Document:

Exhibit 10.7

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is entered into as of the 24th day of June, 2013, by and among SAExploration
Holdings, Inc. (formerly known as Trio Merger Corp.), a Delaware corporation (the “Company”) and CLCH,
LLC, an Alaska limited liability company (the “Stockholder”).

 

WHEREAS, the Stockholder and the Company
desire to enter into this Agreement to provide the Stockholder with certain rights relating to the registration of shares issued
to Stockholder and that may be issued to Stockholder (“Merger Shares”) pursuant to that certain Agreement
and Plan of Reorganization (“Merger Agreement”), dated December 10, 2012, as amended, by and among the
Company, Trio Merger Sub, Inc., SAExploration Holdings, Inc. and the Stockholder;

 

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

 

1.DEFINITIONS. The following
capitalized terms used herein have the following meanings:

 

“Agreement” means
this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Commission” means
the Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange Act.

 

“Common Stock”
means the common stock, par value $0.0001 per share, of the Company.

 

“Company” is defined
in the preamble to this Agreement.

 

“Closing Date”
is defined in the Merger Agreement.

 

“Demand Registration”
is defined in Section 2.1.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Existing Registrable Securities”
means (i) the “Registrable Securities” under the Existing Registration Rights Agreement and (ii) the Unit Purchase
Options and the securities underlying the Unit Purchase Options.

 

“Existing Registration Rights
Agreement” means that certain Registration Rights Agreement dated June 21, 2011, by and among the Company and the
“Investors” identified therein.

 

    	 

    	 

    

 

“Form S-3” is
defined in Section 2.3.

 

“Indemnified Party”
is defined in Section 4.3.

 

“Indemnifying Party”
is defined in Section 4.3.

 

“Stockholder”
is defined in the preamble to this Agreement.

 

“Stockholder Indemnified Party”
is defined in Section 4.1.

 

“Maximum Number of Shares”
is defined in Section 2.1.4.

 

“Merger Agreement”
is defined in the preamble to this Agreement.

 

“Merger Shares”
is defined in the preamble to this Agreement.

 

“Notices” is defined
in Section 6.3.

 

“Piggy-Back Registration”
is defined in Section 2.2.1.

 

“Register,” “Registered”
and “Registration” mean a registration effected by preparing and filing a registration statement or similar
document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder,
and such registration statement becoming effective.

 

“Registrable Securities”
means all of the Merger Shares. Registrable Securities include any warrants, shares of capital stock or other securities of the
Company issued as a dividend or other distribution with respect to or in exchange for or in replacement of such Merger Shares.
As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a Registration
Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities
shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities
shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been
delivered by the Company and subsequent public distribution of them shall not require registration under the Securities Act; (c)
such securities shall have ceased to be outstanding; or (d) the Registrable Securities are freely saleable under Rule 144 without
volume limitations.

 

“Registration Statement”
means a registration statement filed by the Company with the Commission in compliance with the Securities Act and the rules and
regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations exercisable
or exchangeable for, or convertible into, equity securities (other than a registration statement on Form S-4 or Form S-8, or their
successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of
another entity).

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the
same shall be in effect at the time.

 

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“Unit Purchase Options”
means the unit purchase options granted by the Company to the underwriters and their designees in the Company’s initial public
offering.

 

2.REGISTRATION RIGHTS.

 

2.1Demand Registration.

 

2.1.1 Request for Registration.
At any time and from time to time after the Closing Date, the Stockholder may make a written demand for registration under the
Securities Act of all or part of its Registrable Securities (a “Demand Registration”). Any demand for
a Demand Registration shall specify the number of shares of Registrable Securities proposed to be sold and the intended method(s)
of distribution thereof. The Company shall not be obligated to effect more than one (1) Demand Registration under this Section
2.1.1 in respect of all Registrable Securities.

 

2.1.2Effective Registration.
A registration will not count as a Demand Registration until the Registration Statement filed with the Commission with respect
to such Demand Registration has been declared effective and the Company has complied with all of its obligations under this Agreement
with respect thereto; provided, however, that if, after such Registration Statement has been declared effective, the offering of
Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or
any other governmental agency or court, the Registration Statement with respect to such Demand Registration will be deemed not
to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated,
and (ii) the Stockholder thereafter elects to continue the offering.

 

2.1.3Underwritten Offering.
If the Stockholder so elects and advises the Company as part of its written demand for a Demand Registration, the offering of such
Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering.

 

2.1.4Reduction of Offering.
If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering advises the Company
and the Stockholder in writing that the dollar amount or number of shares of Registrable Securities which the Stockholder desires
to sell, taken together with all other shares of Common Stock or other securities which the Company desires to sell and the shares
of Common Stock, if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights
held by other stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares that
can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the
probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum
Number of Shares”), then the Company shall include in such registration: (i) first, the Registrable Securities as
to which Demand Registration has been requested by the Stockholder that can be sold without exceeding the Maximum Number of Shares;
(ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the shares of
Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares;
(iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the
Existing Registrable Securities as to which registration has been requested pursuant to the applicable piggy-back rights contained
in the Existing Registration Rights Agreement and the Unit Purchase Options as to which “piggy-back” registration has
been requested by the holders thereof, (pro rata in accordance with the number of shares that each such Person has requested be
included in such registration, regardless of the number of shares held by each such Person (such proportion is referred to herein
as "Pro Rata")), that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the
extent that the Maximum Number of Shares have not been reached under the foregoing clauses (i), (ii), and (iii), the shares of
Common Stock or other securities for the account of other persons that the Company is obligated to register pursuant to written
contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Shares, Pro Rata.

 

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2.1.5Withdrawal. If the Stockholder
disapproves of the terms of any underwriting, the Stockholder may elect to withdraw the request for the Demand Registration. If
the Stockholder so withdraws the request for a Demand Registration in such event, then such registration shall not count as a Demand
Registration provided for in Section 2.1.

 

2.2Piggy-Back Registration.

 

2.2.1Piggy-Back Rights. If
at any time on or after the Closing Date, the Company proposes to file a Registration Statement under the Securities Act with respect
to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity
securities, by the Company for its own account or for shareholders of the Company for their account (or by the Company and by shareholders
of the Company including, without limitation, pursuant to Section 2.1), other than a Registration Statement (i) filed in connection
with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s
existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend
reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the Stockholder as soon as practicable
before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering,
the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering,
and (y) offer to the Stockholder in such notice the opportunity to register the sale of such number of shares of Registrable Securities
as such Stockholder may request in writing within five (5) days following receipt of such notice (a “Piggy-Back Registration”).
The Company shall cause such Registrable Securities to be included in such registration and shall use its best efforts to cause
the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to
be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the Company and to permit
the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof.
In the event a Piggy-Back Registration involves an Underwriter or Underwriters, the Stockholder shall enter into an underwriting
agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration.

 

2.2.2Reduction of Offering.
If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering advises the Company
and the Stockholder in writing that the dollar amount or number of shares of Common Stock which the Company desires to sell, taken
together with shares of Common Stock, if any, as to which registration has been demanded pursuant to written contractual arrangements
with persons other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration has
been requested under this Section 2.2, and the shares of Common Stock, if any, as to which registration has been requested pursuant
to the written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Shares,
then the Company shall include in any such registration:

 

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a)If
the registration is undertaken for the Company’s account: (A) first, the shares of Common Stock or other securities that
the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the
Maximum Number of Shares has not been reached under the foregoing clause (A), the Existing Registrable Securities as to which registration
has been requested pursuant to the applicable written contractual piggy-back registration rights of such security holders, Pro
Rata, that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (A) and (B), the Registrable Securities as to which registration has been requested
pursuant to this Agreement that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that
the Maximum Number of shares has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other
securities for the account of other persons that the Company is obligated to register pursuant to written contractual piggy-back
registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares; 

 

b)If the registration is a
“demand” registration undertaken at the demand of holders of Existing Registrable Securities, (A) first, the shares
of Common Stock or other securities for the account of the demanding persons, Pro Rata, that can be sold without exceeding the
Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (A) and (B), the Existing Registrable Securities (whichever securities are not the subject of the demand), as to which
registration has been requested pursuant to the applicable written contractual piggy-back registration rights of such security
holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; (D) fourth, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Registrable Securities, as to which registration
has been requested pursuant to the terms hereof that can be sold without exceeding the Maximum Number of Shares; and (E) fifth,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B), (C) and (D), the shares
of Common Stock or other securities for the account of other persons that the Company is obligated to register pursuant to written
contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares; and

 

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c)If the registration is a
“demand” registration undertaken at the demand of persons other than either the Stockholder or the holders of Existing
Registrable Securities, (A) first, the shares of Common Stock or other securities for the account of the demanding persons that
can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clause (A), the shares of Common Stock or other securities that the Company desires to sell that
can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clauses (A) and (B), the Existing Registrable Securities as to which registration has been requested
pursuant to the applicable written contractual piggy-back registration rights of such security holders, Pro Rata, that can be sold
without exceeding the Maximum Number of Shares; (D) fourth, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (A), (B) and (C), the Registrable Securities, as to which registration has been requested pursuant
to the terms hereof that can be sold without exceeding the Maximum Number of Shares; and (E) fifth, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (A), (B), (C) and (D), the shares of Common Stock or other securities
for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such
persons, that can be sold without exceeding the Maximum Number of Shares.

 

2.2.3Withdrawal. The Stockholder
may elect to withdraw such holder’s request for inclusion of Registrable Securities in any Piggy-Back Registration by giving
written notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement. The Company
(whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to written contractual obligations)
may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement. Notwithstanding any
such withdrawal, the Company shall pay all expenses incurred by the Stockholder in connection with such Piggy-Back Registration
as provided in Section 3.3.

 

2.3Registrations on Form S-3.
The Stockholder may at any time and from time to time, request in writing that the Company register the resale of any or all of
such Registrable Securities on Form S-3 or any similar short-form registration which may be available at such time (“Form
S-3”); provided, however, that the Company shall not be obligated to effect such request through an underwritten
offering. Upon receipt of such written request, the Company will as soon as practicable thereafter, effect the registration of
all or such portion of the Stockholder’s Registrable Securities as are specified in such request, together with all or such
portion of other securities of the Company, if any, of any other holder or holders joining in such request as are specified in
a written request given within fifteen (15) days after receipt of such written notice from the Company; provided, however, that
the Company shall not be obligated to effect any such registration pursuant to this Section 2.3: (i) if Form S-3 is not available
for such offering; or (ii) if the Stockholder, together with the holders of any other securities of the Company entitled to inclusion
in such registration, propose to sell Registrable Securities and such other securities (if any) at any aggregate price to the public
of less than $500,000. Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected
pursuant to Section 2.1.

 

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3.REGISTRATION PROCEDURES.

 

3.1Filings; Information. Whenever
the Company is required to effect the registration of any Registrable Securities pursuant to Section 2, the Company shall use its
best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method(s) of distribution
thereof as expeditiously as practicable, and in connection with any such request:

 

3.1.1Filing Registration Statement.
The Company shall use its best efforts to, as expeditiously as possible after receipt of a request for a Demand Registration pursuant
to Section 2.1, prepare and file with the Commission a Registration Statement on any form for which the Company then qualifies
or which counsel for the Company shall deem appropriate and which form shall be available for the sale of all Registrable Securities
to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use its best efforts to
cause such Registration Statement to become effective and use its best efforts to keep it effective for the period required by
Section 3.1.3; provided, however, that the Company shall have the right to defer any Demand Registration for up to thirty (30)
days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration to which such
Piggy-Back Registration relates, in each case if the Company shall furnish to the holders a certificate signed by the President
or Chairman of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would be materially
detrimental to the Company and its shareholders for such Registration Statement to be effected at such time; provided further,
however, that the Company shall not have the right to exercise the right set forth in the immediately preceding proviso more than
once in any 365-day period in respect of a Demand Registration hereunder.

 

3.1.2Copies. The Company
shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to
the Stockholder, and such holders’ legal counsel, copies of such Registration Statement as proposed to be filed, each amendment
and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference
therein), the prospectus included in such Registration Statement (including each preliminary prospectus), and such other documents
as the Stockholder or legal counsel for such holder may request in order to facilitate the disposition of the Registrable Securities
owned by such holder.

 

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3.1.3Amendments and Supplements.
The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and supplements to
such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement
effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other securities covered
by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such
Registration Statement or such securities have been withdrawn.

 

3.1.4Notification. After
the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) business days after such
filing, notify the Stockholder of such filing, and shall further notify such holder promptly and confirm such advice in writing
in all events within two (2) business days of the occurrence of any of the following: (i) when such Registration Statement becomes
effective; (ii) when any post-effective amendment to such Registration Statement becomes effective; (iii) the issuance or threatened
issuance by the Commission of any stop order (and the Company shall take all actions required to prevent the entry of such stop
order or to remove it if entered); and (iv) any request by the Commission for any amendment or supplement to such Registration
Statement or any prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation
of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of the securities covered by
such Registration Statement, such prospectus will not contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading, and promptly make available to the
Stockholder any such supplement or amendment; except that before filing with the Commission a Registration Statement or prospectus
or any amendment or supplement thereto, including documents incorporated by reference, the Company shall furnish to the Stockholder
and to the legal counsel for such Stockholder, copies of all such documents proposed to be filed sufficiently in advance of filing
to provide Stockholder and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Company
shall not file any Registration Statement or prospectus or amendment or supplement thereto, including documents incorporated by
reference, to which such holders or their legal counsel shall object.

 

3.1.5State Securities Laws Compliance.
The Company shall use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement
under such securities or “blue sky” laws of such jurisdictions in the United States as the Stockholder (in light of
its intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered
by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue
of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable
the Stockholder to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the
Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify but for this paragraph or subject itself to taxation in any such jurisdiction.

 

3.1.6Agreements for Disposition.
The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in customary form) and take
such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities.
The representations, warranties and covenants of the Company in any underwriting agreement which are made to or for the benefit
of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the Stockholder. The Stockholder shall
not be required to make any representations or warranties in the underwriting agreement except, if applicable, with respect to
such holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with
such holder’s material agreements and organizational documents, and with respect to written information relating to such
holder that such holder has furnished in writing expressly for inclusion in such Registration Statement.

 

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3.1.7Cooperation. The principal
executive officer of the Company, the principal financial officer of the Company, the principal accounting officer of the Company
and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable Securities
hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect to such
offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants
and potential investors.

 

3.1.8Records. The Company
shall make available for inspection by the Stockholder, any Underwriter participating in any disposition pursuant to such registration
statement and any attorney, accountant or other professional retained by any holder of Registrable Securities included in such
Registration Statement or any Underwriter, all financial and other records, pertinent corporate documents and properties of the
Company, as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers,
directors and employees to supply all information requested by any of them in connection with such Registration Statement.

 

3.1.9Opinions and Comfort Letters.
The Company shall furnish to the Stockholder a signed counterpart, addressed to such Stockholder, of (i) any opinion of counsel
to the Company delivered to any Underwriter and (ii) any comfort letter from the Company’s independent public accountants
delivered to any Underwriter. In the event no legal opinion is delivered to any Underwriter, the Company shall furnish to the Stockholder,
at any time that such holder elects to use a prospectus, an opinion of counsel to the Company to the effect that the Registration
Statement containing such prospectus has been declared effective and that no stop order is in effect.

 

3.1.10Earnings Statement.
The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act, and make available
to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, which earnings statement
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

 

3.1.11Listing. The Company
shall use its best efforts to cause all Registrable Securities included in any registration to be listed on such exchanges or otherwise
designated for trading in the same manner as similar securities issued by the Company are then listed or designated or, if no such
similar securities are then listed or designated, in a manner satisfactory to the Stockholder.

 

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3.2Obligation to Suspend Distribution.
Upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3.1.4(iv), or, in the
case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant to a written
insider trading compliance program adopted by the Company’s Board of Directors, of the ability of all “insiders”
covered by such program to transact in the Company’s securities because of the existence of material non-public information,
the Stockholder shall immediately discontinue disposition of such Registrable Securities pursuant to the Registration Statement
covering such Registrable Securities until such holder receives the supplemented or amended prospectus contemplated by Section
3.1.4(iv) or the restriction on the ability of “insiders” to transact in the Company’s securities is removed,
as applicable, and, if so directed by the Company, each such holder will deliver to the Company all copies, other than permanent
file copies then in such holder’s possession, of the most recent prospectus covering such Registrable Securities at the time
of receipt of such notice.

 

3.3Registration Expenses. The
Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section 2.1, any Piggy-Back
Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant to Section 2.3, and all expenses incurred
in performing or complying with its other obligations under this Agreement, whether or not the Registration Statement becomes effective,
including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance with securities or “blue
sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities);
(iii) printing expenses; (iv) the Company’s internal expenses (including, without limitation, all salaries and expenses of
its officers and employees); (v) the fees and expenses incurred in connection with the listing of the Registrable Securities as
required by Section 3.1.11; (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements of counsel for the
Company and fees and expenses for independent certified public accountants retained by the Company (including the expenses or costs
associated with the delivery of any opinions or comfort letters requested pursuant to Section 3.1.9); (viii) the fees and expenses
of any special experts retained by the Company in connection with such registration and (ix) the fees and expenses of one legal
counsel selected by the Stockholder. The Company shall have no obligation to pay any underwriting discounts or selling commissions
attributable to the Registrable Securities being sold by the holders thereof, which underwriting discounts or selling commissions
shall be borne by such holders. Additionally, in an underwritten offering, all selling shareholders and the Company shall bear
the expenses of the Underwriter pro rata in proportion to the respective amount of shares each is selling in such offering.

 

3.4Information. The Stockholder
shall provide such information as may reasonably be requested by the Company, or the managing Underwriter, if any, in connection
with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect the registration
of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with the Company’s obligation
to comply with Federal and applicable state securities laws.

 

4.INDEMNIFICATION AND CONTRIBUTION.

 

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4.1Indemnification by the Company.
The Company agrees to indemnify and hold harmless the Stockholder and each of its officers, employees, affiliates, directors, partners,
members, attorneys and agents, and each person, if any, who controls the Stockholder (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) (each, an “Stockholder Indemnified Party”), from and against any
expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue
statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which the sale of such
Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus
contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based
upon any omission (or alleged omission) to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation promulgated thereunder
applicable to the Company and relating to action or inaction required of the Company in connection with any such registration;
and the Company shall promptly reimburse the Stockholder Indemnified Party for any legal and any other expenses reasonably incurred
by such Stockholder Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage,
liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such expense,
loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission
or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or any
such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by such
selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their
officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on substantially the
same basis as that of the indemnification provided above in this Section 4.1.

 

4.2Indemnification by Stockholder.
The Stockholder will, in the event that any registration is being effected under the Securities Act pursuant to this Agreement
of any Registrable Securities held by such holder, indemnify and hold harmless the Company, each of its directors and officers
and each underwriter (if any), and each other selling holder and each other person, if any, who controls another selling holder
or such underwriter within the meaning of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether
joint or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of
or are based upon any untrue statement or allegedly untrue statement of a material fact contained in any Registration Statement
under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final
prospectus or summary prospectus contained in the Registration Statement, or any amendment or supplement to the Registration Statement,
or arise out of or are based upon any omission or the alleged omission to state a material fact required to be stated therein or
necessary to make the statement therein not misleading, if the statement or omission was made in reliance upon and in conformity
with information furnished in writing to the Company by such selling holder expressly for use therein, and shall reimburse the
Company, its directors and officers, and each other selling holder or controlling person for any legal or other expenses reasonably
incurred by any of them in connection with investigation or defending any such loss, claim, damage, liability or action. Each selling
holder’s indemnification obligations hereunder shall be several and not joint and shall be limited to the amount of any net
proceeds actually received by such selling holder.

 

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4.3Conduct of Indemnification Proceedings.
Promptly after receipt by any person of any notice of any loss, claim, damage or liability or any action in respect of which indemnity
may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified Party”) shall, if a claim
in respect thereof is to be made against any other person for indemnification hereunder, notify such other person (the “Indemnifying
Party”) in writing of the loss, claim, judgment, damage, liability or action; provided, however, that the failure
by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability which the
Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually
prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect to any claim or action brought against
the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent
that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory
to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of
the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other
expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation;
provided, however, that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the
Indemnified Party shall have the right to employ separate counsel (but no more than one such separate counsel) to represent the
Indemnified Party and its controlling persons who may be subject to liability arising out of any claim in respect of which indemnity
may be sought by the Indemnified Party against the Indemnifying Party, with the fees and expenses of such counsel to be paid by
such Indemnifying Party if, based upon the written opinion of counsel of such Indemnified Party, representation of both parties
by the same counsel would be inappropriate due to actual or potential differing interests between them. No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, consent to entry of judgment or effect any settlement of any claim
or pending or threatened proceeding in respect of which the Indemnified Party is or could have been a party and indemnity could
have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional release of such
Indemnified Party from all liability arising out of such claim or proceeding.

 

4.4Contribution.

 

4.4.1If the indemnification provided
for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any loss, claim, damage, liability
or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute
to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage, liability or action in such proportion
as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the
actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other relevant equitable considerations.
The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission.

 

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4.4.2The parties hereto agree that
it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro rata allocation or by any
other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding
Section 4.4.1. The amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred
to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or
other expenses incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this Section 4.4, the Stockholder shall not be required to contribute any amount in excess of the dollar amount
of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually received by such holder
from the sale of Registrable Securities which gave rise to such contribution obligation. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation.

 

5.UNDERWRITING AND DISTRIBUTION.

 

5.1Rule 144. The Company covenants
that it shall file any reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further
action as the Stockholder may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the
Securities Act, as such Rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission.

 

6.MISCELLANEOUS.

 

6.1Assignment; No Third Party Beneficiaries.
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company
in whole or in part. This Agreement and the rights, duties and obligations of the Stockholder may be freely assigned or delegated
by such holder in conjunction with and to the extent of any transfer of Registrable Securities by such holder. This Agreement and
the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties, to the permitted assigns of
the Stockholder or of any assignee of the Stockholder. This Agreement is not intended to confer any rights or benefits on any persons
that are not party hereto other than as expressly set forth in Article 4 and this Section 6.1.

 

6.2Notices. All notices, demands,
requests, consents, approvals or other communications (collectively, “Notices”) required or permitted
to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally served, delivered
by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile, addressed
as set forth below, or to such other address as such party shall have specified most recently by written notice. Notice shall be
deemed given on the date of service or transmission if personally served or transmitted by telegram, telex or facsimile; provided,
that if such service or transmission is not on a business day or is after normal business hours, then such notice shall be deemed
given on the next business day. Notice otherwise sent as provided herein shall be deemed given on the next business day following
timely delivery of such notice to a reputable air courier service with an order for next-day delivery.

 

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To the Company:

 

SAExploration Holdings, Inc.

3333 8th Street SE, 3rd Floor

Calgary, Alberta, T2G 3A4

Telephone: 403-776-1950

Telecopy: 403-776-1951

 

with a copy to:

 

Strasburger & Price, LLP

909 Fannin Street, Suite 2300

Houston, Texas 77010

Telephone: 713-951-5613

Telecopy: 832-397-3522

 

To the Stockholder, to the address set forth below
Stockholder’s name on Exhibit A hereto.

 

6.3Severability. This Agreement shall be deemed
severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability
of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision,
the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid
or unenforceable provision as may be possible that is valid and enforceable.

 

6.4Counterparts. This Agreement may be executed
in multiple counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the
same instrument.

 

6.5Entire Agreement. This Agreement (including
all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant hereto and thereto) constitute
the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and contemporaneous agreements,
representations, understandings, negotiations and discussions between the parties, whether oral or written.

 

6.6Modifications and Amendments. No amendment,
modification or termination of this Agreement shall be binding upon any party unless executed in writing by such party.

 

6.7Titles and Headings. Titles and headings of
sections of this Agreement are for convenience only and shall not affect the construction of any provision of this Agreement.

 

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6.8Waivers and Extensions. Any party to this
Agreement may waive any right, breach or default which such party has the right to waive, provided that such waiver will not be
effective against the waiving party unless it is in writing, is signed by such party, and specifically refers to this Agreement.
Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any waiver may
be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding
or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance
of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts.

 

6.9Remedies Cumulative. In the event that the
Company fails to observe or perform any covenant or agreement to be observed or performed under this Agreement, the Stockholder
or any other holder of Registrable Securities may proceed to protect and enforce its rights by suit in equity or action at law,
whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any such term
or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take any
one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this
Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right,
power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise.

 

6.10Governing Law. This Agreement shall be governed
by, interpreted under, and construed in accordance with the internal laws of the State of New York applicable to agreements made
and to be performed within the State of New York, without giving effect to any choice-of-law provisions thereof that would compel
the application of the substantive laws of any other jurisdiction.

 

6.11Waiver of Trial by Jury. Each party hereby
irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether
based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions contemplated
hereby, or the actions of the Stockholder in the negotiation, administration, performance or enforcement hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties have caused
this Registration Rights Agreement to be executed and delivered by their duly authorized representatives as of the date first written
above.

 

	 	COMPANY:
	 	 	 
	 	SAEXPLORATION HOLDINGS, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Brian Beatty
	 	 	Name: Brian Beatty
	 	 	Title: President/CEO
	 	 	 
	 	 	 
	 	STOCKHOLDER:
	 	 	 
	 	 	 
	 	CLCH, LLC
	 	 	 
	 	 	 
	 	By:  	/s/ Jeff Hastings
	 	 	Name: Jeff Hastings
	 	 	Title: Manager

 

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EXHIBIT A

 

	Name	Address
	 	 
	
        CLCH, LLC

         
	
        4721 Golden Spring Circle

        Anchorage Alaska 99507

        Telephone: 907-229-0150

        Telecopy: 778-480-0516Exhibit 10.8

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (the “Agreement”) is effective as of June 24, 2013, by and between SAExploration Holdings, Inc., a
Delaware corporation (the “Company”), and [NAME] (the “Indemnitee”).

 

WHEREAS, the Indemnitee
has been asked to serve on the Board of Directors of the Company (the “Board”) and/or as an officer of the Company,
as the case may be;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify persons serving as directors or officers of
the Company to the fullest extent permitted by applicable law so that they will serve or continue to serve as directors or officers
of the Company free from undue concern that they will not be so indemnified; and

 

WHEREAS, the Indemnitee
is willing to serve and continue to serve on the Board or as an officer of the Company, as the case may be, on the condition that
he be so indemnified;

 

NOW THEREFORE, in consideration
of the premises and the covenants contained herein, the Company and the Indemnitee do hereby covenant and agree as follows:

 

Section
1.          Definitions. For purposes of this Agreement:

 

(a)        “Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with
such Person. For purposes hereof, “control” (including, with correlative meaning, the terms “controlling”,
“controlled by” and “under common control with”) means the possession, directly or indirectly, of the power
to direct or cause the direction of management and policies of such Person, by contract or otherwise.

 

(b)        “Another
Enterprise” means any corporation (other than the Company), partnership, limited liability company, joint venture, trust,
employee benefit plan or other enterprise of which the Indemnitee is serving at the request of the Company or any of its Affiliates
as an officer, director, employee, agent, fiduciary or trustee or in a similar capacity. In addition to any service at the actual
request of the Company, for purposes of this Agreement, Indemnitee shall be deemed to be serving or to have served at the request
of the Company as an officer, director, employee, agent, fiduciary or trustee or in a similar capacity of any such enterprise if
Indemnitee is or was serving as an officer, director, employee, agent, fiduciary or trustee or in a similar capacity of such enterprise
and (A) such enterprise is or at the time of such service was an Affiliate of the Company, (B) such enterprise is or at the time
of such service was an employee benefit plan (or related trust) sponsored or maintained by the Company or an affiliate of the Company
or (C) the Company or an Affiliate of the Company directly or indirectly caused Indemnitee to be nominated, elected, appointed,
designated, employed, engaged or selected to serve in such capacity.

 

    	1

    	 

    

 

(c)          “Change
of Control” shall mean the occurrence of any of the following: (i) any “person” (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act), other than a trustee or other fiduciary holding securities under an employee benefit
plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company representing more than 30% of the total voting power
represented by the Company’s then outstanding Voting Securities; (ii) during any period of two consecutive years, individuals
who at the beginning of such period constitute the Board of Directors of the Company and any new director whose election by the
Board of Directors or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds
(2/3) of the directors then still in office, who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved, cease for any reason to constitute a majority thereof; or (iii) the stockholders of the
Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which
would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into Voting Securities of the surviving entity) at least 50% of the total voting power represented
by the Voting Securities of the Company of such surviving entity outstanding immediately after such merger or consolidation, or
the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition
by the Company of (in one transaction or a series of transactions) all or substantially all of the Company’s assets.

 

(d)          “Corporate
Status” describes the status of an individual who is or was director or officer of the Company or any of the Company’s
Affiliates, or is or was serving as an officer, director, employee, agent, fiduciary or trustee or in a similar capacity of Another
Enterprise.

 

(e)          “Disinterested
Director” means a director of the Company who is not and was not a party to, or otherwise involved in, the Proceeding
for which indemnification is sought by the Indemnitee.

 

(f)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(g)          “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating
or being or preparing to be a witness in a Proceeding, and federal, state, local, or foreign taxes imposed as a result of the actual
or deemed receipt of any payments under this Agreement.

 

(h)          “Governing
Documents” means the Company’s amended and restated certificate of incorporation and bylaws as now or hereafter
in effect.

 

    	2

    	 

    

 

(i)        
“Independent Counsel” means a law firm or a member of a law firm that is experienced in matters of corporation
law and such law firm neither presently is, nor in the past five years has been, retained to represent: (i) the Company or the
Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any Person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company
or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement.

 

(j)        “Person”
means a natural person, firm, partnership, joint venture, association, corporation, company, limited liability company, trust,
business trust, estate or other entity.

 

(k)        “Proceeding”
includes any action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other
proceeding whether civil, criminal, administrative or investigative (including on appeal).

 

(l)        “Securities
Act” means the Securities Act of 1933, as amended.

 

(m)       “Voting
Securities” means any securities of the Company that vote generally in the election of directors.

 

Section
2.          Services by the Indemnitee. The Indemnitee agrees to
continue to serve at the request of the Company as a director or officer of the Company (including, without limitation, service
on one or more committees of the Board), as the case may be. Notwithstanding the foregoing, the Indemnitee may at any time and
for any reason resign from any such position.

 

Section
3.          Indemnification – General. The Company shall
indemnify, and advance Expenses to, the Indemnitee as provided in this Agreement and to the fullest extent permitted by applicable
law in effect on the date hereof and to such greater extent as applicable law may thereafter from time to time permit. The rights
of the Indemnitee provided under the preceding sentence shall include, but shall not be limited to, the rights set forth in the
other Sections of this Agreement.

 

Section
4.          Proceedings Other Than Proceedings by or in the Right of
the Company. The Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason
of his Corporate Status, he was, is, or is threatened to be made, a party to or participant in any threatened, pending or completed
Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this Section 4, the Company shall indemnify
the Indemnitee against Expenses, judgments, penalties, fines (including any excise taxes assessed on the Indemnitee with respect
to an employee benefit plan) and amounts paid in settlement actually and reasonably incurred by him or on his behalf in connection
with such Proceeding or any claim, issue or matter therein, if he acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the Company, and, with respect to any criminal Proceeding, if he also had no reasonable
cause to believe his conduct was unlawful.

 

    	3

    	 

    

 

Section
5.          Proceedings by or in the Right of the Company. The
Indemnitee shall be entitled to the rights of indemnification provided in this Section 5 if, by reason of his Corporate
Status, he was, is, or is threatened to be made, a party to or participant in any threatened, pending or completed Proceeding brought
by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 5, the Company shall indemnify
the Indemnitee against Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding if
he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company. Notwithstanding
the foregoing, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding
as to which the Indemnitee shall have been adjudged to be liable to the Company or if applicable law prohibits such indemnification;
provided, however, that, in such event, if applicable law so permits, indemnification against Expenses shall nevertheless
be made by the Company if and to the extent that the court in which such Proceeding shall have been brought or is pending shall
determine that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly
and reasonably entitled to indemnity for such expenses.

 

Section
6.          Indemnification for Expenses of a Party Who is Wholly or
Partly Successful.

 

(a)        To
the extent that the Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise,
in any Proceeding, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by him or on
his behalf in connection therewith. If the Indemnitee is not wholly successful in defense of any Proceeding but is successful,
on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall
indemnify the Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each
such claim, issue or matter as to which the Indemnitee is successful, on the merits or otherwise. For purposes of this Section
6(a), the term “successful, on the merits or otherwise,” shall include, but shall not be limited to, (i) the termination
of any claim, issue or matter in a Proceeding by withdrawal or dismissal, with or without prejudice, (ii) termination of any claim,
issue or matter in a Proceeding by any other means without any express finding of liability or guilt against the Indemnitee, with
or without prejudice, or (iii) the expiration of 120 days after the making of a claim or threat of a Proceeding without the institution
of the same and without any promise or payment made to induce a settlement. The provisions of this Section 6(a) are subject
to Section 6(b) below.

 

(b)        In
no event shall the Indemnitee be entitled to indemnification under Section 6(a) above with respect to a claim, issue or
matter to the extent (i) applicable law prohibits such indemnification or (ii) an admission is made by the Indemnitee in writing
to the Company or in such Proceeding or a final, non-appealable determination is made in such Proceeding that the standard of conduct
required for indemnification under this Agreement has not been met with respect to such claim, issue or matter.

 

Section
7.          Indemnification for Expenses as a Witness. Notwithstanding
any provisions herein to the contrary, to the extent that the Indemnitee is, by reason of his Corporate Status, a witness in any
Proceeding, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by or on behalf of
the Indemnitee in connection therewith.

 

    	4

    	 

    

 

Section
8.          Advancement of Expenses. The Company shall advance
all reasonable Expenses incurred by or on behalf of the Indemnitee in connection with any Proceeding within 30 days after the receipt
by the Company of a statement or statements from the Indemnitee requesting such advance or advances from time to time, whether
prior to or after the final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses
incurred by or on behalf of the Indemnitee; provided, however, that Indemnitee shall not be required to provide any
documentation or information which is privileged or otherwise protected from disclosure. The Indemnitee hereby expressly undertakes
to repay such amounts advanced, if, but only if, and then only to the extent that it shall ultimately be determined by a final,
non-appealable adjudication or arbitration decision that the Indemnitee is not entitled to be indemnified against such Expenses.
The Indemnitee further undertakes to return any such advance which remains unspent at the final, non-appealable conclusion of the
Proceeding to which the advance related. All amounts advanced to the Indemnitee by the Company pursuant to this Section 8
and repaid shall be repaid without interest. The Company shall make all advances pursuant to this Section 8 without regard
to the financial ability of the Indemnitee to make repayment, without bond or other security and without regard to the prospect
of whether the Indemnitee may ultimately be found to be entitled to indemnification under the provisions of this Agreement. Any
required reimbursement of Expenses by the Indemnitee shall be made by the Indemnitee to the Company within 30 days following the
entry of the final, non-appealable adjudication or arbitration decision pursuant to which it is determined that the Indemnitee
is not entitled to be indemnified against such Expenses.

 

Section
9.          Procedure for Determination of Entitlement to Indemnification.

 

(a)        To
obtain indemnification under this Agreement, following final disposition of the applicable Proceeding, the Indemnitee shall submit
to the Company in care of the Secretary of the Company a written request therefor, along with such documentation and information
which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably
necessary to determine whether and to what extent the Indemnitee is entitled to indemnification; provided, however,
that no deficiency in any such request, documentation or information shall adversely affect the Indemnitee’s rights to indemnification
or advancement of Expenses under this Agreement. The Secretary of the Company shall, promptly upon receipt of such a request for
indemnification, advise the Board in writing that the Indemnitee has requested indemnification.

 

(b)        Upon
written request by the Indemnitee for indemnification pursuant to the first sentence of Section 9(a) hereof, a determination,
if required by applicable law, with respect to the Indemnitee’s entitlement thereto shall be made in the specific case: (i)
by the Board by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined); or (ii) if a quorum
of the Board consisting Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors
so directs, by Independent Counsel (as hereinafter defined), as selected pursuant to Section 9(d), in a written opinion
to the Board (which opinion may be a “should hold” or a “more likely than not” opinion), a copy of which
shall be delivered to the Indemnitee. If it is so determined that the Indemnitee is entitled to indemnification, the Company shall
make payment to the Indemnitee within 10 days after such determination. The Indemnitee shall cooperate with the Person or Persons
making such determination with respect to the Indemnitee’s entitlement to indemnification, including providing to such Person
or Persons upon reasonable advance request any documentation or information which is not privileged or otherwise protected from
disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination. Subject to the provisions
of Section 11 hereof, any costs or expenses (including reasonable attorneys’ fees and disbursements) incurred by the
Indemnitee in so cooperating with the Person or Persons making such determination shall be borne by the Company, and the Company
hereby agrees to indemnify and hold the Indemnitee harmless therefrom.

 

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(c)        Notwithstanding
the foregoing, if a Change of Control has occurred, the Indemnitee may require a determination with respect to the Indemnitee’s
entitlement to indemnification to be made by Independent Counsel, as selected pursuant to Section 9(d), in a written opinion
to the Board (which opinion may be a “should hold” or a “more likely than not” opinion), a copy of which
shall be delivered to the Indemnitee.

 

(d)        In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 9(b)
or (c) hereof, the Independent Counsel shall be selected as provided in this Section 9(d). If a Change of Control
shall not have occurred, the Independent Counsel shall be selected by the Board (including a vote of a majority of the Disinterested
Directors if obtainable), and the Company shall give written notice to the Indemnitee advising him of the identity of the Independent
Counsel so selected. If a Change of Control shall have occurred, the Independent Counsel shall be selected by the Indemnitee (unless
the Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and
approved by the Company (which approval shall not be unreasonably withheld, conditioned or delayed). If (i) an Independent Counsel
is to make the determination of entitlement pursuant to Section 9(b) or (c) hereof, and (ii) within 20 days after
submission by the Indemnitee of a written request for indemnification pursuant to Section 9(a) hereof, no Independent Counsel
shall have been selected, either the Company or the Indemnitee may petition the Court of Chancery of the State of Delaware for
the appointment as Independent Counsel of a Person selected by such court or by such other Person as such court shall designate.
The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection
with acting pursuant to Section 9(b) or (c) hereof, and the Company shall pay all reasonable fees and expenses incident
to the procedures of this Section 9(d), regardless of the manner in which such Independent Counsel was selected or appointed.
Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 11(a)(iv) of this Agreement, Independent
Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of
professional conduct then prevailing).

 

Section
10.         Presumptions and Effect of Certain Proceedings; Construction
of Certain Phrases. 

 

(a)        In
making a determination with respect to whether the Indemnitee is entitled to indemnification hereunder, the Person(s) making such
determination shall presume that the Indemnitee is entitled to indemnification under this Agreement if the Indemnitee has submitted
a request for indemnification in accordance with Section 9(a) of this Agreement, and anyone seeking to overcome this presumption
shall have the burden of proof.

 

    	6

    	 

    

  

(b)          Subject
to the terms of Section 17 hereof, the termination of any Proceeding or of any claim, issue or matter therein, by judgment,
order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly
provided in this Agreement) of itself adversely affect the right of the Indemnitee to indemnification or create a presumption that
the Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests
of the Company or, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that his conduct
was unlawful.

 

(c)          For
purposes of any determination of the Indemnitee’s entitlement to indemnification under this Agreement or otherwise, the Indemnitee
shall be deemed to have acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests
of the Company, and, with respect to a criminal Proceeding, to have also had no reasonable cause to believe his conduct was unlawful,
if it is determined by the Board or by the Independent Counsel, as applicable, that the Indemnitee’s actions were based on
reliance in good faith on the records or books of account of the Company or Another Enterprise, including financial statements,
or on information supplied to the Indemnitee by the officers of the Company or Another Enterprise in the course of their duties,
or on the advice of legal or financial counsel for the Company or the Board (or any committee thereof) or for Another Enterprise
or its board of directors (or any committee thereof), or on information or records given or reports made by an independent certified
public accountant or by an appraiser or other expert selected by the Company or the Board (or any committee thereof) or by Another
Enterprise or its board of directors (or any committee thereof). In addition, (i) the knowledge and/or actions, or failure to act,
of any other director, trustee, partner, managing member, fiduciary, officer, agent or employee of the Company or Another Enterprise
shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement and (ii) if
the Indemnitee has acted in good faith and in a manner he reasonably believed to be in the interest of the participants and beneficiaries
of an employee benefit plan, he shall be deemed to have acted in a manner “not opposed to the best interests of the Company”
as used in this Agreement. The provisions of this Section 10(c) shall not be deemed to be exclusive or to limit in any way
the other circumstances in which the Indemnitee may be deemed or found to have met the applicable standard of conduct set forth
in this Agreement.

 

    	7

    	 

    

 

Section
11.         Remedies of the Indemnitee. 

 

(a)        In
the event that (i) a determination is made pursuant to Section 9 of this Agreement that the Indemnitee is not entitled to
indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 of this Agreement,
(iii) the determination of entitlement to indemnification is to be made by the Board pursuant to Section 9(b) of this Agreement
and such determination shall not have been made and delivered to the Indemnitee in writing within 20 days after receipt by the
Company of the request for indemnification, (iv) the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 9(b) or (c) of this Agreement and such determination shall not have been made in a written
opinion to the Board and a copy delivered to the Indemnitee within 20 days after receipt by the Company of the request for indemnification,
(v) payment of indemnification is not made pursuant to Section 7 of this Agreement within 30 days after receipt by the Company
of a written request therefor or (vi) payment of indemnification is not made within 10 days after a determination has been made
that the Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 9
or Section 10 of this Agreement, the Indemnitee shall be entitled to an adjudication in the Court of Chancery of the State
of Delaware of his entitlement to such indemnification or advancement of Expenses. Alternatively, the Indemnitee, at his sole option,
may seek an award in arbitration to be conducted by a single arbitrator pursuant to the rules of the American Arbitration Association.
The Indemnitee shall commence such Proceeding seeking an adjudication or an award in arbitration within 180 days following the
date on which the Indemnitee first has the right to commence such Proceeding pursuant to this Section 11(a); provided,
however, that the foregoing clause shall not apply in respect of a Proceeding brought by the Indemnitee to enforce his rights
under Section 6 of this Agreement.

 

(b)        In
the event that a determination is made pursuant to Section 9 of this Agreement that the Indemnitee is not entitled to indemnification,
any judicial proceeding or arbitration commenced pursuant to this Section 11 shall be conducted in all respects as a de
novo trial or a de novo arbitration (as applicable) on the merits, and the Indemnitee shall not be prejudiced by reason
of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 11, the Company
shall have the burden of proving that the Indemnitee is not entitled to indemnification, and the Company shall be precluded from
referring to or offering into evidence a determination made pursuant to Section 9 of this Agreement that is adverse to the
Indemnitee’s right to indemnification. If the Indemnitee commences a judicial proceeding or arbitration pursuant to this
Section 11, the Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8
of this Agreement until a final determination is made with respect to the Indemnitee’s entitlement to indemnification (as
to which all rights of appeal have been exhausted or have lapsed).

 

(c)        If
a determination is made or deemed to have been made pursuant to Section 9 or Section 10 of this Agreement that the
Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration
commenced pursuant to this Section 11, absent (i) an intentional misstatement by the Indemnitee of a material fact, or an
intentional omission by the Indemnitee of a material fact necessary to make the Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

(d)        The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 11
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
or before any such arbitrator that the Company is bound by all of the provisions of this Agreement.

 

    	8

    	 

    

 

(e)        In
the event that the Indemnitee, pursuant to this Section 11, seeks a judicial adjudication or an award in arbitration to
enforce his rights under, or to recover damages for breach of, this Agreement, the Indemnitee shall be entitled to recover from
the Company, and shall be indemnified by the Company against, any and all Expenses actually and reasonably incurred by him in such
judicial adjudication or arbitration to the fullest extent permitted by law; provided, however, that until such final
determination is made, the Indemnitee shall be entitled under and as provided in Section 8 hereof to receive payment of
Expenses hereunder with respect to such Proceeding. In the event that a Proceeding is commenced by or in the right of the Company
against the Indemnitee to enforce or interpret any of the terms of this Agreement, the Indemnitee shall be entitled to recover
from the Company, and shall be indemnified by the Company against, any and all Expenses actually and reasonably incurred by him
in such Proceeding (including with respect to any counter-claims or cross-claims made by the Indemnitee against the Company in
such Proceeding) to the fullest extent permitted by law; provided, however, that until such final determination is
made, the Indemnitee shall be entitled under and as provided in Section 8 hereof to receive payment of Expenses hereunder
with respect to such Proceeding.

 

(f)        Any
judicial adjudication or arbitration determined under this Section 11 shall be final and binding on the parties.

 

Section
12.         Defense of Certain Proceedings. In the event the Company
shall be obligated under this Agreement to pay the Expenses of any Proceeding against the Indemnitee in which the Company is a
co-defendant with the Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved
by the Indemnitee, which approval shall not be unreasonably withheld, conditioned or delayed, upon the delivery to the Indemnitee
of written notice of its election to do so. After delivery of such notice, approval of such counsel by the Indemnitee and the retention
of such counsel by the Company, the Indemnitee shall nevertheless be entitled to employ or continue to employ his own counsel in
such Proceeding. Employment of such counsel by the Indemnitee shall be at the cost and expense of the Company unless and until
the Company shall have demonstrated to the reasonable satisfaction of the Indemnitee and the Indemnitee’s counsel that there
is complete identity of issues and defenses and no conflict of interest between the Company and the Indemnitee in such Proceeding,
after which time further employment of such counsel by the Indemnitee shall be at the cost and expense of the Indemnitee. In all
events, if the Company shall not, in fact, have timely employed counsel to assume the defense of such Proceeding, then the fees
and Expenses of the Indemnitee’s counsel shall be at the cost and expense of the Company.

 

Section
13.         Exception to Right of Indemnification or Advancement of Expenses.

 

(a)        Notwithstanding
any other provision of this Agreement, the Indemnitee shall not be entitled to indemnification or advancement of Expenses under
this Agreement with respect to any Proceeding, or any claim therein, brought or made by the Indemnitee against:

 

(i)          the
Company, except for (x) any claim or Proceeding in respect of this Agreement and/or the Indemnitee’s rights hereunder, (y)
any claim or Proceeding to establish or enforce a right to indemnification under (A) any statute or law, (B) any other agreement
with the Company or (C) the Governing Documents, and (z) any counter-claim or cross-claim brought or made by him against the Company
in any Proceeding brought by or in the right of the Company against him; or

 

(ii)         any
other Person, except for Proceedings or claims approved by the Board and any counter-claim or cross-claim brought or made by such
Person against Indemnitee.

 

    	9

    	 

    

 

(b)        In
the event that a claim for indemnification against liabilities arising under the Securities Act (other than the payment by the
Company of Expenses incurred or paid by the Indemnitee in the successful defense of any Proceeding) is asserted by the Indemnitee
in connection with securities being registered under the Securities Act, the Company shall, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of competent jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and the parties hereto shall be governed by the final adjudication
of such issue.

 

Section
14.         Contribution.

 

(a)        If,
with respect to any Proceeding, the indemnification provided for in this Agreement is held by a court of competent jurisdiction
to be unavailable to the Indemnitee for any reason other than that the Indemnitee did not act in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Company or, with respect to a criminal Proceeding, that
the Indemnitee had reasonable cause to believe his conduct was unlawful, the Company shall contribute to the amount of Expenses,
judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by the Indemnitee or on his behalf
in connection with such Proceeding or any claim, issue or matter therein in such proportion as is appropriate to reflect the relative
benefits received by the Indemnitee and the relative fault of the Indemnitee versus the other defendants or participants in connection
with the action or inaction which resulted in such Expenses, judgments, penalties, fines and amounts paid in settlement, as well
as any other relevant equitable considerations.

 

(b)        The
Company and the Indemnitee agree that it would not be just and equitable if contribution pursuant to this Section 14 were
determined by pro rata or per capita allocation or by any other method of allocation which does not take into account the equitable
considerations referred to in Section 14(a) above.

 

(c)        No
Person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any Person who was not found guilty of such fraudulent misrepresentation.

 

Section
15.         Officer and Director Liability Insurance.

 

(a)        The
Company shall use all commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company
is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies
to provide the directors and officers of the Company with coverage for losses from wrongful acts and omissions and to ensure the
Company’s performance of its indemnification obligations under this Agreement. In all such insurance policies, the Indemnitee
shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to
the most favorably insured of the Company’s current or former directors and officers. Notwithstanding the foregoing, the
Company shall have no obligation to obtain or maintain such insurance if the Company determines in good faith that the Indemnitee
is covered by such insurance maintained by a subsidiary or parent of the Company.

 

    	10

    	 

    

 

(b)        To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors or officers of
Another Enterprise, the Indemnitee shall be named as an insured under and shall be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available for the most favorably insured director or officer under
such policy or policies.

 

(c)        In
the event that the Company is a named insured under any policy or policies of insurance referenced in either Section 15(a)
or (b) above, the Company hereby covenants and agrees that it will not settle any claims under such policy or policies with
the relevant insurance company or companies in respect of any Proceeding that may be covered by such policy or policies of insurance
and in which the Indemnitee has or may incur Expenses, judgments, penalties, fines or amounts paid in settlement without the prior
written consent of the Indemnitee, which consent shall not be unreasonably withheld.

 

Section
16.         Security. The Company may, but shall not be required to,
provide security to the Indemnitee for the Company’s obligations hereunder through an irrevocable bank letter of credit,
funded trust or other similar collateral. Any such security, once provided to the Indemnitee, may not be revoked or released without
the prior written consent of the Indemnitee, which consent shall not be unreasonably withheld.

 

Section
17.         Settlement of Claims. The Company shall not be required
to obtain the consent of the Indemnitee to the settlement of any Proceeding which the Company has undertaken to defend if such
settlement solely involves the payment of money, the Company assumes full and sole responsibility for such settlement and the settlement
grants the Indemnitee a complete and unqualified release in respect of the potential liability. The Company shall not be liable
for any amount paid by an Indemnitee in settlement of any Proceeding unless the Company has consented to such settlement, which
consent shall not be unreasonably withheld.

 

Section
18.         Duration of Agreement. This Agreement shall be unaffected
by the termination of the Corporate Status of the Indemnitee and shall continue for so long as the Indemnitee may have any liability
or potential liability by virtue of his Corporate Status, including, without limitation, the final termination of all pending Proceedings
in respect of which the Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any Proceeding
commenced by the Indemnitee pursuant to Section 11 of this Agreement relating thereto, whether or not he is acting or serving
in such capacity at the time any liability or Expense is incurred for which indemnification can be provided under this Agreement.
This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially
all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.

 

Section
19.         Remedies of the Company. The Company hereby covenants and
agrees to submit any and all disputes relating to this Agreement that the parties are unable to resolve between themselves to binding
arbitration pursuant to the rules of the American Arbitration Association, and waives all rights to judicial adjudication of any
matter or dispute relating to this Agreement, except where judicial adjudication is requested or required by the Indemnitee.

 

    	11

    	 

    

  

Section
20.         Limitation of Liability. Notwithstanding any other provision
of this Agreement, neither party shall have any liability to the other for, and neither party shall be entitled to recover from
the other, any consequential, special, punitive, multiple or exemplary damages as a result of a breach of this Agreement.

 

Section
21.         Subrogation. In the event of any payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute
all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary
to enable the Company to bring suit to enforce such rights.

 

Section
22.         Remedies Not Exclusive. The Indemnitee’s rights of
indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other
rights to which the Indemnitee may at any time be entitled under applicable law, the Governing Documents, any other agreement,
a vote of stockholders, a resolution of directors or otherwise, and every other right or remedy shall be cumulative of and in addition
to the rights and remedies given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy of the Indemnitee hereunder or otherwise shall not be deemed an election of remedies on the part of the
Indemnitee and shall not prevent the concurrent assertion or employment of any other right or remedy by the Indemnitee.

 

Section
23.         Changes in Law. In the event that a change in applicable
law after the date of this Agreement, whether by statute, rule or judicial decision, expands or otherwise increases the right or
ability of a Delaware corporation to indemnify (or to otherwise pay or advance Expenses as to any Proceeding for the benefit of)
a member of its board of directors or an officer, the Indemnitee shall, by this Agreement, enjoy the greater benefits so afforded
by such change. In the event that a change in applicable law after the date of this Agreement, whether by statute, rule or judicial
decision, narrows or otherwise reduces the right or ability of a Delaware corporation to indemnify (or to otherwise pay or advance
Expenses as to any Proceeding for the benefit of) a member of its board of directors or an officer, such change shall have no effect
on this Agreement or any of the Indemnitee’s rights hereunder, except and only to the extent required by law.

 

Section
24.         Interpretation of Agreement; Negligence. The Company and
the Indemnitee acknowledge and agree that it is their intention that this Agreement be interpreted and enforced so as to provide
indemnification to the Indemnitee to the fullest extent now or hereafter permitted by law. WITHOUT LIMITING THE GENERALITY OF
THE FOREGOING, THE COMPANY AND THE INDEMNITEE EACH HEREBY EXPRESSLY ACKNOWLEDGES AND AGREES THAT (A) THE INDEMNIFICATION PROVIDED
UNDER THIS AGREEMENT SHALL EXTEND TO AND INCLUDE, BUT SHALL NOT BE LIMITED TO, INDEMNIFICATION FOR EXPENSES, JUDGMENTS, PENALTIES,
FINES AND AMOUNTS PAID IN SETTLEMENT ARISING, IN WHOLE OR IN PART, OUT OF THE SOLE OR CONCURRENT NEGLIGENCE OF THE INDEMNITEE AND
(B) THIS SECTION 24 CONSTITUTES A CONSPICUOUS NOTICE OF SUCH AGREEMENT FOR ALL PURPOSES.

 

    	12

    	 

    

 

Section
25.         Severability. If any provision or provisions of this Agreement
shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability
of the remaining provisions of this agreement (including, without limitation, each portion of any Section of this Agreement containing
any such provision held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; (b) such
provision or provisions will be deemed reformed to the extent necessary to conform to applicable law and to give maximum effect
to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without
limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision
or provisions held invalid, illegal or unenforceable.

 

Section
26.         Governing Law; Jurisdiction and Venue; Specific Performance.

 

(a)        The
parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the
State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or
any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

 

(b)        EXCEPT
AS PROVIDED IN SECTION 11 AND SECTION 19 OF THIS AGREEMENT, ANY “ACTION OR PROCEEDING” (AS SUCH TERM
IS DEFINED BELOW) ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE FILED IN AND LITIGATED SOLELY BEFORE THE COURT OF CHANCERY
OF THE STATE OF DELAWARE, AND EACH PARTY TO THIS AGREEMENT: (i) EXCEPT AS PROVIDED IN SECTION 11 AND SECTION 19 OF
THIS AGREEMENT, GENERALLY AND UNCONDITIONALLY ACCEPTS THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURT AND VENUE THEREIN, AND
WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY DEFENSE OR OBJECTION TO SUCH JURISDICTION AND VENUE BASED UPON THE DOCTRINE OF
“FORUM NON CONVENIENS;” AND (ii) GENERALLY AND UNCONDITIONALLY CONSENTS TO SERVICE OF PROCESS IN ANY SUCH ACTION OR
PROCEEDING BY DELIVERY OF CERTIFIED OR REGISTERED MAILING OF THE SUMMONS AND COMPLAINT IN ACCORDANCE WITH THE NOTICE PROVISIONS
OF THIS AGREEMENT. FOR PURPOSES OF THIS SECTION, THE TERM “ACTION OR PROCEEDING” IS DEFINED AS ANY AND ALL CLAIMS,
SUITS, ACTIONS, HEARINGS, ARBITRATIONS OR OTHER SIMILAR PROCEEDINGS, INCLUDING APPEALS AND PETITIONS THEREFROM, WHETHER FORMAL
OR INFORMAL, GOVERNMENTAL OR NON-GOVERNMENTAL, OR CIVIL OR CRIMINAL. THE FOREGOING CONSENT TO JURISDICTION SHALL NOT CONSTITUTE
GENERAL CONSENT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE FOR ANY PURPOSE EXCEPT AS PROVIDED ABOVE, AND SHALL NOT BE DEEMED
TO CONFER RIGHTS ON ANY PERSON OTHER THAN THE PARTIES TO THIS AGREEMENT. 

 

    	13

    	 

    

 

(c)        The
Company acknowledges that the Indemnitee may, as a result of the Company’s breach of its covenants and obligations under
this Agreement, sustain immediate and long-term substantial and irreparable injury and damage which cannot be reasonably or adequately
compensated by damages at law. Consequently, the Company agrees that the Indemnitee shall be entitled, in the event of the Company’s
breach or threatened breach of its covenants and obligations hereunder, to obtain equitable relief from a court of competent jurisdiction,
including enforcement of each provision of this Agreement by specific performance and/or temporary, preliminary and/or permanent
injunctions enforcing any of the Indemnitee’s rights, requiring performance by the Company, or enjoining any breach by the
Company, all without proof of any actual damages that have been or may be caused to the Indemnitee by such breach or threatened
breach and without the posting of bond or other security in connection therewith. The Company waives the claim or defense therein
that the Indemnitee has an adequate remedy at law, and the Company shall not allege or otherwise assert the legal position that
any such remedy at law exists. The Company agrees and acknowledges that: (i) the terms of this Section 26(c) are fair, reasonable
and necessary to protect the legitimate interests of the Indemnitee; (ii) this waiver is a material inducement to the Indemnitee
to serve and continue to serve as a director or officer of the Company and in any other Corporate Status capacity; and (iii) the
Indemnitee relied upon this waiver in entering into this Agreement and will continue to rely on this waiver in its future dealings
with the represents and warrants that it has reviewed this provision with its legal counsel, and that it has knowingly and voluntarily
waived its rights referenced in this Section 26 following consultation with such legal counsel.

 

Section
27.         Nondisclosure of Payments. Except as expressly required
by Federal securities or tax laws, the Company shall not disclose any payments under this Agreement without the prior written consent
of the Indemnitee. Any payments to the Indemnitee that must be disclosed shall, unless otherwise required by law, be described
only in the Company proxy or information statements relating to special and/or annual meetings of the Company’s stockholders,
and the Company shall afford the Indemnitee a reasonable opportunity to review all such disclosures and, if requested by the Indemnitee,
to explain in such statement any mitigating circumstances regarding the events reported.

 

Section
28.         Notice by the Indemnitee; Notice to Insurers. 

 

(a)        The
Indemnitee agrees to promptly notify the Company in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement
of Expenses covered hereunder; provided, however, that the failure of the Indemnitee to timely provide such notice
shall not affect the Indemnitee’s right to be indemnified or to receive advancement of Expenses under this Agreement except
if, and then only to the extent that, the Company is actually prejudiced by such failure.

 

(b)        If,
at the time of the receipt by the Company of a notice of a Proceeding pursuant to Section 28(a) above, the Company has insurance
in effect which may cover such Proceeding, the Company shall give prompt notice of the commencement of such Proceeding to the insurers
in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable
action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance
with the terms of such policies.

 

    	14

    	 

    

  

Section
29.         Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and received for by the party
to whom said notice or other communication shall have been directed, (b) mailed by U.S. certified or registered mail with postage
prepaid, on the third business day after the date on which it is so mailed, or (c) sent via facsimile or electronic mail transmission
(with electronic or telephonic confirmation of receipt): (i) If to the Company: SAExploration Holdings, Inc., 3333 8th
Street SE, Calgary AB, T2G3A4, attention: General Counsel or bwhiteley@saexploration.com; and (ii) if to any other party
hereto, including the Indemnitee, to the address of such party set forth on the signature page hereof; or to such other address
as may have been furnished by any party to the other(s), in accordance with this Section 29.

 

Section
30.         Modification and Waiver. No supplement, modification or
amendment of any right of the Indemnitee under this Agreement will be effective with respect to any action taken or omitted by
the Indemnitee in his Corporate Status prior to such supplement, modification or amendment. No supplement, modification or amendment
of this Agreement or any provision hereof shall be binding unless executed in writing by both of the Company and the Indemnitee.
No waiver of any provision of this Agreement shall be deemed or shall constitute a wavier of any other provision hereof (whether
or not similar) nor shall such waiver constitute a continuing waiver.

 

Section
31.         Entire Agreement. This Agreement embodies the final, entire
agreement among the parties hereto with respect to the subject matter hereof and supersedes any and all prior negotiations, commitments,
agreements, representations and understandings, whether written or oral, relating to such subject matter and may not be contradicted
or varied by evidence of prior, contemporaneous or subsequent oral agreements or discussions of the parties hereto.

 

Section
32.         Headings. The headings of the Sections or paragraphs of
this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

 

Section
33.         Gender. Use of the masculine pronoun in this Agreement shall
be deemed to include usage of the feminine pronoun where appropriate.

 

Section
34.         Identical Counterparts. This Agreement may be executed in
one or more counterparts (whether by original, photocopy or facsimile signature), each of which shall for all purposes be deemed
to be an original, but all of which together shall constitute one and the same Agreement. Only one such counterpart executed by
the party against whom enforcement is sought must be produced to evidence the existence of this Agreement.

 

    	15

    	 

    

 

Section
35.         Successors and Assigns.

 

(a)        The
Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise)
to all or substantially all of the business or assets of the Company, by agreement in form and substance satisfactory to Indemnitee
and his counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company
would be required to perform if no such succession had taken place.

 

(b)        This
Agreement is personal in nature and neither of the parties hereto will, without the consent of the other, assign or delegate this
Agreement or any rights or obligations hereunder except as expressly provided in Section 35(a). Without limiting the generality
or effect of the foregoing, Indemnitee’s right to receive payments hereunder will not be assignable, whether by pledge, creation
of a security interest or otherwise, other than by a transfer by Indemnitee’s will or by the laws of descent and distribution,
and, in the event of any attempted assignment or transfer contrary to this Section 35(b), the Company will have no liability
to pay any amount so attempted to be assigned or transferred.

 

[Reminder of Page Intentionally Left
Blank.]

 

    	16

    	 

    

 

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

 

	 	SAEXPLORATION HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 

 

	 	[NAME]	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	17

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