Document:

EXHIBIT H

 

IRREVOCABLE PROXY AGREEMENT

 

_________, 2012

 

CLCH, LLC

_______________________

_______________________

 

Ladies and Gentlemen:

 

Reference is made to
that certain Agreement and Plan of Reorganization (the “Merger Agreement”), dated as of December 10, 2012, by and among
Trio Merger Corp. (“Trio”), Trio Merger Sub, Inc., SAExploration Holdings, Inc. (“SAE”), and CLCH, LLC
(“CLCH”).

 

As of the date hereof,
the undersigned (a “Founder”) owns shares of common stock of Trio (“Founder’s Common Stock”) and
the number warrants (“Warrants”) to purchase shares of common stock of Trio (“Founder’s Warrants”),
in the amounts set out on Exhibit A attached hereto. The Founder’s Warrants were issued pursuant to the Warrant Agreement
(the “Warrant Agreement”), dated as of June 21, 2011, by and between Trio and Continental Stock Transfer & Trust
Company, as warrant agent.

 

As provided in that
certain Consent and Support Agreement Letter to Trio from Founder of even date herein, the Founder has agreed to validly tender
or cause to be tendered in the Warrant Exchange Offer (as defined in the Merger Agreement) all of the Founder’s Warrants
beneficially owned by the Founder, free and clear of all liens, in exchange for one (1) share of Trio common stock for each ten
(10) Founders’ Warrants so tendered, pursuant to and in accordance with the terms of the Warrant Exchange Offer (the “Warrant
Tender”). Upon the Warrant Tender, Founder will beneficially own, free and clear of all liens, the amount of common stock
of Trio set out in the column titled “Tendered Warrant Shares” of Exhibit A attached hereto (the “Tendered Warrant
Shares”).

 

The undersigned is
the record or beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of the Founder’s Common Stock and the Founder’s
Warrants set out on Exhibit A attached hereto, and upon the Warrant Tender will have good and valid title to such Tendered
Warrant Shares set out in the column titled “Tendered Warrant Shares” of Exhibit A attached hereto free and clear of
any liens or restrictions on transfer except that such Founder’s Common Stock is, and following the Warrant Tender will continue
to be, held in escrow pursuant to a Stock Escrow Agreement (“Escrow Agreement”), dated as of June 21, 2011, by and
between Trio, the Founder and other founders of Trio and Continental Stock Transfer & Trust Company, as escrow agent, until
one year after the Closing Date (as defined in the Merger Agreement) and will be subject to restrictions on transfer during such
time as set forth in the Escrow Agreement. The undersigned has or will have full voting power with respect to such Founder’s
Common Stock (subject to the Founder’s obligation to vote in favor of the transactions contemplated by the Merger Agreement
and certain other matters as described in Trio’s final prospectus for its initial public offering prior to the Closing Date)
and Founder’s Tendered Warrant Shares and full power of disposition (except as described above), full power to issue instructions
with respect to the matters set forth herein and full power to agree to all of the matters set forth in this letter agreement,
in each case, with respect to such Founder’s Common Stock and Founder’s Tendered Warrant Shares. Except pursuant to
this letter agreement, no person has any contractual or other right or obligation to purchase or otherwise acquire any of such
Founder’s Common Stock, Founder’s Warrants, or Tendered Warrant Shares.

 

    	 

    	 

    

 

As a material inducement
for SAE to enter into the Merger Agreement, Founder commits at the Closing of the Merger to grant CLCH an Irrevocable Proxy and
Power of Attorney, in substantially the form attached hereto as Exhibit B (an "Irrevocable Proxy"), to vote a certain
number of Founder’s Common Stock on the terms specified therein and, upon request by CLCH, Founder also agrees to grant additional
Irrevocable Proxies to vote a certain number of Founder’s Tendered Warrant Shares on the terms specified therein, in each
case with the number of shares over which a proxy is being granted to be mutually determined by the parties such that Jeff
Hastings and Brian A. Beatty (the "SAE Stockholders") collectively have control over at least 51% of Trio’s
common stock after the Closing of the Merger (the "Threshold"). Any Shares above the Threshold shall be
released from the foregoing proxy requirements and Founder shall have no obligation to grant such a proxy to CLCH with respect
to shares in excess of the Threshold. Notwithstanding the following, if from time to time the SAE Stockholders need proxies over
additional shares to reach the Threshold (but excluding the number of Trio shares, if any, sold by the SAE Stockholders since the
Closing of the Merger), Founder commits, upon request by CLCH, to grant additional Irrevocable Proxies from time to time for the
number of Shares needed to reach the Threshold. Founder agrees to give prompt notice to CLCH of its receipt of any Tendered Warrant
Shares.

 

The undersigned hereby
agrees to execute such additional documents and to provide Trio or SAE with any further assurances as may be necessary to effect
the transactions described in this letter agreement.

 

This letter agreement shall terminate automatically,
without any notice or other action by any person, upon the termination of the Merger Agreement in accordance with its terms.

 

This letter agreement
may be amended or supplemented, and any obligation of the undersigned may be waived, only with the consent of Trio.

 

This letter agreement will be legally binding
on the undersigned, may not be assigned by the undersigned, and is executed as an instrument governed by the law of Delaware.

 

[Signature page follows]

 

    	 

    	 

    

 

SIGNATURE PAGE TO IRREVOCABLE PROXY AGREEMENT

 

	HOLDER	 
	 	 
	 	 
	 	 
	Accepted and Agreed:	 
	 	 
	CLCH, LLC	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

  

    	 

    	 

    

 

Exhibit A

 

	Common Stock	 	Current Warrants	 	Tendered Warrant Shares
	 	 	 	 	 

 

    	 

    	 

    

 

Exhibit B

Irrevocable Proxy and Power of Attorney

 

Pursuant
to that certain Irrevocable Proxy Agreement by and between the undersigned (a “Founder”) and CLCH, LLC (“CLCH”)
dated ________, 2012 (the “Agreement”), Founder, holder and owner of the number of shares of common stock of [Trio
Merger Corp.], a Delaware corporation (the “Corporation”) set forth below (the “Shares”), does hereby
irrevocably appoint CLCH and any designee of CLCH as Founder’s proxy and attorneys-in-fact, with full power of substitution
and resubstitution, to represent and vote the Shares, whether at a meeting of shareholders or by any consent to any action taken
without a meeting, with respect to any matter presented to the shareholders of the Corporation for vote or action without a meeting.
This proxy and power of attorney granted by Founder shall be irrevocable during its term, shall be deemed to be coupled with an
interest sufficient in law to support an irrevocable proxy and shall revoke any and all prior proxies granted by Founder with respect
to the Shares. Founder authorizes CLCH to file this Irrevocable Proxy and any substitution or revocation with the Corporation so
that the existence of this Irrevocable Proxy is noted on the books and records of the Corporation. The power of attorney
granted by Founder herein is a durable power of attorney and shall survive the dissolution, bankruptcy, death or incapacity of
the Founder. 

 

During
the effectiveness of this Irrevocable Proxy, CLCH has all the power that Founder would possess with respect to the voting of the
Shares or granting of consent as holder of the Shares. Founder hereby ratifies and confirms all acts that such Founder’s
proxy will do or cause to be done by virtue of and within the limitations set forth in this Irrevocable Proxy.

 

This Irrevocable
Proxy is binding on Founder’s heirs, estate, executors, personal representatives, successors, and assigns (including any
transferee of any of the Shares) to the fullest extent permitted under applicable law.

 

This Irrevocable
Proxy shall terminate upon the earlier of the disposition of the Shares by the Founder or the date on which the Founder receives
notice from Jeff Hastings and Brian A. Beatty that they beneficially own more than 51% of the outstanding common stock of
the Corporation without the assistance of this Irrevocable Proxy and any similar irrevocable proxies granted by other founders
of the Corporation on the date hereof.

 

Founder
has executed this Irrevocable Proxy on ______________, 201__.

 

	 	 	 
	 	 	[Founder]
	 	 	Number of Shares of Common Stock
	 	 	Held:  ____________Exhibit
10.1

 

[FORM OF]

PERFORMANCE STOCK UNIT AWARD AGREEMENT

 

PERFORMANCE STOCK
UNIT AWARD AGREEMENT dated as of the __ day of ________ 20__ (the “Award Agreement”), by and between Redwood Trust,
Inc., a Maryland corporation (the “Company”), and______________, an employee of the Company (the “Participant”).

 

Pursuant to the 2002
Redwood Trust, Inc. Incentive Stock Plan (the “Plan”), the Compensation Committee (the “Committee”) has
determined that the Participant is to be granted a Performance Stock Unit award for shares of the Company’s common stock,
par value $0.01 per share (“Common Stock”) on the terms and conditions set forth herein (the “Award”),
and the Company hereby grants such Award.  This Award is being made in connection with a deferral of compensation by
the Participant pursuant to the Redwood Trust, Inc. Executive Deferred Compensation Plan (the “Deferred Compensation Plan”)
and the executed Deferral Election attached hereto as Exhibit B (the “Deferral Election”). Any capitalized
terms not defined herein shall have the meaning set forth in the Plan or the Deferred Compensation Plan, as applicable.

 

1.            
Number of Performance Stock Units Awarded.   This Award Agreement sets forth the terms and conditions
of a Performance Stock Unit Award with a target award of ________ shares of Common Stock, as adjusted to reflect cash dividends
declared on the Common Stock pursuant to Section 2 (the “Target Shares”).  The number of units representing
shares of Common Stock that shall be credited to Participant’s Deferral Account pursuant to this Award (the “Award
Shares”) shall be determined based upon the Company’s achievement of the Performance Goals set forth in Exhibit
A hereto and may range from [zero] percent ([0]%) to [two hundred] percent ([200]%) of the Target Shares.

 

2.            
Effect of Dividends on Target Shares.   On the last day of the Performance Period,   the number
of Target Shares set forth in Section 1 shall automatically be increased to reflect all cash dividends, if any, which have been
paid to all or substantially all holders of the outstanding shares of Common Stock during the Performance Period (as such term
is defined in Exhibit A).  On such date, the Target Shares shall be automatically increased by an aggregate number
of shares determined by multiplying (x) the target award amount set forth in Section 1 above by (y) the Dividend Reinvestment
Factor (as such term is defined below).

 

             “Dividend
Reinvestment Factor” shall mean the number of shares of Common Stock that would have been acquired from the reinvestment
of cash dividends, if any, which have been paid to all or substantially all holders of the outstanding shares of Common Stock
during the Performance Period, with respect to one share of Common Stock outstanding on the first day of the Performance Period.   Such
number of shares shall be determined cumulatively, for each cash dividend paid during the Performance Period (beginning with the
first cash dividend paid during the Performance Period and continuing chronologically with each subsequent cash dividend paid
during the Performance Period (and in each case other than the first such cash dividend, taking into account any increase in shares
resulting from the application of this formula to the chronologically immediately preceding cash dividend)), by multiplying (i)
the applicable number of shares of Common Stock immediately prior to the record date of such cash dividend (which in the case
of the first cash dividend paid during the Performance Period shall be one) by (ii) the per share amount of such cash dividend
and dividing the product by the Fair Market Value per share of Common Stock on the payment date of such dividend.

 

3.            
Vesting and Payment of Award.   The Award Shares shall vest and be credited effective as of the last day
of the Performance Period, if at all, when the Administrator determines, in its sole discretion, whether and to what extent the
Performance Goals set forth in Exhibit A have been attained.  The crediting of the Award Shares is contingent
on the attainment of the Performance Goals as set forth on Exhibit A.  Upon such determination by the Administrator
and subject to the provisions of the Plan and this Award Agreement, the Participant shall be entitled to crediting of that portion
of the Performance Stock Units as corresponds to the Performance Goals attained (as determined by the Administrator in its sole
discretion) as set forth on Exhibit A.

  

No Award Shares shall
be credited to Participant’s Deferral Account unless the Administrator determines, in its sole discretion, whether and to
what extent the Performance Goals set forth in Exhibit A have been attained and the number of Award Shares earned pursuant
to the Award have been determined.  Any shares of Common Stock in respect of Award Shares credited to Participant’s
Deferral Account shall be delivered to the Participant at the time or times provided in the Deferral Election and the Deferred
Compensation Plan (or any re-deferral election made in accordance with Section 409A and the terms of the Deferred Compensation
Plan).  [In connection with the delivery of Award Shares to Participant, Participant and the Company agree that delivery
of such Award Shares shall be net of a number of such shares which shall be forfeited by Participant in order to satisfy the applicable
tax withholding obligation relating to such delivery to Participant.]

 

    	-1-

    	 

    
 

Exhibit 10.1

 

4.            
Forfeiture of Performance Stock Units.   

 

(a)         Upon
(i) Retirement (as defined below) or (ii) termination of employment by the Company without Cause (as defined below), in either
case, prior to expiration of the Performance Period, the Target Shares shall be reduced on a pro-rata basis to reflect the number
of days of employment completed during the Performance Period, and the Award shall continue to be eligible to vest and become
payable based on such prorated number of Target Shares and the Performance Goals.

 

(b)         Upon
termination of employment with the Company due to death or Disability prior to expiration of the Performance Period, the Target
Shares shall not be reduced and the Award shall continue to be eligible to vest and become payable based on the number of Target
Shares and the Performance Goals.  

 

(c)         Upon
termination of employment with the Company for any reason other than death, Disability, Retirement or without Cause, prior to
expiration of the Performance Period, any Award Shares not vested at the time of such termination shall become ineligible for
crediting to Participant’s Deferral Account and shall be forfeited.  

 

(d)         Any
Award Shares which have been credited to Participant’s Deferral Account prior to termination of employment shall not be
forfeited in the event of termination of employment but rather delivery of such shares shall continue to be governed by the terms
of the Deferral Election and the Deferred Compensation Plan (or any re-deferral election made in accordance with Section 409A
and the terms of the Deferred Compensation Plan).

 

For purposes of this
Award Agreement, “Cause” shall mean (i) the Participant’s material failure to substantially perform the reasonable
and lawful duties of his or her position for the Company, which failure shall continue for thirty (30) days after notice thereof
by the Company to the Participant; (ii) acts or omissions constituting gross negligence, recklessness or willful misconduct on
the part of the Participant in respect of the performance of his or her duties hereunder, his or her fiduciary obligations or
otherwise relating to the business of the Company; (iii) the habitual or repeated neglect of his or her duties by Participant;
(iv) the Participant’s conviction of a felony; (v) theft or embezzlement, or attempted theft or embezzlement, of money or
tangible or intangible assets or property of the Company or its employees, customers, clients, or others having business relations
with the Company; (vi) any act of moral turpitude by Participant injurious to the interest, property, operations, business or
reputation of the Company; or (vii) unauthorized use or disclosure of trade secrets or confidential or proprietary information
pertaining to Company business.

 

For purposes of this
Award Agreement, “Retirement” shall mean termination of employment with the Company due to retirement (as determined
by the Administrator in its sole discretion) from employment if such termination of employment occurs on or after both (i) the
Participant’s 55th birthday and (ii) the completion by Participant of 10 years of employment with the Company (which employment
need not be continuous).

 

5.            
Adjustments.   The Administrator, in its discretion, may adjust or modify the methodology for calculating
the achievement of the Performance Goals set forth in Exhibit A hereto as necessary or desirable to account for events
affecting the value of the Common Stock which, in the discretion of the Administrator, are not considered indicative of Company
performance, such as the issuance of new Common Stock, stock repurchases, stock splits, issuances and/or exercises of stock grants
or stock options, and similar events, all in order to properly reflect the Company’s intent with respect to the performance
objectives underlying this Award or to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available with respect to the Award.

 

    	-2-

    	 

    
 

Exhibit 10.1

 

6.            
At-Will Employment.   This Award Agreement is not an employment contract and nothing in this Award Agreement
shall be deemed to create in any way whatsoever any obligation of the Participant to continue in the employ of the Company or
on the part of the Company to continue the employment of the Participant with the Company.  It is understood and agreed
to by the Participant that the Award and participation in the Plan or the Deferred Compensation Plan does not alter the at-will
nature of Participant’s relationship with the Company (subject to the terms of any separate employment agreement Participant
may have with the Company).  The at-will nature of Participant’s relationship with the Company can only be altered
by a writing signed by both the Participant and the President of the Company. 

 

7.            
Notices.   Any notice required or permitted under this Award Agreement shall be deemed given when delivered
personally, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, to the Participant either
at the Participant’s address set forth below or such other address as the Participant may designate in writing to the Company,
and to the Company:  Attention:  General Counsel, at the Company’s address or such other address as
the Company may designate in writing to the Participant.

 

8.            
Failure to Enforce Not a Waiver.   The failure of the Company to enforce at any time any provision of
this Award Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.

 

9.            
Existing Agreements.   This Award Agreement does not supersede nor does it modify any existing agreements
between the Participant and the Company.  [Notwithstanding the foregoing, if Participant is a party to an employment
agreement with the Company that includes provisions relating to the treatment of equity awards upon death, disability, retirement
or termination without cause, the terms of this Award Agreement shall supersede the terms of such employment agreement solely
with respect to the treatment of the Performance Stock Unit award granted hereby upon termination of the Participant’s employment
with the Company due to death, disability, retirement or upon termination of employment by the Company without cause.]

 

10.            
Governing Law.   This Award Agreement shall be governed by and construed according to the laws of the
State of Maryland without regard to its principles of conflict of laws.

 

11.          
Incorporation of Plan.   The Plan and the Deferred Compensation Plan are incorporated by reference and
made a part of this Award Agreement, and this Award Agreement is subject to all terms and conditions of the Plan and the Deferred
Compensation Plan as in effect from time to time.  Notwithstanding the foregoing, this Award Agreement is intended to
comply with Section 409A of the Code and this Award Agreement, the Plan and Deferred Compensation Plan shall be interpreted in
a manner consistent with such intent, and any provisions of this Agreement, the Plan or the Deferred Compensation Plan that would
cause the Award to fail to satisfy the requirements for an effective deferral of compensation under Section 409A of the Code shall
have no force and effect.

 

12.          
Amendments.    This Award Agreement may be amended or modified at any time by an instrument in writing
signed by the parties hereto.  Notwithstanding the foregoing, the Deferral Election shall be irrevocable and the dates
specified for distribution of Vested Award Shares may not be modified after the date hereof except as otherwise permitted under
Section 409A of the Code.

 

[Signature page follows.]

  

    	-3-

    	 

    

 

Exhibit 10.1

 

IN WITNESS WHEREOF,
the parties have executed this Award Agreement on the day and year first above written.

 

	REDWOOD TRUST, INC.
	 	 
	By:	 
	 	Martin S. Hughes
	 	President & Chief Executive Officer
	 	One Belvedere Place, Suite 300
	 	Mill Valley, CA  94941
	 	 
	The undersigned hereby accepts and agrees to all the terms
    and provisions of this Award Agreement and to all the terms and provisions of the Plan herein incorporated by reference.
	 
	 
	[Insert Participant Name]
	c/o Redwood Trust, Inc.
	One Belvedere Place, Suite 300
	Mill Valley, CA  94941

 

 

    	-4-

    	 

    

 

Exhibit 10.1

Exhibit
A

Performance
Goals

 

Performance Period: The
performance period begins [insert grant date] and ends on [insert 3 rd anniversary of grant date]
(the “Performance Period”).

 

Performance Goals: The number
of Award Shares which will vest and be credited to the Participant’s Deferral Account at the end of the Performance Period
shall be determined based upon the Company’s cumulative total shareholder return (“TSR”) for the performance
period in accordance with the following schedule:

 

	TSR	 	% of Target Shares Credited to Deferral Account	 
	Less than [0]%	 	 	[0	]%
	[25]%	 	 	[100	]%
	[125]% or greater	 	 	[200	]%

 

If the actual performance results fall
between [0]% and [25]% TSR, or between [25]% and [125]% TSR, the actual number of Award Shares which shall vest and be credited
to the Participant’s Deferral Account determined based on a straight-line, mathematical interpolation between the applicable
vesting percentages.  In no event shall the number of Award Shares exceed [200]% of the Target Shares.  In
the event the TSR is equal to or less than [0]% at the end of the Performance Period, all Award Shares shall become ineligible
for crediting to Participant’s Deferral Account and shall be forfeited.

 

Cumulative Total Shareholder Return:
  TSR shall mean, with respect to a share of Common Stock outstanding on the first day of the Performance Period,
the percentage by which:

 

(A) the sum of:

 

(x) the Per Share
Price as of the Valuation Date, plus

 

(y) the Per Share
Price as of the Valuation Date multiplied by the Dividend Reinvestment Factor,

 

exceeds,

 

(B) $[_____] 1.

 

Notwithstanding the foregoing, the Administrator
shall make appropriate adjustments in calculating TSR to reflect any dividends which may be declared during the twenty (20) consecutive
trading days prior to the end of the Performance Period, as determined by the Administrator in its sole discretion.  

__________

 

	1	The average of the closing prices of the Company’s
    Common Stock during the twenty (20) consecutive trading days ending on the day prior to the first day of the Performance Period.

 

“Per Share Price” shall
mean the average of the closing prices of the Company’s Common Stock during the forty (40) consecutive trading days ending
on the day prior to the applicable Valuation Date; provided, however, that for purposes of calculating the Per Share Price
in the event of a Change in Control the Per Share Price shall be the price per share of Common Stock paid in connection with such
Change in Control.

 

“Valuation Date” means
with respect to the Performance Period, [insert last day of Performance Period ]; provided, however, that in the
event of a Change in Control that occurs prior to [insert last day of Performance Period ], the Valuation Date shall mean
the date of the Change in Control.

 

“Change in Control”
shall have the same meaning as defined in the Deferred Compensation Plan.

 

    	-5-

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