Document:

saex-ex102_6.htm

Exhibit 10.2

FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

THIS FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (the “Amendment”), effective as of February 27, 2020, is entered into by SAExploration Holdings, Inc., a Delaware corporation (the “Employer” or the “Company”), and Michael Faust, an individual residing in Anchorage, Alaska (the “Executive”). The Employer and the Executive may be referred to singularly as “Party” or collectively as “Parties.” 

BACKGROUND

WHEREAS, effective August 19, 2019, the Company and the Executive entered into an Executive Employment Agreement (the “Employment Agreement”); and

WHEREAS, the Parties desire to amend certain provisions of the Employment Agreement.

NOW, THEREFORE, in consideration of the foregoing premises and the respective agreements hereinafter set forth and the mutual benefits to be derived hereinafter, the Employer and the Executive hereby agree as follows:

AGREEMENTS

1.Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Employment Agreement as defined therein unless otherwise defined herein.

2.The first sentence of Section 1 of the Employment Agreement is hereby deleted and amended and restated to read in its entirety as set forth below:

“The Employer hereby agrees to employ the Executive commencing on the Effective Date and ending on March 31, 2020 (the “Term”).”.

3.The first sentence of Section 2 of the Employment Agreement is hereby deleted and amended and restated to read in its entirety as set forth below:

“During the Term, the Executive shall serve in the position of Chief Executive Officer and President, and shall report to and be subject to the general direction and control of the Board or its designee.”.

4.The first sentence of Section 3 of the Employment Agreement is hereby deleted and amended and restated to read in its entirety as set forth below:

“The Executive shall devote his full business time, attention, and energy to the business of the Employer, and shall not be engaged in any other business activity that competes with or detracts from the business of the Employer during the Term of this Agreement.”.

5.The last sentence of Section 3 of the Employment Agreement is hereby deleted and amended and restated to read in its entirety as set forth below:

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“The Executive shall be based in the vicinity of the Anchorage or Houston metropolitan areas (or such other area as may be agreed upon by the Parties) and, subject to travel requirements as reasonably necessary to support successful business development efforts and management of the business, shall perform his services from a mutually agreed location in that area.”.

6.Section 4(a) of the Employment Agreement is hereby deleted and amended and restated to read in its entirety as set forth below:

“(a)receive a signing bonus in the amount of $1,000,000 (the “Signing Bonus”) payable on the Effective Date and a salary of $100,000 per month (collectively, the “Base Salary”); provided, however, that the Executive will be required to repay to the Company the Signing Bonus if the Executive terminates his position as Chief Executive Officer and President and/ or this Agreement on or prior to February 29, 2020.”.

7.The first sentence of Section 5(g) of the Employment Agreement is hereby deleted and amended and restated to read in its entirety as set forth below:

“Upon termination of his employment for any reason whatsoever, the Executive shall thereupon be deemed to have immediately resigned any position the Executive may have as an officer or director of the Company together with any other office, position or directorship which the Executive may hold with any of its affiliates; provided, however, that if such termination is due to (i) termination by the Executive for Good Reason, (ii) termination by the Company without Cause, or (iii) the expiration of the Term, the Executive shall not be deemed to have resigned as a director of the Company.”.

8.This Amendment embodies the entire agreement between the Company and the Executive with respect to the amendment of the Employment Agreement. In the event of any conflict or inconsistency between the provisions of the Employment Agreement and this Amendment, the provisions of this Amendment shall control and govern.

9.Except as specifically modified and amended herein, all of the terms, provisions, requirements and specifications contained in the Employment Agreement remain in full force and effect. Except as otherwise expressly provided herein, the Parties do not intend to, and the execution of this Amendment shall not, in any manner impair the Employment Agreement, the purpose of this Amendment being simply to amend and ratify the Employment Agreement, as hereby amended and ratified, and to confirm and carry forward the Employment Agreement, as hereby amended, in full force and effect..

10.The provisions of Employment Agreement captioned “Governing Law” and “Mutual Waiver of Jury Trial” are incorporated herein by reference for all purposes.

11.This Amendment may be executed in multiple counterparts, including by facsimile transmission and email in portable document format, each of which shall have the force and effect of an original, and all of which shall constitute one and the same agreement.

[Signatures on the following page]

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

EMPLOYER:

 

SAExploration Holdings, Inc. 

 

 

 

By: /s/ Kevin Hubbard

Name:Kevin Hubbard

Title: Interim Chief Financial Officer

 

 

EXECUTIVE:

 

 

 

By: /s/ Michael J. Faust

Name:Michael J. FaustExhibit

Exhibit 4.05

DESCRIPTION OF CAPITAL STOCK REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

The following is a description of the capital stock of Choice Hotels International, Inc.'s ("we," "us" or the “Company”) that is registered under Section 12 of the Securities Exchange Act of 1934, as amended.  This description is a summary, is qualified in its entirety by, and should be read in conjunction with, the General Corporation Law of the State of Delaware (the “DGCL”), the complete text of our Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”) and our Amended and Restated Bylaws, as amended (the “Bylaws”).

Common Stock 

Our Certificate of Incorporation authorizes common stock consisting of 160,000,000 shares, par value $0.01 per share. We may issue additional shares of common stock without further stockholder approval, up to the maximum authorized number of shares, except as may be otherwise required by applicable law or stock exchange regulations.  

Dividend Rights 

Holders of our common stock are entitled to receive, subject to preferences that may be applicable from time to time with respect to any outstanding preferred stock, such dividends as are declared by our board of directors. 

Voting Rights 

Each holder of common stock is entitled to one vote for each share of common stock held of record on the applicable record date on all matters submitted to a vote of stockholders. Holders of our common stock do not have cumulative voting rights. 

Rights upon Liquidation or Dissolution

In the event of liquidation or dissolution, each share of common stock is entitled to share pro rata in any distribution of our assets after payment or providing for the payment of liabilities and the liquidation preference of any outstanding preferred stock. Holders of our common stock have no preferential, preemptive, conversion, sinking fund or redemption rights.

Certain Anti-takeover Matters

Our Certificate of Incorporation and our Bylaws contain provisions that may make it more difficult for a potential acquirer to acquire the Company by means of a transaction that is not negotiated with our board of directors. These provisions and the DGCL could delay or prevent entirely a merger or acquisition that the Company’s stockholders consider favorable. These provisions may also discourage acquisition proposals or have the effect of delaying or preventing entirely a change in control, which could harm our stock price. Our board of directors is not aware of any current effort to accumulate shares of our common stock or to otherwise obtain control of our Company and does not currently contemplate adopting or recommending the approval of any other action that might have the effect of delaying, deterring or preventing a change in control of our Company. 

Exhibit 4.05

Following is a description of the anti-takeover effects of certain provisions of our Certificate of Incorporation, Bylaws and the DGCL. 
No Stockholder Action by Written Consent
The DGCL provides that stockholders of a Delaware corporation can act by written consent instead of by vote at a stockholder meeting, unless the corporation’s certificate of incorporation provides otherwise. Our Certificate of Incorporation provides that stockholders may not act by written consent. 
No Cumulative Voting
The DGCL provides that stockholders of a Delaware corporation are not entitled to the right to cumulate votes in the election of directors, unless its certificate of incorporation provides otherwise. Our Certificate of Incorporation does not provide for cumulative voting. 
Special Meetings of Stockholders
Our Certificate of Incorporation provides that special meetings of stockholders may only be called by the chairman or vice chairman of the board of directors or the corporate secretary upon the written request of a majority of the board of directors. Our Bylaws provide that to properly bring business before a special meeting of stockholders, the business must be specified in a notice of meeting given by or at the direction of the board of directors or otherwise properly brought before the meeting by or at the direction of the board of directors. However, in the event we call a special meeting of stockholders for the purpose of electing one or more directors, stockholders seeking to nominate candidates for election as directors must provide timely notice of their nominations in writing to our corporate secretary. 
Generally, to be timely, a stockholder's notice must be received by the corporate secretary not later than the close of business on the later of (i) the sixtieth day prior to such special meeting or (ii) the tenth day following the day on which notice of the date of the special meeting was mailed or public disclosure thereof was made by us, whichever first occurs. Our Bylaws also specify requirements as to the form and content of a stockholder's notice. These provisions may impede stockholders' ability to make nominations for directors at a special meeting of stockholders called for the purpose of electing directors.
Advance Notice Requirements for Stockholder Proposals and Director Nominations 
Our Bylaws provide that stockholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of stockholders must provide timely notice of their proposal in writing to our corporate secretary. 
Generally, to be timely, a stockholder’s notice must be received at our principal executive offices not less than 60 days nor more than 90 days prior to the first anniversary of the previous year’s annual meeting. However, in the event that the date of the annual meeting is advanced by more than thirty days or delayed by more than sixty days from such anniversary, notice by the stockholder to be timely must be received not earlier than the ninetieth day prior to such annual meeting and not later than the close of business on the later of (i) the sixtieth day prior to such annual meeting or (ii) the tenth day following the day on which notice of the date of the annual meeting was mailed or public disclosure thereof was made by us, whichever first occurs. Our Bylaws also specify requirements as to the form and content of a stockholder’s notice. These provisions may impede stockholders’ ability to bring matters before an annual meeting of stockholders or make nominations for directors at an annual meeting of stockholders. 

Exhibit 4.05

Listing

The common stock is listed on the New York Stock Exchange under the trading symbol “CHH”.

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