Document:

EX-10.1

 Exhibit 10.1 

Execution Copy 
 NOTE
PURCHASE AGREEMENT 
 This NOTE PURCHASE AGREEMENT, dated as of September 26 2018 (this “Agreement”), by and among
SAEXPLORATION HOLDINGS, INC., a Delaware corporation (the “Company”), the Guarantors party hereto (the “Guarantors”, and together with the Company (the “Company Parties”)), and each of the
purchasers party to this Agreement (each such purchaser a “Purchaser” and, collectively, the “Purchasers”). 

WHEREAS, subject to the terms and conditions of this Agreement, each Purchaser, severally and not jointly, desires to purchase from the
Company the principal amount of Notes set forth in such Purchaser’s Commitment Allocation Letter and the Company desires to sell and issue to the Purchasers such Notes, in the aggregate principal amount of $60,000,000. 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. As used in this Agreement, and unless the context requires a different meaning, terms have the
meanings given to them on Schedule 1.1. 
 ARTICLE II 

SALE AND PURCHASE 

Section 2.1 Sale and Purchase. On the basis of the representations, warranties, agreements and covenants set forth in this
Agreement and subject to the terms and conditions of this Agreement, the Company hereby issues and sells to each Purchaser, and each Purchaser, severally and not jointly, hereby purchases from the Company, the aggregate principal amount of Note(s)
set forth in each Purchaser’s Commitment Allocation Letter at the purchase price equal to the principal amount of Notes set forth in each Purchaser’s Commitment Allocation Letter (the “Notes Purchase Price”). 

Section 2.2 Private Placement. The Notes are being sold to the Purchasers pursuant to the exemptions from registration
afforded by Section 4(a)(2) and/or Rule 506 of Regulation D of the Securities Act and the rules and regulations of the Commission thereunder. 

Section 2.3 Closing. The closing (the “Closing”) shall take place on the date hereof against
delivery of the Note Purchase Price (in cash or by reimbursement of fees owed by the Company to such Purchaser pursuant to that certain Fee Letter, dated July 5, 2018), by each of the Purchasers to the Company, the Company hereby issues to the
Purchasers, Physical Notes as set forth in each Purchaser’s Commitment Allocation Letter. 

 Section 2.4 Closing Deliverables. 

(a) At the Closing, the Company shall deliver to the Purchasers the following: 

(i) a written opinion or opinions of counsel to the Company Parties (each such counsel to be reasonably acceptable to the Purchasers), dated
as of the date hereof; 
 (ii) the Indenture, executed by the Company Parties, the Trustee, the Collateral Trustee and any other party to
the Indenture; 
 (iii) the Notes to be issued on such date, executed by the Company and authenticated by the Trustee, in the form
contemplated by the Indenture; 
 (iv) the Security Agreement and each of the other Security Documents, executed by the Company Parties, the
Collateral Trustee and any other party to such Security Docuemnts, as applicable, each in such form(s) as are mutually acceptable to the Purchasers and the Company; 

(v) the Registration Rights Agreement; 

(vi) the New Intercreditor Agreement; and 

(vii) the Transaction Documents, executed by the Company Indenture Parties and any other party to such Transaction Documents, as applicable.

 (b) At the Closing, each Purchaser, severally and not jointly, shall deliver to the Company: 

(i) the Note Purchase Price; 

(ii) the Registration Rights Agreement, executed by such Purchaser; and 

(iii) the Transaction Documents, executed by such Purchaser, as applicable. 

Section 2.5 Nature of Purchasers’ Obligations and Rights. The respective obligations of each Purchaser under the Transaction
Documents are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under the Transaction Documents. The failure or waiver of
performance under this Agreement by any Purchaser, or on its behalf, does not excuse performance by any other Purchaser. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant thereto, shall be
deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the
transactions contemplated by any Transaction Document. Except as otherwise provided in the Transaction Documents, each Purchaser shall be entitled to independently protect and enforce its rights, including the rights arising out of the Transaction
Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. The decision of each Purchaser to purchase Notes pursuant to the Transaction Documents has been made by such
Purchaser independently of any other Purchaser. Each Purchaser acknowledges that 

  
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no other Purchaser has acted as agent for such Purchaser in connection with making its investment hereunder and that no Purchaser will be acting as agent of such Purchaser in connection with
monitoring its investment in the Notes or enforcing its rights under the Transaction Documents. The Company acknowledges that each of the Purchasers has been provided with the same Transaction Documents for the purpose of closing a transaction with
multiple Purchasers and not because it was required or requested to do so by any Purchaser. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company and each other Company Party represents and warrants to the Purchasers, on and as of the date of this Agreement, as follows, it
being understood that each Purchaser is relying on each of the following representations and warranties. None of the representations and warranties set forth in this Article III shall be made by or on behalf of the Excluded Subsidiaries. All
of the disclosure schedules referenced below and thereby required of the Company Parties pursuant to this Agreement, which disclosure schedules shall be cross-referenced to the specific sections and subsections of this Agreement, are referred to
herein as the “Schedules.” 
 Section 3.1 Due Organization and Qualification; Subsidiaries. 

(a) Each Company Party and each Subsidiary of each Company Party (i) is duly organized and existing and in good standing under the laws of
the jurisdiction of its organization, (ii) is qualified to do business in any jurisdiction where the failure to be so qualified could reasonably be expected to result in a Material Adverse Change, and (iii) has all requisite power and
authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Transaction Documents to which it is a party and to carry out the transactions contemplated thereby. 

(b) Set forth on Schedule 3.1(b) is a complete and accurate description of the authorized Capital Stock of each Company Party, by
class, and a description, as of the date of this Agreement, of the number of shares of each such class that are issued and outstanding. Other than as described on Schedule 3.1(b), there are no subscriptions, options, warrants, or calls
relating to any shares of any Company Party’s Capital Stock, including any right of conversion or exchange under any outstanding security or other instrument. No Company Party is subject to any obligation (contingent or otherwise) to repurchase
or otherwise acquire or retire any shares of its Capital Stock or any security convertible into or exchangeable for any of its Capital Stock. 

(c) Set forth on Schedule 3.1(c) is a complete and accurate list of the Company Parties’ direct and indirect Subsidiaries,
showing: (i) the number of shares of each class of common and preferred Stock authorized for each of such Subsidiaries, and (ii) the number and the percentage of the outstanding shares of each such class owned directly or indirectly by
each Company Party. All of the outstanding Capital Stock of each such Subsidiary has been validly issued and is fully paid and non-assessable. 

(d) Except as set forth on Schedule 3.1(c), there are no subscriptions, options, warrants, or calls relating to any shares of any
Capital Stock of any Company Party or of any of its Subsidiaries, including any right of conversion or exchange under any outstanding security or other instrument. No Company Party nor any of its Subsidiaries is subject to any obligation (contingent
or otherwise) to repurchase or otherwise acquire or retire any shares of such Company Party’s Subsidiaries’ Capital Stock or any security convertible into or exchangeable for any such Capital Stock. 

  
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 Section 3.2 Due Authorization; No Conflict. 

(a) As to each Company Party, the execution, delivery, and performance by such Company Party of the Transaction Documents to which it is a
party have been duly authorized by all necessary action on the part of such Company Party. 
 (b) Except as set forth on Schedule
3.2(b), as to each Company Party, the execution, delivery, and performance by such Company Party of the Transaction Documents to which it is a party do not and will not (i) violate any material provision of federal, state, or local law or
regulation applicable to any Company Party or its Subsidiaries, the Governing Documents of any Company Party or its Subsidiaries, or any order, judgment, or decree of any court or other Governmental Authority binding on any Company Party or its
Subsidiaries, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any Material Contract of any Company Party or its Subsidiaries except to the extent that any such conflict, breach
or default has been waived or could not individually or in the aggregate reasonably be expected to cause a Material Adverse Change, (iii) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of
any Company Party, other than Permitted Liens or (iv) require any approval of any Company Party’s interest holders or any approval or consent of any Person under any Material Contract of any Company Party, other than consents or approvals
that have been obtained and that are still in force and effect and, except, in the case of Material Contracts, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material
Adverse Change. Except as set forth on Schedule 3.2(b), no authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing, declaration, qualification or registration with, any Governmental Authority
or any other Person which has not been obtained on or prior to the date hereof is required in connection with the execution, delivery or performance by any Company Party of each of the Transaction Documents to which it is a party. The Company has
obtained any and all consents, permits, approvals, registrations and waivers necessary or appropriate for consummation of the purchase and sale of the Notes, and the Warrants and the Common Stock issuable upon conversion of the Notes, and the
consummation of the other transactions contemplated by the Transaction Documents, all of which are in full force and effect. 
 (c) The Notes
have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement, will be duly and validly issued. The Warrants and the shares of Common Stock issuable upon
conversion of the Notes (taking into account the limitations set forth in Section 17.12 of the Indenture) and the shares of Common Stock issuable upon exercise of the Warrants (taking into account the exercise limitations
set forth therein) have been duly authorized and reserved for issuance pursuant to the terms of the Notes, and when issued by the Company upon a valid conversion of the Notes or the Warrants, as applicable, will be duly and validly issued, fully
paid and nonassessable. 

  
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 Section 3.3 Binding Obligations. Each Transaction Document has been duly
executed and delivered by each Company Party that is a party thereto and is the legally valid and binding obligation of such Company Party, enforceable against such Company Party in accordance with its respective terms, except as enforcement may be
limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 

Section 3.4 Title to Assets; No Encumbrances. Each of the Company Parties and its Subsidiaries (other than any Excluded
Subsidiary) has (a) good, sufficient and legal title to (in the case of fee interests in Real Property), (b) valid leasehold interests in (in the case of leasehold interests in real or personal property), and (c) good and marketable
title to (in the case of all other personal property), all of their respective assets reflected in their most recent financial statements, except for assets disposed of since the date of such financial statements to the extent permitted by the ABL
Loan Agreement. Except as set forth on Schedule 3.4, all of such assets are free and clear of Liens except for Permitted Liens. 

Section 3.5 Litigation.  

(a) There are no actions, suits, or proceedings pending or, to the knowledge of any Company Party, after due inquiry, threatened in writing
against a Company Party or any of its Subsidiaries that either individually or in the aggregate could reasonably be expected to result in a Material Adverse Change. 

(b) Schedule 3.6(b) sets forth a complete and accurate description, with respect to each of the actions, suits, or proceedings in
excess of, or that could reasonably be expected to result in liabilities in excess of, $250,000 that is pending or, to the knowledge of any Company Party, after due inquiry, threatened against any Company Party or any of its Subsidiaries (other than
any Excluded Subsidiary), including (i) the parties to such actions, suits, or proceedings, (ii) the nature of the dispute that is the subject of such actions, suits, or proceedings, (iii) the status with respect to such actions,
suits, or proceedings, and (iv) whether any liability of any Company Party or any Subsidiary (other than any Excluded Subsidiary) in connection with such actions, suits, or proceedings is covered by insurance. 

(c) There are no actions, suits, or proceedings pending or, to the knowledge of any Company Party, threatened in writing against a Company
Party or any of its Subsidiaries that purports to affect the legality, validity, binding effect or enforceability of the Transaction Documents. 

Section 3.6 Compliance with Laws. No Company Party nor any of its Subsidiaries (a) is in violation of any applicable
laws, rules, regulations, executive orders, or codes (including Environmental Laws) that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change, or (b) is subject to or in default with respect to
any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or
in the aggregate, could reasonably be expected to result in a Material Adverse Change. 

  
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 Section 3.7 SEC Reporting; No Material Adverse Change.  

(a) The Company has filed all reports required to be filed by it under the Securities Act and the Exchange Act, including pursuant to
Section 13(a) or Section 15(d) thereof (the foregoing materials, as such materials may have been amended since the date of their filing, being collectively referred to herein as the “SEC Reports”), on a timely basis or has
timely filed a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates or, if amended or restated, as of the date of the last such amendment or
restatement, the SEC Reports complied in all material respects with, to the extent in effect at the time of filing, the applicable requirements of the Securities Act and the Exchange Act, as the case may be, and the rules and regulations of the
Commission promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading except to the extent updated, amended, restated or corrected by a subsequent SEC Report. The financial statements and schedules of the Company and its consolidated
Subsidiaries included in the SEC Reports comply in all material respects with the applicable accounting requirements of Regulation S-X and have been prepared in conformity with GAAP applied on a consistent
basis throughout the periods involved (except as otherwise noted therein).
 (b) The Company has established and maintains and evaluates
“disclosure controls and procedures” (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) and “internal control over financial
reporting” (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) as required by Rule 13a-15 under the
Exchange Act; such disclosure controls and procedures are designed to provide reasonable assurance that material information required to be disclosed by the Company in the reports it files or submits under the Exchange Act, is made known to the
Company’s Chief Executive Officer and its Chief Financial Officer by others within the Company and its consolidated Subsidiaries, and such disclosure controls and procedures are effective to perform the functions for which they were
established; in connection with the preparation of the Company’s most recent consolidated financial statements, the Company’s independent registered public accountants and the audit committee of the Board of Directors of the Company have
been advised of all fraud, if any, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting; all “significant deficiencies” and
“material weaknesses” (as such terms are defined in Rule 1-02(a)(4) of Regulation S-X under the Act) of the Company, if any, have been identified to the
Company’s independent registered public accountants and are disclosed to the Purchasers; since the date of the most recent evaluation of such disclosure controls and procedures and internal controls over financial reporting, there have been no
significant changes in internal control over financial reporting or in other factors that are reasonably likely to materially affect internal control over financial reporting, including any corrective actions with regard to significant deficiencies
and material weaknesses; the principal executive officers (or their equivalents) and principal financial officers (or their equivalents) of the Company have made all certifications required by the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”) and any related rules and regulations promulgated by the Commission, and the statements contained in each such certification are complete and correct; and the Company, its Subsidiaries and the Company’s directors and officers are
each in compliance in all material respects with all applicable effective provisions of the Sarbanes-Oxley Act and the rules and regulations of the Commission and NASDAQ promulgated thereunder. 

  
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 (c) Except as set forth in Schedule 3.7, no event, circumstance, or change has
occurred since the date of the last SEC Report that has or could reasonably be expected to result in a Material Adverse Change with respect to the Company and its Subsidiaries, taken as a whole. 

Section 3.8 Fraudulent Transfer. 

(a) Each Company Party is Solvent. 

(b) No transfer of property is being made by any Company Party and no obligation is being incurred by any Company Party in connection with the
transactions contemplated by this Agreement or the other Transaction Documents with the intent to hinder, delay, or defraud either present or future creditors of such Company Party. 

(c) All Company Parties have and will receive a direct or indirect benefit from the transactions contemplated by this Agreement and the other
Transaction Documents. 
 Section 3.9 Employee Benefits. No Company Party, none of their Subsidiaries (other than any
Excluded Subsidiary), nor any of their ERISA Affiliates maintains, contributes to, or has an obligation to contribute to, or, within the past six (6) years, has maintained, contributed to or had an obligation to contribute to any Benefit Plan.

 Section 3.10 Environmental Condition. Except as set forth on Schedule 3.10, (a) to each Company
Party’s knowledge, no properties or assets of any Company Party or any of its Subsidiaries have ever been used by a Company Party, its Subsidiaries, or by previous owners or operators in the disposal of, or to produce, store, handle, treat,
release, or transport, any Hazardous Materials, where such disposal, production, storage, handling, treatment, release or transport was in violation, in any material respect, of any applicable Environmental Law, (b) to each Company Party’s
knowledge, no Company Party’s nor any of its Subsidiaries’ properties or assets have ever been designated or identified in any manner pursuant to any environmental protection statute as a Hazardous Materials disposal site, (c) no
Company Party nor any of its Subsidiaries has received notice that a Lien arising under any Environmental Law has attached to any revenues or to any Real Property owned or operated by a Company Party or its Subsidiaries, and (d) no Company
Party nor any of its Subsidiaries nor any of their respective facilities or operations is subject to any outstanding written order, consent decree, or settlement agreement with any Person relating to any Environmental Law or Environmental Liability
that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change. 
 Section 3.11
Intellectual Property. Each Company Party and each of its Subsidiaries (other than any Excluded Subsidiary) own, or hold licenses in all Intellectual Property and Intellectual Property Licenses that are necessary or useful to the conduct
of its business as currently conducted free and clear of all Liens except for Permitted Liens. To each Company Party’s knowledge, no Person has infringed, misappropriated or otherwise violated or is currently infringing, misappropriating or
otherwise violating any Intellectual Property rights owned by such Company Party, in each case, that either individually or in the aggregate could reasonably be expected to result in a Material Adverse Change. To each Company Party’s knowledge,
(x) no 

  
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holding, injunction, decision or judgment has been rendered by a Governmental Authority against Company or any other Company Party and neither Company nor any other Company Party has entered into
any stipulation, settlement or other agreement that would limit, cancel or question the validity of Company’s or any other Company Party’s rights in any Intellectual Property, (y) no claim has been asserted or threatened or is pending
by any Person challenging or questioning the use by Company or any other Company Party of any Intellectual Property owned by such party or the validity or effectiveness of any Intellectual Property, and (z) the use of Intellectual Property by
Company and each other Company Party does not infringe on the rights of any Person, in each case, in any respect that could reasonably be expected to result in a Material Adverse Change. To each Company Party’s knowledge, all registered
Copyrights, registered Trademarks, and issued Patents that are owned by such Company Party and necessary in to the conduct of its business are valid, subsisting and enforceable and in compliance with all legal requirements, filings, and payments and
other actions that are required to maintain such Intellectual Property in full force and effect. Each Company Party has taken all reasonable steps to protect their Intellectual Property, including to maintain the confidentiality of and otherwise
protect and enforce its rights in all trade secrets owned by such Company Party that are necessary in the business of such Company Party. 

Section 3.12 Leases. Each Company Party and each of its Subsidiaries (other than any Excluded Subsidiary) enjoy peaceful and
undisturbed possession under all leases material to their business and to which it is a party or under which it is operating, and, subject to Permitted Protests, all of such material leases are valid and subsisting and no material default by the
applicable Company Party or the applicable Subsidiary exists under any of them. 
 Section 3.13 Complete Disclosure. All
factual information taken as a whole (other than forward-looking information and projections and information of a general economic nature and general information about the industry of a Company Party or any of its Subsidiaries) furnished by or on
behalf of a Company Party or any of its Subsidiaries in writing to the Purchasers (including all information contained in the Schedules hereto or in the other Transaction Documents) for purposes of or in connection with this Agreement or the other
Transaction Documents, and all other such factual information taken as a whole (other than forward-looking information and projections and information of a general economic nature and general information about the industry of a Company Party or any
of its Subsidiaries) hereafter furnished by or on behalf of a Company Party or any of its Subsidiaries (other than any Excluded Subsidiary) in writing to the Purchasers will be, true and accurate, in all material respects, on the date as of which
such information is dated or certified and not incomplete by omitting to state any fact necessary to make such information (taken as a whole) not misleading in any material respect at such time in light of the circumstances under which such
information was provided. Any Projections delivered by the Company to the Purchasers represent, the Company’s good faith estimate, on the date such Projections are delivered, of the future performance of a Company Party or any of its
Subsidiaries for the periods covered thereby based upon assumptions believed by the Company to be reasonable at the time of the delivery thereof to the Purchasers. 

Section 3.14 Material Contracts. Except for matters which, either individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Change, each Material Contract (other than those that have expired at the end of their normal terms) (a) is in full force and effect and is binding upon and enforceable against the applicable Company
Party or the applicable Subsidiary and, to the Company’s knowledge, each other Person that is a party thereto 

  
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in accordance with its terms, (b) has not been otherwise amended or modified, and (c) is not in default due to the action or inaction of the applicable Company Party or the applicable
Subsidiary. None of the Senior Notes Documents, the ABL Documents nor the Term Documents have been amended or modified to the extent that such amendment or modification is prohibited under this Agreement or the Intercreditor Agreement, or are in
default due to the action or inaction of the applicable Company Party or the applicable Subsidiary. All representations and warranties contained in the Senior Notes Documents, the ABL Documents and the Term Documents are true and correct as of the
date they were made. 
 Section 3.15 Patriot Act. To the extent applicable, each Company Party and each of its Subsidiaries
(other than any Excluded Subsidiary) is in compliance, in all material respects, with the (a) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle
B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001)
(the “Patriot Act”). No part of the proceeds of the Notes will be used by any Company Party or any of its Subsidiaries or any of their Affiliates, directly or indirectly, for any payments to any governmental official or employee,
political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign
Corrupt Practices Act of 1977, as amended. 
 Section 3.16 Indebtedness. Set forth on Schedule 3.16 is a true
and complete list of all Indebtedness of each Company Party and each of its Subsidiaries (other than any Excluded Subsidiary) outstanding that is to remain outstanding immediately after giving effect to the Closing and such Schedule accurately sets
forth the aggregate principal amount of such Indebtedness. 
 Section 3.17 Payment of Taxes. Except as permitted by
Section 6.5 of the ABL Loan Agreement, all material Tax returns and reports of each Company Party and each of its Subsidiaries required to be filed by any of them have been timely filed, and are substantially correct and complete. Except as
would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change, each Company Party and each of its Subsidiaries has timely paid all material Taxes shown on such Tax returns to be due and payable and all
assessments, fees and other governmental charges upon a Company Party and its Subsidiaries and upon their respective assets, income, businesses and franchises that are due and payable have been paid when due and payable. No Company Party knows of
any proposed Tax assessment against a Company Party or any of its Subsidiaries that is not being actively contested by such Company Party or such Subsidiary diligently, in good faith, and by appropriate proceedings; provided such reserves
or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor. 

Section 3.18 Margin Stock. No Company Party nor any of its Subsidiaries (other than any Excluded Subsidiary) is engaged
principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds of the Notes will be used to purchase or carry any such Margin Stock or to
extend credit to others for the purpose of purchasing or carrying any such Margin Stock or for any purpose that violates the provisions of Regulation T, U or X of the Board of Governors of the United States Federal Reserve. 

  
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 Section 3.19 Governmental Regulation. No Company Party nor any of its
Subsidiaries (other than any Excluded Subsidiary) is subject to regulation under the Federal Power Act or the Investment Company Act of 1940 or under any other federal or state statute or regulation which may limit its ability to incur Indebtedness
or which may otherwise render all or any portion of the Obligations unenforceable. No Company Party nor any of its Subsidiaries (other than any Excluded Subsidiary) is a “registered investment company” or a company “controlled”
by a “registered investment company” or a “principal underwriter” of a “registered investment company” as such terms are defined in the Investment Company Act of 1940. 

Section 3.20 OFAC. No Company Party nor any of its Subsidiaries is in violation of any of the country or list based economic and
trade sanctions administered and enforced by OFAC. No Company Party nor any of its Subsidiaries (a) is a Sanctioned Person or a Sanctioned Entity, (b) has its assets located in Sanctioned Entities, or (c) derives revenues from
investments in, or transactions with Sanctioned Persons or Sanctioned Entities. No proceeds of any Notes will be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned
Entity. 
 Section 3.21 Employee and Labor Matters. There is (a) no unfair labor practice complaint pending or, to the
knowledge of any Company Party, threatened against any Company Party or any of its Subsidiaries (other than any Excluded Subsidiary) before any Governmental Authority and no grievance or arbitration proceeding pending or threatened against any
Company Party or any of its Subsidiaries (other than any Excluded Subsidiary) which arises out of or under any collective bargaining agreement and that could reasonably be expected to result in a material liability, (b) no strike, labor
dispute, slowdown, stoppage or similar action or grievance pending or threatened in writing against any Company Party or any of its Subsidiaries (other than any Excluded Subsidiary) that could reasonably be expected to result in a material
liability, or (c) to the knowledge of any Company Party, no union representation question existing with respect to the employees of any Company Party or any of its Subsidiaries (other than any Excluded Subsidiary) and no union organizing
activity taking place with respect to any of the employees of any Company Party or any of its Subsidiaries (other than any Excluded Subsidiary). No Company Party or any of its Subsidiaries (other than any Excluded Subsidiary) has incurred any
liability or obligation under the Worker Adjustment and Retraining Notification Act or similar state law, which remains unpaid or unsatisfied. The hours worked and payments made to employees of each Company Party and each of its Subsidiaries (other
than any Excluded Subsidiary) have not been in violation of the Fair Labor Standards Act or any other applicable legal requirements, except to the extent such violations could not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Change. All material payments due from any Company Party or any of its Subsidiaries (other than any Excluded Subsidiary) on account of wages and employee health and welfare insurance and other benefits have been paid or accrued
as a liability on the Books of such Company Party, except where the failure to do so could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. 

  
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 Section 3.22 Company as a Holding Company. The Company is a holding company
and does not have any material liabilities (other than liabilities arising under the Transaction Documents, the New Senior Note Documents, own any material assets (other than the Stock of SAExploration Sub, Inc. and its Subsidiaries) or engage in
any operations or business (other than the ownership of SAExploration Sub, Inc. and its Subsidiaries). 
 Section 3.23 Inventory and
Equipment Records. Each Company Party keeps correct and accurate records itemizing and describing the type, quality, and quantity of its Equipment and Inventory and of the Equipment and Inventory of its Subsidiaries and the book value thereof.

 Section 3.24 Controlled Accounts. Except for Permitted Foreign Deposit Accounts, each Company Party has obtained a Control
Agreement from each bank maintaining a Deposit Account or lockbox account (other than an Excluded Account) for such Company Party. 

Section 3.25 Certain Fees. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee
or commission payable by any Company Party with respect to the purchase of any of the Notes or the consummation of the transactions contemplated by the Transaction Documents. 

Section 3.26 Stockholder Approval. In connection with the Stockholder Consent, the Company has filed with the Commission a
preliminary information statement on Schedule 14C and a definitive information statement on Schedule 14C (collectively with the preliminary information statement, the “Information Statement”) related to such Stockholder Consent and
caused the Information Statement to be mailed to the Company’s stockholders. The Company has not received any comments from the Commission or its staff with respect to the Information Statement or any request by the Commission or its staff for
amendments or supplements to such Information Statement or for additional information. The Information Statement is true and correct in all material respects and since the date that the Information Statement was mailed to the Company’s
stockholders, no event has occurred that is required to be set forth in an amendment or supplement to the Information Statement. Twenty days have elapsed since the Company has sent or given the definitive Information Statement to its stockholders.

 Section 3.27 [Intentionally Omitted]. 

Section 3.28 NASDAQ. The Company has filed an Additional Listing Application with respect to the Common Stock issuable upon the
conversion of the Notes and the exercise of the Warrants and such Common Stock has been duly approved for listing on the NASDAQ Capital Market. 

Section 3.29 Filings, Registration and Recordings. Except as otherwise contemplated by the Indenture or the Security Agreement,
each document (including any Uniform Commercial Code financing statement) required by the Security Agreement, or under law or reasonably requested by the Noteholder Collateral Agent, in each case, to be filed, registered or recorded, or delivered
for filing on or prior to the date hereof, to the extent applicable, including filings in the U.S. Patent and Trademark Office and the U.S. Copyright Office in order to create in favor of the Noteholder Collateral Agent, for the benefit of the
Holders, a perfected lien and security interest in the collateral that can be perfected by the making of such filings, registrations or recordations, prior and superior to the right of any other person (other than Permitted Liens), shall be executed
and in proper form for filing, registration or recordation. 

  
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 Section 3.30 No General Solicitation. None of the Company, its Affiliates, or
any Person acting on its or their behalf have engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Securities. 

Section 3.31 Share Issuance Proposal. The Board of Directors of the Company has duly authorized and approved the Share Increase
Proposal and recommended the Share Increase Proposal to the holders of the Company’s outstanding Common Stock for approval. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER 

Each Purchaser, severally and not jointly, represents and warrants to the Company with respect to itself and, as applicable each Account (as
defined below), on and as of the date of this Agreement, as follows: 
 Section 4.1 Valid Existence. Each Purchaser, if an
entity, (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization, (ii) is qualified to do business in any jurisdiction where the failure to be so qualified could reasonably be expected
to result in a Purchaser Material Adverse Change, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Transaction
Documents to which it is a party and to carry out the transactions contemplated thereby. 
 Section 4.2 Due Authorization; No
Conflict. 
 (a) The execution, delivery, and performance by such Purchaser of the Transaction Documents to which it is a party have been
duly authorized by all necessary action on the part of such Purchaser. 
 (b) The execution, delivery, and performance by such Purchaser of
the Transaction Documents to which it is a party do not and will not (i) violate any material provision of federal, state, or local law or regulation applicable to such Purchaser, the Governing Documents of such Purchaser, or any order,
judgment, or decree of any court or other Governmental Authority binding on such Purchaser, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material contract to which such
Purchaser is a party, or by which such Purchaser is bound, or to which any property of such Purchaser is subject, except to the extent that any such conflict, breach or default has been waived or could not individually or in the aggregate reasonably
be expected to cause a Purchaser Material Adverse Change. No authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing, declaration, qualification or registration with, any Governmental Authority or
any other Person which has not been obtained on or prior to the date hereof is required in connection with the execution, delivery or performance by such Purchaser of each of the Transaction Documents to which it is a party. 

Section 4.3 Binding Obligations. Each Transaction Document has been duly executed and delivered by such Purchaser that is a
party thereto and is the legally valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency,
reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 

  
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 Section 4.4 Certain Fees. No broker, finder or investment banker is
entitled to any brokerage, finder’s or other fee or commission payable by such Purchaser with respect to the purchase of any of the Notes or the consummation of the transactions contemplated by the Transaction Documents. 

Section 4.5 Investment Representations. 

(a) Accredited Investor Status; Sophisticated Purchasers. Such Purchaser and, if applicable, each account for which such Purchaser
exercises discretionary investment authority and on whose behalf such Purchaser is acquiring Notes (collectively, an “Account”) is either (i) an Accredited Investor or (ii) a
non-U.S. Person that is also an Accredited Investor, as set forth next to such Purchaser’s (and, if applicable, each Account’s) name on Schedule 4.5(a). Such Purchaser has such knowledge and
experience in financial and business matters that it is capable of evaluating the merits and risks (including for tax, legal, regulatory, accounting and other financial purposes) of its prospective investment in the Securities for itself and each
Account, if any; (ii) the Purchaser and each Account, if any, is financially able to bear the economic risk of an investment in the Securities and has adequate means to provide for its current needs and other contingencies and to withstand the
loss of the entire investment in the Securities and has no need for liquidity with respect to its investment in the Securities; (iii) in making its investment in the Securities, the Purchaser and each Account is not relying on the advice or
recommendations of the Company or any of its Affiliates (or any representatives of any of the foregoing); (iv) the Purchaser, and each Account, if any, has conducted and relied upon its own investigation and assessment of the offer of the
Securities, and the Company, including, without limitation, the particular United States federal income tax consequences of the acquisition, ownership, and disposition of the Securities in light of its particular situation as well as any
consequences arising under the laws of any other taxing jurisdiction, and it acknowledges that it has not relied on the Company or any of its representatives or Affiliates for advice as to any tax consequences related to such investment or the
acquisition, ownership or disposition of the Securities or for the preparation and filing of any tax returns and elections required or permitted to be filed by it in connection therewith; and (v) the Purchaser has determined that an investment
in the Securities is suitable and appropriate for itself and each Account, if any. 
 (b) Acquisition for Own Account. Such Purchaser
is acquiring the Notes pursuant to this Agreement and the other Securities for its own account (or for the Accounts for which it is acting as investment advisor or manager) for, in the case of such Purchaser and each Account, as applicable,
investment purposes and not with a view toward, or for resale or transfer in connection with, the sale or distribution of any Securities within the meaning of the Securities Act that would be in violation of the Securities Act. If such Purchaser is
acquiring the Securities for one or more Accounts, it represents that it is acquiring the Securities as a fiduciary or agent for such Accounts and has sole investment discretion with respect to each such Account and it has full power to make the
representations, acknowledgements and agreements herein on behalf of such Account and has made reasonable inquiries of such Account with respect thereto. 

  
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 (c) No Market for Issued Units. Such Purchaser and each Account understands that
there is presently no established market for the Notes or the Warrants and that no public market for the Notes or the Warrants may develop. 

(d) Reliance on Exemptions. Such Purchaser and each Account understands that the Notes are being privately placed by the Company
pursuant to an exemption from registration provided under Section 4(a)(2) and/or Rule 506 of Regulation D and neither the offer nor sale of any the Securities pursuant to this Agreement has been registered under the Securities Act or any state
“blue sky” laws, and that the Company is relying upon the truth and accuracy of, and such Purchaser’s and each Account’s compliance with, the representations, warranties and agreements, which are true, correct and complete, of
the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser and each Account to acquire the Notes and the other Securities. 

(e) Hedging Transactions. Such Purchaser and each Account has not, and agrees not to, engage in hedging transactions with respect to the
Securities except in compliance with the Securities Act. 
 Section 4.6 Information. Such Purchaser, on its own behalf and on
behalf of each Account, has been given access to and an opportunity to examine such documents, materials and information concerning the Company and its Subsidiaries as such Purchaser deems to be necessary or advisable in order to reach an informed
decision as to an investment in the Company (including the SEC Reports), for itself and/or each Account, and has had answered to such Purchaser’s full satisfaction any and all questions regarding such information. Such Purchaser made such
independent investigation of the Company, its management, and related matters, for itself and/or each Account, as such Purchaser deems to be necessary or advisable in connection with the Securities, and is able to bear the economic and financial
risk of the Securities. Neither such inquiries nor any other due diligence investigations conducted at any time by such Purchaser shall modify, amend or affect such Purchaser’s right (i) to rely on the Company’s representations and
warranties contained in Article III above or (ii) to indemnification or any other remedy based on, or with respect to the accuracy or inaccuracy of, or compliance with, the representations, warranties, covenants and agreements in any
Transaction Document. Such Purchaser understands and acknowledges that its and each Account’s acquisition of the Securities involves a high degree of risk and uncertainty. Such Purchaser has sought such accounting, legal and tax advice as it
has considered necessary to make an informed investment decision with respect to its acquisition of the Securities for itself and/or each Account. 

(a) Notes Not Registered. Such Purchaser has been advised by the Company and it and each Account understands that (i) the
Securities are being privately placed by the Company pursuant to an exemption from registration provided under Section 4(a)(2) and/or Rule 506 of Regulation D and neither the offer nor sale of any the Notes pursuant to this Agreement or the
offer or sale of any other Securities has been registered under the Securities Act or any state “blue sky” laws; (ii) the Notes being acquired by such Purchaser pursuant to this Agreement and the Securities are characterized as
“restricted securities” under the Securities Act inasmuch as they are being acquired by such Purchaser from the Company in a transaction not involving a public offering and, subject to such Purchaser’s rights under this Agreement,
such Purchaser and each Account must continue to bear the economic risk of the investment in the Securities indefinitely unless the offer and sale of its Securities are subsequently registered under the Securities Act and all applicable state
securities or “blue sky” laws or an exemption from such registration is available; and (iii) it is not anticipated that there will be any public market for the Notes or the Warrants. 

  
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 (b) No General Solicitation. Such Purchaser acknowledges and agrees, for itself and
each Account, that neither the Company nor any other Person offered to sell the Notes to it by means of any form of general solicitation or advertising, including but not limited to: any advertisement, article, notice or other communication
published in any newspaper, magazine or similar media or broadcast over television or radio or any seminar or meeting whose attendees were invited by any general solicitation or general advertising. Such Purchaser further acknowledges and agrees,
for itself and each Account, that it was solicited or became aware of the investment in the Notes, and the Warrants and the shares of Common Stock issuable upon conversion of the Notes or upon exercise of the Warrants, either through (i) a
substantive, pre-existing relationship with the Company, (ii) direct contact with the Company outside of any public offering effort, and/or (iii) through contacts by the Company not identified
through any public offering. 
 (c) Independent Investment Decision. Each Purchaser has made an independent investment decision with
respect to this Agreement and the Securities, for itself and/or each Account, without reliance on any other Purchaser or its Affiliates, and is not acting in concert with respect to this Agreement or the Securities with any other Purchaser or its
Affiliates. Other than the Transaction Documents, to each Purchaser’s knowledge, there are no agreements or understandings between (i) such Purchaser or any of its Affiliates and (ii) any other Purchaser or any of its Affiliates with
respect to this Agreement or the Notes. 
 ARTICLE V 

COVENANTS 

Section 5.1 Covenants of the Company. The Company hereby agrees with the Purchasers as set forth in this
Section 5.1: 
 (a) Market Manipulation. None of the Company Parties will take, directly or indirectly, any
action designed to, or that would constitute or that could reasonably be expected to, cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of the Notes. 
 (b) NASDAQ. So long as the Notes and/or Warrants are outstanding, the Company shall take all action necessary to at
all times have authorized and reserved for the purpose of issuance no less than the sum of the maximum number of shares of Common Stock issuable upon conversion of the Notes then outstanding at the then applicable Conversion Price (as defined in the
Notes) or upon exercise of the Warrants (in accordance with their terms). So long as the Notes and/or any Warrants are outstanding, the Common Stock shall be registered under the Exchange Act and shall be listed on a Trading Market, and the Company
shall not take any action designed to terminate, or could reasonably be expected to terminate, the registration of the Common Stock under the Exchange Act or to delist or suspend from trading the Common Stock from a Trading Market. 

  
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 (c) Costs and Expenses. The Company shall reimburse the Purchasers (by wire transfer
to an account designated by Purchasers), for all costs and expenses incurred by them in connection with the negotiation, preparation and documentation of this Agreement, the other Transaction Documents, the purchase and sale of the Notes or any
other matter contemplated by this Agreement including reasonable fees and expenses of legal counsel limited to one firm. In addition, the Company shall pay all costs and expenses incident to the performance by the Company Parties of their
obligations under this Agreement and the other Transaction Documents. The Company will also reimburse the Purchasers promptly after demand for (i) all costs and expenses incurred by the Purchasers, including reasonable fees and expenses of
legal counsel limited to one firm, in connection with the preparation, negotiation, execution, delivery and administration of the Indenture Documents (as defined in the Indenture) and any amendments, waivers or other modifications of the provisions
of any Indenture Document (whether or not such transactions are consummated) and (ii) all costs and expenses incurred by the Purchasers, including reasonable fees and expenses of legal counsel limited to one firm, in connection with the
enforcement or protection of its rights in connection with the Transaction Documents and the Indenture Documents. 
 (d) Press Release.
The Company shall, prior to 9:30 AM (New York City time) on the fourth trading day after each of the date hereof, issue a press release or file a Form 8-K announcing (a) the material terms and
conditions of the transactions contemplated by this Agreement, as applicable, and (b) any material nonpublic information previously disclosed to the Purchasers, such press release or Form 8-K to be in a
manner and form reasonably satisfactory to the Purchasers. 
 (e) Opinions of Counsel. The Company will use commercially reasonable
efforts to provide at its own cost and expense such customary opinions of counsel and representations as may be required or necessary in the future in connection with resales of the Notes and the shares of Common Stock issuable upon conversion of
the Notes and exercise of the Warrants. 
 (f) Taking of Necessary Action. The Company shall use its commercially reasonable efforts
promptly to take or cause to be taken all action and promptly to do or cause to be done all things necessary, proper or advisable under applicable Legal Requirements to consummate and make effective the transactions contemplated by this Agreement.
Without limiting the foregoing, the Company will, and the Company shall cause each of its Subsidiaries to, use its commercially reasonable efforts to make all filings and obtain all consents of Governmental Authorities or other Persons that may be
necessary or, in the reasonable opinion of the Purchasers, advisable for the consummation of the transactions contemplated by the Transaction Documents. 

(g) Use of Proceeds. Neither the Company nor any other Company Parties will do, nor will the Company or any other Company Party permit
any of their Domestic Subsidiaries to use the proceeds of the Notes hereunder for any purpose other than (a) to pay all of the outstanding obligations under the Purchase Money Loan and Security Agreement, dated as of July 25, 2018, by and
between SAExploration Acquisitions (U.S.), LLC, the administrative and collateral agent party thereto and the lenders party thereto from time to time, (b) to repay some or all of the outstanding ABL Loan Obligations, (c) [Intentionally
omitted]; (d) to pay fees, costs, and expenses of Company, incurred in connection with the Indenture, the Indenture Documents and 

  
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this Agreement and the Transaction Documents and the transactions contemplated hereby and thereby, and (e) consistent with the terms and conditions hereof, for general corporate and working
capital purposes (provided, that no part of the proceeds of the Notes will be used to purchase or carry any such Margin Stock or to extend credit to others for the purpose of purchasing or carrying any such Margin Stock or for any purpose that
violates the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System). 
 (h) Prior and Subsequent
Securities Sales. The Company has not (within at least the last six months), shall not, and shall use its commercially reasonable efforts to ensure that no Company Party shall, sell, offer for sale or solicit offers to buy or otherwise negotiate
in respect of any “security” (as defined in Section 2 of the Securities Act) that will be integrated with the offer or sale of the Notes, and the Warrants and the shares of Common Stock issuable upon conversion of the Notes or upon
exercise of the Warrants, in a manner that would require the registration under the Securities Act of the sale of the Notes to the Purchasers or the Warrants, or that will be integrated with the offer or sale of Notes, or the Warrants or the Common
Stock issuable upon conversion of the Notes or upon exercise of the Warrants, for purposes of the rules and regulations of the NASDAQ Capital Market or other applicable trading market such that it would require stockholder approval prior to the
closing of such other transaction. 
 (i) DTC. The Company will cooperate with efforts of the Purchasers to permit the Notes which are
held by Purchasers who are not Affiliates of the Company to be eligible for clearance and settlement through The Depositary Trust Company, including, without limitation by providing The Depositary Trust Company with such information, certificates
and opinions as are reasonably requested by The Depositary Trust Company in accordance with the Applicable Procedures or the Purchasers to exchange the unrestricted Physical Notes (as defined in the Indenture) for beneficial interests in Global
Notes (as defined in the Indenture).For the avoidance of doubt, the Company shall not be required to engage or pay any fees for a DTC Participant in connection with such cooperation. 

(j) Warrants. If at any time the Company shall be required under the Indenture to issue shares of Common Stock to any Permitted Holder
(as defined in the Indenture) upon the Permitted Holder’s election to convert its Notes in accordance with Article 17 of the Indenture, the Company shall, at the election of such Permitted Holder pursuant to a warrant election notice in
substantially the form of Exhibit A delivered to the Company and the Trustee, issue to the Permitted Holder a number of Warrants to acquire the number of shares of Common Stock would have otherwise been issued to satisfy the Company’s
Conversion Obligation (as defined in the Indenture). The Company agrees that no additional consideration is payable in connection with the issuance of the Warrant. 

(k) Reservation of Shares; Share Issuance Proposal. 

(i) The shares of Common Stock underlying the Notes (without giving effect to the issuance of Additional Shares (as defined in the Indenture)
in satisfaction of the Company’s Conversion Obligation (as defined in the Indenture) upon a conversion of the Notes in connection with a Fundamental Change Make-Whole) have been duly authorized and, based on the initial Conversion Rate of
173.91304 shares of Common Stock per $1,000 principal amount of Notes, reserved for issuance pursuant to the terms of the Indenture, and when issued by the Company upon a valid conversion of the Notes will be duly and validly issued, fully paid and non-assessable. 

  
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 (ii) The Company shall use its commercially reasonable efforts to take all actions
necessary to cause, upon their issuance, the Additional Shares issued in satisfaction of the Company’s Conversion Obligation upon a conversion of the Notes in connection with a Make-Whole Fundamental Change to be duly authorized, validly
issued, fully paid and non-assessable and to reserve for issuance such Additional Shares. Without limiting the generality of the foregoing, as promptly as reasonably practicable after the date hereof, but no
later than 10 days following the date hereof, the Company shall solicit the written consent of the holders of a majority of the outstanding shares of Common Stock to vote on a proposal (the “Share Increase Proposal”) to approve the
increase in the total number of authorized shares of Common Stock to 40 million shares. In connection with such action by written consent, upon receipt of the consent of the holders of a majority of the outstanding shares of Common Stock to the
Share Increase Proposal, the Company shall promptly prepare and file with the Commission a preliminary information statement, shall use its reasonable best efforts to respond to any comments of the Commission or its staff, and shall use its
reasonable best efforts to cause a definitive information statement related to such Share Increase Proposal to be mailed to the Company’s stockholders as promptly as practicable after clearance by the Commission. If there shall occur any event
that is required to be set forth in an amendment or supplement to the information statement, the Company shall as promptly as practicable prepare and mail to its stockholders such an amendment or supplement. Within three Business Days of the 21st day following the date that the Company has sent or given the definitive information statement to its stockholders, the Company shall file an amendment to its certificate of incorporation with the
Secretary of State of the State of Delaware to effect the Share Increase Proposal. 
 Section 5.2 Covenants of the Purchasers.
Each of the Purchasers shall use its commercially reasonable efforts promptly to take or cause to be taken all action and promptly to do or cause to be done all things necessary, proper or advisable under applicable Legal Requirements to
consummate and make effective the transactions contemplated by this Agreement; provided, however, that nothing contained in this Section 5.2 shall obligate any Purchaser to waive any right or condition under
this Agreement. Neither the Company nor any Purchaser will take any action, enter into any agreement or make any commitment that would conflict or interfere in any material respect with their obligations under the Transaction Documents. 

ARTICLE VI 

INDEMNIFICATION, COSTS AND EXPENSES 

Section 6.1 Indemnification. Each of the Company Parties, jointly and severally, agrees to indemnify and hold harmless the
Purchasers, the directors, officers, employees, Affiliates and agents of the Purchasers and each Person who controls the Purchasers within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act against any
and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or other U.S. federal or state statutory law or regulation, at common law or otherwise,
insofar as such losses, claims, damages or liabilities or actions in respect thereof arise out of or are based upon any misrepresentation, breach or inaccuracy of any 

  
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representation, warranty, covenant or agreement made by the Company Parties in the Transaction Documents, and agrees to reimburse each such indemnified party, as incurred, for any legal or other
expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage, liability or action, in each case except for any such loss, claim, damage, liability or action attributable to such Purchasers’ gross
negligence or willful misconduct. 
 Section 6.2 Indemnification Procedures. Promptly after receipt by an indemnified party
under this Article VI of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Article VI, notify the indemnifying party in writing
of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under Section 6.1 above unless and to the extent it did not otherwise learn of such action and
such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in Section 6.1 above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in
any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, retained by the indemnified party or parties except as set forth below);
provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have
the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (w) the use of counsel chosen by the indemnifying party to represent the
indemnified party would present such counsel with a conflict of interest; (x) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party; (y) the indemnifying party shall not have employed
counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (z) the indemnifying party shall authorize the indemnified party in writing to employ
separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or
threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Interpretation. Article, Section, Schedule and Exhibit references are to this Agreement, unless otherwise specified.
All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified.
The word “including” shall mean “including but not limited to”. Whenever the Company 

  
 19 

 
has an obligation under the Transaction Documents, the expense of complying with such obligation shall be an expense of the Company unless otherwise specified. Whenever any determination, consent
or approval is to be made or given by a party to this Agreement, such action shall be in such party’s sole discretion unless otherwise specified. If any provision in the Transaction Documents is held to be illegal, invalid, not binding or
unenforceable, such provision shall be fully severable, and the Transaction Documents shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never comprised a part of the Transaction Documents, and
the remaining provisions shall remain in full force and effect. The Transaction Documents have been reviewed and negotiated by sophisticated parties with access to legal counsel and shall not be construed against the drafter. 

Section 7.2 Survival of Provisions. The representations and warranties and covenants set forth in this Agreement shall survive the
execution and delivery of this Agreement indefinitely. All indemnification obligations of the Company and the Purchasers pursuant to Section 3.30, and Section 4.4 and Article VI of this
Agreement shall remain operative and in full force and effect unless such obligations are expressly terminated in a writing by the Parties referencing the particular Article or Section, regardless of any purported general termination of this
Agreement. 
 Section 7.3 No Waiver; Modifications in Writing. 

(a) Delay No failure or delay on the part of any Party in exercising any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any right, power or remedy. The remedies provided for herein are cumulative and are not exclusive
of any remedies that may be available to a Party at law or in equity or otherwise. 
 (b) Specific Waiver. Except as otherwise
provided in this Agreement or the Registration Rights Agreement, no amendment, waiver, consent, modification or termination of any provision of this Agreement or any other Transaction Document shall be effective unless signed by each of the Parties
or each of the original signatories thereto affected by such amendment, waiver, consent, modification or termination. Any amendment, supplement or modification of or to any provision of this Agreement or any other Transaction Document, any waiver of
any provision of this Agreement or any other Transaction Document and any consent to any departure by the Company from the terms of any provision of this Agreement or any other Transaction Document shall be effective only in the specific instance
and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on any Party in any case shall entitle any Party to any other or further notice or demand in similar or
other circumstances. 
 Section 7.4 Binding Effect; Assignment. 

(a) Binding Effect. This Agreement shall be binding upon the Company, each Purchaser, and their respective successors and permitted
assigns. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the Parties to this Agreement, and their respective successors and permitted assigns. 

  
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 (b) Assignment. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and permitted assigns. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned by any party hereto (whether by operation of law or otherwise)
without the prior written consent of, in the case of the Company, the Purchasers and, in the case of any Purchaser, the Company. 

Section 7.5 Communications. All notices and demands provided for under this Agreement and the Notes shall be in writing and shall
be given by regular mail, registered or certified mail, return receipt requested, facsimile, air courier guaranteeing overnight delivery or personal delivery to the following addresses: 

 

	 	(a)	 If to any Purchaser, at its address as it appears on its signature page hereto, 

with a copy to: 
 Brown Rudnick
LLP 
 One Financial Center 

Boston, MA 02111 
 Attention:
Andreas P. Andromalos; Philip J. Flink 
 Facsimile: (617) 289-0427 

 

	 	(b)	 If to the Company: 

SAEXPLORATION HOLDINGS, INC. 

1160 Dairy Ashford, Suite 160 Houston, Texas 77079 

Attention: Chief Financial Officer 

Facsimile: (281) 258-4418 

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

Akin Gump Strauss Hauer & Feld, LLP 

1700 Pacific Avenue 
 Suite 4100

 Dallas, TX 75201-4624 

Attention: Sarah Link Schultz 

Facsimile: (214) 969-4343 

or to such other address as the Company or such Purchaser may designate in writing. All notices and communications shall be deemed to have been duly given:
(i) at the time delivered by hand, if personally delivered; (ii) upon actual receipt, if sent by registered or certified mail, return receipt requested, or regular mail, if mailed; (iii) when receipt acknowledged, if sent via
facsimile; and (iv) upon actual receipt when delivered to an air courier guaranteeing overnight delivery. 

  
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 Section 7.6 Entire Agreement. The Transaction Documents, including all exhibits
and schedules thereto, are intended by the Parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the Parties hereto and thereto in respect of the subject matter
contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or therein with respect to the rights granted by the Company or a Purchaser set forth herein or therein.
The Transaction Documents supersede all prior agreements and understandings between the Parties with respect to such subject matter (other than nondisclosure and confidentiality agreements between the Company and the Purchasers signed in
anticipation of an equity financing in the Company). 
 Section 7.7 Governing Law and Venue; Waiver of Jury Trial; Waiver of Certain
Damages. 
 (a) THIS AGREEMENT, THE NOTES AND ALL DISPUTES BETWEEN THE PARTIES UNDER OR RELATING TO THIS AGREEMENT, THE NOTES OR THE
FACTS AND CIRCUMSTANCES LEADING TO ITS EXECUTION AND DELIVERY, WHETHER IN CONTRACT, TORT OR OTHERWISE, WILL BE GOVERNED BY AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS
PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER STATE. 
 (b) ANY ACTION, SUIT OR PROCEEDING SEEKING TO ENFORCE ANY
PROVISION OF, OR BASED ON ANY MATTER ARISING OUT OF OR IN CONNECTION WITH, THIS AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL ONLY BE BROUGHT IN ANY FEDERAL COURT LOCATED IN THE STATE OF NEW YORK OR ANY NEW YORK STATE COURT, AND
EACH PARTY CONSENTS TO THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS (AND OF THE APPROPRIATE APPELLATE COURTS THEREFROM) IN ANY SUCH ACTION, SUIT OR PROCEEDING AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH, ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT OR THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM; PROVIDED, HOWEVER,
THAT ANY ACTION, SUIT OR PROCEEDING, SEEKING TO ENFORCE A FINAL JUDGMENT RENDERED IN SUCH COURT MAY BE BROUGHT IN ANY COURT OF COMPETENT JURISDICTION. 

(c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE OUT OF OR RELATING TO THIS AGREEMENT OR THE NOTES IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION OR DISPUTE DIRECTLY OR INDIRECTLY BASED
UPON OR ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTES OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS CONTEMPLATED HEREBY. THE SCOPE OF 

  
 22 

 
THIS WAIVER IS INTENDED TO ENCOMPASS ANY AND ALL ACTIONS, SUITS AND PROCEEDINGS THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY REPRESENTS AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, TRUSTEE OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (iv) SUCH PARTY
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND REPRESENTATIONS IN THIS SECTION 10.10. IN THE EVENT OF LITIGATION THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

Section 7.8 Execution in Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile, .pdf
or other electronic transmission) and by different Parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute
the same Agreement. 
 Section 7.9 Obligations Limited to Parties to Agreement. Each of the Parties covenants, agrees and
acknowledges that no Person other than the Purchasers (and their permitted assignees) and the Company shall have any obligation hereunder and that, notwithstanding that one or more of the Purchasers may be a corporation, partnership or limited
liability company, no recourse under the Transaction Documents or under any documents or instruments delivered in connection therewith shall be had against any former, current or future director, officer, employee, Trustee, general or limited
partner, manager, member, stockholder or Affiliate of any of the Purchasers or the Company or any former, current or future director, officer, employee, Trustee, general or limited partner, manager, member, stockholder or Affiliate of any of the
foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Legal Requirements, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be
imposed on or otherwise be incurred by any former, current or future director, officer, employee, Trustee, general or limited partner, manager, member, stockholder or Affiliate of any of the Purchasers or the Company or any former, current or future
director, officer, employee, Trustee, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of the Purchasers and the Company under the Transaction Documents or any documents or
instruments delivered in connection therewith or for any claim based on, in respect of or by reason of such obligation or its creation. 

Section 7.10 Remedies. The Parties agree that money damages or another remedy at law would not be a sufficient or adequate remedy
for any breach or violation of, or a default under, this Agreement by them and that, in addition to all other remedies available to them, each of them shall be entitled to an injunction restraining such breach, violation or default or threatened
breach, violation or default and to any other equitable relief including, without limitation, specific performance without bond or other security being required. 

  
 23 

 [The remainder of this page is intentionally left blank.] 

  
 24 

 IN WITNESS WHEREOF, the Parties hereto execute this Agreement, effective as of the date
first above written. 
  

			
	SAEXPLORATION HOLDINGS, INC.
	
	By: /s/ Brent
Whiteley                                        
        
	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary

  
 [Signature Page to Note
Purchase Agreement] 

 
			
	GUARANTORS:
	
	SAEXPLORATION, INC.
	
	By: /s/ Brent
Whiteley                                        
        
	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary
	
	SAEXPLORATION SUB, INC.
	
	By: /s/ Brent
Whiteley                                        
        
	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary
	
	NES, LLC
	
	By: /s/ Brent
Whiteley                                        
        
	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary
	
	SAEXPLORATION SEISMIC SERVICES (US), LLC
	
	By: /s/ Brent
Whiteley                                        
        
	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary
	
	SAEXPLORATION ACQUISITION (US), LLC
	
	By: /s/ Brent
Whiteley                                        
        
	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary

  
 [Signature Page to Note
Purchase Agreement] 

 
			
	 Whitebox Asymmetric Partners, LP
  

By: /s Mark
Strefling                                        
        
 Name: Mark Strefling

Title: Partner & CEO

  

			
	 Whitebox Credit Partners, LP
  

By: /s Mark
Strefling                                        
        
 Name: Mark Strefling

Title: Partner & CEO

  

			
	 Whitebox Multi-Strategy Partners, LP
  

By: /s Mark
Strefling                                        
        
 Name: Mark Strefling

Title: Partner & CEO

  
 [Signature Page to Note
Purchase Agreement] 

 
			
	 1992 MSF INTERNATIONAL LTD.
 By:
Highbridge Capital Management, LLC, as Trading Manager and not in its individual capacity
  

By: /s/ Jonathan
Segal                                        
        
 Name: Jonathan Segal

Title: Managing Director

  

			
	 1992 TACTICAL CREDIT MASTER FUND, L.P.

By: Highbridge Capital Management, LLC, as Trading Manager and not in its individual capacity

 
 By: /s/ Jonathan
Segal                                        
        
 Name: Jonathan Segal

Title: Managing Director

  
 [Signature Page to Note
Purchase Agreement] 

 
			
	Blue Mountain Credit Alternatives Master Fund L.P.
	
	By: /s/ David M.
O’Mara                                    
	Name: David M. O’Mara
	Title: Deputy General Counsel
	
	BlueMountain Montenvers Master Fund SCA SICAV-SIF
	
	By: /s/ David M.
O’Mara                                    
	Name: David M. O’Mara
	Title: Deputy General Counsel
	
	BlueMountain Summit Trading L.P.
	
	By: /s/ David M.
O’Mara                                    
	Name: David M. O’Mara
	Title: Deputy General Counsel
	
	BlueMountain Kicking Horse Fund L.P.
	
	By: /s/ David M.
O’Mara                                    
	Name: David M. O’Mara
	Title: Deputy General Counsel

  
 [Signature Page to Note
Purchase Agreement] 

			
	Amzak Capital Management LLC
	
	By: /s/ Sam
Baker                                        

	Name: Sam Baker
	Title: Senior Fixed Income Analyst

  
 [Signature Page to Note
Purchase Agreement] 

 
			
	Dupont Pension Trust
	
	By: /s/ Dennis
Fasura                                    
	Name: Dennis Fasura
	Title: VP, State Street Bank and Trust Company as Trustee

  
 [Signature Page to Note
Purchase Agreement] 

 
			
	By: /s/ John
Pecora                                        
    
	       John Pecora

 
			
	By: /s/ Jeff
Hastings                                        
    
	Jeff Hastings

 Schedule 1.1 

Definitions 
 “ABL
Loan Agent” means Cantor Fitzgerald Securities, as collateral agent and administrative agent for ABL Lenders under the ABL Documents, including such Person’s successors and assigns. 

“ABL Credit Agreement” means that certain Second Amended and Restated Loan and Security Agreement dated July 25, 2018
between SAExploration, Inc., as borrower, the Company Parties as guarantors, ABL Lenders, and ABL Loan Agent, as amended, restated, modified and/or supplemented from time to time in accordance with the Intercreditor Agreement. 

“ABL Documents” means the ABL Credit Agreement and any other loan or security documents executed in connection therewith,
each as amended, restated, modified or supplemented from time to time in accordance with the Intercreditor Agreement. 

“Account” shall have the meaning specified in Section 4.5(a) of this Agreement. 

“Accredited Investor” means an “accredited investor” within the meaning of Rule 501 under the Securities Act. 

“Affiliates” means, as applied to any Person, any other Person who controls, is controlled by, or is under common control
with, such Person. For purposes of this definition, “control” means the possession, directly or indirectly through one or more intermediaries, of the power to direct the management and policies of a Person, whether through the ownership of
Stock, by contract, or otherwise. 
 “Agreement” shall have the meaning specified in the first paragraph of this Agreement.

 “Benefit Plan” shall have the meaning given to such term in the ABL Credit Agreement. 

“Capital Lease” shall have the meaning given to such term in the ABL Credit Agreement. 

“Capital Stock” means: 

(i) in the case of a corporation, capital stock; 

(ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) in the equity of such entity; 
 (iii) in the case of a partnership or limited liability company, partnership interests (whether
general or limited) or membership interests, respectively; and 

 (iv) in the case of any other entity, any other interests or participations that confer on
a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing entity; 
 but excluding from
all of the foregoing any debt securities convertible into or exchangeable for Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 

“Closing” shall have the meaning specified in Section 2.3 of this Agreement. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Commercial Tort Claims” shall have the meaning given to such term in the ABL Credit Agreement. 

“Commitment Allocation Letters” means the side letters, dated as of even date herewith, by and between the Company and each
Purchaser. 
 “Common Stock” means the common stock of the Company, par value $0.0001 per share. 

“Company” shall have the meaning specified in the first paragraph of this Agreement. 

“Company Parties” shall have the meaning specified in the first paragraph of this Agreement. 

“Control Agreement” shall have the meaning given to such term in the ABL Credit Agreement. 

“Copyrights” shall have the meaning given to such term in the ABL Credit Agreement. 

“Deposit Accounts” shall have the meaning given to such term in the ABL Credit Agreement. 

“Environmental Laws” shall have the meaning given to such term in the ABL Credit Agreement. 

“Environmental Liability” shall have the meaning given to such term in the ABL Credit Agreement. 

“Equipment” shall have the meaning given to such term in the ABL Credit Agreement. 

“ERISA Affiliates” shall have the meaning given to such term in the ABL Credit Agreement. 

“Excluded Account” shall have the meaning given to such term in the ABL Credit Agreement. 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder. 
 “Excluded Subsidiaries” shall have the meaning given to such term in
the ABL Credit Agreement. 
 “GAAP” shall have the meaning given to such term in the ABL Credit Agreement. 

“Goods” shall have the meaning given to such term in the ABL Credit Agreement. 

“Governing Documents” means, with respect to any Person, the certificate or articles of incorporation, by-laws, or other organizational documents of such Person. 
 “Governmental Authority”
shall have the meaning given to such term in the ABL Credit Agreement. 
 “Guarantors” shall have the meaning specified in
the first paragraph of this Agreement. 
 “Hazardous Materials” shall have the meaning given to such term in the ABL Credit
Agreement. 
 “Indebtedness” shall have the meaning given to such term in the ABL Credit Agreement. 

“Indenture” means that certain Senior Secured Convertible Notes Indenture, dated the date hereof, by and among the Company,
the Guarantors, and Wilmington Savings Fund Society, FSB, as trustee and as noteholder collateral agent, relating to the Company’s 6.000% Senior Secured Convertible Notes due 2023, as the same may be amended, restated, supplemented or otherwise
modified from time to time. 
 “Information Statement” shall have the meaning specified in
Section 3.26 of this Agreement. 
 “Intellectual Property” shall have the meaning given to such
term in the ABL Credit Agreement. 
 “Intellectual Property Licenses” shall have the meaning given to such term in the ABL
Credit Agreement. 
 “Intercreditor Agreement” shall have the meaning given to such term in the ABL Credit Agreement. 

“Inventory” shall have the meaning given to such term in the ABL Credit Agreement. 

“Legal Requirements” means, as to any Person, the organizational documents of such Person, and any governmental treaty, law
(including the common law), statute, ordinance, code, rule, regulation, guidelines, license, permit requirement, order or determination of an arbitrator or a court or other Governmental Authority, and the interpretation or administration thereof, in
each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

 “Lien” shall have the meaning given to such term in the ABL Credit
Agreement. 
 “Margin Stock” as defined in Regulation U of the Board of Governors of the Federal Reserve System as in
effect from time to time. 
 “Material Adverse Change” means (a) a material adverse change in the business, prospects,
operations, results of operations, assets, liabilities or condition (financial or otherwise) of the Company Parties and their Subsidiaries taken as a whole, (b) a material impairment of the ability of any Company Party or any of its
Subsidiaries to perform its obligations under the Transaction Documents to which it is a party, or (c) any claim against any Company Indenture Party or its Subsidiaries or written threat of material litigation which if determined adversely to
any Company Indenture Party or any of its Subsidiaries, would result in the occurrence of an event described in clause (a) or (b) above. 

“Material Contract” shall have the meaning given to such term in the ABL Credit Agreement. 

“New Intercreditor Agreement” means that certain Intercreditor Agreement, dated the date hereof, by and among the Agent, as
ABL Agent, the Term Agent (as defined in the Intercreditor Agreement) and the Noteholder Agent (as defined in the Intercreditor Agreement) party thereto, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 “Notes” means the 6.00% Senior Secured Convertible Notes due 2023 in an aggregate principal amount of up to $60,500,000,
in the form attached to the Indenture. 
 “Note Purchase Price” shall have the meaning specified in
Section 2.1 of this Agreement. 
 “Obligations” means (a) obligations of the Company and the
other Company Indenture Parties from time to time under the Indenture and the other Indenture Documents and (b) under this Agreement and the Transaction Documents. 

“OFAC” means The Office of Foreign Assets Control of the U.S. Department of the Treasury. 

“Patents” shall have the meaning given to such term in the ABL Credit Agreement. 

“Patriot Act” shall have the meaning given to such term in Section 3.15. 

“Person” means and includes natural persons, corporations, limited liability companies, limited partnerships, general
partnerships, limited liability partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal entities, and governments and agencies and political subdivisions thereof. 

 “Permitted Disposition” shall have the meaning given to such term under the
ABL Loan Agreement. 
 “Permitted Foreign Deposit Accounts” shall have the meaning given to such term under the ABL Loan
Agreement. 
 “Permitted Liens” shall have the meaning given to such term under the ABL Loan Agreement. 

“Permitted Protests” shall have the meaning given to such term under the ABL Loan Agreement. 

“Preempted Perfection Equipment” shall have the meaning given to such term under the ABL Loan Agreement. 

“Projections” means the Company’s forecasted (a) balance sheets, (b) profit and loss statements, and
(c) cashflow statements, all prepared on a basis consistent with Company’s historical financial statements, together with appropriate supporting details and a statement of underlying assumptions. 

“Purchaser” and “Purchasers” shall have the meaning specified in the first paragraph of this Agreement. 

“Purchaser Material Adverse Effect” means any material and adverse effect on the ability of a Purchaser to consummate the
transactions, or perform its obligations, under any Transaction Document on a timely basis. 
 “Real Property” shall have
the meaning given to such term under the ABL Loan Agreement. 
 “Registration Rights Agreement” means that certain
Registration Rights Agreement, dated the date hereof, by and among, the Purchasers, the Company and the Guarantors, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Sanctioned Entity” means (a) a country or a government of a country, (b) an agency of the government of a country,
(c) an organization directly or indirectly controlled by a country or its government, (d) a Person resident in or determined to be resident in a country, in each case, that is subject to a country sanctions program administered and
enforced by OFAC. 
 “Sanctioned Person” means a person named on the list of Specially Designated Nationals maintained by
OFAC. 
 “Sarbanes Oxley Act” Sarbanes-Oxley Act of 2002. 

“SEC Reports” shall have the meaning given to such term in Section 3.7. 

 “Securities” means the Notes, the Guarantors’ guarantees of the
Obligations, and the Warrants and the shares of Common Stock issuable upon conversion of the Notes and upon exercise of the Warrants. 

“Securities Accounts” shall have the meaning given to such term under the ABL Loan Agreement. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Security Agreement” means that certain Security Agreement, dated the date hereof, among the Collateral Trustee, the Company
and the Guarantors, as it may be amended or supplemented from time to time. 
 “Security Documents” means the Security
Agreement and all other security and/or other collateral documents entered into in connection with the Indenture and the Notes, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Senior Notes” means the 10.000% Senior Notes due 2019 issued by Company under the Senior Notes Indenture. 

“Senior Notes Indenture” means that certain Indenture, dated as July 27, 2016, by and among the Company, the Guarantors,
and Wilmington Savings Fund Society, FSB, as trustee and as noteholder collateral agent, as supplemented by that certain First Supplemental Indenture thereto, dated as of January 26, 2018, relating to the Company’s for 10.000% Senior Notes
due 2019. 
 “Senior Notes Documents” means the Senior Notes Indenture and any other instrument or agreement entered into,
now or in the future, by any Company Indenture Party or any of its Subsidiaries or the trustee of the Senior Notes Indenture in connection with the Senior Notes Indenture. 

“Share Increase Proposal” shall have the meaning specified in Section 5.1(k)(ii). 

“Solvent” shall have the meaning given to such term under the ABL Loan Agreement. 

“Stock” means all shares, options, warrants, interests, participations, or other equivalents (regardless of how designated)
of or in a Person, whether voting or nonvoting, including common stock, preferred stock, or any other “equity security” (as such term is defined in Rule 3al1-1 of the General Rules and Regulations
promulgated by the Commission under the Exchange Act). 
 “Stockholder Consent” means the written consent of the holders of
at least a majority of the Company’s outstanding shares of Common to approve the issuance of shares of Common Stock representing more than 19.99% of the outstanding shares of Common Stock pursuant to the terms of the Notes that may be issued
pursuant to the Indenture and this Agreement, for purposes of satisfying the applicable rules of the NASDAQ Capital Market. 

 “Subsidiary” means, with respect to any Person, any corporation,
association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or
more Subsidiaries of such Person. 
 “Taxes” means all present and future taxes, levies, imposts, duties, fees,
assessments, deductions, withholding (including backup withholding) or other charges of whatever nature now or hereafter imposed by any jurisdiction or by any political subdivision or taxing authority thereof or therein with respect to such payments
and all interest, penalties or similar additions with respect thereto. 
 “Term Documents” means the Term Credit Agreement
and any other loan or security documents executed in connection therewith, each as amended, restated, modified or supplemented from time to time in accordance with the Intercreditor Agreement. 

“Term Lenders” means the lenders from time to time party to the Term Credit Agreement, and Term Agent, as agent. 

“Term Loan Obligations” means all principal, interest, and other obligations owing under the Term Documents. 

“Trademarks” shall have the meaning given to such term under the ABL Loan Agreement. 

“Trading Market” means the NYSE MKT, The New York Stock Exchange, The NASDAQ Global Select Market, the NASDAQ Global Market,
the NASDAQ Capital Market or the IEX (or any of their respective successors). 
 “Transaction Documents” means,
collectively, this Agreement, the Commitment Allocation Letters, the Indenture, the Notes, the Security Documents, the Registration Rights Agreement, the New Intercreditor Agreement and any other instrument or agreement entered into, by any Company
Indenture Party or any of its Subsidiaries in connection with the transactions contemplated hereby or thereby. 

“Warrants” means a warrant, issued upon conversion of any Note in accordance with the Indenture and pursuant to a warrant
agreement in substantially the form attached as Exhibit B, to acquire the number of shares of Common Stock that would otherwise have been issuable upon conversion of such Note in accordance with the Indenture, in lieu of receiving the shares
of Common Stock upon conversion of such Notes. 

 Exhibit A 

Form of Warrant Election Notice 

NOTICE OF WARRANT ELECTION OPTION 

[            ] 

SAExploration Holdings, Inc. 

1160 Dairy Ashford, Suite 160 

Houston, Texas 77079 
 Attention:
Brent Whiteley, Chief Financial Officer and General Counsel 
 Re: Conversion of 6.00% Senior Secured Convertible Notes 

The undersigned, absent the election below, would be entitled to receive [X] shares of common stock (the “Common
Stock”), par value $0.0001, upon conversion (the “Conversion”) of $[            ] principal amount of 6.00% Senior Secured Convertible Notes (the
“Notes”) pursuant to the Senior Secured Notes Indenture (the “Indenture”), dated September 26, 2018, by and among the SAExploration Holdings, Inc. (the “Company”), the
guarantors party thereto and Wilmington Savings Fund Society, FSB, as trustee and collateral trustee. Pursuant to Section 5.1(j) of that certain Note Purchase Agreement (the “Note Purchase Agreement”), dated
September 26, 2018, by and among the Company and the purchasers party thereto, the undersigned hereby irrevocably elects to receive [Y] warrants to purchase [X] shares of Common Stock in lieu of shares of Common Stock upon such Conversion. 

The undersigned hereby represents that: 
  

	 	1.	 as of the date hereof, it beneficially owns the Notes; 

 

	 	2.	 it is a Permitted Holder (as defined in the Indenture); and 

 

	 	3.	 it has complied with the conversion procedures in the Indenture. 

Capitalized terms used herein but not defined shall have the meanings given to them in the Indenture. 

 

			
	[Name of holder]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Exhibit B 

Form of Warrant 

 FORM OF WARRANT AGREEMENT 

dated as of [            ] 

between 
 SAExploration
Holdings, Inc. 
 and 

Continental Stock Transfer & Trust Company, 

as Warrant Agent 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 Article 1 Definitions
	  	 	1	 
			
	 Section 1.01
	    	Certain Definitions	  	 	1	 
		
	 Article 2 Issuance, Execution and Transfer of Warrants
	  	 	8	 
			
	 Section 2.01
	    	Issuance and Delivery of Warrants	  	 	8	 
			
	 Section 2.02
	    	Reserved	  	 	8	 
			
	 Section 2.03
	    	Registration, Transfer, Exchange and Substitution	  	 	1	 
			
	 Section 2.04
	    	Reserved	  	 	9	 
			
	 Section 2.05
	    	Reserved	  	 	9	 
			
	 Section 2.06
	    	Limitations on Transfer	  	 	9	 
		
	 Article 3 Exercise and Settlement of Warrants
	  	 	12	 
			
	 Section 3.01
	    	Exercise of Warrants	  	 	12	 
			
	 Section 3.02
	    	Procedure for Exercise by Warrant Holder	  	 	12	 
			
	 Section 3.03
	    	Procedure for Mandatory Exercise	  	 	13	 
			
	 Section 3.04
	    	Settlement of Warrants	  	 	13	 
			
	 Section 3.05
	    	Delivery of Common Shares	  	 	14	 
			
	 Section 3.06
	    	No Fractional Common Shares to Be Issued	  	 	16	 
			
	 Section 3.07
	    	Acquisition of Warrants by Company	  	 	16	 
			
	 Section 3.08
	    	Validity of Exercise	  	 	16	 
			
	 Section 3.09
	    	Certain Calculations	  	 	16	 
			
	 Section 3.10
	    	Limitation on Exercise	  	 	17	 
			
	 Section 3.11
	    	Form and Delivery	  	 	17	 
		
	 Article 4 Adjustments
	  	 	17	 
			
	 Section 4.01
	    	Adjustments to Number of Common Shares	  	 	17	 
			
	 Section 4.02
	    	Adjustments to Number of Warrants	  	 	20	 
			
	 Section 4.03
	    	Certain Distributions of Rights and Warrants	  	 	20	 
			
	 Section 4.04
	    	Stockholder Rights Plans	  	 	21	 
			
	 Section 4.05
	    	Restrictions on Adjustments	  	 	22	 
			
	 Section 4.06
	    	Successor upon Consolidation, Merger and Sale of Assets	  	 	23	 
			
	 Section 4.07
	    	Adjustment upon Reorganization Event	  	 	23	 
			
	 Section 4.08
	    	Reserved	  	 	25	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 Section 4.09
	    	Common Shares Outstanding; Common Shares Reserved for Issuance on Exercise	  	 	25	 
			
	 Section 4.10
	    	Calculations; Instructions to Warrant Agent	  	 	25	 
			
	 Section 4.11
	    	Notice of Adjustments	  	 	25	 
			
	 Section 4.12
	    	Warrant Agent Not Responsible for Adjustments or Validity	  	 	26	 
			
	 Section 4.13
	    	Reserved	  	 	26	 
		
	 Article 5 Other Provisions Relating to the Rights of Warrant
Holders
	  	 	26	 
			
	 Section 5.01
	    	No Rights as Stockholders	  	 	26	 
			
	 Section 5.02
	    	Reserved	  	 	27	 
			
	 Section 5.03
	    	Modification, Waiver and Meetings	  	 	27	 
			
	 Section 5.04
	    	Notices of Date, etc	  	 	28	 
			
	 Section 5.05
	    	Rights as Warrant Holders	  	 	28	 
			
	 Section 5.06
	    	Tax Consequences	  	 	28	 
			
	 Section 5.07
	    	Dividends	  	 	28	 
		
	 Article 6 Representations of the Company
	  	 	28	 
			
	 Section 6.01
	    	Representations	  	 	28	 
		
	 Article 7 Concerning the Warrant Agent and Other Matters
	  	 	29	 
			
	 Section 7.01
	    	Payment of Certain Taxes	  	 	29	 
			
	 Section 7.02
	    	Reserved	  	 	29	 
			
	 Section 7.03
	    	Change of Warrant Agent	  	 	29	 
			
	 Section 7.04
	    	Compensation; Further Assurances	  	 	31	 
			
	 Section 7.05
	    	Reliance on Counsel	  	 	31	 
			
	 Section 7.06
	    	Proof of Actions Taken	  	 	31	 
			
	 Section 7.07
	    	Correctness of Statements	  	 	31	 
			
	 Section 7.08
	    	Validity of Agreement	  	 	31	 
			
	 Section 7.09
	    	Use of Agents	  	 	32	 
			
	 Section 7.10
	    	Liability of Warrant Agent	  	 	32	 
			
	 Section 7.11
	    	Legal Proceedings	  	 	32	 
			
	 Section 7.12
	    	Actions as Agent	  	 	32	 
			
	 Section 7.13
	    	Appointment and Acceptance of Agency	  	 	33	 
			
	 Section 7.14
	    	Successors and Assigns	  	 	33	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 Section 7.15
	    	Notices	  	 	33	 
			
	 Section 7.16
	    	Applicable Law; Jurisdiction	  	 	34	 
			
	 Section 7.17
	    	Waiver of Jury Trial	  	 	34	 
			
	 Section 7.18
	    	Benefit of this Warrant Agreement	  	 	34	 
			
	 Section 7.19
	    	Registered Warrant Holder	  	 	34	 
			
	 Section 7.20
	    	Headings	  	 	34	 
			
	 Section 7.21
	    	Counterparts	  	 	35	 
			
	 Section 7.22
	    	Entire Agreement	  	 	35	 
			
	 Section 7.23
	    	Severability	  	 	35	 
			
	 Section 7.24
	    	Termination	  	 	35	 
			
	 Section 7.25
	    	Confidentiality	  	 	35	 

  

			
	EXHIBIT A	  	FORM OF WARRANT STATEMENT
		
	EXHIBIT B	  	FORM OF EXERCISE NOTICE
		
	EXHIBIT C	  	WARRANT AGENT FEE SCHEDULE

  
 iii 

 WARRANT AGREEMENT 

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

WHEREAS, the Company is issuing Series F Warrants (the “Warrants”) to purchase shares of common stock, par value $0.0001 per
share, of the Company (“Common Shares”) to certain eligible holders of record of the Company’s 6.00% Senior Secured Convertible Notes. 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, exchange, Transfer (as defined below), substitution and exercise of the Warrants; 
 WHEREAS, the Company desires to provide
for the terms upon which the Warrants shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; 

WHEREAS, the Warrants have the terms and conditions set forth in this Warrant Agreement (including the Exhibits hereto); and 

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when issued and delivered on behalf of the
Company and registered on the books of the Warrant Agent as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Warrant Agreement. 

NOW THEREFORE in consideration of the mutual agreements herein contained, the Company and the Warrant Agent agree as follows: 

Article 1 
 DEFINITIONS

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

 “Appropriate Officer” means the Chief Executive Officer, President, the
Chief Financial Officer, any Executive Vice President, any Senior Vice President or any Vice President, any Treasurer or Secretary of the Company. 

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

“Board” means the board of directors of the Company or any committee of such board duly authorized to exercise the power of
the board of directors with respect to the matters provided for in this Warrant Agreement as to which the board of directors is authorized or required to act. 

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

“Cash” means such coin or currency of the United States as at any time of payment is legal tender for the payment of public
and private debts. 
 “Change of Control” means the occurrence of any of the following: (i) the direct or indirect
sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries taken as a
whole to any “person” (as that term is used in Section 13(d) of the Exchange Act) other than a Permitted Holder; (ii) the adoption or the approval by the holders of capital stock of a plan relating to the liquidation or
dissolution of the Company; (iii) the consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any person, other than a Permitted Holder, becomes the beneficial owner, directly or
indirectly, of more than 50% of the Voting Stock of the Company, measured by voting power rather than number of shares; or (iv) the Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with
or into, the Company, in any such event pursuant to a transaction in which any of the outstanding voting stock of the Company or such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the Voting Stock of the Company outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock of the surviving or transferee person constituting a majority of the outstanding shares of such Voting Stock of
such surviving or transferee person (immediately after giving effect to such issuance). For the avoidance of doubt, a Change of Control will not be deemed to have occurred if a Permitted Holder has the ability to appoint a majority of the Board of
the Company, and none of the transactions contemplated by the RSA shall be deemed a Change of Control. 
 “Close of
Business” means 5:00 p.m., New York City time. 
 “Closing Date” means
[            ]. 
 “Common Shares” has the meaning set forth in
the recitals. 
 “Common Shares Deemed Outstanding” means, at any given time, the sum of (a) the number of Common
Shares actually outstanding at such time, plus (b) the number of Common Shares issuable upon conversion or exchange of Convertible Securities actually outstanding at such time, regardless of whether the Convertible Securities are actually

  
 2 

 
exercisable at such time, plus (c) the number of Common Shares reserved for issuance at such time under the Management Plan or any other equity incentive plan of the Company, regardless of
whether the Common Shares are actually subject to outstanding options at such time or whether any outstanding options are actually exercisable at such time; provided, that Common Shares Deemed Outstanding at any given time shall not include shares
owned or held by or for the account of the Company or any of its wholly-owned subsidiaries. 
 “Company” has the meaning set
forth in the preamble. 
 “Company Order” means a written request or order signed in the name of the Company by any
Appropriate Officer or other duly authorized officer of the Company and delivered to the Warrant Agent. 
 “Conversion
Blocker” has the meaning set forth in Section 3.10. 
 “Convertible Securities” means
options, rights, warrants or other securities convertible into or exchangeable or exercisable for Common Shares (including the Warrants). 

“Domestic Restricted Warrant” means a Warrant issued in reliance on Regulation D or Section 4(a)(2) of the Securities
Act. 
 “Equity Incentive Plans” means any equity incentive plans for officers, employees or directors of the Company,
including the Management Plan. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time,
and the related rules and regulations promulgated there under. 
 “Exchange Offer” means the Company’s exchange offer
and consent solicitation related to the Company’s 10.000% Senior Secured Second Lien Notes due 2019 and the Company’s 10.000% Senior Secured Notes due 2019. 

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

“Ex-Date” means with respect to a dividend or distribution to holders of the Common
Shares, the first date on which the Common Shares can be traded without the right to receive such dividend or distribution. 

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

 “Exercise Price” means $0.0001 per share. 

“Existing Indenture” means the Indenture dated as of July 27, 2016, among the Company, its domestic subsidiaries party
thereto and Wilmington Savings Fund Society, FSB, as trustee and noteholder collateral agent. 
 “Fair Value,” as of a
specified date, means the price per Common Share, other Securities or other distributed property determined as follows: 
 (i) in the case of
Common Shares or other Securities listed on the New York Stock Exchange or the NASDAQ Stock Market, the VWAP of a Common Share or a single unit of such other Security for the 20 Trading Days ending on, but excluding, the specified date (or if the
Common Shares or other Security has been listed for less than 20 Trading Days, the VWAP for such lesser period of time); 

  
 3 

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

(iii) in all other cases, the fair value per Common Share, other Securities or other distributed property as of a date not earlier than 10
Business Days preceding the specified date as determined in good faith by the Board and, if the Board elects to engage the same, upon the advice of an independent investment banking, financial advisory or valuation firm or appraiser selected by the
Board (a “Representative”); provided, however, that 
 (iv) notwithstanding the foregoing, if the Board
determines in good faith that the application of clauses (i) or (ii) of this definition would result in a VWAP based on the trading prices of a thinly-traded Security such that the price resulting therefrom may not represent an accurate
measurement of the fair value of such Security, the Board at its election may apply the provisions of clause (iii) of this definition in lieu of the applicable clause (i) or (ii) with respect to the determination of the fair value of such
Security. 
 “Full Physical Settlement” means the settlement method pursuant to which an exercising Warrant Holder shall be
entitled to receive from the Company, for each Warrant exercised, a number of Common Shares equal to the Full Physical Share Amount in exchange for payment by the Warrant Holder of the applicable Exercise Price. 

“Full Physical Share Amount” means, for each Warrant exercised as to which Full Physical Settlement is applicable, one Common
Share (subject to adjustment as specified in Section 4.01(c) and (d) and Section 4.02). 

“Fully Diluted Basis” means the issued and outstanding Common Shares of the Company, assuming the exercise or conversion of
all outstanding Convertible Securities for cash, but excluding any Common Shares or Convertible Securities issued or issuable pursuant to (i) an Equity Incentive Plan, (ii) the Company’s outstanding Series A Warrants or (iii) the
Company’s outstanding Series B Warrants. 
 “Fundamental Equity Change” has the meaning set forth in
Section 4.06(a). 
 “Funds” has the meaning set forth in
Section 3.02(d). 
 “Funds Account” has the meaning set forth in
Section 3.02(d). 
 “Governmental Authority” means (a) any national, supranational, federal,
state, provincial, county, municipal or local government or any entity exercising executive, legislative, judicial, quasi-judicial, arbitral, regulatory, taxing or administrative functions of or pertaining to government and (b) any agency,
commission, division, bureau, department, court, tribunal, instrumentality, authority, quasi-governmental authority or other political subdivision of any government, entity or organization described in the foregoing clause (a), in each case, whether
U.S. or non-U.S. 

  
 4 

 “Law” means any Order, law, statute, regulation, code, ordinance, policy,
rule, consent decree, consent order or other requirement of any Governmental Authority. 
 “Management Plan” means the
management incentive plan adopted by the Company which shall reserve 10%, on a Fully Diluted Basis, of the total outstanding Common Shares for distribution to covered employees, as amended, restated or otherwise modified from time to time. 

“Net Share Amount” means for each Warrant exercised as to which Net Share Settlement is applicable, a fraction of a Common
Share equal to (i) the Fair Value (as of the Exercise Date for such Warrant) of one Common Share minus the Exercise Price therefor divided by (ii) such Fair Value. The number of Common Shares issuable upon exercise, on the same
Exercise Date, of Warrants as to which Net Share Settlement is applicable shall be aggregated, with any fractional Common Share rounded down to the nearest whole share as provided in Section 3.06. In no event shall the
Company deliver a fractional Common Share in connection with an exercise of Warrants as to which Net Share Settlement is applicable. 

“Net Share Settlement” means the settlement method pursuant to which an exercising Warrant Holder shall be entitled to receive
from the Company, for each Warrant exercised, a number of Common Shares equal to the product of (i) the number of Common Shares then issuable upon exercise of one Warrant times (ii) Net Share Amount without any payment of Cash therefor.

 “Number of Warrants” means the “Number of Warrants” specified in the Warrant Register, subject to adjustment
pursuant to Article 4. 
 “Officer’s Certificate” means a certificate signed by any
Appropriate Officer or other duly authorized officer of the Company. 
 “Open of Business” means 9:00 a.m., New York City
time. 
 “Order” means any award, injunction, judgment, decree, order, ruling, subpoena or verdict or other decision issued,
promulgated or entered by or with a Governmental Authority of competent jurisdiction. 
 “Permitted Holders” means
(a) Whitebox Advisors LLC, BlueMountain Capital Management, LLC, Highbridge Capital Management, LLC, Morgan Stanley Investment Management Inc., DuPont Capital Management, Amzak Capital Management, LLC, Minerva Advisors, Steven Roth, and any
Related Party of any of the foregoing, (b) any Person acting in the capacity of an underwriter or initial purchaser in connection with a public or private offering of the capital stock of the Company or any direct or indirect parent entity or
securities convertible into or exchangeable or exercisable for such capital stock, (c) any immediate family member of a Person (in the case of an individual) described in clause (a) above, (d) any trust, corporation, partnership, limited
liability company or other entity, of whose Voting Stock more than 50% is beneficially owned by one or more of the Persons described in clauses (a), (b), and (c) and (e) any co-investor in any person
described in clause (d) above. 
 “Person” means an individual, partnership, firm, corporation, limited liability
company, business trust, joint stock company, trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature. 

  
 5 

 “Record Date” means, with respect to any dividend, distribution or other
transaction or event in which the holders of Common Shares have the right to receive any Cash, Securities or other property or in which Common Shares (or another applicable Security) are exchanged for or converted into, or any combination of, Cash,
Securities or other property, the date fixed for determination of holders of Common Shares entitled to receive such Cash, Securities or other property or participate in such exchange or conversion (whether such date is fixed by the Board or by
statute, contract or otherwise). 
 “Reference Property” has the meaning set forth in
Section 4.07(a). 
 “Registration Rights Agreement” shall mean that certain Registration Rights
Agreement, dated as of January 29, 2018, by and among the Company and certain holders of the Company’s Securities, entered into in conjunction with the Exchange Offer. 

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

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

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

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

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

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

“Restricted Ownership Percentage” has the meaning set forth in Section 3.10. 

“RSA” means the Restructuring Support Agreement dated as of December 19, 2017 among the Company and the Supporting
Holders identified therein, as amended, restated or otherwise modified from time to time. 
 “SEC” means the United States
Securities and Exchange Commission, or any other federal agency at the time administering the Securities Act or the Exchange Act, whichever is the relevant statute for the particular purpose. 

“Securities” means (i) any capital stock (whether Common Shares or preferred stock, voting or non-voting), partnership, membership or limited liability company interest or other equity or voting interest, (ii) any right, option, warrant or other security or evidence of indebtedness convertible into, or
exercisable or exchangeable for, directly or indirectly, any interest described in clause (i), (iii) any notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtedness, and (iv) any other
“securities,” as such term is defined or determined under the Securities Act. 
 “Securities Act” means the
Securities Act of 1933, as amended from time to time, and the related rules and regulations promulgated thereunder. 
 “Settlement
Date” means, in respect of a Warrant that is exercised hereunder, the second Business Day immediately following the Exercise Date for such Warrant. 

“Subsidiary” means, as to any Person, any corporation, partnership, limited liability company or other organization, whether
incorporated or unincorporated, of which at least a 

  
 6 

 
majority of the securities or other interests having by their terms voting power to elect a majority of the Board or others performing similar functions with respect to such corporation or other
organization is directly or indirectly beneficially owned or controlled by such party or by any one or more of its subsidiaries, or by such party and one or more of its subsidiaries. 

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

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

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

“Warrant” or “Warrants” means the warrants of the Company, each of which is exercisable for a single Common
Share as provided herein, issued pursuant to this Warrant Agreement with the terms, conditions and rights set forth herein. 

“Warrant Agent” has the meaning set forth in the preamble and shall include any successor warrant agent appointed in
accordance with Section 7.03. 
 “Warrant Agreement” has the meaning set forth in the preamble. 

“Warrant Holder” has the meaning set forth in Section 7.19. 

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

  
 7 

 “Warrant Statement” has the meaning set forth in
Section 2.01(a). 
 Article 2 

ISSUANCE, EXECUTION AND TRANSFER OF WARRANTS 

Section 2.01 Issuance and Delivery of Warrants. 

(a) On the Closing Date, the Company shall initially issue upon original issuance an aggregate of [●] Warrants (such Number of Warrants
to be subject to adjustment from time to time as described herein) in accordance with the terms of this Warrant Agreement by delivering to the Warrant Agent a Company Order specifying such aggregate Number of Warrants so to be issued and the names
of the respective original Persons entitled thereto. Each Warrant shall be exercisable (upon payment of the Exercise Price and compliance with the procedures set forth in this Warrant Agreement) for one Common Share (subject to adjustment as
specified in Section 4.01(c) and (d) and Section 4.02). On the Closing Date, the Warrant Agent shall, upon receipt of such Company Order, register the issuance of such Warrants by
electronic entry registration in the Warrant Register. Upon such issuance, the Warrant Agent shall promptly deliver to the Warrant Holders a statement confirming the Number of Warrants held by such Warrant Holder as so registered on the Warrant
Register, substantially in the form of Exhibit A herein (the “Warrant Statements”). 
 (b) All Warrants issued
under this Warrant Agreement shall in all respects be equally and ratably entitled to the benefits hereof, without preference, priority, or distinction on account of the actual time of the issuance or any other terms thereof. Each Warrant shall be,
and shall remain, subject to the provisions of this Warrant Agreement until such time as such Warrant shall have been duly exercised or shall have been canceled in accordance with the terms hereof. The Warrant Holder shall be bound by all of the
terms and provisions of this Warrant Agreement as fully and effectively as if the Warrant Holder had signed the same. 
 (c) Any Warrant that
is forfeited by a Warrant Holder or repurchased by the Company shall be deemed to be no longer outstanding for all purposes of this Warrant Agreement. 

Section 2.02 Reserved. 

Section 2.03 Registration, Transfer, Exchange and Substitution. 

(a) The Company shall cause to be kept at the office of the Warrant Agent, and the Warrant Agent shall maintain, an electronic entry register
(the “Warrant Register”) in which the Company shall provide for the registration of any Warrants and Transfers, exchanges and cancellations thereof and for changes in the Number of Warrants as provided herein. Any Warrant issued
upon any registration of Transfer or exchange of or substitution for any Warrant shall be a valid obligation of the Company, evidencing the same obligations, and entitled to the same benefits under this Warrant Agreement, as any Warrant tendered or
otherwise surrendered for such registration of Transfer, exchange or substitution. 

  
 8 

 (b) A Warrant may be Transferred upon the delivery of a written instruction of Transfer in
form reasonably satisfactory to the Warrant Agent and the Company, duly executed by the Warrant Holder or by such Warrant Holder’s attorney, duly authorized in writing. No such Transfer shall be effected until, and the Transferee shall succeed
to the rights of the Warrant Holder only upon, final acceptance and registration of the Transfer in the Warrant Register by the Warrant Agent. Upon such acceptance and registration, the Warrant Agent shall promptly deliver a Warrant Statement to
such designated Transferee or Transferees. Prior to the registration of any Transfer of a Warrant by the Warrant Holder in the Warrant Register as provided herein, the Company, the Warrant Agent, and any agent of the Company or the Warrant Agent may
treat the Person in whose name such Warrant is registered as the owner thereof for all purposes, notwithstanding any notice to the contrary. No service charge shall be made for any such registration of Transfer. A party requesting transfer of a
Warrant must provide any evidence of authority that may be required by the Warrant Agent, including but not limited to, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the
Securities Transfer Association, Inc. 
 (c) Transfers hereunder shall be subject at all times to Section 2.06
hereof. 
 Section 2.04 Reserved. 

Section 2.05 Cancellation of Warrants. The cancellation of any Warrant that has been exercised shall be registered effective as of
the Exercise Date on the Warrant Register. 
 Section 2.06 Limitations on Transfer. 

(a) Notwithstanding any other provision of this Warrant Agreement, the Warrants, and the Common Shares issuable upon exercise thereof, have not
been registered under the Securities Act and, accordingly, may not be resold or otherwise transferred within the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act), except as set
forth in the following sentence. The Warrant Holders may not sell or transfer any Warrants in the absence of an effective registration statement under the Securities Act or pursuant to an available exemption from the registration requirements of the
Securities Act. By accepting a Warrant (whether at initial issuance or pursuant to a Transfer thereof), the recipient thereof agrees (A) that, prior to the expiration of the applicable holding period pursuant to Rule 144 under the Securities
Act, it will not resell or otherwise transfer such Warrants except (1) to the Company or any Subsidiary thereof or (2) in accordance with an exemption from the registration requirements of the Securities Act (and based upon an opinion of
counsel if the Company or the Warrant Agent so requests), and (B) to inform any subsequent Warrant Holder of the limitations on Transfer set forth in this Section 2.06, and shall instruct and direct each such Warrant
Holder to conform to the restrictions set forth herein and shall maintain any applicable legends in its books and records. Any attempted or purported Transfer of all or a portion of the Warrants held by a Warrant Holder in violation of this
Section 2.06 shall be null and void and of no force or effect whatsoever, such purported transferee will not be treated as an owner of the Warrants for purposes of this Warrant Agreement or otherwise, and the Warrant Agent
will not register such Transfer in the Warrant Register. The Common Shares issuable in connection with the exercise of a Warrant shall be issued in accordance with Section 3.05(b) hereof. The Warrant Agent shall not be
under any duty or responsibility to ensure compliance by the Company, any Warrant Holder or any other Person with any applicable U.S. federal or state securities laws. 

  
 9 

 (b) Legend.

(1) Each Warrant Statement shall bear a legend in substantially the following form: 

“THIS WARRANT AND THE SECURITIES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS WARRANT NOR ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. 

BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

1. REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS [AN “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE
501(a) UNDER THE SECURITIES ACT) (AN “ACCREDITED INVESTOR”)] [NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT)], AND 

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

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

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

(C) PURSUANT TO AN EXEMPTION FROM REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(B) ABOVE, THE COMPANY AND THE TRANSFER AGENT RESERVE THE RIGHT TO
REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO
REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.” 

  
 10 

 (2) Each certificate evidencing Common Stock in certificated form, and each
transaction statement with respect to Common Stock in uncertificated form, shall bear a legend in substantially the following form: 

“THIS SHARE OF COMMON STOCK HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE SECURITIES LAWS. NEITHER THIS SHARE OF COMMON STOCK NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. 

BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

1. REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS [AN “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE
501(a) UNDER THE SECURITIES ACT) (AN “ACCREDITED INVESTOR”)] [NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT)], AND 

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

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

 

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

  

	 	(C)	 PURSUANT TO AN EXEMPTION FROM REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(B) ABOVE, THE COMPANY AND THE TRANSFER AGENT RESERVE THE RIGHT TO
REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO
REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.” 

  
 11 

 Article 3 

EXERCISE AND SETTLEMENT OF WARRANTS 

Section 3.01 Exercise of Warrants. Subject to and upon compliance with the terms and conditions set forth herein, Warrants may be
exercised immediately and at any time and from time to time, for the Common Shares obtainable thereunder. Only whole Warrants may be exercised. 

Section 3.02 Procedure for Exercise by Warrant Holder. 

(a) To exercise each Warrant, a Warrant Holder must arrange for (i) the delivery of the Exercise Notice duly completed and executed to the
principal office of the Warrant Agent and the Company, together with any evidence of authority that may be required by the Warrant Agent, including but not limited to, a signature guarantee from an eligible guarantor institution participating in a
signature guarantee program approved by the Securities Transfer Association, Inc., (ii) if Full Physical Settlement is elected, payment to the Warrant Agent in an amount equal to the respective Exercise Price for each Common Share issuable upon
exercise of each Warrant to be exercised together with all applicable taxes and charges thereto, and (iii) compliance with all other procedures established by the Warrant Agent for the exercise of Warrants. 

(b) The date on which all the requirements for exercise set forth in this Section 3.02 in respect of a Warrant are
satisfied is the “Exercise Date” for such Warrant. 
 (c) Subject to Section 3.02(e) and
Section 3.02(f), any exercise of a Warrant by a Warrant Holder pursuant to the terms of this Warrant Agreement shall be irrevocable and enforceable in accordance with its terms. 

(d) All funds received by the Warrant Agent under this Warrant Agreement that are to be distributed or applied by the Warrant Agent in the
performance of services in accordance with this Warrant Agreement (the “Funds”) shall be held by the Warrant Agent as agent for the Company and deposited in one or more bank accounts to be maintained by the Warrant Agent in its name
as agent for the Company (the “Funds Account”). Until paid pursuant to the terms of this Warrant Agreement, the Warrant Agent will hold the Funds through the Funds Account in deposit accounts of commercial banks with Tier 1 capital
exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating), each as reported by Bloomberg Finance L.P. The
Warrant Agent shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made by the Warrant Agent in accordance with this paragraph, including any losses resulting from a default by any bank,
financial institution or other third party. The Warrant Agent may from time to time receive interest, dividends or other earnings in connection with such deposits. The Warrant Agent shall not be obligated to pay such interest, dividends or earnings
to the Company, any Warrant Holder or any other party. 
 (e) In connection with any exercise of a Warrant by a Warrant Holder, the Company
shall assist and cooperate with any Warrant Holder required to make any governmental filings or obtain any governmental approvals prior to or in connection with any exercise of a Warrant (including, without limitation, making any filings required to
be made by the Company), and any exercise of a Warrant may be made contingent upon the making of any such filing and the receipt of any such approval. 

  
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 (f) Notwithstanding any other provision of this Warrant Agreement, if the exercise of any
Warrant by a Warrant Holder is to be made in connection with a registered public offering or a Change of Control, such exercise may, upon proper election in the Exercise Notice, be conditioned upon consummation of such transaction or event, in which
case such exercise shall not be deemed effective until the consummation of such transaction or event. 
 (g) The Warrant Agent shall forward
funds deposited in the Funds Account in a given month by the fifth Business Day of the following month by wire transfer to an account designated by the Company. 

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

Section 3.03 Procedure for Mandatory Exercise. 

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

(b) The “Exercise Date” will be a date selected by the Company that will be no earlier than 5 Business Days and no later than 20
Business Days after the date on which the Company issues such press release. 
 (c) Net Share Settlement will apply to any Warrant exercised
by the Company pursuant to this Section 3.03. 
 (d) In addition to any information required by applicable law or
regulation, the press release and notice of mandatory exercise described in Section 3.03(a) shall state, as appropriate: (1) the Exercise Date; and (2) the number of shares of Common Stock to be issued upon
exercise of each Warrant. 
 (e) On and after the Exercise Date established pursuant to Section 3.03(b), all rights
of Holders of Warrants shall terminate except for the right to receive the whole shares of Common Stock issuable upon exercise thereof with any fractional Common Share rounded down to the nearest whole share as provided in
Section 3.06. 
 Section 3.04 Settlement of Warrants. 

(a) Full Physical Settlement shall apply to each Warrant unless the Warrant Holder elects for Net Share Settlement to apply upon exercise of
such Warrant or in the case of exercise by the Company pursuant to Section 3.03. Such election shall be made in the Exercise Notice for such Warrant. 

  
 13 

 (b) If Full Physical Settlement applies to the exercise of a Warrant, upon the proper and
valid exercise thereof by a Warrant Holder, the Company shall cause to be delivered to the exercising Warrant Holder the Full Physical Settlement Amount on the Settlement Date, with any fractional Common Share rounded down to the nearest whole share
as provided in Section 3.06. 
 (c) If Net Share Settlement applies to the exercise of a Warrant, upon the proper
and valid exercise thereof by a Warrant Holder or the Company, the Company shall cause to be delivered to the Warrant Holder the Net Share Amount on the Settlement Date, with any fractional Common Share rounded down to the nearest whole share as
provided in Section 3.06. 
 (d) If there is a dispute as to the determination of the applicable Exercise Price or
the calculation of the number of shares of Common Shares to be delivered to an exercising Warrant Holder, the Company shall cause to be promptly delivered to the exercising Warrant Holder the number of Common Shares that is not in dispute. 

Section 3.05 Delivery of Common Shares. 

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

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

(3) inform the Company of and cooperate with and assist the Company in resolving any reconciliation problems between the
Exercise Notices received and delivery of Warrants to the Warrant Agent’s account; 
 (4) advise the Company with
respect to an exercise, no later than two Business Days following the satisfaction of each of the applicable procedures for exercise set forth in Section 3.02(a), of (v) the receipt of such Exercise Notice and the
number of Warrants exercised in accordance with the terms and conditions of this Warrant Agreement, (w) the number of Common Shares to be delivered by the Company; (x) the instructions with respect to issuance of the Common Shares, subject
to the timely receipt from the Warrant Holder of the necessary information, (y) the number of Persons who will become holders of record of the Company (who were not previously holders of record) as a result of receiving Common Shares upon
exercise of the Warrants and (z) such other information as the Company shall reasonably require; 

  
 14 

 (5) promptly deposit in the Funds Account all Funds received in payment of
the applicable Exercise Price in connection with Full Physical Settlement of Warrants; and 
 (6) provide to the Company,
upon the Company’s request, the number of Warrants previously exercised, the number of Common Shares issued in connection with such exercises and the number of remaining outstanding Warrants. 

(b) In connection with the mandatory exercise of Warrants by the Company, the Warrant Agent shall advise the Company of (1) the number of
Common Shares to be delivered by the Company; (2) the instructions with respect to issuance of the Common Shares, subject to the timely receipt from the Warrant Holder of the necessary information, (3) the number of Persons who will become
holders of record of the Company (who were not previously holders of record) as a result of receiving Common Shares upon exercise of the Warrants and (4) such other information as the Company shall reasonably require. 

(c) If a registration statement covering the resale of the Common Shares issuable in connection with the exercise of a Warrant and naming the
Warrant Holder as a selling stockholder thereunder is not effective or the Common Shares issued in connection with such exercise are not freely transferable without volume restrictions pursuant to Rule 144(b) under the Securities Act, with respect
to each properly exercised Warrant in accordance with this Warrant Agreement, the Company shall, in accordance with the applicable Exercise Notice, effect an electronic delivery of the Common Shares with appropriate restrictive legends issuable in
connection with such exercise to the Warrant Holder’s account. If a registration statement covering the resale of the Common Shares the Common Shares issuable in connection with the exercise of a Warrant and naming the Warrant Holder as a
selling stockholder thereunder is effective or the Common Shares issued in connection with such exercise are freely transferable without volume restrictions pursuant to Rule 144(b) under the Securities Act, with respect to each properly exercised
Warrant in accordance with this Warrant Agreement, the Company shall, in accordance with such Exercise Notice, effect an electronic delivery of the Common Shares free of restrictive legends issuable in connection with such exercise to the Warrant
Holder’s account. The Person on whose behalf and in whose name any Common Shares are registered shall for all purposes be deemed to have become the holder of record of such Common Shares as of the Close of Business on the applicable Exercise
Date. 
 (d) If a registration statement covering a resale of Common Shares issued in connection with properly exercised Warrants is not
effective and the Warrant Holder directs the Company to deliver the Common Shares issued in connection with such exercise in a name other than that of the Warrant Holder or an Affiliate of the Warrant Holder, such Warrant Holder shall deliver to the
Company on the Exercise Date an opinion of counsel reasonably satisfactory to the Company to the effect that the issuance of such Common Shares in such other name may be made pursuant to an available exemption from the registration requirements of
the Securities Act and all applicable state securities or blue sky laws. 
 (e) Promptly after the Warrant Agent shall have taken the action
required by this Section 3.05 (or at such later time as may be mutually agreeable to the Company and the Warrant Agent), the Warrant Agent shall account to the Company with respect to the consummation of any exercise of any
Warrants. 

  
 15 

 Section 3.06 No Fractional Common Shares to Be Issued. 

(a) Notwithstanding anything to the contrary in this Warrant Agreement, the Company shall not be required to issue any fraction of a Common
Share upon exercise of any Warrants. 
 (b) If any fraction of a Common Share would, except for the provisions of this
Section 3.06, be issuable on the exercise of any Warrants, the Company shall instead round down to the nearest whole share the number of Common Shares that such Person designated in the applicable Exercise Notice shall
receive. All Warrants exercised by a Warrant Holder on the same Exercise Date shall be aggregated for purposes of determining the number of Common Shares to be delivered pursuant to this Article 3. 

(c) Each Warrant Holder, by its acceptance of an interest in a Warrant, expressly waives its right to any fraction of a Common Share upon its
exercise of such Warrant. 
 Section 3.07 Acquisition of Warrants by Company. The Company shall have the right, except as
limited by Law, to offer to purchase or otherwise to offer to acquire one or more Warrants at such times, in such manner and for such consideration as it may deem appropriate. 

Section 3.08 Validity of Exercise. All questions as to the validity, form and sufficiency (including time of receipt) of a Warrant
exercise shall be determined by the Company, which determination shall be final and binding with respect to the Warrant Agent. The Warrant Agent shall incur no liability for or in respect of and, except to the extent such liability arises from the
Warrant Agent’s gross negligence, willful misconduct or bad faith (as determined by a court of competent jurisdiction in a final non-appealable judgment), shall be indemnified and held harmless by the
Company for acting or refraining from acting upon, or as a result of such determination by the Company. The Company reserves the absolute right to waive any of the conditions to the exercise of Warrants or defects in Exercise Notices with regard to
any particular exercise of Warrants. 
 Section 3.09 Certain Calculations. 

(a) The Warrant Agent shall be responsible for performing all calculations, save for in the case of Net Share Settlements, required in
connection with the exercise and settlement of the Warrants as described in this Article 3. In connection therewith, the Warrant Agent shall provide prompt written notice to the Company, in accordance with
Section 3.05(a)(4) and Section 3.05(b), of the number of Common Shares deliverable upon exercise and settlement of Warrants. For the avoidance of doubt, the Warrant Agent shall not be responsible
for performing the calculations set forth in Article 4. 
 (b) The Warrant Agent shall not be accountable with
respect to the validity or value of any Common Shares or Units of Reference Property that may at any time be issued or delivered upon the exercise of any Warrant, and it makes no representation with respect thereto. The Warrant Agent shall not be
responsible, to the extent not arising from the Warrant Agent’s 

  
 16 

 
gross negligence, willful misconduct or bad faith (as determined by a court of competent jurisdiction in a final non-appealable judgment), for any failure
of the Company to issue, transfer or deliver any Common Shares or Units of Reference Property, or to comply with any of the covenants of the Company contained in this Article 3. 

Section 3.10 Limitation on Exercise. Except in the context of a Change in Control, a Warrant Holder that owns less than 10% of the
shares of the Company’s Common Shares outstanding and is not otherwise an Affiliate of the Company will not have the right to exercise such Warrant and such Warrant shall not be exercisable by the Company, for so long as the Common Shares are
registered under the Exchange Act, if and to the extent that after giving effect to such exercise, such Person (together with such Person’s Affiliates) or any “group” (within the meaning of Section 13(d) of the Exchange Act) that
includes such person would beneficially own in excess of 9.99% (the “Restricted Ownership Percentage”) of the shares of Common Shares outstanding immediately after giving effect to such exercise (the “Conversion
Blocker”); provided, that the Conversion Blocker shall continue to apply to Blue Mountain Capital Management, LLC and its affiliates (which, for the avoidance of doubt, shall not include the Company and its other affiliates) that are
Holders at any time when Blue Mountain Capital Management, LLC and its affiliates are Affiliates of the Company. Each Warrant Holder shall have the right at any time and from time to time to reduce the Restricted Ownership Percentage applicable to
such Warrant Holder immediately upon prior written notice to the Company or increase the Restricted Ownership Percentage applicable to such holder upon 61 days’ prior written notice to the Company. 

Section 3.11 Form and Delivery. Notwithstanding anything to the contrary herein, (i) unless otherwise agreed by the Company
and the Warrant Holder, the Common Shares into which the Warrants convert shall be in uncertificated, book entry form as permitted by the bylaws of the Company and the Delaware General Corporation Law, and (ii) delivery of Common Shares upon
exercise of a Warrant shall be made to the applicable Warrant Holder through the facilities of The Depository Trust Company as reasonably directed by such Warrant Holder, unless such Warrant Holder shall otherwise request that such Common Shares
into which the Warrants convert be registered in the Warrant Holder’s name in book entry form on the Transfer Agent’s records. 

Article 4 
 ADJUSTMENTS

 Section 4.01 Adjustments to Number of Common Shares. After the date on which the Warrants are first issued and
while any Warrants remain outstanding and unexpired, the number of Common Shares issuable upon exercise of the Warrants shall be subject to adjustment (without duplication) upon the occurrence of any of the following events: 

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

  
 17 

	

  

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

 Such adjustment shall become effective immediately after (i) the Open of Business on the Ex-Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision, combination, split, reverse split or reclassification. If any dividend or distribution
or subdivision, combination, split, reverse split or reclassification of the type described in this Section 4.01(a) is declared or announced but not so paid or made, the number of Common Shares issuable upon exercise of the
Warrants shall again be adjusted to the number of Common Shares issuable upon exercise of the Warrants that would then be in effect if such dividend or distribution or subdivision, combination, split, reverse split or reclassification had not been
declared or announced, as the case may be. 
 (b) Reserved. 

(c) The issuance as a dividend or distribution to all holders of Common Shares of evidences of indebtedness, Securities of the Company or any
other Person (other than Common Shares), Cash rights, options or warrants entitling such holders of Common Shares to subscribe for or purchase Common Shares at less than the market value thereof, preferred stock, common stock of or related to a
subsidiary or other business unit or other property (excluding (i) any dividend or distribution covered by Section 4.01(a), (ii) any rights, options or warrants covered by Section 4.03, (iii)
any consideration payable in connection with Section 4.01(d), or (iv) any dividend of preferred stock, or common stock of or related to a subsidiary or other business unit

  
 18 

 
in the case of transactions described in Section 4.07, in which event the Exercise Price will be adjusted or other actions taken in the reasonable discretion of the
Board to appropriately ensure that the economic and other benefits of the Warrants are preserved and protected after taking into account the transaction that triggers this Section 4.01(c). Such actions may include the
distribution of rights, options, warrants or other consideration or property to holders of Warrants on an as-exercised basis pursuant to Section 5.07. 

Such adjustment shall become effective immediately after the Open of Business on the Ex-Date for such
dividend or distribution. In the event that such dividend or distribution is declared or announced but not so paid or made, the Exercise Price shall again be adjusted to be the Exercise Price which would then be in effect if such distribution had
not been declared or announced. 
 (d) The payment in respect of any tender offer or exchange offer by the Company for Common Shares, where
the cash and Fair Value of any other consideration included in the payment per Common Share exceeds the Fair Value of a Common Share as of the open of business on the second business day preceding the expiration date of the tender or exchange offer
(the “Offer Expiration Date”), in which event the Exercise Price will be adjusted or other actions taken in the reasonable discretion of the Board to appropriately ensure that the economic and other benefits of the Warrants are
preserved and protected after taking into account the transaction that triggers this Section 4.01(d). Such actions may include the distribution of rights, options, warrants or other consideration or property to holders of
Warrants on an as-exercised basis pursuant to Section 5.07. 
 Such adjustment shall become
effective immediately after the Close of Business on the Offer Expiration Date. In the event that the Company or a Subsidiary of the Company is obligated to purchase Common Shares pursuant to any such tender offer or exchange offer, but the Company
or such Subsidiary is permanently prevented by applicable Law from effecting any such purchases, or all such purchases are rescinded, then the Exercise Price shall again be adjusted to be the Exercise Price which would then be in effect if such
tender offer or exchange offer had not been made. Except as set forth in the preceding sentence, if the application of this clause (d) to any tender offer or exchange offer would result in an increase in the Exercise Price, no adjustment shall
be made for such tender offer or exchange offer under this clause (d). 
 (e) If any single action would require adjustment of the Exercise
Price pursuant to more than one subsection of this Section 4.01, only one adjustment shall be made and such adjustment shall be the amount of adjustment that has the highest, relative to the rights and interests of the
registered holders of the Warrants then outstanding, absolute value. For the purpose of calculations pursuant to Section 4.01, the number of Common Shares outstanding shall be equal to the sum of (i) the number of
Common Shares issued and outstanding and (ii) the number of Common Shares issuable pursuant to the conversion or exercise of Convertible Securities that are outstanding, in each case on the applicable date of determination. 

(f) The Company may from time to time, to the extent permitted by Law, decrease the Exercise Price and/or increase the Number of Warrants by
any amount for any period of at least twenty days. In that case, the Company shall give the Warrant Holders and the Warrant Agent at least ten days’ prior written notice of such increase or decrease, and such notice shall state the applicable
decreased Exercise Price and/or increased Number of Warrants and the period 

  
 19 

 
during which the decrease and/or increase will be in effect. The Company may make such decreases in the Exercise Price and/or increases in the Number of Warrants, in addition to those set forth
in this Article 4, as the Board deems advisable, including to avoid or diminish any income tax to holders of the Common Shares resulting from any dividend or distribution of stock (or rights to acquire stock) or from any
event treated as such for income tax purposes. 
 (g) Notwithstanding this Section 4.01 or any other provision of
this Warrant Agreement or the Warrants, if an Exercise Price adjustment becomes effective on any Ex-Date, and a Warrant has been exercised on or after such Ex-Date and
on or prior to the related Record Date resulting in the Person issued Common Shares being treated as the record holder of the Common Shares on or prior to the Record Date, then, notwithstanding the Exercise Price adjustment provisions in this
Section 4.01, the Exercise Price adjustment relating to such Ex-Date will not be made with respect to such Warrant. Instead, such Person will be treated as if it were the record owner
of Common Shares on an un-adjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment. Notwithstanding this Section 4.01 or any
other provision of this Warrant Agreement or the Warrants, the Exercise Price shall never be less than the par value of the Common Shares. 

(h) Notwithstanding anything to the contrary contained in Section 4.01, if, as a result of an adjustment pursuant to
Section 4.01, the par value per Common Share would be greater than the Exercise Price, then the Exercise Price shall be an amount equal to the par value per Common Share but the number of shares the holder of a Warrant
shall be entitled to purchase shall be such greater number of Common Shares as would have resulted from the Exercise Price that, absent such limitation, would have been in effect pursuant to this Section 4. 

Section 4.02 Adjustments to Number of Warrants. Concurrently with any adjustment to the Exercise Price under
Section 4.01 (except for any adjustment pursuant to Section 4.01(a)), the Number of Warrants will be adjusted such that the Number of Warrants in effect immediately following the effectiveness of
such adjustment will be equal to the Number of Warrants in effect immediately prior to such adjustment, multiplied by a fraction, (i) the numerator of which is the applicable Exercise Price in effect immediately prior to such adjustment and
(ii) the denominator of which is the applicable Exercise Price in effect immediately following such adjustment. Upon any such adjustment to the Number of Warrants, the Warrant Agent shall (i) increase or decrease, as applicable, the Number
of Warrants specified on the Warrant Register to which each Warrant Holder is entitled and (ii) promptly deliver a Warrant Statement to each Warrant Holder specifying the resulting Number of Warrants held by such Warrant Holder. The Company
may, from time to time, at its sole discretion, increase the number of shares of Common Shares issuable upon the exercise of a Warrant for a period of not less than 20 Trading Days. After the expiration of such period, the number of shares of Common
Shares issuable upon exercise of a Warrant shall revert to the number of such shares issuable upon exercise as of immediately prior to such period. 

Section 4.03 Certain Distributions of Rights and Warrants. 

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

  
 20 

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

(2) are not exercisable; and 

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

shall be deemed not to have been distributed for purposes of Article 4 (and no adjustment to the Exercise Price or
the Number of Warrants under this Article 4 will be made) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed and an appropriate adjustment (if any
is required) to the Exercise Price and the Number of Warrants shall be made under this Article 4 (subject in all respects to Section 4.04). 

(b) If any such right or warrant is subject to events, upon the occurrence of which such rights or warrants become exercisable to purchase
different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Record Date with respect to new rights or warrants with such rights
(subject in all respects to Section 4.04). 
 (c) In addition, except as set forth in
Section 4.04, in the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in Section 4.03(b)) with respect thereto
that was counted for purposes of calculating a distribution amount for which an adjustment to the Exercise Price and the Number of Warrants under Article 4 was made (including any adjustment contemplated in
Section 4.04): 
 (1) in the case of any such rights or warrants that shall all have been redeemed
or repurchased without exercise by the holders thereof, the Exercise Price and the Number of Warrants shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it
were a distribution under Section 4.01(c), equal to the per share redemption or repurchase price received by a holder or holders of Common Shares with respect to such rights or warrants (assuming such holder had retained
such rights or warrants), made to all holders of Common Shares as of the date of such redemption or repurchase; and 
 (2) in
the case of such rights or warrants that shall have expired or been terminated without exercise by the holders thereof, the Exercise Price and the Number of Warrants shall be readjusted as if such rights and warrants had not been issued or
distributed. 
 Section 4.04 Stockholder Rights Plans. If the Company has a stockholder rights plan in effect with respect to
the Common Shares, upon exercise of a Warrant the holder shall be entitled to receive, in addition to the Common Shares, the rights under such stockholder rights plan, unless, prior to such exercise, such rights have separated from the Common
Shares. 

  
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 Section 4.05 Restrictions on Adjustments. 

(a) Except in accordance with Section 4.01, the Exercise Price and the Number of Warrants will not be adjusted for
the issuance of Common Shares or other Securities of the Company. 
 (b) For the avoidance of doubt, neither the Exercise Price nor the
Number of Warrants will be adjusted: 
 (1) upon the issuance of any Common Shares or other Securities or any payments
pursuant to the Management Plan or any other equity incentive plan of the Company; 
 (2) upon any issuance of any Common
Shares (or Convertible Securities) pursuant to the exercise or conversion, as applicable, of the Warrants, the Company’s Series A Warrants, the Company’s Series B Warrants, the Company’s Series C Warrants, or the Company’s Series
D Warrants; 
 (3) upon the issuance of Common Shares or other Securities of the Company in connection with a business
acquisition transaction (except to the extent otherwise expressly required by this Warrant Agreement); or 
 (4) upon any
dividend or distribution made by the Company in accordance with Section 5.07. 
 (c) No adjustment shall be made to
the Exercise Price or the Number of Warrants for any of the transactions described in Section 4.01 if the Company makes provisions for participation in any such transaction with respect to Warrants without exercise of such
Warrants on the same basis as with respect to Common Shares with notice that the Board determines in good faith to be fair and appropriate. 

(d) [Reserved.] 
 (e) No
adjustment shall be made to the Exercise Price, nor will any corresponding adjustment be made to the Number of Warrants, unless the adjustment would result in a change of at least 1% of the Exercise Price; provided, however, that any
adjustment of less than 1% that was not made by reason of this Section 4.05(e) shall be carried forward and made as soon as such adjustment, together with any other adjustments not previously made by reason of this
Section 4.05(e), would result in a change of at least 1% in the aggregate. All calculations under this Article 4 shall be made to the nearest cent or to the nearest 1/100th of a Common Share, as
the case may be. 
 (f) If the Company takes a record of the holders of Common Shares for the purpose of entitling them to receive a dividend
or other distribution, and thereafter (and before the dividend or distribution has been paid or delivered to members) legally abandons its plan to pay or deliver such dividend or distribution, then thereafter no adjustment to the Exercise Price or
the Number of Warrants then in effect shall be required by reason of the taking of such record. 

  
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 Section 4.06 Successor upon Consolidation, Merger and Sale of Assets. 

(a) The Company may consolidate or merge with another Person (a “Fundamental Equity Change”) only (i) if the Company is
the surviving Person or (ii), if the Company is not the surviving Person, then: 
 (1) the successor to the Company assumes
all of the Company’s obligations under this Warrant Agreement and the Warrants, other than as provided in Section 4.07, shall become exercisable into the common stock or other common equity of the successor; and 

(2) the successor to the Company provides written notice of such assumption to the Warrant Agent promptly following the
Fundamental Equity Change. 
 (b) In the case of a Fundamental Equity Change, the successor Person to the Company shall succeed to and be
substituted for the Company with the same effect as if it had been named herein as the Company, and the Company shall thereupon be released from all obligations and covenants under this Warrant Agreement and the Warrants. Such successor Person shall
provide in writing to the Warrant Agent such identifying corporate information as may be reasonably requested by the Warrant Agent. Such successor Person thereafter may cause to be signed, and may issue any or all of, the Warrants issuable pursuant
to this Warrant Agreement which theretofore shall not have been issued by the Company; and, upon the order of such successor Person, instead of the Company, and subject to all the terms, conditions and limitations in this Warrant Agreement, the
Warrant Agent shall authenticate and deliver, as applicable, any Warrants that previously shall have been signed and delivered by the officers of the Company to the Warrant Agent for authentication, and any Warrants which such successor Person
thereafter shall cause to be signed and delivered to the Warrant Agent for such purpose. 
 (c) If the Company desires to sell, lease, convey
or otherwise transfer in one transaction or a series of related transactions all or substantially all of the consolidated assets of the Company and its Subsidiaries (an “Asset Sale”), the Company may only consummate such Asset Sale
if such Buyer agrees (i) to enter into a warrant agreement in form and substance substantially similar to this Warrant Agreement and (ii) to issue warrants for equity in such Buyer (or a Person to which all or substantially all of the
assets of the Company and its Subsidiaries acquired in such Asset Sale are transferred or conveyed) to the Warrant Holders on terms (including economic) and conditions substantially similar to the Warrants (taking into account any Warrants that are
exercised prior to the termination of this Warrant Agreement (taking into account the materiality of the transferred assets to the total assets and operations of the Affiliated Buyer, taken as a whole), for crediting to the accounts of the
applicable Warrant Holders. 
 Section 4.07 Adjustment upon Reorganization Event. 

(a) If there occurs any Fundamental Equity Change or any recapitalization, reorganization, consolidation, reclassification, change in the
outstanding Common Shares (other than changes resulting from a subdivision or combination to which Section 4.01(a) applies), statutory share exchange or other transaction (each such event a “Reorganization
Event”), in each case as a result of which the Common Shares would be converted into, changed into or exchanged for, stock, other securities, other property or assets (including Cash or any combination thereof)

  
 23 

 
(the “Reference Property”) while any Warrants remain outstanding and unexpired, then following the effective time of the Reorganization Event, the right to receive Common Shares
upon exercise of a Warrant shall be changed to a right to receive, upon exercise of such Warrant, the kind and amount of shares of stock, other securities or other property or assets (including Cash or any combination thereof) that a holder of one
Common Share would have owned or been entitled to receive in connection with such Reorganization Event (such kind and amount of Reference Property per Common Share, a “Unit of Reference Property”). In the event holders of Common
Shares have the opportunity to elect the form of consideration to be received in a Reorganization Event, the type and amount of consideration into which the Warrants shall be exercisable from and after the effective time of such Reorganization Event
shall be deemed to be the weighted average of the types and amounts of consideration received by the holders of Common Shares in such Reorganization Event. The Company hereby agrees not to become a party to any Reorganization Event unless its terms
are consistent with this Section 4.07. 
 (b) At any time from, and including, the effective time of a
Reorganization Event: 
 (1) each Warrant shall be exercisable for a single Unit of Reference Property instead of one Common
Share; and 
 (2) the Fair Value shall be calculated with respect to a Unit of Reference Property. 

(c) On or prior to the effective time of any Reorganization Event, the Company or the successor or purchasing Person, as the case may be, shall
execute an amendment to this Warrant Agreement providing that the Warrants shall be exercisable for Units of Reference Property in accordance with the terms of this Section 4.07. If the Reference Property in connection with
any Reorganization Event includes shares of stock or other securities and assets of a Person other than the successor or purchasing Person, as the case may be, in such Reorganization Event, then the Company shall cause such amendment to this Warrant
Agreement to be executed by such other Person and such amendment shall contain such additional provisions to protect the interests of the Warrant Holders as the Board shall reasonably consider necessary by reason of the foregoing. Any such amendment
to this Warrant Agreement shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 4. In the event the Company shall execute an amendment to
this Warrant Agreement pursuant to this Section 4.07, the Company shall promptly file with the Warrant Agent an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of Cash, securities or
property or assets that will comprise a Unit of Reference Property after the relevant Reorganization Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with. The Company shall cause notice of
the execution of the amendment to be mailed to the Warrant Holders within 20 Business Days after execution thereof. 
 (d) The above
provisions of this Section 4.07 shall similarly apply to successive Reorganization Events. 
 (e) If this
Section 4.07 applies to any event or occurrence, no other provision of this Article 4 shall apply to such event or occurrence (other than Section 4.06). 

  
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 Section 4.08 Reserved. 

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

(a) For the purposes of this Article 4, the number of Common Shares at any time outstanding shall not include Common
Shares held, directly or indirectly, by the Company or any of its Subsidiaries. 
 (b) The Board has authorized and reserved for issuance
such number of Common Shares as will be issuable upon the exercise of all outstanding Warrants for Common Shares. The Company covenants that all Common Shares that shall be so issuable shall be duly and validly issued, fully paid and non-assessable. 
 (c) The Company agrees to authorize and direct its current and future transfer agents
for the Common Shares to reserve for issuance the number of Common Shares specified in this Section 4.09 and shall take all action required to increase the authorized number of Common Shares if at any time there shall be
insufficient authorized but unissued Common Shares to permit such reservation or to permit the exercise of a Warrant. 
 Section 4.10
Calculations; Instructions to Warrant Agent. 
 (a) Subject to Section 4.10(b), the Company shall be
responsible for making all calculations called for under this Article 4 for purposes of determining any adjustments to the Exercise Price and the Number of Warrants, including determinations as to Fair Value and the
composition of Units of Reference Property. Such calculations and determinations shall be final and binding on the Warrant Holders absent manifest error. The Company shall provide a schedule of the Company’s calculations and determinations to
the Warrant Agent, and the Warrant Agent is entitled to rely upon the accuracy of the Company’s calculations without independent verification. 

(b) In the event the Board engages a Representative to advise it with respect to the determination of Fair Value, the Board shall be entitled
to rely upon the determination of such Representative. The Company shall pay the fees and expenses of any Representative. 

Section 4.11 Notice of Adjustments. The Company shall mail, or cause to be mailed, via first-class mail, postage prepaid, to the
Warrant Holders and the Warrant Agent, in accordance with Section 7.15, a notice of any adjustment or readjustment to the Exercise Price or the Number of Warrants no less than three Business Days prior to the effective date
of such adjustment or readjustment. The Company shall file with the Warrant Agent such notice and an Officer’s Certificate setting forth such adjustment or readjustment and kind and amount of securities, Cash or other property for which a
Warrant shall thereafter be exercisable and the applicable Exercise Price, showing in reasonable detail the facts upon which such adjustment or readjustment is based. The Officer’s Certificate shall be conclusive evidence that the adjustment or
readjustment is correct, and the Warrant Agent shall not be deemed to have any knowledge of any adjustments or readjustments unless and until it has received such Officer’s Certificate. The Warrant Agent shall not be under any duty or
responsibility with respect to any such Officer’s Certificate except to exhibit the same to the Warrant Holders. 

  
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 Section 4.12 Warrant Agent Not Responsible for Adjustments or Validity. The
Warrant Agent shall at no time be under any duty or responsibility to determine whether any facts exist that may require an adjustment or readjustment of the Exercise Price and the Number of Warrants, or with respect to the nature or extent of any
such adjustment or readjustment when made, or with respect to the method employed, herein or in any supplemental agreement provided to be employed, in making the same. The Warrant Agent shall have no duty to verify or confirm any calculation called
for hereunder. The Warrant Agent shall have no liability for any failure or delay in performing its duties hereunder caused by any failure or delay of the Company in providing such calculations to the Warrant Agent. The Warrant Agent shall not be
accountable with respect to the validity or value (or the kind or amount) of any Common Shares or of any Securities or property which may at any time be issued or delivered upon the exercise of any Warrant or upon any adjustment or readjustment
pursuant to this Article 4, and it makes no representation with respect thereto. The Warrant Agent shall not be responsible for any failure of the Company to make any Cash payment or to issue, transfer or deliver any Common
Shares or stock certificates or other securities or property or scrip upon the tender or surrender of any Warrant for the purpose of exercise or upon any adjustment pursuant to this Article 4, or to comply with any of the
covenants of the Company contained in this Article 4. The Warrant Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice of any fact or circumstance not specifically set forth
herein or in any notice from the Company. The Warrant Agent may rely conclusively, and shall be protected in acting, upon any notice, instruction, request, order, judgment, certification, opinion or advice of counsel, statement, demand or other
instrument or document, not only as to its due execution, validity (including the authority of the person signing or presenting the same) and effectiveness, but also as to the truth and accuracy of any information contained therein, which the
Warrant Agent shall believe to be genuine and to have been signed or presented by the person or parties purporting to sign the same. 
 (a)
Adjustment to Exercise Price . Whenever the number of Common Shares issuable upon exercise of the Warrants is adjusted as provided in this Article 4, the Exercise Price shall simultaneously be adjusted by multiplying the Exercise Price
immediately prior to such adjustment by a fraction, the numerator of which shall be the number of shares of Common Stock into which a Warrant is exercisable immediately prior to such adjustment, and the denominator of which shall be the number of
shares of Common Stock into which a Warrant is exercisable immediately thereafter. 
 Article 5 

OTHER PROVISIONS RELATING TO THE RIGHTS OF WARRANT HOLDERS 

Section 5.01 No Rights as Stockholders. Except as expressly provided for herein (including, without limitation,
Section 5.07), nothing contained in this Warrant Agreement or in any Warrant Statement shall be construed as conferring upon any Person, by virtue of holding or having a Warrant or a beneficial interest in a Warrant, the
right to vote, to consent, to receive any Cash dividends, stock dividends, allotments or rights or other distributions paid, allotted or distributed or distributable to the holders of Common Shares, or to exercise any rights whatsoever as a
stockholder of the Company unless, until and only to the extent such Persons become holders of record of Common Shares issued upon settlement of Warrants. 

  
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 Section 5.02 Reserved. 

Section 5.03 Modification, Waiver and Meetings. 

(a) This Warrant Agreement may be modified or amended by the Company and the Warrant Agent, without the consent of the Warrant Holders, for the
purposes of curing any ambiguity or correcting or supplementing any defective provision contained in this Warrant Agreement or to make any other provisions in regard to matters or questions arising in this Warrant Agreement which the Company and the
Warrant Agent may deem necessary or desirable; provided that such modification or amendment does not adversely affect the interests of the Warrant Holder in any material respect. As a condition precedent to the Warrant Agent’s execution of any
amendment, the Company shall deliver to the Warrant Agent a certificate from an Appropriate Officer that states that the proposed amendment is in compliance with the terms of this Section 5.03. 

(b) Modifications and amendments to this Warrant Agreement or to the terms and conditions of Warrants not contemplated by
Section 5.03(a) may also be made by the Company and the Warrant Agent, and noncompliance with any provision of the Warrant Agreement or Warrants may be waived, by the Warrant Holders (pursuant to a proper vote or consent of
a majority of the Warrants at the time outstanding). 
 (c) However, no modification, amendment or waiver may, without the written consent
of: 
 (1) the Warrant Holders (pursuant to a proper vote or consent of each Warrant): 

(A) increase the Exercise Price or decrease the Number of Warrants (except as set forth in
Article 4); 
 (2) the Warrant Holders (pursuant to a proper vote or consent of 66.66% of the
Warrants affected): 
 (A) impair the right to institute suit for the enforcement of any payment or delivery with respect to
the exercise and settlement of any Warrant; 
 (B) except as otherwise expressly permitted by provisions of this Warrant
Agreement concerning specified reclassifications or corporate reorganizations, impair or adversely affect the exercise rights with respect to Warrants, including any change to the calculation or payment of the number of Common Shares received upon
exercise of each Warrant; 
 (C) reduce the percentage of Warrants outstanding necessary to modify or amend this Warrant
Agreement or to waive any past default; or 
 (D) reduce the percentage in Warrants outstanding required for any other
waiver under this Warrant Agreement. 

  
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 Section 5.04 Notices of Date, etc. In the event of any Change of Control, then,
and in each such case, the Company will mail or cause to be mailed to the Warrant Holder, at least 15 days prior to the effective date, a notice specifying the effective date on which such Change of Control is or is expected to take place, and the
time, if any is to be fixed, as of which the holders of record of Common Shares (or such other stock or Securities at the time deliverable upon the exercise of a Warrant) shall be entitled to exchange their Common Shares (or such other stock or
Securities) for Securities or other property deliverable upon such Change of Control. 
 Section 5.05 Rights as Warrant Holders.
Upon exercise of a Warrant, any Warrant Holder who receives Common Shares in excess of 2.5% of the then outstanding Common Shares will be entitled to execute a joinder to the Registration Rights Agreement. 

Section 5.06 Tax Consequences. All Persons holding or having a Warrant are responsible for obtaining their own tax advice
regarding the tax consequences of such interest. The Company has given no tax advice regarding the Warrants. 
 Section 5.07
Dividends. Each Warrant Holder shall be entitled to any dividend (other than a dividend to which Section 4.01(a) applies), whether payable in cash, in kind or other property, that would be distributed to such Warrant
Holder if such Warrant Holder’s Warrants had been converted in full into Common Shares immediately prior to the Close of Business on the record date for the determination of the stockholders entitled to receive such dividend. 

Article 6 

REPRESENTATIONS OF THE COMPANY 

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

(a) the issuance of the Warrants will comply in all material respects with the Securities Act and all other applicable requirements of
applicable U.S. and non-U.S. federal, state and local law, including, without limitation, any applicable regulations of the SEC and any other U.S. and non-U.S.
regulatory or governmental authority; 
 (b) as of the date hereof and, after giving effect to the Transactions (as defined in the Exchange
Offer Memorandum and Consent Solicitation Statement of the Company dated as of December 22, 2017), each of the Company and its subsidiaries is not and will not be, individually or on a consolidated basis, an “investment company” that
is required to be registered under the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder; 

(c) without limiting any provision herein, no registration under the Securities Act is required for the issuance of the Warrants; 

(d) except for securities offered in connection with the Exchange Offer, no securities of the Company of the same class as the Warrants have
been offered, issued, or sold by the Company or any of its affiliates within the six-month period immediately prior to the date hereof, and the Company does not have any intention of making an offer or sale of
such securities of the Company of the same class as the Warrants, for a period of six months after the issue date of the Warrants; 

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

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

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

CONCERNING THE WARRANT AGENT AND OTHER MATTERS 

Section 7.01 Payment of Certain Taxes. 

(a) The Company shall pay any and all documentary, stamp or similar issue or transfer taxes that may be payable upon the initial issuance of
the Warrants hereunder and delivery to the Warrant Holders. 
 (b) The Company shall pay any and all documentary, stamp or similar issue or
transfer taxes that may be payable upon the issuance of Common Shares upon the exercise of Warrants hereunder. 
 Section 7.02
Reserved. 
 Section 7.03 Change of Warrant Agent. 

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

  
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 (b) The Warrant Agent may be removed by the Company at any time upon sixty days’
written notice to the Warrant Agent; provided, however, that the Company shall not remove the Warrant Agent until a successor warrant agent meeting the qualifications hereof shall have been appointed; provided, further,
that, until such successor warrant agent has been appointed, the Company shall compensate the Warrant Agent in accordance with Section 7.04. 

(c) Any successor warrant agent, whether appointed by the Company or by such a court, shall be a corporation or banking association organized,
in good standing and doing business under the Laws of the United States of America or any state thereof or the District of Columbia, and authorized under such Laws to exercise corporate trust powers and subject to supervision or examination by
federal or state authority and having a combined capital and surplus of not less than $50,000,000. The combined capital and surplus of any such successor warrant agent shall be deemed to be the combined capital and surplus as set forth in the most
recent report of its condition published prior to its appointment; provided that such reports are published at least annually pursuant to Law or to the requirements of a federal or state supervising or examining authority. After acceptance in
writing of such appointment by the successor warrant agent, such successor warrant agent shall be vested with all the authority, powers, rights, immunities, duties and obligations of its predecessor warrant agent with like effect as if originally
named as warrant agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor warrant agent shall execute and deliver, at the expense of the Company, an instrument transferring to such
successor warrant agent all the authority, powers and rights of such predecessor warrant agent hereunder; and upon request of any successor warrant agent, the Company shall make, execute, acknowledge and deliver any and all instruments in writing to
more fully and effectually vest in and conform to such successor warrant agent all such authority, powers, rights, immunities, duties and obligations. Upon assumption by a successor warrant agent of the duties and responsibilities hereunder, the
predecessor warrant agent shall deliver and transfer, at the expense of the Company, to the successor warrant agent any property at the time held by it hereunder. As soon as practicable after such appointment, the Company shall give notice thereof
to the predecessor warrant agent, each Warrant Holder and each transfer agent for its Common Shares. Failure to give such notice, or any defect therein, shall not affect the validity of the appointment of the successor warrant agent. 

(d) Any entity into which the Warrant Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any Person succeeding to all or substantially all of the corporate trust or agency business of the Warrant Agent, shall be the successor warrant agent under this
Warrant Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that such entity would be eligible for appointment as a successor warrant agent under
Section 7.03(c). 
 (e) Reserved. 

  
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 Section 7.04 Compensation; Further Assurances. The Company agrees that it will
(a) pay the Warrant Agent reasonable compensation for its services as Warrant Agent in accordance with Exhibit C attached hereto and, except as otherwise expressly provided, will pay or reimburse the Warrant Agent upon written demand for
all reasonable and documented expenses, disbursements and advances incurred or made by the Warrant Agent in accordance with any of the provisions of this Warrant Agreement (including the reasonable compensation, expenses and disbursements of its
agents and counsel incurred in connection with the execution and administration of this Warrant Agreement), except any such expense, disbursement or advance as may arise from its or any of their gross negligence, willful misconduct or bad faith, and
(b) perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying out or
performing of the provisions of this Warrant Agreement. 
 Section 7.05 Reliance on Counsel. The Warrant Agent may consult with
legal counsel (who may be legal counsel for the Company), and the written opinion of such counsel or any advice of legal counsel subsequently confirmed by a written opinion of such counsel shall be full and complete authorization and protection to
the Warrant Agent as to any action taken or omitted by it in good faith and in accordance with such written opinion or advice. 

Section 7.06 Proof of Actions Taken. Whenever in the performance of its duties under this Warrant Agreement the Warrant Agent
shall deem it necessary or desirable that any matter be proved or established by the Company prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may,
in the absence of bad faith on the part of the Warrant Agent, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Warrant Agent; and such Officer’s Certificate shall, in the absence of bad faith
on the part of the Warrant Agent, be full warrant to the Warrant Agent for any action taken, suffered or omitted in good faith by it under the provisions of this Warrant Agreement in reliance upon such Officer’s Certificate; but in its
discretion the Warrant Agent may in lieu thereof accept other evidence of such fact or matter or may require such further or additional evidence as to it may seem reasonable. 

Section 7.07 Correctness of Statements. The Warrant Agent shall not be liable for or by reason of any of the statements of fact or
recitals contained in this Warrant Agreement or be required to verify the same, and all such statements and recitals are and shall be deemed to have been made by the Company only. 

Section 7.08 Validity of Agreement. From time to time, the Warrant Agent may apply to any Appropriate Officer for instruction and
the Company shall provide the Warrant Agent with such instructions concerning the services to be provided hereunder. The Warrant Agent shall not be held to have notice of any change of authority of any Person, until receipt of notice thereof from
the Company. The Warrant Agent shall not be under any responsibility in respect of the validity of this Warrant Agreement or the execution and delivery hereof; nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Warrant Agreement; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common Shares to be issued pursuant to this Warrant Agreement or any Warrants or as
to whether any Common Shares will, when issued, be validly issued and fully paid and non-assessable. The Warrant Agent and its agents and subcontractors shall not be liable and shall be indemnified by the
Company for any action taken or omitted by Warrant Agent in reliance upon any Company instructions except to the extent that the Warrant Agent had actual knowledge of facts and circumstances that would render such reliance unreasonable. 

  
 31 

 Section 7.09 Use of Agents. The Warrant Agent may execute and exercise any of
the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents provided that the Warrant Agent shall remain responsible for the activities or omissions of any such agent or
attorney and reasonable care has been exercised in the selection and in the continued employment of such attorney or agent. 

Section 7.10 Liability of Warrant Agent. The Warrant Agent shall incur no liability or responsibility to the Company or to any
Warrant Holder for any action taken or not taken (i) in reliance on any notice, resolution, waiver, consent, order, certificate, or other paper, document or instrument believed by it to be genuine and to have been signed, sent or presented by
the proper party or parties or (ii) in relation to its services under this Warrant Agreement, unless such liability arises out of or is attributable to the Warrant Agent’s gross negligence, willful misconduct or bad faith. The Company
agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of the Warrant Agreement, except
as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith. The Warrant Agent shall be liable hereunder only for its gross negligence, willful misconduct or bad faith for which the Warrant Agent is not entitled to
indemnification under this Warrant Agreement. Neither party to this Warrant Agreement shall be liable to the other party for any consequential, indirect, punitive, special or incidental damages under any provisions of this Warrant Agreement or for
any consequential, indirect, punitive, special or incidental damages arising out of any act or failure to act hereunder even if that party has been advised of or has foreseen the possibility of such damages. 

Section 7.11 Legal Proceedings. The Warrant Agent shall be under no obligation to institute any action, suit or legal proceeding
or to take any other action likely to involve expense unless the Company or the applicable Warrant Holder(s) shall furnish the Warrant Agent with reasonable indemnity for any costs and expenses which may be incurred, but this provision shall not
affect the power of the Warrant Agent to take such action as the Warrant Agent may consider proper, whether with or without any such security or indemnity. The Warrant Agent shall promptly notify the Company and the Warrant Holders in writing of any
claim made or action, suit or proceeding instituted against it arising out of or in connection with this Warrant Agreement. 

Section 7.12 Actions as Agent. The Warrant Agent shall act hereunder solely as agent and not in a ministerial or fiduciary
capacity, and its duties shall be determined solely by the provisions hereof. The duties and obligations of the Warrant Agent shall be determined solely by the express provisions of the Warrant Agreement, and the Warrant Agent shall not be liable
except for the performance of such duties and obligations as are specifically set forth in the Warrant Agreement. No implied covenants or obligations shall be read into the Warrant Agreement against the Warrant Agent. The Warrant Agent shall not be
liable for anything that it may do or refrain from doing in good faith in connection with this Warrant Agreement except for its own gross negligence, willful misconduct or bad faith. 

  
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 Section 7.13 Appointment and Acceptance of Agency. The Company hereby appoints
the Warrant Agent to act as agent for the Company in accordance with the instructions set forth in this Warrant Agreement, and the Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform the same upon the
terms and conditions herein set forth or as the Company and the Warrant Agent may hereafter agree. 
 Section 7.14 Successors and
Assigns. All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. The Warrant Agent may assign
this Warrant Agreement or any rights and obligations hereunder, in whole or in part, to an Affiliate thereof with the prior consent of the Company, provided that the Warrant Agent may make such an assignment without consent of the Company to any
successor to the Warrant Agent by consolidation, merger or transfer of its assets subject to the terms and conditions of the Warrant Agreement. 

Section 7.15 Notices. Any notice or demand authorized by this Warrant Agreement to be given or made to the Company shall be
sufficiently given or made if sent by mail first-class, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

SAExploration Holdings, Inc. 

Attention: Brent Whiteley, Chief Financial Officer and General Counsel 

1160 Dairy Ashford, Suite 160 

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

Attention: Sarah Link Schultz 

1700 Pacific Avenue 
 Suite 4100

 Dallas, TX 75201-4624 

Electronic mail: sschultz@akingump.com 

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

Continental Stock Transfer & Trust Company 

1 State Street 
 30th Floor 

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

  
 33 

 Section 7.16 Applicable Law; Jurisdiction. The validity, interpretation and
performance of this Warrant Agreement shall be governed in accordance with the laws of the State of New York. The parties hereto irrevocably consent to the exclusive jurisdiction of the courts of the State of New York and any federal court located
in such state in connection with any action, suit or proceeding arising out of or relating to this Warrant Agreement. 
 Section 7.17
Waiver of Jury Trial. EACH OF THE COMPANY AND THE WARRANT AGENT ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS WARRANT AGREEMENT OR A WARRANT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH
SUCH PERSON HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PERSON MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS WARRANT AGREEMENT OR A WARRANT. EACH OF THE COMPANY
AND THE WARRANT AGENT CERTIFIES AND ACKNOWLEDGES THAT (a) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER, (b) SUCH PERSON UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (c) SUCH PERSON MAKES THIS WAIVER VOLUNTARILY, AND (d) SUCH PERSON HAS BEEN INDUCED TO ENTER INTO THIS WARRANT AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 7.18 Benefit of this Warrant Agreement. Nothing in
this Warrant Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any Person or corporation other than the parties hereto and the Warrant Holders any
right, remedy or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements in this Warrant Agreement contained
shall be for the sole and exclusive benefit of the parties hereto and their successors and of the Warrant Holders. 
 Section 7.19
Registered Warrant Holder. Prior to due presentment for registration of Transfer, the Company and the Warrant Agent may deem and treat the Person in whose name any Warrants are registered in the Warrant Register (the “Warrant
Holder”) as the absolute owner thereof for all purposes whatever and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary or be bound to recognize any equitable or other claim to or interest in any
Warrants on the part of any other Person and shall not be liable for any registration of Transfer of Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary unless made with actual knowledge that a
fiduciary or nominee is committing a breach of trust in requesting such registration of Transfer or with such knowledge of such facts that its participation therein amounts to bad faith. 

Section 7.20 Headings. The Article and Section headings herein are for convenience only and are not a part of this Warrant
Agreement and shall not affect the interpretation thereof. 

  
 34 

 Section 7.21 Counterparts. This Warrant Agreement may be executed in any number
of counterparts on separate counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 

Section 7.22 Entire Agreement. This Warrant Agreement constitutes the entire agreement of the Company, the Warrant Agent and
Warrant Holders with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the Company, the Warrant Agent and the Warrant Holders with respect to the subject matter hereof. 

Section 7.23 Severability. Wherever possible, each provision of this Warrant Agreement shall be interpreted in such manner as to
be effective and valid under applicable Law, but if any provision of this Warrant Agreement shall be prohibited by or invalid under applicable Law, such provision shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Warrant Agreement. 
 Section 7.24 Termination.
This Warrant Agreement, as it relates to the Warrants, will terminate on such date on which all outstanding Warrants have been exercised. All provisions regarding indemnification, warranty, liability and limits thereon shall survive the termination
or expiration of this Warrant Agreement. 
 Section 7.25 Confidentiality. The Warrant Agent and the Company agree that
(a) personal, non-public Warrant Holder information which is exchanged or received pursuant to the negotiation or the carrying out of this Warrant Agreement and (b) the fees for services set forth in
the attached schedule shall remain confidential, and shall not be voluntarily disclosed to any other Person, except disclosures pursuant to applicable securities Laws or otherwise as may be required by Law, including, without limitation, pursuant to
subpoenas from state or federal government authorities. 
 [signature pages follow] 

  
 35 

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

			
	SAExploration Holdings, Inc.
		
	By:	 	  

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

	Name:	 	
	Title:	 	

  

  
 [SIGNATURE PAGE TO
WARRANT AGREEMENT] 

 EXHIBIT A 

Form of Warrant Statement 

[To Come] 

 EXHIBIT B 

Form of Exercise Notice 

[Address] 
 Attention: [●]

  

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

 The undersigned hereby
irrevocably elects to exercise the right to exercise ——— Warrants and receive the consideration deliverable in exchange therefor pursuant to the following settlement method (check one): 

☐ Full Physical Settlement 

☐ Net Sale Settlement 
 If
Full Physical Settlement is elected, the undersigned shall tender payment of the Exercise Price therefor in accordance with instructions received from the Warrant Agent. 

Please check below if this exercise is contingent upon a registered public offering or any Change of Control in accordance with
Section 3.02(f) of the Warrant Agreement. 
 ☐ This exercise is being made in connection with a registered public offering or any
Other Change of Control; provided, that in the event that such transaction shall not be consummated, then this exercise shall be deemed revoked. 

THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT. THE WARRANT AGENT SHALL NOTIFY YOU OF THE ADDRESS AND PHONE NUMBER WHERE YOU CAN
CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED. 
 ALL CAPITALIZED TERMS USED HEREIN AND NOT OTHERWISE
DEFINED SHALL HAVE THE MEANINGS SET FORTH IN THE WARRANT AGREEMENT. 
  

			
	By:	 	  

		 	Authorized Signature
		 	Address:
		 	Telephone:

  

  
 Exhibit B-1 

 EXHIBIT C 

Fee Schedule 
 The Company shall pay the
Warrant Agent for performance of its services under this Warrant Agreement such compensation as shall be agreed in writing between the Company and the Warrant Agent.EX-10.2

 Exhibit 10.2 

Execution Copy 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of September 26, 2018, by and among
SAExploration Holdings, Inc., a Delaware corporation (the “Company”), and each of the Holders (as defined below) listed on the signature pages hereto on behalf of themselves and the other Holders. 

WHEREAS, the Company entered into the Notes Purchase Agreement dated as of September 26, 2018 (the “Notes Purchase
Agreement”), by and among the Company, the guarantors party thereto and the purchasers thereto pursuant to which the Purchasers purchased from the Company the 6.00% Senior Secured Convertible Notes due 2023 (the “Notes”) in
an aggregate principal amount of up to $60.0 million; 
 WHEREAS, the Notes are governed by the terms and conditions of that certain
Indenture (the “Indenture”), dated as of September 26, 2018 among the Company, the Guarantors named therein and Wilmington Savings Fund Society, FSB, as Trustee; 

WHEREAS, subject to the terms of the Indenture, each Holder of a Note shall have the right, at such Holder’s option, to convert all or a
portion of such Note, at an initial conversion rate of 173.91304 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) per $1,000 principal amount of Notes (subject to adjustment herein and
under the Indenture, and subject to certain Permitted Holders’ (as defined in the Indenture) right to convert the Notes into warrants, pursuant to a warrant agreement in the form attached to the Notes Purchase Agreement (the
“Warrants”), to purchase shares of the Company’s common stock, par value $0.0001 per share, which shares shall also constitute “Common Stock” under this Agreement); and 

WHEREAS, in connection with, and in consideration of, the transactions contemplated by the Notes Purchase Agreement, the Company has agreed to
provide resale registration rights with respect to the Registrable Securities (as hereinafter defined) as set forth in this Agreement to any Holder. 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged by each party hereto, the Parties hereby agree as follows: 
 1.
Definitions. As used in this Agreement, the following terms have the meanings indicated: 
 “Affiliate” of
any specified Person means any other person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such specified Person. For purposes of this definition, “control” of a Person means the power,
direct or indirect, to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing. 
 “Agreement” has the meaning set forth in the recitals. 

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

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

“Business Day” means any day other than a Saturday, Sunday or any other day on which banking institutions in the State of New
York are authorized or required to be closed. 
 “Charter” means the Third Amended and Restated Certificate of
Incorporation of the Company, as amended. 
 “Closing Date” means September 26, 2018. 

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

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

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

“Effective Date” means the time and date that a Registration Statement is first declared effective by the Commission or
otherwise becomes effective. 
 “Effectiveness Period” has the meaning set forth in
Section 2(a)(ii). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from
time to time, and the rules and regulations of the Commission promulgated thereunder. 
 “FINRA” means the Financial
Industry Regulatory Authority, Inc. 
 “Governmental Authority” means any United States federal, state, local (including
county or municipal) or foreign governmental, regulatory or administrative authority, agency, division, instrumentality, commission, court, judicial or arbitral body or any securities exchange or similar
self-regulatory organization. 
 “Holder” means (i) beneficial owners of Notes
listed on the signature pages hereto, (or (ii) any direct or indirect transferee of a Holder who has acquired beneficial ownership of Registrable Securities comprising at least an aggregate of 5% of the outstanding Common Stock from a Holder
and who has entered into a Joinder Agreement substantially in the form of Exhibit A hereto. A Person shall cease to be a Holder hereunder at such time as it ceases to beneficially own any Registrable Securities comprising at least an
aggregate of 5% of the outstanding Common Stock at any time. 
 “Holder Indemnified Persons” has the meaning set forth in
Section 6(a). 
 “Indenture” has the meaning set forth in the Recitals. 

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

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

  
 2 

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

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

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

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

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

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

“Proceeding” means any action, claim, suit, proceeding or investigation (including a preliminary investigation or partial
proceeding, such as a deposition) pending or, to the knowledge of the Company, to be threatened. 
 “Prospectus” means the
prospectus included in a Registration Statement (including a prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A, Rule 430B or Rule 430C
promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to such prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in such prospectus. 
 “Registrable
Securities” means, collectively, (i) the Shares and (ii) any additional shares of Common Stock paid, issued or distributed in respect of any such Shares by way of a stock dividend or distribution, or in connection with a split or
combination of the Common Stock, and any security into which such Shares shall have been converted or exchanged in connection with a recapitalization, reorganization, reclassification, merger, consolidation, exchange, distribution or otherwise;
provided, however, that Registrable Securities shall not include: (i) any shares of Common Stock that have been registered under the Securities Act and disposed of pursuant to an effective Registration Statement or otherwise
transferred to a Person who is not entitled to the registration and other rights hereunder; (ii) any shares of Common Stock that have been sold or transferred by the Holder thereof pursuant to Rule 144 (or any similar provision then in force
under the Securities Act) and the transferee thereof does not receive “restricted securities” as defined in Rule 144; and (iii) any shares of Common Stock that cease to be outstanding (whether as a result of repurchase and
cancellation, conversion or otherwise). 
 “Registration” means a registration with the Commission of securities of the
Company under a Registration Statement. The term “Register” shall have a correlative meaning. 

  
 3 

 “Registration Default” has the meaning given to such term in
Section 8. 
 “Registration Default Damages” has the meaning given to such term in
Section 8. 
 “Registration Expenses” has the meaning set forth in
Section 5. 
 “Registration Statement” means a registration statement of the Company in the form
required to register the resale of the Registrable Securities under the Securities Act and other applicable law, and including any Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

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

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time
to time. 
 “Rule 405” means Rule 405 promulgated by the Commission pursuant to the Securities Act, as such rule may be
amended from time to time. 
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as
such rule may be amended from time to time. 
 “Rule 424” means Rule 424 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time. 
 “Rule 430A” means Rule 430A promulgated by the Commission
pursuant to the Securities Act, as such rule may be amended from time to time. 
 “Rule 430B” means Rule 430B promulgated
by the Commission pursuant to the Securities Act, as such rule may be amended from time to time. 
 “Rule 430C” means Rule
430C promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time. 
 “SEC”
means the Securities and Exchange Commission or any similar agency having jurisdiction to enforce the Securities Act. 
 “SEC
Guidance” means (i) any publicly available written or oral interpretations, questions and answers, guidance and forms of the SEC, (ii) any oral or written comments, requirements or requests of the SEC or its staff, (iii) the
Securities Act and the Securities Exchange Act and (iv) any other rules, bulletins, releases, manuals and regulations of the SEC. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder. 

  
 4 

 “Securities Exchange Act” means the United States Securities Exchange Act
of 1934 and the rules and regulations promulgated thereunder. 
 “Selling Expenses” means all underwriting discounts,
selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder. 

“Shares” means any Common Shares issued upon conversion of the Notes or exercise of the Warrants, as applicable. 

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

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

“Shelf Registration Statement” means a Registration Statement of the Company filed with the Commission on Form S-3 or Form S-1, as applicable (or any successor form or other appropriate and permissible form under the Securities Act) for an offering to be made on a continuous or delayed
basis pursuant to Rule 415 (or any similar rule that may be adopted by the Commission) covering the Registrable Securities. 

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

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

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

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

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

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

  
 5 

 2. Registration. 

(a) Shelf Registration Statement. 

(i) The Company shall use commercially reasonable efforts to prepare and file with the Commission a Shelf Registration
Statement within 75 days after the Closing Date registering the offering and sale on a delayed or continuous basis pursuant to Rule 415 of all of the Registrable Securities. The Shelf Registration Statement described in this
Section 2(a)(i) shall relate to the offer and sale of the Registrable Securities by the Holders thereof from time to time in accordance with the methods of distribution set forth in such Shelf Registration Statement and
Rule 415 under the Securities Act (such Registration Statement, together with any Registration Statement to replace such Registration Statement upon expiration thereof, if any, is referred to hereinafter as the “Shelf
Registration”). Notwithstanding anything herein to the contrary, the Company shall have no obligation to register a Holder’s Registrable Securities if the Company has, at least 10 Business Days in advance of effectiveness, requested
from the Holder of such Registrable Securities information regarding such Holder that is required under the Securities Act to be included in the Shelf Registration and has not been provided with such information within 5 Business Days. The
“Plan of Distribution” section of such Shelf Registration shall permit all lawful means of disposition of Registrable Securities, including firm-commitment underwritten public offerings, block trades, agented transactions, sales directly
into the market, purchases or sales by brokers, derivative transactions, short sales, stock loan or stock pledge transactions and sales not involving a public offering. Subject to the terms of this Agreement, the Company shall use its commercially
reasonable efforts to cause the Shelf Registration to be declared effective under the Securities Act as promptly as practicable after the filing thereof, with a target effectiveness date within 120 days after the Closing Date. The Company shall use
its commercially reasonable efforts to address any comments from the Commission regarding the Shelf Registration and to advocate with the Commission for the Registration of all Registrable Securities in accordance with applicable Commission rules
and regulations. Notwithstanding the foregoing, if the Commission prevents the Company from including any or all of the Registrable Securities on the Shelf Registration due to limitations on the use of Rule 415 of the Securities Act for the resale
of the Registrable Securities by the Holders or otherwise, the Shelf Registration shall Register the resale of a number of Registrable Securities which is equal to the maximum number of shares as is permitted by the Commission, and, subject to the
provisions of this Section 2, the Company shall use its commercially reasonable efforts to promptly Register all remaining Registrable Securities as set forth in this Section 2(a)(i), whether by
way of amending the Shelf Registration or filing a new Registration Statement (it being understood that the Company is under no obligation to take any action with respect to any Registrable Securities that the Commission has informed the Company may
not be registered). In such event, the number of Registrable Securities to be Registered for each Holder in the Shelf Registration shall be reduced pro rata among all then-applicable Holders. The Company shall bear all Registration Expenses in
connection with the Shelf Registration pursuant to this Section 2(a)(i), whether or not such Shelf Registration becomes effective. 

  
 6 

 (ii) Except as provided herein, the Company shall use its commercially
reasonable efforts to keep the Shelf Registration filed pursuant to Section 2(a)(i) continuously effective under the Securities Act until the earliest of (i) the date as of which all Registrable Securities have been
sold pursuant to the Shelf Registration, (ii) the date on which this Agreement terminates under Section 8(k) with respect to all Holders and (iii) such shorter period as the Holders holding at least 75% of the
Registrable Securities outstanding with respect to the Shelf Registration shall agree in writing, if no Holder’s Registrable Securities constitute “restricted securities” for purposes of Rule 144 (such period of effectiveness, the
“Effectiveness Period”). Subject to Section 3(p), the Company shall use its commercially reasonable efforts to keep the Shelf Registration effective during the Effectiveness Period for purposes of this
Section 2(a)(ii) and shall not voluntarily and intentionally take any action or omit to take any action that would result in Holders not being able to offer and sell any Registrable Securities pursuant to the Shelf
Registration during the Effectiveness Period in accordance with the terms of this Agreement, unless such action or omission is (x) in connection with a Blackout Period permitted pursuant to Section 3(p) or
(y) required by applicable law, rule or regulation. 
 (iii) Notwithstanding any other provisions of this Agreement to
the contrary, the Company shall cause (i) the Shelf Registration (as of the effective date of such Shelf Registration), any amendment thereof (as of the effective date thereof) or supplement thereto (as of its date), (A) to comply in all
material respects with applicable Commission form requirements and Commission rules and regulations and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein not misleading, and (ii) any related Prospectus (including any preliminary Prospectus) or free writing prospectus and any amendment thereof or supplement thereto, as of its date, (A) to comply in all
material respects with applicable Commission rules and regulations and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading; provided, however, the Company shall have no such obligations or liabilities with respect to any information pertaining to any Holder furnished in
writing to the Company by or on behalf of such Holder specifically for inclusion therein. 
 (iv) After the Shelf
Registration Statement with respect to a Shelf Registration is declared effective, upon written request by one or more Holders (which written request shall specify the amount of such Holders’ Registrable Securities to be registered), the
Company shall, as permitted by SEC Guidance, as promptly as practicable after the date the Registrable Securities requested to be registered pursuant to this Section 2(a)(iv) that have not already been so registered
represent more than 5.0% of the outstanding Registrable Securities, file a post-effective amendment to the Shelf Registration Statement to include such Holders in such Shelf Registration and use commercially reasonable efforts to have such
post-effective amendment declared effective. 
 (b) Shelf Take-Downs. 

(i) An offering or sale of Registrable Securities pursuant to the Shelf Registration (each, a “Shelf
Take-Down”) may be initiated by Holders of Registrable Securities outstanding to be included in such Shelf Take-Down whose gross proceeds (as estimated in good faith by the managing underwriter for such proposed Shelf Take-Down)

  
 7 

 
are expected to be at least $25.0 million (the “Initiating Shelf Take-Down Holders”) by written notice (an “Underwritten Shelf Take-Down Notice”), which
Shelf Take-Down shall be in the form of an Underwritten Offering, and the Company shall use its commercially reasonable efforts to amend or supplement the applicable Shelf Registration, if necessary, for such purpose as soon as practicable;
provided, however, that in no event shall the Company be required to effect more than one Marketed Underwritten Shelf Take-Down during any consecutive 90 day period. Subject to Section 2(b)(ii) below, such
Initiating Shelf Take-Down Holders shall have the right to select the managing underwriter or underwriters to administer such offering, as specified in Section 2(b)(ii) below, which managing underwriter or underwriters
shall be reasonably acceptable to the Company. 
 (ii) If the Underwritten Shelf Take-Down Notice expressly provides that the
offering will include a customary “road show” (including an “electronic road show”) or other substantial marketing effort by the Company and the underwriters over a period expected to exceed 48 hours (such offering, a
“Marketed Underwritten Shelf Take-Down”), promptly upon delivery of such Underwritten Shelf Take-Down Notice (but in no event more than 3 Business Days thereafter), the Company shall promptly deliver a written notice (a
“Marketed Underwritten Shelf Take-Down Notice”) of such Marketed Underwritten Shelf Take-Down to all Holders (other than the Initiating Shelf Take-Down Holders), and the Company shall include in such Marketed Underwritten Shelf
Take-Down all such Registrable Securities of such Holders that are Registered on the Shelf Registration for which the Company has received written requests, which requests must specify the aggregate amount of such Registrable Securities of such
Holder to be offered and sold pursuant to such Marketed Underwritten Shelf Take-Down for inclusion therein within 5 Business Days after the date that such Marketed Underwritten Shelf Take-Down Notice has been delivered; provided, that if the
managing underwriter or underwriters of any proposed Marketed Underwritten Shelf Take-Down informs the Holders that have requested to participate in such Marketed Underwritten Shelf Take-Down in writing that, in its or their good-faith opinion, the
number of Registrable Securities which such Holders intend to include in such Marketed Underwritten Shelf Take-Down exceeds the number of Registrable Securities which can be sold in such Marketed Underwritten Shelf Take-Down without being likely to
have a significant adverse effect on the price, timing or distribution of the Registrable Securities offered or the market for the Registrable Securities offered, then the Registrable Securities to be included in such Marketed Underwritten Shelf
Take-Down shall be the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect in such Marketed Underwritten Shelf Take-Down, which number shall be allocated
(i) first, to the Registrable Securities requested to be included in such Marketed Underwritten Shelf Take-Down by the Initiating Shelf Take-Down Holders and (ii) second, to the Registrable Securities requested to be included
in such Marketed Underwritten Shelf Take-Down by any Holder who is not one of the Initiating Shelf Take-Down Holders on a pro rata basis. The Holders of a majority of the Registrable Securities to be included in any Marketed Underwritten Shelf
Take-Down shall have the right to select the managing underwriter or underwriters to administer such offering, which managing underwriter or underwriters shall be reasonably acceptable to the Company. 

  
 8 

 No holder of securities of the Company shall be permitted to include such
holder’s securities in any Marketed Underwritten Shelf Take-Down except for Holders who wish to include Registrable Securities pursuant to this Section (2)(b)(ii). Notwithstanding anything herein to the contrary, if an
Underwritten Shelf Take-Down Notice does not expressly specify that the plan of distribution for a Shelf Take-Down shall include a customary road show or other substantial marketing efforts over a period expected to exceed 48 hours, the Company
shall have no obligation to deliver a Marketed Underwritten Shelf Take-Down Notice to Holders. 
 (c) Company
Cooperation. The Company shall use its commercially reasonable efforts to cooperate in a timely manner with any request of any Holders holding Registrable Securities registered on a Shelf Registration Statement in respect of any block trade,
hedging transaction or other transaction that is registered pursuant to a Shelf Registration that is not a firm commitment Underwritten Offering (each, an “Alternative Transaction”), including entering into customary agreements with
respect to such Alternative Transactions as well as providing other reasonable assistance in respect of such Alternative Transactions of the type applicable to an Underwritten Offering subject to Section 3, to the extent
customary for such transactions. 
 (d) Piggyback Registration. 

(i) If the Company shall at any time propose to conduct an Underwritten Offering of Common Stock for its own account or for the
account of any other Persons (excluding an offering relating solely to an employee benefit plan, an offering relating to a transaction on Form S-4 or S-8, an offering on
any registration statement form that does not permit secondary sales and any offering governed by Section 2(b) hereof), the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any
event at least 10 Business Days before) the commencement of the offering, which notice will set forth the principal terms and conditions of the issuance, including the proposed offering price (or range of offering prices), if known, the anticipated
filing date of the Registration Statement (if applicable) and the number of shares of Common Stock that are proposed to be registered (the “Piggyback Notice”); provided, however, notwithstanding any other provision of
this Agreement, if the managing underwriter or managing underwriters of an Underwritten Offering (other than a Shelf Take-Down) advise the Company that in their reasonable opinion the inclusion of any of a Holder’s Registrable Securities
requested for inclusion in the subject Underwritten Offering (and any related registration or offering, if applicable) would likely have an adverse effect in any material respect on the price, timing or distribution of Common Stock proposed to be
included in such Underwritten Offering, the Company shall have no obligation to provide a Piggyback Notice to such Holder and such Holder shall have no right to include any Registrable Securities in such Underwritten Offering (and any related
registration or offering, if applicable). The Piggyback Notice shall offer the Holders the opportunity to include for registration in such Underwritten Offering (and any related registration or offering, if applicable) the number of Registrable
Securities as they may request (a “Piggyback Registration”); provided, however, that only Registrable Securities of Holders which are subject to an effective Shelf Registration may be included in such Piggyback
Registration. The Company shall use commercially 

  
 9 

 
reasonable efforts to include in each such Piggyback Registration such Registrable Securities for which the Company has received written requests for inclusion therein within five Business Days
after sending the Piggyback Notice. If a Holder decides not to include all of its Registrable Securities in any Registration Statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any
Registrable Securities in any subsequent Registration Statement or Registration Statements as may be filed by the Company with respect to offerings of Common Stock in accordance with this Section 2(d), all upon the terms
and conditions set forth herein. 
 (ii) If the managing underwriter or managing underwriters of an Underwritten Offering
advise the Company and the Holders who have requested their Registrable Securities be included in such offering following a Piggyback Notice that in its or their opinion the inclusion of all of such Holders’ Registrable Securities requested for
inclusion in the subject Underwritten Offering (and any other Common Stock proposed to be included in such offering) would likely have an adverse effect in any material respect on the price, timing or distribution of Common Stock proposed to be
included in such offering by the Company, the Company shall include in such Underwritten Offering only that number of shares of Common Stock proposed to be included in such Underwritten Offering that, in the opinion of the managing underwriter or
managing underwriters, will not have such adverse effect, with such number to be allocated as follows: (A) first, to the Company and (B) second, if there remains availability for additional shares of Common Stock to be
included in such Underwritten Offering, on a pro-rata basis among all Holders desiring to register Registrable Securities based on the number of Registrable Securities held by such Holder and, if applicable,
to any other holders on whose behalf the Company filed such Registration Statement. If any Holder disapproves of the terms of any such Underwritten Offering, such Holder may elect to withdraw therefrom by written notice to the Company and the
managing underwriter(s) delivered on or prior to the time of the commencement of such offering. Any Registrable Securities withdrawn from such underwriting shall be excluded and withdrawn from the registration. 

(iii) The Company shall have the right to terminate or withdraw any registration initiated by it under this
Section 2(d) at any time in its sole discretion whether or not any Holder has elected to include Registrable Securities in such Registration Statement. The Registration Expenses of such withdrawn registration shall be borne
by the Company in accordance with Section 5 hereof. 
 (iv) Any Holder shall have the right to
withdraw all or part of its request for inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Company of its request to withdraw; provided, that (i) such request must be made in writing prior
to the effectiveness of such Registration Statement and (ii) such withdrawal shall be irrevocable and, after making such withdrawal, a Holder shall no longer have any right to include Registrable Securities in the Piggyback Registration as to
which such withdrawal was made. 

  
 10 

 (v) No Registration of Registrable Securities effected pursuant to a request
under this Section 2(d) shall be deemed to have been effected pursuant to Section 2(a) or Section 2(b) or shall relieve the Company of its obligations under
Section 2(a) or Section 2(b). 
 3. Registration and Underwritten Offering
Procedures. The procedures to be followed by the Company and each Holder electing to sell Registrable Securities in a Registration Statement pursuant to this Agreement, and the respective rights and obligations of the Company and such
Holders, with respect to the preparation, filing and effectiveness of such Registration Statement and the effectuation of any Underwritten Offering, are as follows: 

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

  
 11 

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

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

(i) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the
Registration Statement(s) and the disposition of all Registrable Securities covered by thereby; 

  
 12 

 (ii) other than as provided in clause (iv), use its commercially reasonable
efforts to cause the Registrable Securities covered by the Registration Statement to be registered with or approved by such other Governmental Authority as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters
(or counterparty in an Alternative Transaction), if any, to consummate the disposition of such Registrable Securities; 

(iii) cooperate with each Holder and each underwriter or counterparty in an Alternative Transaction, if any, participating in
the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

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

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

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

 (i) (a) make such customary representations and warranties to the applicable Holders and the underwriters, agents or
counterparty in an Alternative Transaction, if any, in form, substance and scope as are customarily made by issuers in secondary underwritten public offerings or Alternative Transactions, (b) enter into such customary agreements (including
underwriting agreements) and take all such other actions as any Holder or the managing underwriter or underwriters (or counterparty in an Alternative Transaction), if any, reasonably request in order to expedite or facilitate the Registration and
disposition of such Registrable Securities, (c) obtain for delivery to the representative counsel or another representative designated to act on behalf of the Holders (the “Representative”) and to the underwriter or
underwriters (or counterparty in an Alternative Transaction), if any, an opinion or opinions from counsel for the Company dated the date of the closing under the underwriting agreement or the agreement governing the Alternative Transaction, in
customary form, scope and substance, which opinions shall be reasonably satisfactory to such Representative or underwriters (or counterparty in an Alternative Transaction), as the case may be, and (d) obtain for delivery to the Company and the
managing underwriter or underwriters (or counterparty in an Alternative Transaction), with copies to the Representative, a cold comfort letter from the Company’s independent certified public accountants in customary form and covering such
matters of the type customarily covered by cold comfort letters as the managing underwriter or 

  
 13 

 
underwriters (or counterparty in an Alternative Transaction) reasonably request, dated the date of execution of the underwriting agreement or the agreement governing the Alternative Transaction
and brought down to the date of the closing of the Underwritten Offering or Alternative Transaction, as specified in such agreement. 

(ii) subject to the execution of any confidentiality agreements as reasonably requested by the Company, make available upon
reasonable notice at reasonable times and for reasonable periods for inspection by the Representative, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement, by any counterparty in an Alternative
Transaction and by any attorney, accountant or other agent retained by such Holder(s) or any such underwriter or counterparty in an Alternative Transaction, all customarily provided, pertinent financial and other records, pertinent corporate
documents and properties of the Company, and cause all of the Company’s officers, directors and employees and the independent public accountants who have certified its financial statements to make themselves reasonably available to discuss the
business of the Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility. 

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

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

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

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

  
 14 

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

(l) Required Supplements and Amendments. Upon the occurrence of any event contemplated by
Section 3(d)(v), as promptly as reasonably practicable, the Company will prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the
applicable Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration
Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading. 
 (m) Duties of Holders in Underwritten Offerings and Alternative Transactions. With respect to
Underwritten Offerings and Alternative Transactions, (i) the right of any Holder to include such Holder’s Registrable Securities in an Underwritten Offering or Alternative Transaction shall be conditioned upon such Holder’s
participation in the process and required delivery of information for such underwriting or Alternative Transaction and the inclusion of such Holder’s Registrable Securities in the underwriting or Alternative Transaction to the extent provided
herein, (ii) each Holder participating in such Underwritten Offering or Alternative Transaction agrees to enter into an underwriting agreement or agreement governing the Alternative Transaction in customary form and sell such Holder’s
Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled to select the managing underwriter or managing underwriters hereunder and (iii) each Holder participating in such Underwritten
Offering or Alternative Transaction agrees to complete and execute all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements or agreements
governing the Alternative Transaction. The Company hereby agrees with each Holder that, in connection with any Underwritten Offering or Alternative Transaction in accordance with the terms hereof, it will negotiate in good faith and execute all
indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, including using all commercially reasonable efforts to procure customary legal opinions and auditor “comfort”
letters. In the event such Holders 

  
 15 

 
seek to complete an Underwritten Offering or Alternative Transaction, for a commercially reasonable period prior to the filing of any Registration Statement and throughout the effective period of
such registration statement, the Company will make available upon commercially reasonable notice at the Company’s principal place of business or such other commercially reasonable place for inspection during normal business hours by the
managing underwriter or managing underwriters (or counterparty in an Alternative Transaction) selected in accordance with this Section 3(m) such financial and other information and books and records of the Company, and
cause the appropriate officers, employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not violate an attorney client privilege in
such counsel’s reasonable belief) to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act. 

(n) Holder Provision of Information. Each Holder agrees to timely furnish to the Company any information regarding the
Holder and the distribution of such securities as the Company reasonably determines is required to be included in any Registration Statement or any prospectus or prospectus supplement relating to any offering or sale of Registrable Securities
contemplated by this Agreement, and to update or correct any previously delivered information as needed, and if any Holder does not do so after reasonably prompt written request by the Company, then the Company will not be required to register any
shares of Common Stock of the Holder in a Registration Statement, or permit the continued use of a Prospectus. 
 (o)
Availability of Officers and Employees. In connection with any Shelf Take-Down, the Company will use commercially reasonable efforts to cause appropriate officers and employees to be reasonably available, on a customary basis and upon
commercially reasonable notice, to meet with prospective investors in presentations, meetings and road shows and otherwise to facilitate, cooperate with, and participate in each such proposed Underwritten Offering or Alternative Transaction to the
extent reasonably requested by the managing underwriter or underwriters (or counterparty in an Alternative Transaction). 

(p) Suspension and Postponement. Notwithstanding any other provision of this Agreement, upon delivery to the Holders of
a certificate signed by the Chief Executive Officer or Chief Financial Officer of the Company, the Company shall not be required to file a Registration Statement (or any amendment thereto), or if the Company has filed a Shelf Registration Statement
and has included Registrable Securities therein, the Company shall be entitled to suspend the offer and sale of Registrable Securities pursuant to such Registration Statement (including pursuant to a Shelf Takedown), in each case for a period of up
to 30 days, (i) if the Board determines that a postponement is in the best interest of the Company and its stockholders generally due to a pending transaction involving the Company, (ii) if the Board determines such registration would
render the Company unable to comply with applicable securities laws, (iii) if the Board determines such registration would require disclosure of material information that the Company has a bona fide business purpose for preserving as
confidential, (iv) upon issuance by the Commission of a stop order suspending the effectiveness of any Registration Statement under Section 8(d) or 8(e) of the Securities Act, (v) if the Company elects at such time to offer Common
Stock or other equity securities of the Company to (A) fund a merger, third-party tender offer or other business combination, acquisition of assets or similar transaction or (B) meet rating agency
and other capital funding 

  
 16 

 
requirements or (vi) if any other material development would materially and adversely interfere with any such registration (any such period, a “Blackout Period”);
provided, however, that in no event shall any Blackout Period together with any Suspension Period collectively exceed an aggregate of 90 days in any 12-month period. The Company shall promptly
notify the Holders upon the termination of any Blackout Period, amend or supplement the applicable Registration Statement, Prospectus and any free writing prospectus, if necessary, so it does not contain a material misstatement of fact or omit to
state a material fact required to be stated therein, in light of the circumstances under which they were made, or necessary to make the statements therein not misleading and furnish to the Holders such numbers of copies of the Prospectus and any
free writing prospectus as so amended or supplemented as the Holders may reasonably request. The Company agrees, if necessary, to supplement or make amendments to the Shelf Registration Statement if required by the registration form used by the
Company for the Registration or by Commission rules and regulations, or as may reasonably be requested by any Holder. 
 (q)
Discontinued Disposition. Each Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in clauses (ii) through (v) of Section 3(d) or (i) through
(vi) of Section 3(p), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder’s receipt of the copies of the supplemental Prospectus or
amended Registration Statement as contemplated by Section 3(l) or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any
additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement (a “Suspension Period”). The Company may provide appropriate stop orders to its transfer
agent to enforce the provisions of this Section 3(q). 
 (r) Exchange Act Filings. For the
avoidance of doubt and notwithstanding any other provision of this Agreement, the Company shall not be required to furnish to Holders copies of any Exchange Act filings prior to the filing thereof with the Commission not related to information
included in the Registration Statement relating to the Holders or the intended manner of distribution of Registrable Securities. 
 4.
No Inconsistent Agreements; Additional Rights. The Company shall not hereafter enter into, and is not currently a party to, any agreement with respect to its securities that is inconsistent in any material respect with the rights
granted to the Holders of Registrable Securities by this Agreement. 
 5. Registration Expenses. Except as specifically
provided otherwise elsewhere in this Agreement, all expenses incident to the Parties’ performance of or compliance with their respective obligations under this Agreement or otherwise in connection with any Shelf Registration, Shelf Take-Down,
Piggyback Registration or Alternative Transaction (in each case, excluding any Selling Expenses) (“Registration Expenses”) shall be borne by the Company, whether or not any Registrable Securities are sold pursuant to a Registration
Statement. Registration Expenses shall include, without limitation, (i) all registration and filing fees (including fees and expenses (A) with respect to filings required to be made with the Trading Market, the Commission or FINRA and
(B) in compliance with applicable state securities or “Blue 

  
 17 

 
Sky” laws), (ii) printing, word processing, messenger, telephone and facsimile expenses (including expenses of printing certificates for Company Securities and of printing Prospectuses if
the printing of Prospectuses is reasonably requested by a Holder of Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel, auditors and
accountants for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions
contemplated by this Agreement and (vii) all expenses relating to marketing the sale of the Registrable Securities, including expenses related to conducting a “road show.” In addition, the Company shall be responsible for all of its
expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including expenses payable to third parties and including all salaries and expenses of the Company’s officers and employees performing
legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on the Trading Market. 

6. Indemnification. 

(a) The Company shall indemnify and hold harmless each Holder, its Affiliates and each of their respective officers, directors,
agents, advisors and employees thereof and each Person who controls such Holder (within the meaning of Section 15 of the Securities Act and Section 20 of the Securities Exchange Act) (collectively, “Holder Indemnified
Persons”), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, joint or several, costs (including commercially reasonable costs of preparation and commercially reasonable
attorneys’ fees) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative (collectively,
“Claims”), which any Holder Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise (collectively, “Losses”), as incurred, arising out of
or relating to any untrue or alleged untrue statement of a material fact contained or incorporated by reference into any Registration Statement under which any Registrable Securities were registered, in any preliminary prospectus or in any summary
or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the Company) or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement
current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein not misleading; provided,
however, that the Company shall not be liable to any Holder Indemnified Person to the extent that any such Claim arises out of, is based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such
Registration Statement, such preliminary, summary or final prospectus or free writing prospectus or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder
Indemnified Person or any underwriter specifically for use in the preparation thereof. The Company shall notify the Holders promptly of the institution, threat or assertion of any Claim of which the Company is aware in connection with the
transactions contemplated by this Agreement. This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such
Holder or any indemnified party and shall survive the transfer of such securities by such Holder. Notwithstanding anything to the contrary herein, this Section 6 shall survive any termination or expiration of this Agreement
indefinitely. 

  
 18 

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

(c) If any proceeding (including any investigation by any Governmental Authority) shall be instituted involving any Person in
respect of which indemnity may be sought pursuant to Section 6(a) or 6(b), such Person (an “Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the
“Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all reasonable fees
and expenses; provided, that the failure of any Indemnified Party so to notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder except to the extent that the Indemnifying Party is materially
prejudiced by such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the
Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) in the reasonable judgment of such Indemnified Party (A) representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them or (B) there would be rights or defenses that would be available to such Indemnified Party that are not available to the Indemnifying Party. It is understood that, in
connection with any proceeding or related proceedings in the same jurisdiction, the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all
such Indemnified Parties, and that all such fees and expenses shall be reimbursed promptly after receipt of an invoice setting forth such fees and expenses in reasonable detail. In the case of any such separate firm for the Indemnified Parties, such
firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any 

  
 19 

 
proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless each
Indemnified Party from and against any Losses (to the extent obligated herein) by reason of such settlement or judgment. Without the prior written consent of each affected Indemnified Party, no Indemnifying Party shall effect any settlement of any
pending or threatened proceeding in respect of which such Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability arising out of such proceeding. 
 (d) If the indemnification provided for in this
Section 6 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any Losses referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party
thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party,
on the one hand, and of the indemnified party, on the other, in connection with the untrue or alleged untrue statement of a material fact or the omission to state a material fact that resulted in such Losses, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to
state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission;
provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder. 

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

8. Registration Defaults. If any of the following events (each a “Registration Default”) shall occur, then the
Company shall pay liquidated damages (the “Registration Default Damages”) to the Holders as follows: 
 (a)
if the Shelf Registration Statement is not filed with the Commission on or prior to the 75th day following the Closing Date, then commencing on the 76th day after the Closing Date, Registration Default Damages shall accrue on the aggregate
outstanding principal amount of the Notes, at a rate of 0.25% per annum for the first 90 days from, and including, such 76th day and 0.50% per annum thereafter; or 

  
 20 

 (b) if the Shelf Registration Statement is not declared effective by the
Commission on or prior to the 120th day following the Closing Date, then commencing on the 121st day after the Closing Date, Registration Default Damages shall accrue on the aggregate outstanding principal amount of the Notes, at a rate of 0.25% per
annum for the first 90 days from, and including, such 121st day and 0.50% per annum thereafter; or 
 (c) if the Shelf
Registration Statement has been declared or becomes effective but ceases to be effective or usable for the offer and sale of the Registrable Securities, other than in connection with (A) a Blackout Period or (B) as a result of a
requirement to file a post-effective amendment solely to add additional selling securityholders, at any time during the Effectiveness Period and the Company does not cure the lapse of effectiveness or usability within ten Business Days, then
Registration Default Damages shall accrue on the aggregate outstanding principal amount of the Notes at a rate of 0.25% per annum for the first 90 days from, and including, the day following such tenth Business Day and 0.50% per annum thereafter; or

 (d) if the Company through its omission fails to name as a selling securityholder any Holder that had complied timely with
its obligations hereunder in a manner to entitle such Holder to be so named in (i) the Shelf Registration Statement at the time it first became effective or (ii) any Prospectus at the later of time of filing thereof or the time the Shelf
Registration Statement of which the Prospectus forms a part becomes effective then Registration Default Damages shall accrue, on the aggregate outstanding principal amount of the Notes held by such Holder, at a rate of 0.25% per annum for the first
90 days from, and including, the day following the effective date of such Shelf Registration Statement or the time of filing of such Prospectus, as the case may be, and 0.50% per annum thereafter; or 

(e) if the aggregate duration of Blackout Periods in any period exceeds the number of days permitted in respect of such period
pursuant to Section 3(p) hereof, then commencing on the day the aggregate duration of Blackout Periods in any period exceeds the number of days permitted in respect of such period, Registration Default Damages shall accrue on the aggregate
outstanding principal amount of the Notes at a rate of 0.25% per annum for the first 90 days from, and including, such date, and 0.50% per annum thereafter; 

provided, however, that (1) upon the filing of the Shelf Registration Statement (in the case of paragraph (a) above), (2) upon
the effectiveness of the Shelf Registration Statement (in the case of paragraph (b) above), (3) upon such time as the Shelf Registration Statement which had ceased to remain effective or usable for resales again becomes effective and usable for
resales (in the case of paragraph (c) above), (4) upon the time such Holder is permitted to sell its Registrable Securities pursuant to any Shelf Registration Statement and Prospectus in accordance with applicable law (in the case of paragraph
(d) above) or (5) upon the termination of the Blackout Period that caused the limit on the aggregate duration of Blackout Periods in a period set forth in Section 3(p) to be exceeded (in the case of paragraph (e) above), the
Registration Default Damages shall cease to accrue. 
 Any amounts of Registration Default Damages due pursuant to this Section 8 will be payable in
cash on the next succeeding Interest Payment Date (as defined under the Indenture) to Holders entitled to receive such Registration Default Damages on the relevant Regular Record Dates (as defined under the Indenture) for the payment of
interest. If any Note ceases to be outstanding during any period for which Registration Default Damages are accruing, the Company will prorate the Registration Default Damages payable with respect to such Note.

  
 21 

 
The Registration Default Damages rate on the Notes shall not exceed in the aggregate 0.50% per annum and shall not be payable under more than one clause above for any given period of time, except
that if Registration Default Damages would be payable because of more than one Registration Default, but at a rate of 0.25% per annum under one Registration Default and at a rate of 0.50% per annum under the other, then the Registration Default
Damages rate shall be the higher rate of 0.50% per annum. Other than the Company’s obligation to pay Registration Default Damages in accordance with this Section 8, the Company will not have any liability for
damages with respect to a Registration Default. 
 Notwithstanding any provision in this Agreement, in no event shall Registration Default Damages be
payable to any Holder in connection with a Holder converting its Notes if a Registration Default occurs prior to any such Holder converting its Notes. In lieu thereof, the Conversion Rate (as defined in the Indenture) shall be increased by 3.00% for
each $1,000 principal amount of Notes converted or redeemed (as applicable) at a time when such Registration Default has occurred and is continuing in accordance with Section 17.01 of the Indenture; provided, however, that
(i) the foregoing adjustment shall not be applied more than once to the same $1,000 principal amount of Notes and (ii) if a Registration Default occurs after a Holder has converted its Notes into Common Stock, such Holder shall not be
entitled to any compensation with respect to such Common Stock. 
 9. Miscellaneous. 

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

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

  
 22 

 
communication is delivered via facsimile or electronic mail as specified in this Agreement later than 5:00 p.m. Central Time on any date and earlier than 11:59 p.m. Central Time on such date,
(iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service or (iv) upon actual receipt by the Party to whom such notice is required to be given. The address for such notices and
communications shall be as follows: 
  

			
	If to the Company:	  	 SAExploration Holdings, Inc.
 Attention: Brent
Whiteley, Chief Financial Officer and General Counsel
 1160 Dairy Ashford, Suite 160

Houston, Texas 77079
 Electronic mail:
bwhiteley@saexploration.com
  
 With copy to:

 
 Akin Gump Strauss Hauer & Feld LLP

Attention: Sarah Link Schultz
 1700 Pacific Avenue

Suite 4100
 Dallas, TX 75201-4624

Electronic mail: sschultz@akingump.com

		
	If to any Person who is then the registered Holder:	  	To the address of such Holder as it appears in the applicable register for the Registrable Securities or such other address as may be designated in writing by such Holder.

 (d) Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the Parties hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns; provided that (i) except as provided in this Section 8(d), this
Agreement, and any rights or obligations hereunder, may not be assigned without the prior written consent of the Company and the Holders, (ii) the registration rights of a Holder pursuant to this Agreement with respect to all or any portion of
its Registrable Securities may be transferred or assigned without such consent (but only with all related obligations) with respect to such Registrable Securities by such Holder to one or more transferees or assignees of such Registrable Securities;
provided, further, that (A) the Company is, within a commercially reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the Registrable Securities with
respect to which such registration rights are being assigned and (B) such transferee or assignee agrees in writing to be bound by and subject to the terms set forth in this Agreement and executes a Joinder Agreement substantially in the form of
Exhibit A hereto, and (iii) the Company shall have no obligation to file a Registration Statement or a post-effective amendment to any Registration Statement to add a transferee or an assignee as a selling security holder thereunder
unless such person holds not less than 2.5% of the then outstanding shares of Common Stock. The Company may not assign its rights or obligations hereunder without the prior written consent of the Holders. 

  
 23 

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

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

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

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

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

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

  
 24 

 (k) Termination. The rights and obligations of the Company and of any
Holder under this Agreement, other than those obligations contained in Section 6, shall terminate with respect to the Company and such Holder on the first date upon which such Holder no longer beneficially owns any
Registrable Securities comprising at least an aggregate of 2.5% of the outstanding Common Stock at any time. 
 [THIS SPACE LEFT BLANK
INTENTIONALLY] 

  
 25 

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

			
	SAEXPLORATION HOLDINGS, INC.

 
			
		
	By:	 	 /s/ Brent Whiteley

 
			
	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary

  
 Signature Page to
Registration Rights Agreement 

 HOLDERS: 

 

			
	Whitebox Asymmetric Partners, LP
		
	By:	 	 /s Mark Strefling

	Name:	 	Mark Strefling
	Title:	 	Partner & CEO

  

			
	Whitebox Credit Partners, LP
		
	By:	 	 /s Mark Strefling

	Name:	 	Mark Strefling
	Title:	 	Partner & CEO

  

			
	Whitebox Multi-Strategy Partners, LP
		
	By:	 	 /s Mark Strefling

	Name:	 	Mark Strefling
	Title:	 	Partner & CEO

 Signature Page to Registration Rights Agreement 

  

 
			
	 1992 MSF INTERNATIONAL LTD.
 By:
Highbridge Capital Management, LLC, as Trading Manager and not in its individual capacity

		
	By:	 	 /s/ Jonathan Segal

	Name:	 	Jonathan Segal
	Title:	 	Managing Director

  

			
	 1992 TACTICAL CREDIT MASTER FUND, L.P.

By: Highbridge Capital Management, LLC, as Trading Manager and not in its individual capacity

		
	By:	 	 /s/ Jonathan Segal

	Name:	 	Jonathan Segal
	Title:	 	Managing Director

 Signature Page to Registration Rights Agreement 

  

 
			
	Blue Mountain Credit Alternatives Master Fund L.P.
		
	By:	 	 /s/ David M. O’Mara

	Name:	 	David M. O’Mara
	Title:	 	Deputy General Counsel

  

			
	BlueMountain Montenvers Master Fund SCA SICAV-SIF
		
	By:	 	 /s/ David M. O’Mara

	Name:	 	David M. O’Mara
	Title:	 	Deputy General Counsel

  

			
	BlueMountain Summit Trading L.P.
		
	By:	 	 /s/ David M. O’Mara

	Name:	 	David M. O’Mara
	Title:	 	Deputy General Counsel

  

			
	BlueMountain Kicking Horse Fund L.P.
		
	By:	 	 /s/ David M. O’Mara

	Name:	 	David M. O’Mara
	Title:	 	Deputy General Counsel

 Signature Page to Registration Rights Agreement 

  

 
			
	Amzak Capital Management LLC
		
	By:	 	 /s/ Sam Baker

	Name:	 	Sam Baker
	Title:	 	Senior Fixed Income Analyst

 Signature Page to Registration Rights Agreement 

 

  

 
			
	Dupont Pension Trust
		
	By:	 	 /s/ Dennis Fasura

	Name: Dennis Fasura
	Title: VP, State Street Bank and Trust Company as Trustee

 Signature Page to Registration Rights Agreement 

 
			
	By:	 	 /s/ John Pecora

	John Pecora

 Signature Page to Registration Rights Agreement 

 
			
	By:	 	 /s/ Jeff Hastings

		 	Jeff Hastings

 Signature Page to Registration Rights Agreement 

 Exhibit A 

JOINDER AGREEMENT 
 Reference is
made to the Registration Rights Agreement, dated as of September 26, 2018 (as amended from time to time, the “Registration Rights Agreement”), by and among SAExploration Holdings, Inc. and the other parties thereto. The undersigned
agrees, by execution hereof, to become a party to, and to be subject to the rights and obligations under the Registration Rights Agreement. 
  

			
	[NAME]
		
	By:	 	  

	Name:
	Title:
	Date:
	Address:

  

			
	Acknowledged by:
	
	SAEXPLORATION HOLDINGS, INC.
		
	By:	 	              

	Name:
	Title

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