Document:

EXHIBIT B

 

ESCROW AGREEMENT

 

ESCROW AGREEMENT (“Agreement”)
dated __________ 2013 by and among TRIO MERGER CORP., a Delaware corporation (“Parent”), CLCH, LLC, an Alaskan limited
liability company, as the Company Stockholders’ Representative, being the representative of the former stockholders of SAEXPLORATION
HOLDINGS, INC., a Delaware corporation (the “Representative”), and CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
as escrow agent (the “Escrow Agent”).

 

Parent, Trio Merger
Sub, Inc., a wholly-owned subsidiary of Parent (“Merger Sub”), SAExploration Holdings, Inc. (“Company”)
and Representative are the parties to an Agreement and Plan of Reorganization dated as of December 10, 2012 (the “Merger
Agreement”) pursuant to which Company has merged into Merger Sub, with Merger Sub being the surviving entity of such merger
and remaining a wholly-owned subsidiary of Parent. Pursuant to the Merger Agreement, Parent is to be indemnified in certain respects.
The parties desire to establish an escrow fund as collateral security for the indemnification obligations under the Merger Agreement.
The Representative has been designated pursuant to the Merger Agreement to represent all of the former stockholders of Company
(the “Stockholders”) and each Permitted Transferee (as hereinafter defined) of the Stockholders (the Stockholders and
all such Permitted Transferees are hereinafter referred to collectively as the “Owners”), and to act on their behalf
for purposes of this Agreement. Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed
to them in the Merger Agreement.

 

The parties agree as
follows:

 

1.           (a)          Concurrently
with the execution hereof, each of the Stockholders (or Parent, on their behalf) is delivering to the Escrow Agent, to be held
in escrow pursuant to the terms of this Agreement, stock certificates in the amounts set forth in Schedule A hereto issued in the
name of such Stockholder representing a portion of the shares of Parent Common Stock issued to such Stockholder in the Merger,
together with two (2) assignments (separate from certificate) executed in blank by such Stockholder, with medallion signature guaranties.
The shares of Parent Common Stock represented by the stock certificates so delivered by the Stockholders to the Escrow Agent are
herein referred to in the aggregate as the “Escrow Fund.” The Escrow Agent shall maintain a separate account for each
Stockholder’s, and, subsequent to any transfer permitted pursuant to Paragraph 1(d) hereof, each Owner’s, portion of
the Escrow Fund.

 

(a)          The
Escrow Agent hereby agrees to act as escrow agent and to hold, safeguard and disburse the Escrow Fund pursuant to the terms and
conditions hereof. It shall treat the Escrow Fund as a trust fund in accordance with the terms of this Agreement and not as the
property of Parent. The Escrow Agent’s duties hereunder shall terminate upon its distribution of the entire Escrow Fund in
accordance with this Agreement.

 

    	 

    	 

    

 

(b)          Except
as herein provided, the Owners shall retain all of their rights as stockholders of Parent with respect to shares of Parent Common
Stock constituting the Escrow Fund during the period the Escrow Fund is held by the Escrow Agent (the “Escrow Period”),
including, without limitation, the right to vote their shares of Parent Common Stock included in the Escrow Fund.

 

(c)          During
the Escrow Period, all dividends payable in cash with respect to the shares of Parent Common Stock included in the Escrow Fund
shall be paid to the Owners, but all dividends payable in stock or other non-cash property (“Non-Cash Dividends”) shall
be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Fund”
shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

(d)          During
the Escrow Period, no sale, transfer or other disposition may be made of any or all of the shares of Parent Common Stock in the
Escrow Fund except (i) to a “Permitted Transferee” (as hereinafter defined), (ii) by virtue of the laws of descent
and distribution upon death of any Owner, or (iii) pursuant to a qualified domestic relations order; provided, however, that such
permissive transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms
and conditions of this Agreement. As used in this Agreement, the term “Permitted Transferee” shall include: (x) members
of a Stockholder’s “Immediate Family” (as hereinafter defined); (y) an entity in which (A) a Stockholder and/or
members of a Stockholder’s Immediate Family beneficially own 100% of such entity’s voting and non-voting equity securities,
or (B) a Stockholder and/or a member of such Stockholder’s Immediate Family is a general partner and in which such Stockholder
and/or members of such Stockholder’s Immediate Family beneficially own 100% of all capital accounts of such entity; and (z)
a revocable trust established by a Stockholder during his lifetime for the benefit of such Stockholder or for the exclusive benefit
of all or any of such Stockholder’s Immediate Family. As used in this Agreement, the term “Immediate Family”
means, with respect to any Stockholder, a spouse, Parent, lineal descendants, the spouse of any lineal descendant, and brothers
and sisters (or a trust, all of whose current beneficiaries are members of an Immediate Family of the Stockholder). In connection
with and as a condition to each permitted transfer, the Permitted Transferee shall deliver to the Escrow Agent an assignment separate
from certificate executed by the transferring Stockholder, with medallion signature guaranty, or where applicable, an order of
a court of competent jurisdiction, evidencing the transfer of shares to the Permitted Transferee, together with two (2) assignments
(separate from certificate) executed in blank by the Permitted Transferee, with medallion signature guaranties, with respect to
the shares transferred to the Permitted Transferee. Upon receipt of such documents, the Escrow Agent shall deliver to Parent’s
transfer agent the original stock certificate out of which the assigned shares are to be transferred, together with the executed
assignment separate from certificate executed by the transferring Stockholder, or a copy of the applicable court order, and shall
request that Parent issue new certificates representing (m) the number of shares, if any, that continue to be owned by the transferring
Stockholder, and (n) the number of shares owned by the Permitted Transferee as the result of such transfer. Parent, the transferring
Stockholder and the Permitted Transferee shall cooperate in all respects with the Escrow Agent in documenting each such transfer
and in effectuating the result intended to be accomplished thereby. During the Escrow Period, no Owner shall pledge or grant a
security interest in such Owner’s shares of Parent Common Stock included in the Escrow Fund or grant a security interest
in such Owner’s rights under this Agreement.

 

    	-2-

    	 

    

 

2.           (a)          Parent,
acting through the current or former member or members of Parent’s Board of Directors who has or have been appointed by Parent
to take all necessary actions and make all decisions on behalf of Parent with respect to its rights to indemnification under Article
VII of the Merger Agreement (the “Committee”), may make a claim for indemnification pursuant to the Merger Agreement
(“Indemnification Claim”) against the Escrow Fund by giving notice (a “Notice”) to the Representative (with
a copy to the Escrow Agent) specifying (i) the covenant, representation, warranty, agreement, undertaking or obligation contained
in the Merger Agreement which it asserts has been breached or otherwise entitles Parent to indemnification, (ii) in reasonable
detail, the nature and dollar amount of any Indemnification Claim, (iii) whether the Indemnification Claim is a claim is a Basic
Indemnification Claim, a Tax Indemnification Claim or an Environmental Indemnification Claim, and (iv) whether the Indemnification
Claim results from a Third Party Claim against Parent or Company. The Committee also shall deliver to the Escrow Agent (with a
copy to the Representative), concurrently with its delivery to the Escrow Agent of the Notice, a certification as to the date on
which the Notice was delivered to the Representative. As used herein, “Basic Indemnification Claim” means an Indemnification
Claim other than a Tax Indemnification Claim or an Environmental Indemnification Claim.

 

(b)          If
the Representative shall give a notice to the Committee (with a copy to the Escrow Agent) (a “Counter Notice”), within
30 days following the date of receipt (as specified in the Committee’s certification) by the Representative of a copy of
the Notice, disputing whether the Indemnification Claim is indemnifiable under the Merger Agreement, the Committee and the Representative
shall attempt to resolve such dispute by voluntary settlement as provided in paragraph 2(c) below. If no Counter Notice with respect
to an Indemnification Claim is received by the Escrow Agent from the Representative within such 30-day period, the Indemnification
Claim shall be deemed to be an Established Claim (as hereinafter defined) for purposes of this Agreement.

 

(c)          If
the Representative delivers a Counter Notice to the Escrow Agent, the Committee and the Representative shall, during the period
of 60 days following the delivery of such Counter Notice or such greater period of time as the parties may agree to in writing
(with a copy to the Escrow Agent), attempt to resolve the dispute with respect to which the Counter Notice was given. If the Committee
and the Representative shall reach a settlement with respect to any such dispute, they shall jointly deliver written notice of
such settlement to the Escrow Agent specifying the terms thereof. If the Committee and the Representative shall be unable to reach
a settlement with respect to a dispute, such dispute shall be resolved by arbitration pursuant to paragraph 2(d) below.

 

(d)          If
the Committee and the Representative cannot resolve a dispute prior to expiration of the 60-day period referred to in paragraph
2(c) above (or such longer period as the parties may have agreed to in writing), then such dispute shall be submitted (and either
party may submit such dispute) for arbitration in accordance with Section 8.

 

    	-3-

    	 

    

 

(e)          As
used in this Agreement, “Established Claim” means any (i) Indemnification Claim deemed established pursuant to the
last sentence of paragraph 2(b) above, (ii) Indemnification Claim resolved in favor of Parent by settlement pursuant to paragraph
2(c) above, resulting in a dollar award to Parent, (iii) Indemnification Claim established by the decision of an arbitrator pursuant
to paragraph 2(d) above, resulting in a dollar award to Parent, (iv) Third Party Claim that has been sustained by a final determination
(after exhaustion of any appeals) of a court of competent jurisdiction, or (v) Third Party Claim that the Committee and the Representative
have jointly notified the Escrow Agent has been settled in accordance with the provisions of the Merger Agreement.

 

(f)          (i)          Promptly
after an Indemnification Claim becomes an Established Claim, the Committee and the Representative shall jointly deliver a notice
to the Escrow Agent (a “Joint Notice”) directing the Escrow Agent to pay to Parent, and the Escrow Agent promptly shall
pay to Parent, an amount equal to the aggregate dollar amount of the Established Claim (or, if at such time there remains in the
Escrow Fund less than the full amount so payable, the full amount remaining in the Escrow Fund).

 

(ii)         Payment
of an Established Claim shall be made from Escrow Shares pro rata from the account maintained on behalf of each Owner. For purposes
of each payment, such shares shall be valued at the “Fair Market Value” (as defined below). However, in no event shall
the Escrow Agent be required to calculate Fair Market Value or make a determination of the number of shares to be delivered to
Parent in satisfaction of any Established Claim; rather, such calculation shall be included in and made part of the Joint Notice.
The Escrow Agent shall transfer to Parent out of the Escrow Fund that number of shares of Parent Common Stock necessary to satisfy
each Established Claim, as set out in the Joint Notice. Any dispute between the Committee and the Representative concerning the
calculation of Fair Market Value or the number of shares necessary to satisfy any Established Claim, or any other dispute regarding
a Joint Notice, shall be resolved between the Committee and the Representative in accordance with the procedures specified in paragraph
2(d) above, and shall not involve the Escrow Agent. Each transfer of shares in satisfaction of an Established Claim shall be made
by the Escrow Agent delivering to Parent one or more stock certificates held in each Owner’s account evidencing not less
than such Owner’s pro rata portion of the aggregate number of shares specified in the Joint Notice, together with assignments
separate from certificate executed in blank by such Owner and completed by the Escrow Agent in accordance with instructions included
in the Joint Notice. Upon receipt of the stock certificates and assignments, Parent shall deliver to the Escrow Agent new certificates
representing the number of shares owned by each Owner after such payment. The parties hereto (other than the Escrow Agent) agree
that the foregoing right to make payments of Established Claims in shares of Parent Common Stock may be made notwithstanding any
other agreements restricting or limiting the ability of any Owner to sell any shares of Parent stock or otherwise. The Committee
and the Representative shall be required to exercise utmost good faith in all matters relating to the preparation and delivery
of each Joint Notice. As used herein, “Fair Market Value” means the average reported closing price for the Parent Common
Stock for the ten trading days ending on the last trading day prior to (x) the day the Established Claim is paid with respect to
Indemnification Claims paid on or before the Basic Indemnity Escrow Termination Date, (y) the Basic Indemnity Escrow Termination
Date with respect to shares constituting the Pending Claims Reserve (as hereinafter defined) on the Basic Indemnity Escrow Termination
Date, and (z) with respect to shares placed in the Pending Claims Reserve for a Tax Indemnification Claim or Environmental Indemnification
Claim asserted after the Basic Indemnity Escrow Termination Date, the day such Tax Indemnification Claim or Environmental Indemnification
Claim is asserted.

 

    	-4-

    	 

    

 

(iii)        Notwithstanding
anything herein to the contrary, at such time as an Indemnification Claim has become an Established Claim, the Representative shall
have the right to substitute for the Escrow Shares that otherwise would be paid in satisfaction of such claim (the “Claim
Shares”), cash in an amount equal to the Fair Market Value of the Claim Shares (“Substituted Cash”). In such
event (i) the Joint Notice shall include a statement describing the substitution of Substituted Cash for the Claim Shares, and
(ii) substantially contemporaneously with the delivery of such Joint Notice, the Representative shall cause currently available
funds to be delivered to the Escrow Agent in an amount equal to the Substituted Cash. Upon receipt of such Joint Notice and Substituted
Cash, the Escrow Agent shall (y) in payment of the Established Claim described in the Joint Notice, deliver the Substituted Cash
to Parent in lieu of the Claim Shares, and (z) cause the Claim Shares to be returned to the Representative.

 

3.           (a)          On
the first Business Day after the Basic Indemnity Escrow Termination Date, upon receipt of a Joint Notice, the Escrow Agent shall
distribute and deliver to each Owner certificates representing shares of Parent Common Stock then in such Owner’s account
in the Escrow Fund equal to one-half of the original number of shares placed in such Owner’s account less that number of
shares in such Owner’s account equal to the sum of (i) the number of shares applied in satisfaction of Indemnification Claims
made prior to that date and (ii) the number of shares in the Pending Claims Reserve allocated to such Owner’s account, as
provided in the following sentence, and shall continue to hold the remaining shares in such Owner’s account as T/E Indemnity
Shares. If, at such time, there are any Indemnification Claims with respect to which Notices have been received but which have
not been resolved pursuant to Section 2 hereof or in respect of which the Escrow Agent has not been notified of, and received a
copy of, a final determination (after exhaustion of any appeals) by a court of competent jurisdiction, as the case may be (in either
case, “Pending Claims”), and which, if resolved or finally determined in favor of Parent, would result in a payment
to Parent, the Escrow Agent shall retain in the Pending Claims Reserve that number of shares of Parent Common Stock having a Fair
Market Value equal to the dollar amount for which indemnification is sought in such Indemnification Claim, allocated pro rata from
the account maintained on behalf of each Owner. The Committee and the Representative shall certify to the Escrow Agent the Fair
Market Value to be used in calculating the Pending Claims Reserve and the number of shares of Parent Common Stock to be retained
therefor. Thereafter, if any Pending Claim becomes an Established Claim, the Committee and the Representative shall deliver to
the Escrow Agent a Joint Notice directing the Escrow Agent to deliver to Parent the number of shares in the Pending Claims Reserve
in respect thereof determined in accordance with paragraph 2(f) above and to deliver to each Owner the remaining shares in the
Pending Claims Reserve allocated to such Pending Claim, all as specified in a Joint Notice. If any Pending Claim is resolved against
Parent, the Committee and the Representative shall deliver to the Escrow Agent a Joint Notice directing the Escrow Agent to pay
to each Owner its pro rata portion of the number of shares allocated to such Pending Claim in the Pending Claims Reserve.

 

    	-5-

    	 

    

 

(b)          On
the first Business Day after the T/E Indemnity Escrow Termination Date, upon receipt of a Joint Notice, the Escrow Agent shall
distribute and deliver to each Owner certificates representing the shares of Parent Common Stock then in such Owner’s account
in the Escrow Fund that are T/E Indemnity Shares other than T/E Indemnity Shares in the Pending Claims Reserve. Upon the subsequent
resolution of a Claim for which shares remain in the Pending Claims Reserve, upon receipt of a Joint Notice, the Escrow Agent shall
distribute and deliver such shares to the Parent, if the Claim is resolved in favor of Parent, or, if resolved against Parent,
to the Owners pro rata to the accounts maintained for them. Upon resolution of all Pending Claims, the Committee and the Representative
shall deliver to the Escrow Agent a Joint Notice directing the Escrow Agent to pay to each Owner the remaining portion of his or
her account in the Escrow Fund.

 

(c)          As
used herein, the “Pending Claims Reserve” shall mean, at the time any such determination is made, that number of shares
of Parent Common Stock in the Escrow Fund having a Fair Market Value equal to the sum of the aggregate dollar amounts claimed to
be due with respect to all Pending Claims (as shown in the Notices of such Claims).

 

4.            The
Escrow Agent, the Committee and the Representative shall cooperate in all respects with one another in the calculation of any amounts
determined to be payable to Parent and the Owners in accordance with this Agreement and in implementing the procedures necessary
to effect such payments.

 

5.            (a)          The
Escrow Agent undertakes to perform only such duties as are expressly set forth herein. It is understood that the Escrow Agent is
not a trustee or fiduciary and is acting hereunder merely in a ministerial capacity.

 

(b)          The
Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment,
and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein
contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The
Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement
unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights
of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

(c)          The
Escrow Agent’s sole responsibility upon receipt of any notice requiring any payment to Parent pursuant to the terms of this
Agreement or, if such notice is disputed by the Committee or the Representative, the settlement with respect to any such dispute,
whether by virtue of joint resolution, arbitration or determination of a court of competent jurisdiction, is to pay to Parent the
amount specified in such notice, and the Escrow Agent shall have no duty to determine the validity, authenticity or enforceability
of any specification or certification made in such notice.

 

    	-6-

    	 

    

 

(d)          The
Escrow Agent shall not be liable for any action taken by it in good faith and believed by it to be authorized or within the rights
or powers conferred upon it by this Agreement, and may consult with counsel of its own choice and shall have full and complete
authorization and indemnification under Section 5(g), below, for any action taken or suffered by it hereunder in good faith and
in accordance with the opinion of such counsel.

 

(e)          The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn over the Escrow Fund to a successor escrow agent appointed jointly by the Committee
and the Representative. If no new escrow agent is so appointed within the 60 day period following the giving of such notice of
resignation, the Escrow Agent may deposit the Escrow Fund with any court it reasonably deems appropriate.

 

(f)          The
Escrow Agent shall be indemnified and held harmless by Parent from and against any expenses, including counsel fees and disbursements,
or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way,
directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Fund
held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent.
Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding,
the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent,
in its sole discretion, may commence an action in the nature of interpleader in the any state or federal court located in New York
County, State of New York.

 

(g)          The
Escrow Agent shall be entitled to reasonable compensation from Parent for all services rendered by it hereunder. The Escrow Agent
shall also be entitled to reimbursement from Parent for all expenses paid or incurred by it in the administration of its duties
hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or
other governmental charges.

 

(h)          From
time to time on and after the date hereof, the Committee and the Representative shall deliver or cause to be delivered to the Escrow
Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure
itself that it is protected in acting hereunder.

 

(i)          Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or
its own willful misconduct.

 

6.           This
Agreement expressly sets forth all the duties of the Escrow Agent with respect to any and all matters pertinent hereto. No implied
duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent shall not be bound by the provisions
of any agreement among the parties hereto except this Agreement and shall have no duty to inquire into the terms and conditions
of any agreement made or entered into in connection with this Agreement, including, without limitation, the Merger Agreement.

 

    	-7-

    	 

    

 

7.           This
Agreement shall inure to the benefit of and be binding upon the parties and their respective heirs, successors, assigns and legal
representatives shall be governed by and construed in accordance with the law of New York applicable to contracts made and to be
performed therein. This Agreement cannot be changed or terminated except by a writing signed by the Committee, the Representative
and the Escrow Agent.

 

8.           All
disputes arising under this Agreement between the Committee and the Representative, including a dispute arising from a party’s
failure or refusal to sign a Joint Notice, shall be submitted to arbitration to the American Arbitration Association in New York
City. The Committee and the Representative each hereby consents to the exclusive jurisdiction of the federal and state courts
sitting in New York County, State of New York, with respect to any claim or controversy arising out of this Agreement. Service
of process in any action or proceeding brought against the Committee or the Representative in respect of any such claim or controversy
may be made upon it by registered mail, postage prepaid, return receipt requested, at the address specified in Section 9, with
copies delivered by nationally recognized overnight carrier to Graubard Miller, The Chrysler Building, 405 Lexington Avenue, New
York, N.Y. 10174, Attention: David Alan Miller, Esq., and to Strasburger & Price, LLP, 1401 McKinney Street, Suite 2200, Houston,
TX 77010, Attention: W. Garney Griggs, Esq.

 

9.           All
notices and other communications under this Agreement shall be in writing and shall be deemed given if given by hand or delivered
by nationally recognized overnight carrier, or if given by telecopier and confirmed by mail (registered or certified mail, postage
prepaid, return receipt requested), to the respective parties as follows:

 

A.           If
to the Committee, to it at:

 

Eric Rosenfeld

777 Third Avenue, 37th Floor

New York, New York 10017

Telecopier No.: 212-319-0760

 

with a copy to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174-1901

Attention: David Alan Miller, Esq.

Telecopier No.: 212-818-8881

 

    	-8-

    	 

    

 

B.           If
to the Representative, to him at:

 

1400 W. Benson Blvd. Ste. 370

Anchorage, AK 99503

with a copy to:

Strasburger & Price, LLP

 

1401 McKinney Street, Suite 2200

 

Houston, TX 77010

Attention: W. Garney Griggs, Esq.

Telecopier No.: 832-397-3522

 

C.           If
to the Escrow Agent, to it at:

 

Continental Stock Transfer & Trust
Company

17 Battery Place

New York, New York 10004

Attention: Mark Zimkind

Telecopier No.: 212-509-5150

 

or to such other person or address as any
of the parties hereto shall specify by notice in writing to all the other parties hereto.

 

10.          (a)          If
this Agreement requires a party to deliver any notice or other document, and such party refuses to do so, the matter shall be submitted
to arbitration pursuant to paragraph 2(d) of this Agreement.

 

(b)          All
notices delivered to the Escrow Agent shall refer to the provision of this Agreement under which such notice is being delivered
and, if applicable, shall clearly specify the aggregate dollar amount due and payable to Parent.

 

(c)          This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original instrument and all of
which together shall constitute a single agreement.

 

IN WITNESS WHEREOF,
each of the parties hereto has duly executed this Agreement on the date first above written.

 

[Signatures are on following page]

 

    	-9-

    	 

    

 

[Signature Page to Escrow Agreement]

 

	 	TRIO MERGER CORP.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	THE REPRESENTATIVE
	 	 
	 	CLCH, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	ESCROW AGENT
	 	 
	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title: 	 

 

    	-10-EXHIBIT C

 

LOCK-UP AGREEMENT

 

__________, 20__

 

Trio Merger Corp.

777 Third Avenue, 37th Floor

New York, New York 10017

 

Ladies and Gentlemen:

 

In connection with
the Agreement and Plan of Reorganization (the “Merger Agreement”), dated as of December 10, 2012, by and among Trio
Merger Corp. (“Trio”), Trio Merger Sub, Inc., SAExploration Holdings, Inc. and CLCH, LLC, to induce the parties to
consummate the transactions contemplated by the Merger Agreement, the undersigned agrees not to, either directly or indirectly,
during the “Restricted Period” (as hereinafter defined):

 

		(1)	sell or offer or contract to sell or offer, grant any option or warrant for the sale of, assign,
transfer, pledge, hypothecate, or otherwise encumber or dispose of (all being referred to as a “Transfer”) any legal
or beneficial interest in any shares of Parent Common Stock (as defined in the Merger Agreement), issued or to be issued to the
undersigned or to any other person or entity of which the undersigned is an affiliate in connection with the transactions contemplated
by the Merger Agreement, including without limitation the EBITDA Shares (as defined in the Merger Agreement) (the “Restricted
Securities”),

 

		(2)	enter into any swap or any other agreement or any transaction that transfers, in whole or in part,
directly or indirectly, the economic consequence of ownership of any of the Restricted Securities, whether such swap transaction
is to be settled by delivery of any Restricted Securities or other securities of any person, in cash or otherwise, or

 

		(3)	publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into
any transaction, swap, hedge or other arrangement relating to any of the Restricted Securities.

 

As used herein, “Restricted Period”
means the period commencing on the Closing Date (as defined in the Merger Agreement) and ending on the day preceding the day that
is twelve months after the Closing Date.

 

Notwithstanding the
foregoing limitations, this Lock-Up Agreement will not prevent any Transfer of any or all of the Restricted Securities, either
during the undersigned’s lifetime or on the undersigned’s death, (i) in a transaction that does not involve a public
offering (as such term is used in the Federal securities laws) and is not made through a securities exchange or an over-the-counter
securities market, or (ii) by gift, will or intestate succession, or by judicial decree, to the undersigned’s “family
members” (as defined below) or to trusts, family limited partnerships and similar entities primarily for the benefit of the
undersigned or the undersigned’s “family members”; provided, however, that in each and any such event it shall
be a condition to the Transfer that the transferee execute an agreement stating that the transferee is receiving and holding the
Restricted Securities subject to the provisions of this Lock-Up Agreement. For purposes of this sub-paragraph, “family member”
shall mean spouse, lineal descendants, stepchildren, father, mother, brother or sister of the transferor or of the transferor’s
spouse.

 

    	 

    	 

    

 

Also notwithstanding
the foregoing limitations, in the event the undersigned is an entity rather than an individual, this Lock-Up Agreement will not
prevent any Transfer of any or all of the Restricted Securities to the shareholders, members or partners of such entity; provided,
however, that in each and any such event it shall be a condition to the Transfer that the transferee execute an agreement stating
that the transferee is receiving and holding the Restricted Securities subject to the provisions of this Lock-Up Agreement.

 

Any of the Restricted
Securities subject to this Lock-Up Agreement may be released in whole or part from the terms hereof only upon the approval of the
Committee (as defined in the Merger Agreement).

 

The undersigned hereby
authorizes Trio’s transfer agent to apply to any certificates representing Restricted Securities issued to the undersigned
the appropriate legend to reflect the existence and general terms of this Lock-up Agreement.

 

This Lock-up Agreement
will be legally binding on the undersigned and on the undersigned’s successors and permitted assigns, and is executed as
an instrument governed by the law of Delaware.

 

[Signature page follows]

 

    	2

    	 

    

 

EXHIBIT C

 

SIGNATURE PAGE TO THE LOCK-UP AGREEMENT

	 	 	 
	 	 
	Signature	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Address:

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