Document:

EX-10.1

 Exhibit 10.1 

Frost Bank 
 315 Landa Street 

New Braunfels, Texas 78130 
 April 1, 2015 

 

			
	 Geospace Technologies Corporation
 7007 Pinemont
Drive
 Houston, TX 77040

Attn:  Thomas T. McEntire,

Chief Financial Officer
		 BY CERTIFIED MAIL NO.             ,

RETURN RECEIPT REQUESTED

  

			
	RE:		Waiver and Consent Letter (“Consent Letter”) regarding that certain Loan Agreement dated September 27, 2013, executed by and among Geospace Technologies Corporation, a Delaware corporation
(“Borrower”), each of the domestic subsidiaries of Borrower identified on Schedule 1 hereto (collectively, “Guarantor”) and Frost Bank, a Texas state bank (“Lender”) (Borrower, Guarantor and
Lender collectively referred to herein as the “Parties”), as amended by that certain First Amendment to Loan Agreement dated December 16, 2013, effective as of September 27, 2013, by and among Borrower, Guarantor and
Lender (as amended, the “Loan Agreement”)

 Dear Ladies and Gentlemen: 

Borrower has notified Lender that Borrower (i) formed a Texas for-profit corporation in the initial name of Texas Geospace Technologies Corporation
(“Texas Geospace”) pursuant to a Certificate of Formation filed with the Texas Secretary of State on March 26, 2015 and intends to make Texas Geospace a direct and wholly owned subsidiary of Borrower and (ii) desires to
(a) merge Borrower with and into Texas Geospace whereby Texas Geospace will be the surviving corporation pursuant to a Certificate of Merger to be filed with the Texas Secretary of State, (b) amend the name of Texas Geospace to Geospace
Technologies Corporation pursuant to an Amended and Restated Certificate of Formation to be attached to the Certificate of Merger described in (a) above and (c) terminate Borrower’s existence with both the Delaware Secretary of State
and Texas Secretary of State (items (i) and (ii) above being referred to herein as the “Transaction”). 
 Borrower has
requested that Lender consent to the Transaction and waive each Default or Event of Default, if any, that may have occurred or will occur under any Loan Document in connection with the Transaction, including in respect of Sections 6.02(d) (Notices),
6.04 (Preservation of Existence, Etc.), 7.02 (Mergers, Consolidations), 7.03 (Sale of Assets) and 7.10 (Additional Subsidiaries) of the Loan Agreement and Sections 4.8(a) (Schedules) and 4.9(a) (Legal Status) of the Security Agreement. This Consent
Letter evidences Lender’s waiver and agreement to consent solely to the Transaction as outlined above. For the avoidance of doubt, following consummation of the Transaction, Borrower shall be Geospace Technologies Corporation, a Texas
corporation. All terms not defined herein have the meaning given in the Loan Agreement. 

 The consent set forth above will be limited precisely as written and relates solely to the Loan Documents in the
manner and to the extent described above, and nothing in this letter will be deemed to prejudice any right or remedy that Lender may now have or may have in the future under or in connection with the Loan Agreement or any other Loan Document, or any
other instrument or agreement referred to therein. 
 The agreement in this Consent Letter will not be considered an admission or agreement that any
other modifications are contemplated by the Parties or in any Loan Document or establish any course of dealing between Lender and Borrower with regard to future consents, waivers or amendments. This Consent Letter should not be
construed as an indication that Lender would be willing to agree to any future modifications to any of the terms of the Loan Agreement or other Loan Documents, or any waiver of any Events of Default or Defaults that may exist or occur
thereunder. 
 This Consent Letter will constitute a supplement to the Loan Agreement. From and after the date hereof, references in the Loan Agreement to
“this Agreement” and like terms will be deemed to be references to the Loan Agreement as supplemented by this Consent Letter, and as otherwise amended, supplemented, restated or otherwise modified from time to time in accordance with the
Loan Documents. References in the other Loan Documents to the Loan Agreement will be deemed to be references to the Loan Agreement as supplemented by this Consent Letter and as further amended, supplemented, restated or otherwise modified from time
to time. This Consent Letter is a Loan Document executed pursuant to the Loan Agreement and will (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with the terms and provisions of the Loan Agreement.

 Except as specifically waived as set forth above, all terms, provisions and requirements of the Loan Agreement will remain as written, and as amended
from time to time. The Loan Agreement as supplemented by this Consent Letter is ratified and confirmed in all respects, and all other Loan Documents are hereby ratified and confirmed in all respects, and Borrower hereby reaffirms all covenants,
conditions, representations and warranties contained in the Loan Agreement. Lender reserves the right to require such additional and further documentation to further implement the terms of this consent at any time following delivery of same to
Borrower. 
 Borrower, for itself and on behalf of all its predecessors, successors, assigns, agents, employees, representatives, officers, directors,
general partners, limited partners, joint shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates, employees, servants and attorneys (collectively the “Releasing Parties”), hereby releases and forever
discharges Lender and its successors, assigns, partners, directors, officers, agents, attorneys, and employees from any and all claims, demands, cross-actions, controversies, causes of action, damages, rights, liabilities and obligations, at law or
in equity whatsoever, known or unknown, whether past, present or future, now held, owned or possessed by the Releasing Parties, or any of them, or which the Releasing Parties or any of them may, in each case, as a result of any actions or inactions
occurring on or prior to the date hereof, hereafter hold or claim to hold under common law or 

 
statutory right, arising, directly or indirectly out of any Loan or any of the Loan Documents or any of the documents, instruments or any other transactions relating thereto or the transactions
contemplated thereby. Borrower understands and agrees that this is a full, final and complete release and agrees that this release may be pleaded as an absolute and final bar to any or all suit or suits pending or which may hereafter be filed or
prosecuted by any of the Releasing Parties, or anyone claiming by, through or under any of the Releasing Parties, in respect of any of the matters released hereby, and that no recovery on account of the matters described herein may hereafter be had
from anyone whomsoever, and that the consideration given for this release is no admission of liability. 
 This Consent Letter will become effective once it
is fully executed by Borrower and Guarantor and delivered to Lender. If you agree to the terms hereof, please sign and return three original counterparts of this Consent Letter to the undersigned by 5:00 p.m., April 8, 2015. 

 

			
	Sincerely,
	
	FROST BANK
		
	By:		 /s/ Larry Hammonds

	Larry Hammonds
	Market President-New Braunfels

 [Borrower’s and Guarantor’s Acknowledgement Page Follows] 

 ACKNOWLEDGED AND AGREED: 
  

			
	BORROWER:
	
	 GEOSPACE TECHNOLOGIES CORPORATION,

a Delaware corporation

		
	By:		 /s/ Thomas T. McEntire

			Thomas T. McEntire, Vice President, Chief Financial Officer and Secretary
		
	Date:		 April 6, 2015

	
	GUARANTOR:
	
	GTC, INC.
	EXILE TECHNOLOGIES CORPORATION
	GEOSPACE ENGINEERING RESOURCES INTERNATIONAL, INC.
	GEOSPACE FINANCE CORP.
	GEOSPACE J.V., INC.
	GEOSPACE TECHNOLOGIES, SUCURSAL SUDAMERICANA LLC
		
	By:		 /s/ Thomas T. McEntire

			Thomas T. McEntire, Vice President, Chief
			Financial Officer and Secretary of each of the Guarantors named above
		
	Date:		 April 6, 2015

 SCHEDULE 1 

TO 
 CONSENT LETTER

 Guarantors/Domestic Subsidiaries 
  

	(1)	GTC, Inc., a Texas corporation 

  

	(2)	Exile Technologies Corporation, a Texas corporation 

  

	(3)	Geospace Engineering Resources International, Inc., a Texas corporation 

  

	(4)	Geospace Finance Corp., a Texas corporation 

  

	(5)	Geospace J.V., Inc., a Texas corporation 

  

	(6)	Geospace Technologies, Sucursal Sudamericana LLC, a Texas limited liability companyEX-10.01

 Exhibit 10.01 
  

							
	

				WEB		WWW.CEPHEID.COM
				MAIN		1.888.336.2743
				FAX		1.408.734.1260
				
			March 31, 2015				

 Mr. IIan Daskal 
 1498
Saskatchewan Drive 
 Sunnyvale, CA 94087 
  

	Re:	Offer of Employment by Cepheid 

 Dear IIan: 

I am very pleased to confirm our offer of employment with Cepheid (the “Company”). You will report to Mr. John
Bishop, Chairman and Chief Executive Officer, in the position of Executive Vice President and Chief Financial Officer based in Sunnyvale, California. The terms of our offer and the benefits currently provided by the Company are as follows: 

1. Starting Salary. Your starting bi-weekly salary will be $16,346.16, which is the equivalent of $425,000.16 on an annual basis;
and will be subject to annual review. 
 2. Executive Incentive Plan. You will have the opportunity to earn up to 60% of your
base pay as a target bonus to be paid based upon the financial performance of the company and your individual departmental objectives. You will receive documentation regarding the Company’s Executive Incentive Plan and your specific objectives
upon commencement of employment. 
 3. Change of Control. The Company will offer you the change of control benefits detailed in
Exhibit A effective with your date of hire. 
 4. Separation Benefits. Upon termination of your employment with the Company for
any reason, you will receive payment for all unpaid salary, reimbursements and PTO accrued to the date of your termination of employment; and your benefits will be continued under the Company’s then existing benefit plans and policies for so
long as provided under the terms of such plans and policies and as required by applicable law; and continued rights to indemnification and defense by the Company and its insurers, subject to the terms of the Company’s insurance and
indemnification policies. 
 5. Benefits. In addition, you will be eligible to participate in regular health insurance, bonus
and other employee benefit plans established by the Company for its employees from time to time. Except as provided below, the Company reserves the right to change or otherwise modify, in its sole discretion, the preceding terms of employment, as
well as any of the terms set forth herein at any time in the future. 
 6. Paid Time Off. You will accrue Paid Time Off (PTO)
based on an accrual rate of 20 days per calendar year, commencing with your hire date. 
 7. Confidentiality. As an employee of
the Company, you will have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. To protect the interests of
the Company, you will need to sign the Company’s standard “Employee Invention Assignment and Confidentiality Agreement” as a condition of your employment. We wish to impress upon you that we do not want you to, and we hereby direct
you not to, bring with you any confidential or proprietary material of any former employer or to violate any other obligations you may have to any former employer. During the period that you render services to the Company, you agree to not engage in
any employment, business or activity that is in any way competitive with the business or proposed business of the Company. You will disclose to the Company in writing any other gainful employment, business or activity that you are currently
associated with or participate in that competes with the Company. You will not assist any other 

  

			
			

			 904 CARIBBEAN DRIVE SUNNYVALE, CA 94089 USA
WWW.CEPHEID.COM

 IIan Daskal 

Employment Offer 
  Page
 2
 
  

 
person or organization in competing with the Company or in preparing to engage in competition with the business or proposed business of the Company. You represent that your signing of this offer
letter, agreement(s) concerning stock options granted to you, if any, under the Plan (as defined below) and the Company’s Employee Invention Assignment and Confidentiality Agreement and your commencement of employment with the Company will not
violate any agreement currently in place between yourself and current or past employers. 
 8. Options. We will recommend to
the Compensation and Organizational Development Committee of the Board of Directors of the Company that you be granted the opportunity to purchase up to 100,000 shares of Common Stock of the Company at the closing fair market value of the
Company’s Common Stock at the end of business on the day the Compensation Committee approves your grant, or your first day of employment, whichever is later. The shares you will be given the opportunity to purchase will vest at the rate of
twenty-five percent (25%) at the end of your first anniversary with the Company, and an additional 1/48 of the total number of shares per month thereafter, so long as you remain employed by the Company. However, the grant of such options by the
Company is subject to the Compensation Committee’s approval and this promise to recommend such approval is not a promise of compensation and is not intended to create any obligation on the part of the Company. Further details on the Plan and
any specific option grant to you will be provided upon approval of such grant by the Compensation Committee. 
 9. Restricted
Stock. We will recommend to the Compensation and Organizational Development Committee of the Board of Directors of the Company that you be granted 10,000 restricted stock units (“RSUs”), pursuant to the
Corporation’s 2006 Equity Incentive Plan and subject to the notice of RSU award and award agreement. The shares you will be awarded will vest at the rate of twenty-five percent (25%) at the end of your first anniversary with the Company,
and an additional 1/16th of the RSUs at the end of each three-month period thereafter, so long as you remain employed by the Company. However, the grant of such RSUs by the Company is subject to
the Compensation Committee’s approval and this promise to recommend such approval is not a promise of compensation and is not intended to create any obligation on the part of the Company. Further details on the Plan and any specific RSU grant
to you will be provided upon approval of such grant by the Compensation Committee. 
 10. At-Will Employment. While we look
forward to a long and profitable relationship, should you decide to accept our offer, you will be an at-will employee of the Company, which means the employment relationship can be terminated by either of us for any reason, at any time, with or
without prior notice and with or without cause. Any statements or representations to the contrary (and, indeed, any statements contradicting any provision in this letter) should be regarded by you as ineffective. Further, your participation in any
stock option or benefit program is not to be regarded as assuring you of continuing employment for any particular period of time. Any modification or change in your at will employment status may only occur by way of a written employment agreement
signed by you and the Chief Executive Officer of the Company. 
 11. Authorization to Work. Please note that because of
employer regulations adopted in the Immigration Reform and Control Act of 1986, within three (3) business days of starting your new position you will need to present documentation demonstrating that you have authorization to work in the United
States. If you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens alike, you may contact our personnel office. 

12. Insider Trading Policy. This offer is contingent upon reading and signing the enclosed Insider Trading Policy. 

13. Background Check. This offer is also contingent upon successful completion of a background check, including a check of your
employment references. This offer can be rescinded based upon data received in the background check. 

 IIan Daskal 

Employment Offer 
  Page
 3
 
  

 14. Entire Agreement. This offer, once accepted, constitutes the entire
agreement between you and the Company with respect to the subject matter hereof and supersedes all prior offers, negotiations and agreements, if any, whether written or oral, relating to such subject matter. You acknowledge that neither the Company
nor its agents have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this agreement for the purpose of inducing you to execute the agreement, and you acknowledge that you
have executed this agreement in reliance only upon such promises, representations and warranties as are contained herein. 
 15.
Acceptance. This offer will remain open until April 3, 2015. If you decide to accept our offer, and I hope you will, please sign the enclosed copy of this letter in the space indicated and return it to me. Your signature will
acknowledge that you have read and understood and agreed to the terms and conditions of this offer letter and the attached documents, if any. Should you have anything else that you wish to discuss, please do not hesitate to call me. 

We look forward to the opportunity to welcome you to the Company. 

 

	
	Sincerely,
	
	/s/ Mike Fitzgerald
	 Mike Fitzgerald
 Executive Vice
President,
 Global Human Resources

 I have read and understood this offer letter and hereby acknowledge, accept and agree to the terms as set forth above
and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein. 
  

									
		 		 	
					
		 	 /s/ IIan Daskal
	 		 	Date signed:	 	4/2/2015
		 	IIan Daskal	 		 		 	
					
		 	 4/9/2015
	 		 		 	
		 	Start Date

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