit required to be liquidated in order to make a payment required hereunder. The Depositary shall not be obligated to pay such interest, dividends or earnings to the Corporation, any holder or any other party.

 

ARTICLE III

 

CERTAIN OBLIGATIONS OF HOLDERS OF

RECEIPTS, THE CORPORATION AND THE DEPOSITARY

 

Section 3.1   Filing Proofs, Certificate of Designations and Other Information.

 

Any Holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to execute such certificates and to make such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery, or delay the registration of transfer or redemption, of any Receipt or the conversion of the shares of the Series A Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made.

 

Section 3.2   Payment of Taxes or Other Governmental Charges.

 

Holders of Receipts shall be obligated to make payments to the Depositary of certain taxes, charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any conversion of deposited shares of the Series A Preferred Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of or all the deposited shares of the Series A Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the Holder 

 

  

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thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such taxes, charges or expenses, the Holder of such Receipt remaining liable for any deficiency.

 

Section 3.3   Warranty as to Series A Preferred Stock.

 

The Corporation hereby warrants that the Series A Preferred Stock, when issued and delivered against payment therefor in accordance with the Underwriting Agreement and the Certificate of Designations, will be duly authorized, validly issued, fully paid and non-assessable. Such representation and warranty shall survive the deposit of the shares of the Series A Preferred Stock and the issuance of the related Receipts.

 

Section 3.4   Warranty as to Receipts.

 

The Corporation hereby warrants that the Receipts, when issued against payment therefor in accordance with the Underwriting Agreement and this Deposit Agreement, will be entitled to the rights hereunder, and the benefits of this Deposit Agreement and will represent legal and valid interests in the deposited shares of the Series A Preferred Stock. Such representation and warranty shall survive the deposit of the shares of the Series A Preferred Stock and the issuance of the Receipts.

 

Section 3.5 Corporate Existence and Authority of the Depositary.

 

The Depositary hereby represents and warrants that (i) Computershare has been duly incorporated and is validly existing in good standing as a corporation under the laws of the State of Delaware; (ii) the Trust Company has been duly incorporated and is validly existing in good standing as a national banking association under the laws of the United States of America; (iii) each of Computershare and the Trust Company has full corporate power and authority and possesses all governmental or other franchises, licenses, permits, authorizations and approvals necessary to enable it to own, lease or otherwise hold its properties and assets and to carry on its business as presently conducted; (iv) Computershare has been duly qualified as a foreign entity for the transaction of business and is in good standing under the laws of each other United States jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, or is subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction; and (v) the Trust Company is a bank or trust company having its principal office in the United States of America and having a combined capital and surplus, along with its affiliates, of at least $50,000,000. The Depositary hereby agrees to promptly inform the Corporation in the event that any of the statements in the foregoing sentence cease to be true and complete in all material respects.

 

This Deposit Agreement has been duly authorized, executed and delivered by the Depositary and constitutes a legal, valid and binding obligation of the Depositary, enforceable against the Depositary in accordance with its terms. The Depositary hereby agrees to perform its obligations under this Deposit Agreement with the diligent care of a professional provider of such services, in a timely manner and in conformance with all applicable laws, rules and regulations.

 

Section 3.6   Listing.

 

The Corporation hereby covenants and agrees that it will apply to list, and use its reasonable best efforts to keep listed, the Depositary Shares on the NYSE.

 

  

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ARTICLE IV

 

THE DEPOSITED SECURITIES; NOTICES

Section 4.1   Cash Distributions.

 

Whenever the Depositary shall receive any cash dividend or other cash distribution on the deposited shares of the Series A Preferred Stock, including any cash received upon redemption of any deposited shares of the Series A Preferred Stock pursuant to Section 2.12, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or the Depositary shall be required to withhold, and shall withhold, from any cash dividend or other cash distribution in respect of the deposited shares of the Series A Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary pursuant to Section 2.12 above (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide the Depositary with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions to be made hereunder.

 

Section 4.2   Distributions Other than Cash, Rights, Preferences or Privileges.

 

Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the deposited shares of the Series A Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the reasonable opinion of the Depositary, after consultation with the Corporation, such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including any requirement that the Corporation or the Depositary withhold an amount on account of taxes) the Depositary reasonably deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the prior written approval of the Corporation, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of such securities to the Depositary and the Depositary shall not make any distribution of such securities to the Holders of Receipts unless the Corporation shall have provided an opinion of counsel stating that such distribution of securities has been registered under the Securities Act or to the effect that such distribution of securities to the Holders is exempt from registration under the Securities Act.

 

  

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Section 4.3   Subscription Rights, Preferences or Privileges.

 

If the Corporation shall at any time offer or cause to be offered to the persons in whose names the Series A Preferred Stock is recorded on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the Record Holders of Receipts in such manner as the Corporation shall direct and the Depositary shall agree, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the Corporation in its discretion with the acknowledgement of the Depositary; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Corporation determines that it is not lawful or (after consultation with the Depositary) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to exercise such rights, preferences or privileges, then the Corporation, in its discretion (with acknowledgement of the Depositary, in any case where the Corporation has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash.

 

The Corporation shall notify the Depositary whether registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the Depositary that the Corporation will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its reasonable best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have provided to the Depositary an opinion of counsel to the effect that the offer and sale of such securities to the Holders are exempt from registration under the Securities Act.

 

If any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to Holders of Receipts, the Corporation will use its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges.

 

Section 4.4   Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts.

 

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to the deposited Series A Preferred Stock, or whenever the Depositary shall receive notice of (i) any meeting at which holders of the Series A Preferred Stock are entitled to vote or of which holders of the Series A Preferred Stock are entitled to notice, or (ii) any election on the part of the Corporation to redeem any shares of such Series A Preferred Stock or whenever the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the 

 

  

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Series A Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting, whose Depositary Shares are to be so redeemed or for any other appropriate reasons.

 

Section 4.5   Voting Rights.

 

Subject to the provisions of the Certificate of Designations, upon receipt of notice of any meeting at which the holders of the Series A Preferred Stock are entitled to vote or of the solicitation of a written consent of the holders of the Series A Preferred Stock, the Depositary shall, as soon as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its reasonable discretion, to the Record Holders of Receipts a notice prepared by the Corporation which shall contain (i) such information as is contained in such notice of meeting or solicitation of written consent and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting or written consent rights pertaining to the amount of Series A Preferred Stock represented by their respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Corporation) and (iii) a brief statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the relevant record date, the Depositary shall use its best efforts to vote or cause to be voted, or consent in writing, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Series A Preferred Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting or written consent instructions are received.  The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Series A Preferred Stock or cause such Series A Preferred Stock to be voted. The Depositary will abstain from voting shares of the Series A Preferred Stock to the extent it does not receive specific instructions from the Holders representing such Series A Preferred Stock.

 

Section 4.6   Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.

 

Upon any change in par or stated value, split-up, combination or any other reclassification of the Series A Preferred Stock, subject to the provisions of the Certificate of Designations, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Corporation may, in its discretion and with the acknowledgement of the Depositary, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Series A Preferred Stock, or in the Stated Rate or Penalty Rate (each as defined in the Certificate of Designations), the liquidation preference set forth in Section 8 of the Certificate of Designations, the redemption price set forth in either Section 4 or 5 of the Certificate of Designations, the Conversion Consideration (as defined in the Certificate of Designations), or any other amount provided for in the Certificate of Designations, in each case in accordance with applicable provisions of the Certificate of Designations or as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Series A Preferred Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Series A Preferred Stock as new deposited securities so received in exchange for or upon conversion or in respect of such Series A Preferred Stock. In any such case, the Depositary may, upon receipt of written instruction from the Corporation, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited securities. Notwithstanding anything to the contrary in this Deposit Agreement, Holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up, 

 

  

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combination or other reclassification of the Series A Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Series A Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and property and cash into which the Series A Preferred Stock represented by such Receipts might have been converted or for which such Series A Preferred Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction.

 

Section 4.7   Delivery of Reports.

 

The Depositary shall furnish to Holders of Receipts any reports and communications received from the Corporation which are received by the Depositary and which the Corporation is required to furnish to the holders of the Series A Preferred Stock. In addition, the Depositary will make available for inspection by Receipt Holders at the Depositary’s Office, and at such other places as it may from time to time deem advisable, any reports and communications received from the Corporation which are received by the Depositary.

 

Section 4.8   Lists of Receipt Holders.

 

Reasonably promptly upon request from time to time by the Corporation, the Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts.

 

ARTICLE V

 

THE DEPOSITARY, THE DEPOSITARY’S

AGENTS, THE REGISTRAR AND THE CORPORATION

 

Section 5.1   Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.

 

Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and delivery, registration and registration of transfer, surrender and exchange, redemption and conversion of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for any of the foregoing services, all in accordance with the provisions of this Deposit Agreement.

 

The Depositary shall keep books at the Depositary’s Office for the registration and registration of transfer of Receipts, which books during normal business hours shall be open for inspection by the Record Holders of Receipts; provided that any such Holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts.

 

The Depositary may close such books, at any time or from time to time, when deemed expedient by it, as determined in its reasonable judgment, in connection with the performance of its duties hereunder.

 

The Depositary may, with the approval of the Corporation, appoint a Registrar for registration of the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby shall be listed on one or more national securities exchanges, the Depositary will appoint a Registrar (acceptable to the Corporation) for registration of the Receipts or Depositary Shares in 

 

  

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accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Corporation. If the Receipts or Depositary Shares are listed on one or more other securities exchanges, the Depositary will, at the request of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of the Receipts or Depositary Shares as may be required by law or applicable securities exchange regulation.

 

Section 5.2   Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation.

 

None of the Depositary, any Depositary’s Agent, any Registrar or the Corporation shall incur any liability to any Holder of a Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Corporation’s Third Amended and Restated Certificate of Incorporation (including the Certificate of Designations) or by reason of any act of God or war or other circumstance reasonably beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Corporation shall be prevented or forbidden from, or subjected to, any penalty on account of, doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Corporation incur liability to any Holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement.

 

The Depositary undertakes not to issue any Receipt other than to evidence the Depositary Shares that have been delivered to, and are then on deposit with, the Depositary. The Depositary also undertakes not to sell, except as provided herein, pledge or lend Depositary Shares or shares of the Series A Preferred Stock held by it as Depositary.

 

Section 5.3   Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation.

 

None of the Depositary, any Depositary’s Agent, any Registrar or the Corporation assumes any obligation or shall be subject to any liability under this Deposit Agreement to Holders of Receipts other than for its gross negligence, intentional misconduct, bad faith or fraud.

 

None of the Depositary, any Depositary’s Agent, any Registrar or the Corporation shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Series A Preferred Stock, the Depositary Shares or the Receipts which in its reasonable opinion may involve it in expense or liability unless indemnity reasonably satisfactory to it against all reasonable out-of-pocket expenses and liability be furnished as incurred.

 

None of the Depositary, any Depositary’s Agent, any Registrar or the Corporation shall be liable for any action or any failure to act by it in good faith reliance upon the written advice of legal counsel or accountants, or information from any person presenting the Series A Preferred Stock for deposit, any Holder of a Receipt or any other person believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or 

 

  

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other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

The Depositary shall not be responsible for any failure to carry out any instruction to vote or provide written consent with respect to any of the shares of the Series A Preferred Stock or for the manner or effect of any such vote or written consent made, as long as any such action or non-action is not taken in bad faith.

 

The Depositary, its parent, affiliates or subsidiaries, the Depositary’s Agents, and the Registrar may own, buy, sell and deal in any class of securities of the Corporation and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Corporation or its affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary, parent, affiliate or subsidiary or Depositary’s Agent or Registrar hereunder. The Depositary may also act as trustee, transfer agent or registrar of any of the securities of the Corporation and its affiliates.

 

The Depositary shall not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions of this Deposit Agreement or of the Receipts, the Depositary Shares or the Series A Preferred Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The Depositary shall not be responsible for advancing funds on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments.

 

In the event the Depositary, in its reasonable judgment, believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary shall deem it necessary or desirable that a matter be proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully protected and shall not be liable in any way to the Corporation, any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary receives written instructions or a certificate signed by an authorized representative of the Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary.

 

The terms of this Section 5.3 shall survive the termination of this Deposit Agreement and any succession of any Depositary, Registrar or Depositary’s Agent, in accordance with Section 5.4.

 

Section 5.4   Resignation and Removal of the Depositary; Appointment of Successor Depositary.

 

The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided, but in no event later than sixty (60) days from the date on which notice of resignation is tendered.

 

The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided, but in no event later than sixty (60) days from the date on which notice of removal is tendered.

 

  

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In case at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus, along with its affiliates, of at least $50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Each successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the deposited shares of the Series A Preferred Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the Record Holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in its reasonable discretion, notice of its appointment to the Record Holders of Receipts.

 

Any entity into or with which the Depositary may be merged, consolidated or converted shall be the successor of the Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or in its own name as successor Depositary.

 

Section 5.5   Corporate Notices and Reports.

 

The Corporation agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities exchange upon which the Depositary Shares or the Receipts are listed or by the Corporation’s Third Amended Restated Certificate of Incorporation (including the Certificate of Designations), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the Record Holders of Receipts at the Corporation’s expense such other documents as may be requested by the Corporation.  Notwithstanding the foregoing, the Corporation shall have no obligation to transmit any such documents that are actually filed by the Corporation on the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR) of the Securities and Exchange Commission, unless specifically requested by a Holder in writing.

 

Section 5.6   Indemnification.

 

The Depositary will indemnify the Corporation and hold it harmless from any loss, liability or expense actually incurred (including the reasonable costs and expenses of defending itself) which may arise out of acts performed or omitted by the Depositary, including when such Depositary acts as Registrar, or the Depositary’s Agents in connection with this Deposit Agreement due to its or their gross negligence, intentional misconduct, bad faith or fraud. Notwithstanding anything in this Deposit Agreement to the contrary, excluding the Depositary’s intentional misconduct, bad faith or fraud, the Depositary’s aggregate liability under this Deposit Agreement with respect to, arising from or arising in connection with this Deposit Agreement, or from all services provided or omitted to be provided under 

 

  

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this Deposit Agreement, whether in contract, tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Corporation to the Depositary as fees and charges, but not including reimbursable expenses.

 

Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar against, and hold each of them harmless from, any loss, liability or reasonable out-of-pocket expense (including the reasonable costs and expenses of defending itself) which may arise solely from third-party claims based directly on acts performed or omitted in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any transactions or documents contemplated hereby, except for any liability arising out of gross negligence, intentional misconduct, bad faith or fraud on the respective parts of any such person or persons. Under no circumstances shall the Depositary, any Depositary’s Agent, any Transfer Agent, any Registrar, or the Corporation be liable for any special, punitive, indirect, incidental or consequential loss or damage of any kind whatsoever (including, but not limited to, lost profits), even if they have been advised of the likelihood of such loss or damage and regardless of the form of action.

 

Promptly following becoming aware of circumstances that might give rise to a claim for indemnification under this Deposit Agreement, a party seeking indemnification hereunder (the “Indemnified Party”) shall notify the other party (the “Indemnifying Party”) of the relevant claim; provided that failure to so notify shall not affect the Indemnified Party’s right to indemnification hereunder, except to the extent the Indemnifying Party is materially prejudiced thereby. The Indemnifying Party shall, at its own expense, be entitled to control and direct the investigation and defense of any claim, and shall have the right to settle any such claim without the consent of the Indemnified Party; provided that such settlement (i) fully releases the Indemnified Party from any liability, and (ii) does not subject the Indemnified Party to any additional obligation, whether financial or otherwise. In the event that any such settlement does not meet the requirements of (i) and (ii) above, then the Indemnified Party must consent to such settlement in writing, which consent shall not be unreasonably withheld, conditioned or delayed. The Indemnified Party shall provide reasonable assistance to the Indemnifying Party in connection with the Indemnifying Party’s defense of a claim and may participate in the defense of a claim with counsel of its own choosing at its own cost and expense, unless the Indemnifying Party specifically authorizes the retaining of such counsel.

 

The terms of this Section 5.6 shall survive any succession of any Depositary, Registrar or Depositary’s Agent, in accordance with Section 5.4.

 

Section 5.7   Fees, Charges and Expenses.

 

The Corporation agrees promptly to pay the Depositary the compensation to be agreed upon with the Corporation for all services rendered by the Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) actually incurred by the Depositary without gross negligence, willful misconduct, bad faith or fraud on its part (or on the part of any agent or Depositary Agent) in connection with the services rendered by it (or such agent or Depositary Agent) hereunder. Unless otherwise provided herein, the Corporation shall pay all charges of the Depositary in connection with the deposit of the Series A Preferred Stock and the initial issuance of the Depositary Shares and any redemption, conversion or exchange of the deposited shares of the Series A Preferred Stock. The Corporation shall pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. All other transfer and other taxes and governmental charges shall be at the expense of Holders of Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided, however, that the 

 

  

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Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at the request of such Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree.

 

Section 5.8   Tax Compliance.

 

The Depositary, on its own behalf and on behalf of the Corporation, will comply with all applicable certification, information reporting and withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative practice with respect to (i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery, holding, transfer, conversion, redemption or exercise of rights under the Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent.

 

The Depositary shall comply with any direction received from the Corporation with respect to the application of such requirements to particular payments or Holders or in other particular circumstances, and may for purposes of this Deposit Agreement rely on any such direction in accordance with the provisions of Section 5.3 hereof.

 

The Depositary shall maintain all appropriate records documenting compliance with such requirements, and shall make such records available on request to the Corporation or to its authorized representatives.

 

ARTICLE VI

 

AMENDMENT AND TERMINATION

Section 6.1   Amendment.

 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the Holder the deposited shares of the Series A Preferred Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. As a condition precedent to the Depositary’s execution of any amendment, the Corporation shall deliver to the Depositary a certificate from a duly authorized officer of the Corporation that states that the proposed amendment is in compliance with the terms of this Section 6.1.

 

  

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Section 6.2   Termination.

 

This Deposit Agreement may be terminated by the Corporation or the Depositary only if (i) all outstanding Depositary Shares issued hereunder have been redeemed pursuant to Section 2.12 or converted pursuant to Section 2.10, (ii) there shall have been made a final distribution in respect of the Series A Preferred Stock in connection with any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation and such distribution shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable, or (iii) upon the consent of the Holders of Receipts representing in the aggregate not less than two-thirds of the Depositary Shares outstanding.

 

Upon the termination of this Deposit Agreement, the Corporation shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7; provided further that Section 5.3 and 5.6 shall survive the termination of this Deposit Agreement.

 

ARTICLE VII

 

MISCELLANEOUS

Section 7.1   Counterparts.

 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement transmitted electronically shall have the same authority, effect and enforceability as an original signature.

 

Section 7.2   Exclusive Benefit of Parties.

 

This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.

 

Section 7.3   Invalidity of Provisions.

 

In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

 

Section 7.4   Notices.

Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given when actually received if personally delivered or sent by mail or overnight delivery service or facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation at:

 

Global Geophysical Services, Inc.

13927 South Gessner Road

Missouri City, Texas 77489

 

  

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Attention: Secretary

 

with a copy (which shall not constitute notice) to:

 

Baker Botts L.L.P.

910 Louisiana Street

Houston, Texas 77002

Attention: Joe S. Poff

 

or at any other addresses of which the Corporation shall have notified the Depositary in writing, but in any event with a copy, which shall not constitute notice, to the attention of the General Counsel, at the same address.

 

Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given when actually received if personally delivered or sent by mail or overnight delivery service, or by telegram or facsimile transmission or electronic mail confirmed by letter, addressed to the Depositary at:

 

Computershare Inc.

250 Royall Street

Canton, Massachusetts 02021

Attention: General Counsel

Facsimile No.: (781) 575-4210

or at any other addresses of which the Depositary shall have notified the Corporation in writing.

 

Except as otherwise provided herein, any and all notices to be given to any Record Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, facsimile transmission or confirmed by letter, addressed to such Record Holder at the address of such Record Holder as it appears on the books of the Depositary, or if such Holder shall have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address designated in such request. Delivery of a notice sent by mail or by facsimile transmission as provided in the previous sentence shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box; provided, that the Depositary or the Corporation may, however, act upon any facsimile transmission received by it from the other or from any Holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid.

 

Section 7.5 Depositary’s Agents.

 

The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation of any such action.

 

  

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Section 7.6   Appointment of Registrar, Dividend Disbursing Agent, Redemption Agent and Conversion Agent in Respect of the Series A Preferred Stock.

 

The Corporation hereby also appoints the Depositary as Registrar and dividend disbursing agent, redemption agent and conversion agent in respect of the Receipts, and the Depositary hereby accepts such appointments.

 

Section 7.7   Governing Law.

 

This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles.

 

Section 7.8   Inspection of Deposit Agreement.

 

Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be made available for inspection during business hours upon reasonable notice to the Depositary by any Holder of a Receipt.

 

Section 7.9   Headings.

 

The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts.

 

Section 7.10          Confidentiality.

 

The Depositary agrees that all books, records, information and data pertaining to the business of the Corporation, including, inter alia, personal, non-public Holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person by the Depositary, except as may be required by law or legal process.

 

Section 7.11          Further Assurances.

 

From time-to-time and after the date hereof, the Corporation agrees that it will perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of the provisions of this Deposit Agreement.

 

Section 7.12          Holders of Receipts are Parties.

 

The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof. Each Holder of Receipts shall become a party hereto upon acceptance by such Holder of Receipts of delivery of one or more Receipts issued in accordance with the terms hereof.

 

[Remainder of page intentionally left blank; signature page follows.]

 

  

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The undersigned has executed this Deposit Agreement as of the date first set forth above.

 

	 	GLOBAL GEOPHYSICAL SERVICES, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ Sean M. Gore 	 
	 	Name:	Sean M. Gore	 
	 	Title: 	V.P. Corporate Development	 

 

 

	 	
COMPUTERSHARE INC. and COMPUTERSHARE 

TRUST COMPANY, N.A., for both entities

	 
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ Peter Duggan 	 
	 	Name:	Peter Duggan	 
	 	Title: 	Senior Vice President	 

 

 

 

 

[Signature Page to Deposit Agreement]

  

  

  

EXHIBIT A

 

FORM OF RECEIPT

 

[FORM OF FACE OF RECEIPT]

 

Unless this receipt is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Global Geophysical Services, Inc. or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

	DEPOSITARY SHARES 	 $

 

DEPOSITARY RECEIPT NO.          FOR           DEPOSITARY SHARES, EACH REPRESENTING

 

1/1000th OF ONE SHARE

 

OF

 

11.5% SERIES A CUMULATIVE PREFERRED STOCK

 

OF

 

GLOBAL GEOPHYSICAL SERVICES, INC.

 

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

 

CUSIP 37946S 206

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

Dividend Payment Dates: Beginning December 31, 2013 and the last day of each calendar month thereafter.

 

COMPUTERSHARE INC. and COMPUTERSHARE TRUST COMPANY, N.A., collectively, as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the registered owner of DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing 1/1000th of one share of 11.5% Series A Cumulative Preferred Stock, liquidation preference $25,000.00 per share, $0.01 par value per share (the “Series A Preferred Stock”), of Global Geophysical Services, Inc., a Delaware corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of December 13, 2013 (the “Deposit Agreement”), among the Corporation, the Depositary and the Holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual or facsimile signature of a duly authorized officer thereof.

 

Dated:

 

Computershare Inc. and Computershare Trust Company, N.A., as Depositary

 

By:  _______________________________                                                     

Authorized Officer

 

  

  

  

[FORM OF REVERSE OF RECEIPT]

 

GLOBAL GEOPHYSICAL SERVICES, INC.

 

GLOBAL GEOPHYSICAL SERVICES, INC. WILL FURNISH WITHOUT CHARGE TO EACH RECEIPT HOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF 11.5% SERIES A CUMULATIVE PREFERRED STOCK OF GLOBAL GEOPHYSICAL SERVICES, INC., ANY SUCH REQUEST TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE HEREOF.

 

The Corporation will furnish without charge to each receipt holder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Corporation or to the Registrar.

 

EXPLANATION OF ABBREVIATIONS

 

The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used.

 

	

Abbreviation

	 	

Abbreviation

	 	

Abbreviation

	 	

Equivalent Word

	
JT TEN

	 	
As joint tenants, with right of survivorship and not as tenants in common

	 	
TEN BY ENT

	 	
As Tenants by the entireties

	
TEN IN COM

	 	
As tenants in common

	 	
UNIF GIFT MIN ACT

	 	
Uniform Gifts to Minors Act

 

	

Abbreviation

	 	

Equivalent Word

	 	

Abbreviation

	 	

 

Equivalent Word

	 	

Abbreviation

	 	

Equivalent Word

	
ADM

	 	
Administrator(s),

Administratrix

	 	
EX

	 	
Executor(s), Executrix

	 	
PL

	 	
Public Law

	
AGMT

	 	
Agreement

	 	
FBO

	 	
For the benefit of

	 	
TR

	 	
(As) trustee(s), for, of

	
ART

	 	
Article

	 	
FDN

	 	
Foundation

	 	
U

	 	
Under

	
CH

	 	
Chapter

	 	
GDN

	 	
Guardian(s)

	 	
UA

	 	
Under Agreement

	
CUST

	 	
Custodian for

	 	
GDNSHP

	 	
Guardianship

	 	
UW

	 	
Under will of, Of will of, Under last will & testament

	
DEC

	 	
Declaration

	 	
MIN

	 	
Minor(s)

	 	  	 	  
	
EST

	 	
Estate of, of Estate of

	 	
PAR

	 	
Paragraph

	 	  	 	  

 

For value received,                                 hereby sell(s), assign(s) and transfer(s) unto

 

INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

 

Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises.

 

Dated:

 

NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatsoever.

 

SIGNATURE GUARANTEED

 

  

  

  

NOTICE: If applicable, 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 Rule 17Ad-15 under the Securities Exchange Act of 1934.

 

 

 

 

  

  

  

EXHIBIT B

 

Officer’s Certificate

 

I, P. Mathew Verghese, Senior Vice President and Chief Financial Officer of Global Geophysical Services, Inc. (the “Corporation”), hereby certify that pursuant to the terms of the Certificate of Designations effective December 13, 2013, filed with the Secretary of State of the State of Delaware on December 13, 2013 (the “Certificate of Designations”), and pursuant to resolutions adopted by the Pricing Committee of the Board of Directors of the Corporation on December 6, 2013, the Corporation has established the Series A Preferred Stock which the Corporation desires to deposit with the Depositary for the purposes of being subject to the terms and conditions of the Deposit Agreement (the “Deposit Agreement”), dated December 13, 2013, by and among the Corporation, Computershare Inc. and Computershare Trust Company, N.A., collectively, as Depositary, and the Holders of Receipts issued thereunder from time to time. In connection therewith, the Board of Directors of the Corporation or a duly authorized committee thereof has authorized the terms and conditions with respect to the Series A Preferred Stock as described in the Certificate of Designations attached as Annex A hereto.  Any terms of the Series A Preferred Stock that are not so described in the Certificate of Designations and any terms of the Receipts representing such Series A Preferred Stock that are not described in the Deposit Agreement are described below:

 

Aggregate Number of shares of Series A Preferred Stock issued on the day hereof: 348

 

CUSIP Number for Depositary Shares: 37946S 206

 

Denomination of Depositary Share per share of Series A Preferred Stock (if different than 1/1000th ownership interest in a share of the Series A Preferred Stock): N/A

 

Depositary: Computershare Inc. and Computershare Trust Company, N.A.

 

All capitalized terms used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement.

 

This certificate is dated: December 13, 2013

 

	 	By: 	 	 
	 	Name:	P. Mathew Verghese	 
	 	Title:	Senior Vice President and Chief Financial Officer

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