Document:

Exhibit 10.9

 

THIS INSTRUMENT AND THE RIGHTS AND OBLIGATIONS
EVIDENCED HEREBY ARE SUBORDINATE, IN THE MANNER AND TO THE EXTENT SET FORTH IN SECTION 12 HEREOF, TO THE SENIOR DEBT (AS DEFINED
HEREIN) AND THE REPRESENTATIVE AND EACH OTHER HOLDER OF THIS INSTRUMENT, BY ACCEPTANCE HEREOF, IRREVOCABLY AGREES TO BE BOUND BY
THE PROVISIONS OF SECTION 12 HEREOF. 

 

THIS PROMISSORY NOTE (THIS “PROMISSORY
NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
MAY NOT BE SOLD OR TRANSFERRED ABSENT REGISTRATION THEREUNDER OR AN EXEMPTION THEREFROM. 

 

UNSECURED PROMISSORY NOTE

 

	$17,500,000.00	June 24, 2013

 

FOR VALUE RECEIVED, SAExploration
Holdings, Inc. (formerly called Trio Merger Corp.), a Delaware corporation (“Borrower”), hereby promises to
pay to the order of CLCH, LLC, an Alaska limited liability company, or its assigns (the “Representative”), in
lawful money of the United States of America in immediately available funds, at the address for Representative maintained in the
books and records of Borrower the principal sum of Seventeen Million Five Hundred Thousand DOLLARS ($17,500,000.00), together with
interest in arrears on the unpaid principal balance in the manner provided below.

 

This Promissory Note
has been executed and delivered pursuant to and in accordance with the terms and conditions of the Agreement and Plan of Reorganization,
dated as of December 10, 2012, as amended, among Borrower, Representative and certain other parties (as amended from time to time,
the “Merger Agreement”), and is subject to the terms and conditions of the Merger Agreement, which are, by this
reference, incorporated herein and made a part hereof. Capitalized terms used in this Promissory Note without definition shall
have the respective meanings set forth in the Merger Agreement. This Promissory Note has been issued pursuant to Section 1.5(a)
of the Merger Agreement to Representative on behalf of former stockholders (each, a “Holder”) of SAExploration
Holdings, Inc., a Delaware corporation that has been merged into a subsidiary of Borrower.

 

1.                 
Principal and Interest. The then outstanding principal amount of this Note shall bear interest from the date hereof
to the Maturity Date (as defined below) at a rate of ten percent (10%) per annum. Interest shall be paid in cash semi-annually
on June 24 and December 24 of each year (each, an “Interest Payment Date”) during the term of this Promissory
Note solely to the extent permitted under Section 12 hereof and shall otherwise be payable in kind and added to the unpaid principal
amount of this Promissory Note on each Interest Payment Date. Subject to Section 12 hereof, the principal amount of this Promissory
Note and all accrued and unpaid interest due on the unpaid principal balance of this Promissory Note shall be due and payable in
full on June 24, 2023 (the “Maturity Date”).

 

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2.                 
Manner of Payment. All cash payments of principal and interest on this Promissory Note shall be made by check at
such other place in the United States of America as Representative shall designate to Borrower in writing or by wire transfer of
immediately available funds to an account designated by Representative in writing. If any payment of principal or interest on this
Promissory Note is due on a day that is not a Business Day, such payment shall be due on the next succeeding Business Day, and
such extension of time shall not be taken into account in calculating the amount of interest payable under this Promissory Note.

 

3.                 
Prepayment. Subject to Section 12 hereof, Borrower may, without premium or penalty, at any time and from time to
time, prepay all or any portion of the outstanding principal balance due under this Promissory Note, provided that each such prepayment
is accompanied by accrued interest on the amount of principal prepaid calculated to the date of such prepayment.

 

4.                 
Events of Default. The occurrence of the following events shall constitute an event of default hereunder (each, a
“Note Event of Default”): (a) Borrower shall fail to pay when due any payment of principal or interest
on this Promissory Note and such failure continues for twenty (20) days after Representative notifies Borrower thereof in writing;
or (b) Borrower or one of its subsidiaries shall commence a voluntary case concerning itself under Title 11 of the United States
Code entitled "Bankruptcy," as now or hereafter in effect, or any successor thereto (the "Bankruptcy Code");
or an involuntary case is commenced against Borrower or any of its subsidiaries, and the petition is not controverted
within 10 days, or is not dismissed within 45 days after the filing thereof, provided, however, that during the pendency of such
period; or a custodian (as defined in the Bankruptcy Code) is appointed for, or takes charge of, all or substantially all of the
property of Borrower or any of its subsidiaries, to operate all or any substantial portion of the business of Borrower
or any of its subsidiaries, or Borrower or any of its subsidiaries commences any other proceeding under any reorganization,
arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether
now or hereafter in effect relating to Borrower or any of its subsidiaries, or there is commenced against Borrower
or any of its subsidiaries any such proceeding which remains undismissed for a period of 45 days after the filing thereof,
or Borrower or any of its subsidiaries is adjudicated insolvent or bankrupt; or any order of relief or other order
approving any such case or proceeding is entered; or Borrower or any of its subsidiaries makes a general assignment for
the benefit of creditors; or any action is taken by Borrower or any of its subsidiaries for the purpose of effecting
any of the foregoing.

 

5.                 
Remedies. Subject to Section 12 hereof, upon the occurrence of a Note Event of Default hereunder (unless all Note
Events of Default have been cured or waived by Representative), provided that all Blockage Events have been terminated and that
the Senior Debt has been indefeasibly paid in full in cash, Representative may, at its option, (i) by written notice to Borrower,
declare the entire unpaid principal balance of this Promissory Note, together with all accrued interest thereon, immediately due
and payable regardless of any prior forbearance and (ii) exercise any and all rights and remedies available to it under applicable
law, including, without limitation, the right to collect from Borrower all sums due under this Promissory Note or to foreclose
any liens and security interests securing payment hereof.

 

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6.                 
Waiver. The observance of any term of this Promissory Note may be waived (either generally or in a particular instance
and either retroactively or prospectively) by Representative, but such waiver shall be effective only if it is in a writing signed
by Representative. Unless otherwise expressly provided in this Promissory Note, no delay or omission on the part of Representative
in exercising any right or privilege under this Promissory Note shall operate as a waiver thereof, nor shall any waiver on the
part of Representative of any right or privilege under this Promissory Note operate as a waiver of any other right or privilege
under this Promissory Note nor shall any single or partial exercise of any right or privilege preclude any other or further exercise
thereof or the exercise of any other right or privilege under this Promissory Note. The rights and remedies of Representative under
this Promissory Note shall be cumulative and not alternative. Borrower hereby waives presentment, demand, protest and notice of
dishonor and protest.

 

7.                 
Notices. Any notice required or permitted to be given hereunder shall be given in accordance with Section 10.1 of
the Merger Agreement.

 

8.                 
Governing Law. This Promissory Note shall be governed by and construed in accordance with the Laws of the State of
New York, without giving effect to any principles of conflict of laws (whether of the State of Texas or any other jurisdiction)
that would result in the application of the Laws of any jurisdiction other than the State of New York.

 

9.                 
Successors and Assignment. This Promissory Note shall be binding upon and inure to the benefit of Representative
and its respective successors and permitted assigns. Neither Borrower or Representative may assign either this Promissory Note
or any of its rights or interests hereunder without (i) the prior written approval of the other and (ii) the prior written approval
of the Senior Debt Agent.

 

10.             
Construction. The headings of Sections and Subsections in this Promissory Note are provided for convenience only
and will not affect its construction or interpretation. Unless the context clearly requires otherwise, all references to “Sections”
refer to the corresponding Sections of this Promissory Note. All words used in this Promissory Note will be construed to be of
such gender or number as the circumstances require. Unless otherwise expressly provided, the word “including” does
not limit the preceding words or terms and the word “or” is used in the inclusive sense. Borrower and Representative
shall be deemed to have participated equally in the preparation of this Promissory Note, so that this Promissory Note shall not
be construed more strictly against the one deemed primarily responsible for its preparation than against the other.

 

11.             
Attorneys’ Fees. If this Promissory Note is not paid at maturity, regardless of how such maturity may be brought
about, or is collected or attempted to be collected through the initiation or prosecution of any suit or through any probate, bankruptcy
or any other judicial proceedings, or through any arbitration proceeding, or is placed in the hands of an attorney for collection,
the Borrower shall pay, in addition to all other amounts owing hereunder, all actual expenses of collection, all court costs and
reasonable attorney’s fees incurred by the holder hereof.

 

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12.             
Subordination. This Note is one of the Shareholder Subordinated Notes referred to in the Senior Debt Agreement (as
defined herein) and is subject to the terms and provisions thereof and to the subordination provisions set forth in this Section
12.

 

(a)                  
(i) Notwithstanding anything
to the contrary contained herein, the Representative and each Holder, by acceptance of this Promissory Note, agrees that to the
extent and in the manner hereinafter set forth in this Section 12, the indebtedness, obligations and liabilities of the Borrower
evidenced by this Promissory Note, including, without limitation, all principal, interest (including, without limitation, Post-Petition
Interest), fees and costs (the “Junior Subordinated Debt”) are expressly made subordinate and subject in right
of payment to the prior indefeasible payment in full in cash of all Senior Debt as set forth below, and the Representative and
each Holder, whether upon original issue or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions.

 

(ii)Until
all Senior Debt shall have been indefeasibly paid in full in cash and all commitments to lend have terminated, no payment or distribution
of any kind with respect to the Junior Subordinated Debt whether for principal, interest or any other amounts hereunder, including
but not limited to, any final payments of principal or interest due hereunder on the Maturity Date shall be made by Borrower or
any other person; provided, however, that Borrower may make the following payments (the “Permitted Payments”):
(i) payment of cash interest in accordance with the terms of Section 1 of this Promissory Note only if a Blockage Event has not
occurred and would not occur as a result of such payment, (ii) payment of interest in accordance with the terms of Section 1 of
this Promissory Note by accretion of the principal amount of this Promissory Note only (and not by payment in cash), and (iii)
payment of the outstanding principal amount of this Promissory Note on the Maturity Date only if a Blockage Event has not occurred
and would not occur as a result of such payment. Upon termination of a Blockage Event (so long as no other Blockage Event has occurred
and is continuing), the Borrower shall resume making Permitted Payments to the extent not prohibited under the terms of any of
the Senior Loan Documents. As used herein, a “Blockage Event” shall mean the occurrence of any of the following:
(x) an Default or Event of Default has occurred or is continuing under the Senior Debt Agreement or (y) (i) if such payment date
is on or prior to March 31, 2013, as of such payment date, the Total Leverage Ratio (as defined in the Senior Debt Agreement and
as set forth in the officer’s certificate delivered pursuant to Section 7.01(f) of the Senior Debt Agreement for the fiscal
quarter or fiscal year, as the case may be, of Borrower then last ended for which financial statements are available) is less than
2.50:1:00 or (ii) if such date is after March 31, 2013, Borrower is in compliance with the financial covenants contained in Sections
8.07 through 8.11, inclusive, of the Senior Debt Agreement, on a Pro Forma Basis (as defined in the Senior Debt Agreement).

 

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(b) In
the event of (i) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar
case or proceeding in connection therewith, relative to any Credit Party or any of its assets including, without limitation, an
Event of Bankruptcy, (ii) any liquidation, dissolution or other winding up of any Credit Party, whether voluntary or involuntary
and whether or not involving insolvency or bankruptcy, or (iii) any assignment for the benefit of creditors or any other marshalling
of assets or liabilities of any Credit Party, then and in any such event specified in any of clauses (i), (ii) and (iii) (each
such event hereinafter referred to as a “Proceeding”), then

 

(i)the
Senior Debtholders shall be entitled to receive payment in full in cash of all principal, premium, cash pay or payment in kind
interest, fees and charges then due on all Senior Debt (including, without limitation Post Petition Interest) before the Representative
or any Holder is entitled to receive any payment on account of principal, interest or other amounts due (or past due) in respect
of the Junior Subordinated Debt, and the Senior Debtholders shall be entitled to receive for application in payment thereof any
payment or distribution of any kind or character, whether in cash, property or securities or by setoff or otherwise, which may
be payable or deliverable in any such Proceeding in respect of the Junior Subordinated Debt; and

 

(ii)any
payment or distribution of assets of any Credit Party of any kind or character, whether in cash, property or securities, to which
the Representative or any Holder would be entitled except for the provisions of this Section 12(b) shall be paid or delivered by
such Credit Party directly to the Senior Debt Agent in the manner provided in Section 12(g) below for application in payment thereof
until all Senior Debt (including interest, fees and charges accrued thereon after the date of commencement of such proceedings)
shall have been indefeasibly paid in full in cash.

 

(c)The Representative and
each Holder acknowledges and agrees that the subordination provisions herein contained are, and are intended to be, an inducement
and a consideration to the Senior Debtholders, whether the Senior Debt was created or acquired before or after the issuance of
the Junior Subordinated Debt, to continue to hold or to acquire and continue to hold such Senior Debt and each such Senior Debtholder
shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold such Senior Debt,
and the provisions of this Section 12 shall be enforceable directly by the Senior Debtholders.

 

(d)For the avoidance of doubt,
in no event shall this Promissory Note or the obligations hereunder be accelerated until, subject to Section 12(b), the Blockage
Events have been terminated and the final maturity date has occurred.

 

(e)Prior to the indefeasible
payment of all of the Senior Debt in full in cash and notwithstanding anything contained herein to the contrary, without the prior
written consent of the Senior Debt Agent, neither Borrower nor Representative nor any Holder shall agree to any waiver, amendment,
supplement, termination or other modification to the terms of this Promissory Note or to the terms of the Purchase Agreement governing
the payment of this Promissory Note. Any such purported waiver, amendment, supplement, termination or other modification amendment
or modification in violation of this Section 12(e) shall be void. ab initio.

 

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(f)     (i) No right of any
Senior Debtholder to enforce the subordination provisions contained herein shall at any time in any way be prejudiced or impaired
by any act or failure to act on the part of any Credit Party or by any act or failure to act by any such Senior Debtholder, or
by any noncompliance by any Credit Party with the terms, provisions and covenants of this Promissory Note, regardless of any knowledge
thereof any such Senior Debtholder may have or be otherwise charged with.

 

(ii)Without in any way
limiting the generality of the foregoing paragraph: The Senior Debtholders may, at any time, in their discretion, renew, amend,
extend or otherwise modify the terms and provisions of any Senior Debt Document (including, without limitation, the terms and provisions
relating to the principal amount outstanding thereunder, the rate of interest thereof, the payment term thereof and the provisions
thereof regarding default or any other matter) or exercise any of their rights under the Senior Debt Documents, including, without
limitation, the waiver of defaults thereunder, all without notice to or assent from the Representative or any Holder. No compromise,
alteration, amendment, renewal or other change of, or waiver, consent or other action in respect of any liability or obligation
under or in respect of, any terms, covenants or conditions of the Senior Debt Documents, whether or not such release is in accordance
with the provisions of the Senior Debt Documents, shall in any way alter or affect any of the subordination provisions of this
Promissory Note.

 

(g)If, notwithstanding the
provisions of Section 12 of this Promissory Note, any payment or distribution of any character (whether in cash, securities or
other property) or any security shall be received by the Representative or any Holder in contravention of this Section 12, and
before all the Senior Debt shall have been indefeasibly paid in full in cash and all commitments to lend have terminated, such
payment, distribution or security shall be held in trust for the benefit of, and shall be immediately paid over or delivered or
transferred to, the Senior Debt Agent for the benefit of the Senior Debtholders. Such payments received by the Representative or
Holder and delivered to the Senior Debt Agent shall be deemed not to be a payment on this Promissory Note for any reason whatsoever
and the indebtedness under this Promissory Note shall remain as if such erroneous payment had never been paid by the Borrower or
received by the Representative or such Holder. In the event of the failure of the Representative or any Holder to endorse or assign
any such payment, distribution or security, the Senior Debtholder is hereby irrevocably authorized to endorse or assign the same.

 

(h)Until all Senior Debt
shall have been indefeasibly paid in full in cash and all commitments to lend have terminated, (A) the Junior Subordinated Debt
shall not be secured by any lien or other security interest and (B) the Representative and any Holder shall not take or continue
any action, or exercise or continue to exercise any rights, remedies or powers under the terms of this Promissory Note, or exercise
or continue to exercise any other right or remedy at law or equity that the Representative or such Holder might otherwise possess,
to collect any amount due and payable in respect of this Promissory Note, including, without limitation, the acceleration of this
Promissory Note, the filing of any petition in bankruptcy or the taking advantage of any other insolvency law of any jurisdiction.
Notwithstanding the foregoing, the Borrower may file a proof of claim (on behalf of the Representative or Holders) in any bankruptcy
or similar proceeding instituted by another entity. Notwithstanding the foregoing or any permissible action taken by the Representative
or a Holder, the Representative or such Holder shall not be entitled to receive any payment in contravention of the other provisions
of this Section 12, including, without limitation, Sections 12(a), 12(b), 12(d) and 12(g).

 

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(i)Representative and each
Holder covenants and agrees that it shall not, and shall not encourage any other person to, at any time, contest the validity or
enforceability of the provisions of Section 12 of this Promissory Note, the Senior Debt, or the validity, perfection, priority,
or enforceability of the Senior Debt Documents or the liens or other Security Interests granted to the Senior Debt Agent and the
Senior Debtholders pursuant thereto.

 

(j) As used in this Promissory
Note:

 

(i)            “Borrower” shall mean SAExploration Holdings, Inc. (formerly called Trio Merger Corp.), a Delaware corporation.

 

(ii)           “Credit Parties” shall mean Borrower and its Subsidiaries.

 

(iii)          “Event of Bankruptcy” shall mean any event or occurrence, as a result of which any Credit Party shall:

 

(A)become
insolvent or generally fail to pay, or admit in writing its inability to pay debts as they become due;

 

(B)apply
for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or other custodian for it or any of its
property, or make a general assignment for the benefit of its creditors;

 

(C)in the
absence of such application, consent or acquiescence, permit or suffer to exist the appointment of a trustee, receiver, sequestrator
or other custodian for it or for all of its property thereof, and such trustee, receiver, sequestrator or other custodian shall
not be discharged within 180 days; or

 

(D)file
for or permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding
under any bankruptcy or insolvency law (including, without limitation, the Federal Bankruptcy Code), or any dissolution, winding
up or liquidation proceeding, in respect of it, and, if any such case or proceeding is not commenced by it, such case or proceeding
shall be consented to or acquiesced in by it or shall result in the entry of an order for relief or shall remain for 180 days undismissed.

 

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(iv) “Federal
Bankruptcy Code” shall mean Title 11, United States Code, as amended from time to time.

 

(v)“Post-Petition
Interest” shall mean the aggregate amount of all post-petition interest, fees, costs or expenses or adequate protection
payments accruing or allowed to be paid during the pendency of any Event of Bankruptcy and any other interest, fees, costs or expenses
that would have accrued but for the commencement of such Event of Bankruptcy, to the date of payment, even if the claim for such
interest, fees, costs or expenses is not an allowed claim of the type described in the Federal Bankruptcy Code.

 

(vi)“Senior
Debt” shall mean the principal of, and premium (if any) and interest on loans and other extensions of credit under the
Senior Debt Documents (including, without limitation, any Post Petition Interest) and all commitment, facility and other fees payable
under the Senior Debt Documents and all expenses, reimbursements, indemnities and other amounts payable by any Credit Party under
the Senior Debt Documents, as any such debt may be increased, amended, restated, refinanced, renewed, or otherwise modified from
time to time. Senior Debt shall be considered outstanding whenever any loan commitment under any Senior Debt Document (or any agreement
or instrument providing for a refinancing of the Senior Debt) is outstanding.

 

(vii)
“Senior Debt Agreement” shall mean the Credit Agreement, dated as of November 28, 2012, among SAExploration
Holdings, Inc., a Delaware corporation that merged into a subsidiary of Borrower on June 24, 2013, SAExploration Inc., a Delaware
corporation, SAExploration Seismic Services (US), LLC, a Delaware limited liability company, and NES, LLC, an Alaska limited liability
company, the lenders party thereto from time to time and CP Admin Co LLC, as Administrative Agent, as such agreement may be amended,
modified, renewed, extended, restated, replaced, or otherwise supplemented from time to time.

 

(viii)“Senior
Debt Agent” shall mean the agent for the Senior Debtholder under and pursuant to the terms of the Senior Debt Documents.

 

(ix)“Senior
Debt Documents” shall mean the Senior Debt Agreement and the Credit Documents (as defined in the Senior Debt Agreement)
as such agreement may be amended, modified, renewed, extended, restated, replaced, or otherwise supplemented from time to time.

 

(x)“Senior
Debtholders” shall mean, at any time, the holders of Senior Debt.

 

(xi) “Subsidiary”
shall have the meaning assigned to that term in the Senior Debt Agreement.

 

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13.             
Third Party Beneficiary. The parties hereto agree that, although the Senior Debt Agent and the Senior Debtholders
are not party to this Promissory Note, the provisions of Section 9 and Section 12 are intended to be for the benefit of the Senior
Debt Agent and the Senior Debtholders, and therefore the parties hereto designate the Senior Debt Agent and the Senior Debtholders
as third-party beneficiaries of Section 9 and Section 12 of this Agreement, having the right to enforce such Section 9 and Section
12.

 

[Signature Page Follows]

 

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	 	BORROWER:
	 	 
	 	SAEXPLORATION HOLDINGS, INC. (formerly called TRIO MERGER CORP.)
	 	 
	 	 
	 	By:  	/s/ Brian Beatty
	 	 	Name:  	Brian Beatty
	 	 	Title:	President/CEO

 

 

Acknowledged and Agreed:

 

REPRESENTATIVE:

 

CLCH, LLC

 

	By:  	/s/ Jeff Hastings	 
	 	Name:  	Jeff Hastings	 
	 	Title:	Manager	 

    	10Exhibit 10.10

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT
AGREEMENT (the “Agreement”), effective as of June 24, 2013 (the “Effective Date”), is entered
into by and between SAExploration Holdings, Inc. (formerly known as Trio Merger Corp.), a Delaware corporation (the “Employer”
or the “Company”), and Jeff Hastings, an individual residing in Anchorage, Alaska (the “Executive”).
The Employer and the Executive may be referred to singularly as “Party” or collectively as “Parties.”

 

RECITALS

 

WHEREAS, the Employer
wishes to offer employment to Executive and Executive desires to be employed by Employer on the terms and conditions contained
herein;

 

WHEREAS Employer acknowledges
and rewards the value and loyalty of the Executive and seeks to build and protect the Company’s stability, growth, customer
base, technology and other competitive advantages; and

 

WHEREAS, the Executive
wishes to evidence his commitment to the Company and its objectives;

 

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

 

AGREEMENTS

 

1.          Employment
Term. The Employer hereby employs the Executive commencing on the Effective Date and ending on the third anniversary thereafter;
provided, however, the Agreement shall automatically renew or extend for consecutive terms of one (1) year, unless either
Party gives prior written notice to the other Party of its desire to terminate the Agreement at least 90 days prior to the expiration
of the initial term or any renewal term (in any event, the “Term”). Notwithstanding the foregoing, the Parties
shall have the termination rights as set forth in Section 5 of this Agreement. Termination of this Agreement for any reason whatsoever
by any Party shall have no effect on the continued enforceability of any ancillary agreement, specifically including the Non-Disclosure
Agreement executed by Executive in favor of Employer concurrently with this Agreement, (the “Non-Disclosure Agreement”).
The obligations of the Parties under Sections 5 through 25 shall survive according to the terms of each provision. The Executive
accepts such employment and agrees to perform the services specified herein, all upon the terms and conditions hereinafter stated.

 

    	Employment Agreement
Page 1

    	 

    

 

2.           Duties.
The Executive shall serve in the position of Executive Chairman of the Board and shall report to and be subject to the general
direction and control of the Board of Directors (“Board”) of the Company or its designee. In such capacity he
shall be responsible for the supervision of the day to day operations of the Company and the implementation of its business plans
and strategies, in each case, subject to the Board and in accordance with and subject to budgets approved from time to time by
such Board. The Executive shall perform such duties consistent with the Executive’s position, as well as other related duties
from time to time assigned to the Executive by the Board. The Executive further agrees to perform, without additional compensation,
such other services for the Employer and for any of its affiliates as the Board shall from time to time specify, if such services
are of the nature commonly associated with or similar to that of the Executive’s position with a company engaged in activities
similar to the activities engaged in by the Employer at the time of execution of this Agreement. For purposes of the Non-Disclosure
Agreement and Sections 5 through 25, the term “Employer” shall be deemed to include and refer to any and all affiliates
of the Employer. The Executive acknowledges and agrees that the Non-Disclosure Agreement executed simultaneously herewith is hereby
incorporated by reference herein and made a part hereof and that the Non-Disclosure Agreement constitutes a material part of this
Agreement.

 

3.           Extent
of Service. The Executive shall devote his full business time, attention, and energy to the business of the Employer, and shall
not be engaged in any other business activity that competes with or detracts from the business of the Employer during the Term
of this Agreement. The foregoing shall not be construed as preventing the Executive from making passive investments in other businesses
or enterprises, if (i) such investments will not require services on the part of the Executive which would in any material way
impair the performance of his duties under this Agreement, or (ii) such other businesses or enterprises are not engaged in any
business competitive with the business of the Employer or any of its affiliates. The Executive shall be based in the vicinity of
the Houston metropolitan area (or other area as may be agreed upon by the Parties) and, subject to travel requirements as reasonably
necessary to support successful business development efforts and management of the business, shall perform his services from a
mutually agreed location in that area.

 

4.           Compensation
and Benefits. As payment for the services to be rendered by the Executive hereunder during the Term of this Agreement, the
Executive shall be entitled to receive the following:

 

(a)          an
annual base salary at the rate of $489,000.00 a year (the “Base Salary”), less deductions required by law, payable
in accordance with the Employer’s standard payroll schedule;

 

(b)          a
monthly automobile allowance of $2,750.00 per month payable in accordance with the Employer’s standard payroll schedule,
and which shall be subject to customary deductions and withholding; and

 

    	Employment Agreement
Page 2

    	 

    

 

(c)          participation
in the Company’s 2013 Long Term Incentive Plan, including performance cash awards at the rate of 50% to 150% (the “Target
Percentage”). Executive will be entitled to a guaranteed 50% annual performance cash award and as much as 150% if certain
executive goals are reached as identified and approved by the Company’s Compensation Committee (the “Executive Goals”),
but not to exceed the maximum award permissible under the 2013 Long Term Incentive Plan. The Target Percentage will be applied
to twelve (12) times the highest paid monthly base salary within the calendar year. The Executive Goals for years 2013 and 2014
will be set by the Company’s Compensation Committee under the 2013 Long Term Incentive Plan, and are anticipated to be consistent
with the EBITDA or other goals established in the merger transaction with Trio Merger Corp. After 2014 the Executive Goals related
to EBITDA may be increased by the Company’s Compensation Committee no more than 25% per year (which shall be adjusted proportionately
in connection with any merger or acquisition) and the Executive Goals as related to the Performance Criteria set forth more fully
in the 2013 Long Term Incentive Plan, including, but not limited to Quality, Health, Safety and Environmental (“QHSE”)
objectives which will be set at the Oil & Gas Producers (“OGP”) level for each performance cash award year, but
in any event shall not exceed the maximum award permissible under the 2013 Long Term Incentive Plan.

 

(d)          Executive
will be entitled to participate, on the same basis generally as other similarly situated employees of the Company, in all benefits
as may be offered by the Company from time to time;

 

(e)          reimbursement
of reasonable expenses incurred by Executive in accordance with such expense reimbursement policies of the Company;

 

(f)          Executive
will be entitled to a guaranteed 5% annual salary increase and as much as a 15% salary increase if the EBITDA objectives of the
Executive Goals are reached or exceeded;

 

(g)          Paid
vacation of eight (8) weeks per year; and

 

(h)          Notwithstanding
any other provisions in this Agreement to the contrary, any incentive-based compensation, or any other compensation, paid to the
Executive pursuant to this Agreement or any other agreement or arrangement with the Company which is subject to recovery under
any law, governmental regulation or stock exchange listing requirement or policy of the Company adopted to comply with any such
law, regulation, or listing requirement, will be subject to such deductions and requirements for repayment (“Clawback”)
as may be required to be made pursuant to such law, governmental regulation, stock exchange listing requirement, or policy.

 

5.           Termination.
Executive’s employment with Company under this Agreement may be terminated in accordance with this Section 5. The date upon
which any such termination becomes effective shall be deemed the “Termination Date”.

 

(a)          Termination
by Company for Cause. Company may terminate Executive’s employment with Company under this Agreement for Cause at any
time without notice and without any payment to Executive whatsoever, save and except for the payment of any Base Salary and vacation
accrued but unpaid up to the Termination Date, if Executive engages in any of the following conduct (termination for “Cause”):

 

    	Employment Agreement
Page 3

    	 

    

 

(i)          the
breaching of any material provision of this Agreement after Company has given Executive not less than 30 days written notice of
such breach and a period of not less than 30 days to correct, or cause to be corrected, such breach;

 

(ii)         knowing
and intentional misappropriation of funds or property of Company or its affiliates;

 

(iii)        engaging
in conduct, even if not in connection with the performance of the duties hereunder, which might be reasonably expected to result
in any effect materially adverse to the interests of Company or any of its affiliates, such as fraud, dishonesty, conviction (or
a judicial finding of evidence sufficient to convict) of any felony;

 

(iv)         failing
to fulfill and perform the duties assigned to Executive in accordance with the terms herein after Company has given Executive period
of not less than 15 days notice of such failure and a period of not less than 15 days to correct, or cause to be corrected, such
failure; and

 

(v)          failing
to comply with corporate policies of Company or any of its affiliates that are promulgated from time to time by Company, provided,
however, that Company shall not be unreasonably arbitrary in its enforcement of corporate policies with respect to Executive.

 

(b)          Termination
by Employee for Good Reason. Employee shall have good reason (“Good Reason”) as defined below to resign
his employment within sixty (60) days following notice and receive the same payments as provided under Section 5(d)(i), provided
Employee has first provided written notice to Employer of conduct warranting termination of Executive’s employment for Good
Reason and provided Employer a period of not less than thirty (30) days to cure such conduct:

 

(i)          A
material diminution in the nature and scope of the Employee’s authorities or duties, including but not limited to a change
in the Employee’s reporting relationship, a required move of more than 50 miles, a reduction in pay or removal from the Company’s
Board of Directors; or

 

(ii)         A
material breach of this Agreement by the Employer.

 

(c)          Termination
by Executive Without Good Reason. Executive may terminate his employment with Company at any time, for any reason, by providing
60 days’ advance written notice to Company, which may be waived in whole or in part by Company. If Company waives the notice
period in whole or in part, Company shall pay the Base Salary for the portion of the notice period that has been waived. Executive
shall be entitled to payment of any Base Salary, out of pocket expenses in accordance with Section 4(e) and vacation pay accrued
up to the Termination Date. Executive shall not be entitled to any accrued annual bonus or other benefits.

 

    	Employment Agreement
Page 4

    	 

    

 

(d)          Termination
by Company Without Cause. Company may terminate Executive’s employment, without Cause as defined in Sections 5(a) in
which case Company shall pay Executive the following, less withholdings required by law:

 

(i)          all
accrued but unpaid Base Salary to the Termination Date;

 

(ii)         all
accrued but unpaid vacation pay to the Termination Date;

 

(iii)        payment
equal to the previous 2 years’ bonuses paid to Executive, plus a prorated portion of any bonus for the year of Executive’s
termination in an amount as provided under the Company’s Bonus Plan assuming a payment at the highest level of participation
of the Target Percentage. If a bonus payment was not paid to Executive in any of those previous 2 years, this amount will be calculated
on the assumption that the bonus paid for any unpaid year was paid in full based upon Executive’s participation level in
the bonus plan;

 

(iv)         a
severance amount equal to 24 months of Base Salary;

 

(v)          if
the Executive timely and properly elects continuation coverage under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”),
the company shall reimburse Executive for the monthly premiums associated with continuation of Executive and his dependents’
insurance coverage. Such reimbursement shall be paid to the Executive on the 3rd day of the month immediately following
the month in which the Executive timely remits the premium payment. The Executive shall be eligible to receive such reimbursement
until the earliest of (x) the 18 month anniversary of the Termination Date; (y) the date the Executive is no longer eligible to
receive COBRA continuation coverage; and (z) the date on which the Executive becomes eligible to receive substantially similar
coverage from another employer; and

 

(vi)         Notwithstanding
any provision of any restricted stock agreement that might otherwise be to the contrary, immediate acceleration of all restricted
stock awards under the Company’s 2012 Stock Compensation Plan and 2013 Long-Term Incentive Plan, such that all restricted
stock awards which have not already vested, shall immediately vest as of the Termination Date.

 

Prior to, and as a condition to, receiving
the payments in this Section 5(d), Executive agrees to execute a full and final release in favor of Company, in a form satisfactory
to Company.

 

The above amounts will be paid in a single
lump sum not later than fifty two (52) days after the Termination Date subject to the fulfillment of the provision of a full and
final release no later than the end of such 52-day period, and shall not be subject to the requirement of mitigation, nor reduced
by any actual mitigation by Executive. The right to receive any of the above payments shall be forfeited if the required full and
final release has not been received before the end of the 52-day period. The payments referred to in Section 5(d) are inclusive
of any termination and/or severance payments that may be required under applicable law.

 

    	Employment Agreement
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(e)          Change
of Control. Within six (6) months following a Change of Control of Company, should Company not renew or replace this Agreement
with an Agreement containing substantially the same or better terms, Executive shall be entitled to receive termination payments
as set out in Section 5(d), except that the 52-day period payment shall not apply, but instead the payment shall be made as a single
lump immediately following the expiration of a six (6) month period from the date Executive elected to terminate his employment
with the Company. For the purposes of this Section 5(d), “Change of Control” shall be defined as: (i) it is defined
in Section 1.01 of the Cyan Credit Agreement and in Section One (a)(2) of the Amendment No. 1 to the Cyan Credit Agreement, provided
such Cyan Credit Agreement and amendments are in effect at the time of the Change in Control; or (ii) if the Cyan Credit Agreement
and all amendments thereto are not in effect, then Change of Control shall be defined as: (A) a tender offer or exchange offer
is made and consummated for the ownership of at least fifty percent (50%) of the outstanding voting securities of the Company;
(B) the Company is merged or consolidated with another entity and as a result of such merger or consolidation, at least fifty percent
(50%) of the outstanding voting securities of the surviving or resulting entity is owned directly or indirectly in the aggregate
by a person or persons other than a person or persons who owned at least fifty percent (50%) of the outstanding voting securities
of the Company immediately prior to such merger or consolidation; (C) the Company is liquidated or otherwise sells or transfers
all or substantially all of its assets to another entity which is not wholly owned, directly or indirectly, by a person or persons
who own at least fifty percent (50%) or more of the outstanding voting securities of the Company; or (D) a person, within the meaning
of Section 3(a)(9) or Section 13(d)(3) of the Securities Exchange Act of 1934, as amended and in effect from time to time, acquires
over fifty percent (50%) or more of the outstanding voting securities of the Company (whether directly, indirectly, beneficially
or of record). Provided however, that a merger with Trio Merger Corp. shall not be considered a Change of Control under this Section
5(e).

 

(i)          If
any of the payments or benefits received or to be received by the Executive (including, without limitation, any payment or benefits
received in connection with a Change in Control or the Executive’s termination of employment, whether pursuant to the terms
of this Agreement or any other plan, arrangement or agreement , or otherwise) (all such payments collectively referred to herein
as the “280G Payments”) constitute “parachute payments” within the meaning of Section 280G of the Internal
Revenue Code of 1986, as amended (the “Code”) and will be subject to the excise tax imposed under Section 4999 of the
Code (the “Excise Tax”), the Company shall pay to the Executive, no later than the time such Excise Tax is required
to be paid by the Executive or withheld by the Company, an additional amount equal to the sum of the Excise Tax payable by the
Executive, plus the amount necessary to put the Executive in the same after-tax position (taking into account any and all applicable
federal, state and local excise, income or other taxes at the highest applicable rates on such 280G Payments and on any payments
under this Section 5(e)(i) or otherwise) as if no Excise Tax had been imposed;

 

(ii)         All
calculations and determinations under this Section 5(e) shall be made by an independent auditing firm or independent tax counsel
appointed by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding on the Company and
the Executive for all purposes. For purposes of making the calculations and determinations required by this Section 5(e), the Tax
Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section
4999 of the Code. The Company and the Executive shall furnish the Tax Counsel with such information and documents as the Tax Counsel
may reasonably request in order to make its determinations under this Section 5(e). The Company shall bear all costs the Tax Counsel
may reasonably incur in connection with its services.

 

    	Employment Agreement
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(f)          Death.
Executive’s employment with Company under this Agreement shall automatically terminate upon the death of Executive. Upon
termination for death, Executive or Executive’s estate shall only be entitled to (i) payment of any portion of the Base Salary
due to owing up to such date; (ii) payment of any accrued but unused vacation pay; (iii) reimbursement of all out of pocket expenses
in accordance with Section 4(e); and (iv) notwithstanding any provision of any restricted stock agreement that might otherwise
be to the contrary, immediate acceleration of all restricted stock awards under the Company’s 2012 Stock Compensation Plan
and/or the Company’s 2013 Long Term Incentive Plan, such that all restricted stock awards which have not already vested,
shall immediately vest as of the Termination Date.

 

(g)          Permanent
Disability. In the event that Executive suffers a Permanent Disability (as defined below), the employment of Executive may
be terminated by Company upon 90 days' notice to Executive; except that if the termination of Executive’s employment would
impair his ability to receive long term disability benefits in whole or in part, Executive shall, in lieu of termination, be placed
on an unpaid leave of absence, it being understood, however, that Executive shall not be entitled to re-employment by Company after
such leave of absence or when he ceases to be in receipt of such benefits. Upon termination of employment for Permanent Disability,
Executive or Executive’s estate shall only be entitled to (i) payment of any portion of the Base Salary due and owing up
to such date; (ii) reimbursement of all expenses in accordance with Section 4(e); (iii) payment for any accrued but unused vacation
pay; and (iv) notwithstanding any provision of any restricted stock agreement that might otherwise be to the contrary, immediate
acceleration of all restricted stock awards under the Company’s 2012 Stock Compensation Plan and/or the Company’s 2013
Long Term Incentive Plan, such that all restricted stock awards which have not already vested, shall immediately vest as of the
Termination Date. For the purposes of this Section 5(g), “Permanent Disability” means a mental or physical disability
whereby Executive:

 

(i)          is
unable, due to illness, disease, mental or physical disability or similar cause, to fulfill his obligations as an employee or officer
of the Company either for three consecutive months or for a cumulative period of 6 months out of 12 consecutive calendar months,
or

 

(ii)         is
declared by a court of competent jurisdiction to be mentally incompetent or incapable of managing his affairs.

 

(h)          Resignation
as Officer or Director Upon Termination. Upon termination of his employment for any reason whatsoever, Executive shall thereupon
be deemed to have immediately resigned any position Executive may have as an officer or director of Company together with any other
office, position or directorship which Executive may hold with any of its Affiliates. In such event, Executive shall, at the request
of Company, forthwith execute any and all documents appropriate to evidence such resignations. Executive shall not be entitled
to any payments in respect of such resignations in addition to those provided for herein.

 

    	Employment Agreement
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(i)          Survival.
Notwithstanding the termination of the Executive’s employment, or the manner of termination, the provisions of Sections 6
and 7 of this Agreement and the Nondisclosure Agreement executed concurrently with this Agreement shall survive such termination.

 

6.           Nondisclosure/Confidentiality
Obligations. The parties contemplate Executive providing executive services to the Company in connection with its core business
of providing effective acquisition of seismic data (the “Business”). To facilitate Executive’s ability to perform
these services, Company agrees to provide Executive confidential, proprietary, trade secret information regarding Company’s
business strategies, plans, techniques and processes, which are more fully set forth in certain Nondisclosure Agreements executed
concurrently with this Agreement (“Confidential Information”) which the Company uses to compete in the marketplace,
and Executive agrees not to use or disclose such Confidential Information for any purpose other than to advance the Company’s
interests. Moreover, from time to time, subsidiary companies or affiliates of Company may provide that entity’s confidential,
proprietary information which the Company uses to compete in the marketplace, to Executive to facilitate Executive’s ability
to provide services to the subsidiary companies or affiliates, and Executive agrees not to use or disclose such Confidential Information
for any purpose other than to advance the subsidiary companies or affiliate’s interests.

 

7.           One-Year
Post-Employment Obligations.

 

At the option of Company,
and in its sole discretion, Company may pay to Executive an amount equal to twelve (12) months Base Salary plus annual performance
cash award under Section 4(c) of 100% in exchange for complying with the covenants set out in this Section for twelve (12) months
following the Termination Date as follows:

 

(a)          Executive
will not, as a competitor or on behalf of any competitor of Company, directly or indirectly solicit or accept Business from any
Customer (as defined in the Non-Disclosure Agreement): (A) with whom Executive had contact as a result of his duties with Company
or its affiliates, and/or (B) about whom Executive reviewed or obtained Confidential Information (as defined in the Non-Disclosure
Agreement) while performing services for Company or its affiliates. The geographic limitation for this restriction is (1) any Company
or its affiliates’ territory in which Executive had a customer or service assignment for Company or its affiliates in the
twelve (12) month period immediately preceding Executive’s Termination Date; and/or (2) any territory in which Company or
its affiliates, have customers or service assignments about which Executive obtained Confidential Information during the term of
this Agreement.

 

(b)          Executive
will not solicit, induce or attempt to induce any other employee, agent or contractor of Company or its affiliates with whom Executive
worked or about whom Executive obtained Confidential Information in the twelve (12) month period immediately preceding Executive’s
Termination Date, to leave the employ Company or its affiliates to work for a competitor of Company or its affiliates in the same
or similar capacity as the other Executive worked for Company or its affiliates.

 

    	Employment Agreement
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If the Company does not choose to provide
the consideration described in this Section, then the Executive will have no obligations under this Section 7.

 

8.           Insurance.
Employer agrees to maintain throughout the term of this Agreement D&O coverage substantially similar in nature to its current
D&O coverage, providing coverage to Executive for those claims and causes of action arising out the performance of Executive’s
duties in the course and scope of his employment under this Agreement.

 

9.           Notices.
All notices, requests, consents, demands, or other communications required or permitted to be given pursuant to this Agreement
shall be deemed sufficiently given when delivered either (i) personally with a written receipt acknowledging delivery, (ii) by
confirmed telefax, or (iii) within three (3) business days after the posting thereof by United States first class, registered or
certified mail, return receipt requested, with postage fee prepaid and addressed to the following:

 

If to Employer:           SAExploration
Holdings, Inc. (formerly known as Trio Merger Corp.)

3333—8th St. SE

Calgary, Alberta T2G 3A

Canada

Attn: VP Human Resources

 

If to Executive:           Jeff
Hastings

4701 Golden Springs Cr.

Anchorage, Alaska 99507

 

Any Party, at any time,
may designate additional or different addresses for subsequent notices or communication by furnishing notice to the other Party
in the manner described above.

 

10.         Specific
Performance. The Executive and Employer acknowledges that a remedy at law for any breach or threatened breach of Section 6
or 7 of this Agreement will be inadequate and that each Party may be entitled to specific performance, injunctive relief, and any
other remedies available to it for such breach or threatened breach. If a bond is required to be posted in order for either Party
to secure an injunction, then the Parties stipulate that a bond in the amount of One Thousand and No/100 Dollars ($1,000) will
be sufficient and reasonable in all circumstances to protect the rights of the Parties.

 

11.         Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provisions shall be ineffective
to the extent of such provision or invalidity only, without invalidating the remainder of such provision or any remaining provisions
of this Agreement.

 

    	Employment Agreement
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12.         Assignment.
This Agreement may not be assigned by the Executive. Neither the Executive, his spouse, nor their estates shall have any right
to encumber or dispose of any right to receive payments under this Agreement, it being understood that such payments and the right
thereto are nonassignable and nontransferable.

 

13.         Binding
Effect. Subject to the provisions of Section 12 above, this Agreement shall be binding upon and inure to the benefit of the
Parties hereto, the Executive’s heirs and personal representatives, and the successors and assignees of the Employer.

 

14.         Prior
Employment Agreements and Obligations. Executive represents and warrants to the Employer that he has fulfilled all of the terms
and conditions of all prior employment agreements and employer policies to which he may be a party or have been a party, and that
at the time of execution of this Agreement, the Executive is not a party to or otherwise restricted by any other employment agreement,
non-solicitation agreement, non-competition covenant, confidentiality or nondisclosure agreement in any manner which would prevent
Executive from performing the services contemplated by this Agreement. Executive represents and warrants that nothing contained
in any agreement that he has with any parties shall preclude Executive from performing all of his duties, obligations and covenants
as contained in this Agreement. Employer is entering into this Agreement solely for the expertise and experience of Executive,
and Employer expressly forbids Executive from using or disclosing any confidential information or trade secrets of any prior employer
or other third party in connection with Executive’s performance under this Agreement. Executive represents and warrants to
Employer that he has not and will not in the future, take, use or disclose the confidential information or trade secrets of a third-party
for the benefit of Employer.

 

15.         Parol
Evidence. This Agreement (and any other agreements incorporated by reference herein) constitutes the sole and complete agreement
between the Parties hereto as to the matters contained herein, and no verbal or other statements, inducements or representations
have been made to or relied upon by either Party, and no modification hereof shall be effective unless in writing, signed, and
executed in the same manner as this Agreement; provided, however, that the amount of compensation to be paid to the Executive
for services to be performed for the Employer may be changed from time to time by the Parties hereto by written agreement without
in any other way modifying, changing, or affecting this Agreement and the performance by the Executive of any of the duties of
his employment with the Employer.

 

16.         Waiver.
Any waiver to be enforceable must be in writing and executed by the Party against whom the waiver is sought to be enforced.

 

17.         Governing
Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement shall
be governed by, and construed in accordance with the State of Delaware, without giving effect to any choice of law or conflict
of law rules or provisions (whether of the state of Texas, Alaska, or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the State of Delaware.

 

    	Employment Agreement
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18.         Mutual
Waiver of Jury Trial. THE EMPLOYER AND EXECUTIVE EACH WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OR RELATED TO THIS AGREEMENT IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT
BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY AFFILIATE OF ANY OTHER SUCH PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS,
TORT CLAIMS OR OTHERWISE. THE EMPLOYER AND THE EXECUTIVE EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A
COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY
JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART,
TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

19.         Attorneys’
Fees. If any litigation is instituted to enforce or interpret the provisions of this Agreement or the transactions described
herein, the prevailing Party in such action shall be entitled to recover its reasonable attorneys’ fees from the other Party
or Parties hereto.

 

20.         Drafting.
Each of the Parties hereto acknowledges that each Party was actively involved in the negotiation and drafting of this Agreement
and that no law or rule of construction shall be raised or used in which the provisions of this Agreement shall be construed in
favor or against any Party hereto because one is deemed to be the author thereof.

 

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

 

22.         Acknowledgment
of Enforceability. Executive acknowledges and agrees that this Agreement contains reasonable limitations as to time, geographical
area, and scope of activity to be restrained that do not impose a greater restraint than is necessary to protect the goodwill or
other business interest of Employer. Therefore, Executive agrees that all restrictions are fairly compensated for and that no unreasonable
restrictions exist.

 

23.         Reconstruction
of Agreement. Should a court of competent jurisdiction or an arbitrator having jurisdiction declare any of the provisions of
this Agreement unenforceable due to any unreasonable restriction of time, geographical area, scope of activity, or otherwise, in
lieu of declaring such provision unenforceable, the court, to the extent permissible by law, shall, at the Employer’s request,
revise or reconstruct such provisions in a manner sufficient to cause them to be enforceable.

 

24.         Confidentiality.
Executive acknowledges and agrees that the terms and conditions and the financial details of this Agreement are confidential and
Executive agrees that he will not disclose the same to non-parties under any circumstances unless compelled by law.

 

    	Employment Agreement
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25.         Counsel.
Executive acknowledges that he is executing a legal document that contains certain duties, obligations and restrictions as specified
herein. Executive furthermore acknowledges that he has been advised of his right to retain legal counsel, and that he has either
been represented by legal counsel prior to his execution hereof or has knowingly elected not to be so represented.

 

By signing below, the
Executive acknowledges that he has received, read, and agrees to adhere to the terms and conditions contained within this Agreement.

 

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

  

	 	EMPLOYER:
	 	 
	 	SAExploration Holdings, Inc. (formerly known as Trio Merger Corp.)
	 	 	 
	 	By:	/s/ Brian Beatty
	 	 	 
	 	Name:	Brian Beatty
	 	 	 
	 	Title:	President/CEO
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	By:	/s/ Jeff Hastings
	 	Name:	Jeff Hastings

  

    	Employment Agreement
Page 12

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