Document:

Strategic Advisory Agreement

 Exhibit 10.32 
  

			
	

	  	

 EXECUTION VERSION 
 Strategic Advisory Agreement 
 This Strategic Advisory Agreement (this
“Agreement”) is entered into and made effective as of March 2, 2010 (the “Effective Date”), by and between GEOSPATIAL HOLDINGS, INC. (“CLIENT”), PACE GLOBAL ENERGY SERVICES, LLC
(“PACE”) and RIDGE GLOBAL LLC (“RIDGE GLOBAL”). CLIENT, PACE and RIDGE GLOBAL are sometimes hereinafter referred to as, individually, “Party” and, collectively, “Parties.” PACE and
RIDGE GLOBAL are sometimes hereinafter referred to individually as a “SERVICE PROVIDER” and collectively as the “SERVICE PROVIDERS.” 
 Notice Addresses 
 On behalf of CLIENT: 
 GEOSPATIAL HOLDINGS, INC. 
 229 Howes Run Road

 Sarver, Pennsylvania 16055 
 Attn:
Mark A. Smith 
 On behalf of PACE: 
 PACE GLOBAL ENERGY SERVICES, LLC 
 4401 Fair Lakes Court, Suite 400 
 Fairfax, Virginia 22033 
 Attn : Timothy F. Sutherland 
 On behalf of RIDGE GLOBAL: 
 RIDGE GLOBAL
LLC 
 1101 16th St., NW, Suite 308 
 Washington, District of Columbia 20036 
 Attn : Thomas Ridge 
 WITNESSETH: 
 WHEREAS, CLIENT desires strategic advisory
and other support services from the SERVICE PROVIDERS (the “Project”); 
 WHEREAS, PACE is an energy consulting and
management firm with expertise related to the financing, production, purchase, sale, transportation, storage and consumption of energy, as well as energy risk management and energy applied technology; 
 WHEREAS, RIDGE is a security consulting company with extensive experience in the field of total security management, physical risk management, global
trade security, event security, cyber-security, crisis management and communications, and campus security; and 
 WHEREAS, the SERVICE
PROVIDERS are committed to applying their collective expertise for the economic benefit of CLIENT. 
 NOW, THEREFORE, in
consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 
  

	1.	SERVICES 

  

	A.	The SERVICE PROVIDERS shall provide CLIENT with strategic advisory and other support services only to the extent, and pursuant to, the express requests and instructions
of CLIENT which requests shall include, without limitation, those strategic advisory services described in Section 1.B. of this Agreement. 

  

	B.	Services provided shall consist of strategic advisory services relating to the development, in collaboration with CLIENT’s Chief Executive Officer, Mark Smith, of
a business plan containing the following operational and financial components: 

  

	 	(i)	The financial component of the business plan will include the assessment of various capital formation options under different scenarios as well as consider different
forms of capital structures from various investors including strategic partners, capital partners and/or working capital partners. 

  

	 	(ii)	The strategic component of the business plan will evaluate different strategies to leverage the CLIENT’s first mover advantage in the market.

  

	 	(iii)	The operating component of the business plan will consider the tactical steps required to embrace growth and to ensure the necessary work is organized and executed.

  

	 	(iv)	The business plan will also include an evaluation of exit strategies, each of which will strike a balance between maximizing valuation and mitigating risk.

  

  
 Proprietary & Confidential 
 1 

			
	

	 	

 EXECUTION VERSION 
  

 In order to best facilitate the SERVICE PROVIDERS’ development of a business plan
for CLIENT in connection with the Project, the CLIENT shall establish a Management Advisory Committee which shall be co-chaired by one (1) representative from each of PACE and RIDGE GLOBAL. 
 Further, CLIENT shall appoint Timothy F. Sutherland of PACE and Thomas Ridge of RIDGE GLOBAL to serve on CLIENT’s Board of Directors.
CLIENT represents and warrants to the SERVICE PROVIDERS that CLIENT’s formation documents allow for both Mr. Sutherland and Mr. Ridge to be appointed and, subject to CLIENT’s formation documents, serve on CLIENT’s Board of
Directors and that CLIENT will achieve such appointments promptly after the Effective Date but in no event later than April 1, 2010. 
  

	C.	The Service Providers shall use commercially reasonable efforts to assist CLIENT and CLIENT’s placement agent to raise capital and/or locate financing sources for
CLIENT through the provision of background support services as required by CLIENT. Such efforts include, but are not limited to, assisting CLIENT and CLIENT’S placement agent with an initial capital raise of at least $5 million in debt or
equity for CLIENT’s short term working capital needs including, without limitation, equipment purchases (the “Short Term Financing”) and an aggregate raise, including funds from the Short Term Financing, of at least $10 million
in equity (the “Capital Raise”). 

  

	D.	In addition to those services described in Sections 1.B and 1.C, SERVICE PROVIDERS shall provide services to assist CLIENT with CLIENT’s business development
activities, which services shall include, but not be limited to, introductions, strategy implementation, and related business development assistance in the energy, municipal, state and federal sectors of the global infrastructure development
industry. 

  

	E.	The SERVICE PROVIDERS shall provide CLIENT with additional services beyond that provided in Sections 1.B, 1.C and 1.D hereof only at the further direction of CLIENT. In
the event CLIENT wishes to engage the SERVICE PROVIDERS for an expanded scope of services that include services for which it would be necessary or prudent to engage a broker-dealer, PACE shall arrange, subject to CLIENT’S consent, to have such
activities contracted separately with and performed by Pace Financial Services, LLC, PACE’s affiliated broker-dealer registered with the Financial Industry Regulatory Authority, Inc. 

  

	F.	Except with respect to (i) the initial disclosure of this Agreement or the board appointments contemplated by this Agreement by CLIENT as required by the
Securities Act of 1933 (the “Securities Act”) or the Securities and Exchange Act of 1934 (the “Exchange Act”) or the rules and regulations promulgated under the Securities Act or the Exchange Act; (ii) the inclusion of such
disclosure in materially unaltered form in any subsequent disclosure required to be made by CLIENT under the Securities Act or the Exchange Act or the rules promulgated thereunder; or (iii) any subsequent public disclosure by CLIENT of
Mr. Ridge and Mr. Sutherland as members of the Board of Directors of CLIENT (provided that Mr. Ridge and Mr. Sutherland are serving as directors), CLIENT and its advisors shall not use any work product of the SERVICE PROVIDERS or
refer to the SERVICE PROVIDERS in any Section 144A Offering Circular or Memorandum, Form 1 Registration Statement, bank syndication memorandum, private placement memorandum or other similar offering circular, memorandum or statement or
securities filing, whether in preliminary or final form, unless and until (i) the SERVICE PROVIDERS and CLIENT have agreed in writing to the language of an indemnity to be provided to the SERVICE PROVIDERS and the identity of the creditworthy
entity that will provide the indemnity to the SERVICE PROVIDERS, (ii) the SERVICE PROVIDERS have consented to the references to the SERVICE PROVIDERS and their work product in any such circular, memorandum, statement or securities filing prior
to its being published, (iii) the SERVICE PROVIDERS have received from CLIENT a Verification of Data Letter, the form and content of which to be reasonably acceptable to the SERVICE PROVIDERS, and (iv) the SERVICE PROVIDERS and third party
consultants or agents of CLIENT have both given and received consent in writing from each other to the references to, and characterizations of, each other and each other’s work product made by any such party in their reports prepared for CLIENT
with regard to the project. The SERVICE PROVIDERS shall have the right to review the applicable draft Section 144A Offering Circular or Memorandum, Form 1 Registration Statement, bank syndication memorandum, private placement memorandum or
other similar offering circular, memorandum or statement or securities filing prior to giving such consent. Should either (y) the relevant project not be financed within sixty (60) days after the date of the SERVICE PROVIDERS’ work
product or (z) a material change occur after the date of the SERVICE PROVIDERS’ work product prior to financing of the project, the SERVICE PROVIDERS reserve the right to revise any or their entire work product prior to providing such
consent. 

  

  
 Proprietary & Confidential 
 2 

			
	

	 	

 EXECUTION VERSION 
  

	2.	COMPENSATION 

  

	A.	For the strategic advisory and other support services to be performed pursuant to Sections 1.B, 1.C and 1.D hereof, CLIENT shall compensate the SERVICE PROVIDERS as
follows: 

  

	 	(i)	Upon the signing of this Agreement, CLIENT and RIDGE GLOBAL shall enter into a warrant agreement, attached hereto as Exhibit A, pursuant to which CLIENT shall
grant to RIDGE GLOBAL a warrant to purchase Two Million Four Hundred Thousand (2,400,000) shares of common stock of CLIENT at a purchase price per share of one dollar ($1.00). This warrant shall expire on March 2, 2012.

  

	 	(ii)	Upon the signing of this Agreement, CLIENT and PACE shall enter into a warrant agreement, attached hereto as Exhibit B, pursuant to which CLIENT shall grant to
PACE a warrant to purchase One Million Six Hundred Thousand (1,600,000) shares of common stock of CLIENT at a purchase price per share of one dollar ($1.00). This warrant shall expire on March 2, 2012. 

  

	 	(iii)	CLIENT shall be charged a monthly retainer fee. During the Initial Term and any automatic extension thereof pursuant to Section 3, the amount of the monthly
retainer fee shall be forty thousand dollars ($40,000.00). The SERVICE PROVIDERS shall accrue such monthly retainer fees, and such amounts shall not be due, until the closing of the Capital Raise. After the closing of the Capital Raise, the monthly
retainer fee shall be due upon receipt of monthly invoices pursuant to the provisions of Section 4.B hereof. 

  

	B.	All travel-related expenses of the SERVICE PROVIDERS shall be reasonable, billed at cost and subject to audit and appropriate documentation. 

 

	3.	TERM OF AGREEMENT 

 This Agreement
shall commence on the Effective Date and continue for an initial term of two (2) years (the “Initial Term”); provided, however, that if the Short Term Financing does not occur within twelve (12) months after
the Effective Date, any Party may terminate this Agreement unilaterally prior to the expiration of the Initial Term immediately upon delivery of written notice of such termination to all other Parties. Upon the expiration of the Initial Term, this
Agreement shall automatically be renewed month to month thereafter. After the Initial Term, any Party may terminate this Agreement unilaterally immediately upon delivery of written notice of such termination to all other Parties for any reason.
CLIENT shall pay the SERVICE PROVIDERS for all charges then-due and reimburse the SERVICE PROVIDERS for all expenses incurred up to the effective date of any termination pursuant to this Section. In the event any charges due at termination are
contingent upon the occurrence of a Capital Raise, CLIENT shall pay the SERVICE PROVIDERS such charges simultaneously with such Capital Raise provided such Capital Raise occurs within two (2) years after this Agreement’s termination.

  

	4.	GENERAL TERMS 

  

	A.	Changes 

 No waiver, alteration, or
modification of any of the provisions hereof shall be binding unless in writing and signed by officers of all Parties. 
  

	B.	Payment for Services Rendered 

 The
SERVICE PROVIDERS shall invoice CLIENT monthly. The invoiced amounts are due within thirty (30) days of receipt of the invoice by CLIENT unless the relevant charges are due upon the closing of the Capital Raise, in which event such charges are
due simultaneously upon the closing of such Capital Raise. In the event that payment of amounts due is not received within the applicable due date set forth in the preceding sentence, interest on the overdue payment shall accrue at the rate of one
and one-half percent (1.5%) per month until the date payment is received by the SERVICE PROVIDERS. In the event any amount is not paid by CLIENT within forty-five (45) days after its due date, the SERVICE PROVIDERS may (reserving
cumulatively all other remedies and rights under this Agreement and otherwise available at law and equity) at their sole option and discretion, and without prior notice to CLIENT, terminate this Agreement and CLIENT’s access to and use of the
SERVICE PROVIDERS’ provided information or systems. 
  

	C.	Assignment 

 This Agreement may not be
assigned by any Party hereto without all other Parties’ prior written consent. CLIENT’s assignment of this Agreement to another party shall not waive CLIENT’s obligations hereunder. 
  

  
 Proprietary & Confidential 
 3 

			
	

	 	

 EXECUTION VERSION 
  

	D.	Agency 

 The Parties shall be independent
contractors and are not entering into an employee/employer relationship. The SERVICE PROVIDERS shall not bind or obligate CLIENT without CLIENT’s express prior written approval. 
  

	E.	Consulting Scope 

 CLIENT acknowledges
that the SERVICE PROVIDERS are performing services as strategic advisors and are not providing legal advice to CLIENT. The SERVICE PROVIDERS agree, upon request by CLIENT, to recommend counsel and shall efficiently coordinate their work with any
legal services provided by a third party. 
  

	F.	Compliance 

 The SERVICE PROVIDERS shall
comply with all applicable federal, state, and local laws. 
  

	G.	Limitation on Liability 

 The SERVICE
PROVIDERS shall fulfill their obligations to CLIENT hereunder, but the SERVICE PROVIDERS shall not be liable to CLIENT under this Agreement except to the extent any losses, claims, damages or liabilities are caused CLIENT by the gross negligence or
willful misconduct of the SERVICE PROVIDERS. No Party shall be liable to any other Party for any consequential, special, incidental, multiple, exemplary or punitive damages for performance or non-performance under this Agreement or for any actions
undertaken in connection with or related to this Agreement, including, without limitation, damage claims based on causes of action for breach of contract, tort or any other theory of recovery. For the avoidance of doubt, nor shall any Party be
liable to any other Party for any claim of lost profits, whether such claim of lost profits is categorized under this Agreement as indirect, direct or consequential damages or under any alternative theory of recovery. Notwithstanding the foregoing,
the SERVICE PROVIDERS’ aggregate liability hereunder shall not exceed the amount collected by the SERVICE PROVIDERS from CLIENT for services rendered under this Agreement. 
  

	H.	Governing Law

 This Agreement shall be
governed by and construed in accordance with the laws of the State of New York without regards to the principles of conflicts of laws thereof other than Sections 5-1401 and 5-1402 of the New York General Obligations Law. 
  

	I.	Attorneys’ Fee 

 Should any Party
prevail by a final unappealable judgment in any judicial or arbitral action to enforce any right under this Agreement, the non-prevailing Parties shall be liable to the prevailing Party for the prevailing Party’s reasonable attorneys’
fees. 
  

	J.	Multiple Counterparts 

 This Agreement may
be executed in multiple counterparts, each of which shall constitute an original, but all of which when taken together shall constitute one and the same agreement. 
  

	K.	Severability 

 If any portion of this
Agreement will for any reason be held or adjudged to be invalid or illegal or unenforceable by any court of competent jurisdiction, such portion so adjudged will be deemed separate, distinct and independent and the remainder of this Agreement will
be and remain in full force and effect and will not be invalidated or rendered illegal or unenforceable or otherwise affected by such holding or adjudication. 
  

	L.	No Further Obligation 

 Nothing contained
in this Agreement shall obligate the Parties to enter into any other agreement or endeavor related to the Project. 
  

	M.	Survival of Provisions 

 All provisions of
this Agreement, which are expressly or by implication to come into or continue in force and effect after the expiration or termination of this Agreement, shall remain in effect and be enforceable following such expiration or termination. 

[Signatures follow on next page.] 
  

  
 Proprietary & Confidential 
 4 

			
	

	 	

 EXECUTION VERSION 
  

 IN WITNESS WHEREOF, the Parties have expressed their mutual agreement to the foregoing, evidenced by the
following duly authorized signatures. 
  

			
	GEOSPATIAL HOLDINGS, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	Date:	 	  

  

									
	PACE GLOBAL ENERGY SERVICES, LLC	 		 	RIDGE GLOBAL LLC
					
	By:	 	  
	 		 	By:	 	  

					
	Name:	 	  
	 		 	Name:	 	  

					
	Title:	 	  
	 		 	Title:	 	  

					
	Date:	 	  
	 		 	Date:	 	  

  

  
 Proprietary & Confidential 
 5Warrant No. 20

 Exhibit 10.33 
 THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO GEOSPATIAL HOLDINGS, INC. THAT SUCH REGISTRATION IS NOT REQUIRED. 
 GEOSPATIAL HOLDINGS, INC. 
 WARRANT TO PURCHASE COMMON STOCK 
  

			
	No. 20	  	Issuance Date: March 2, 2010

 Void After March 2, 2012 
 THIS
WARRANT (the “Warrant”) CERTIFIES THAT, for value received, Ridge Global LLC, a limited liability company duly organized under the laws of the
State of Delaware (the “Holder”), or any authorized successor or assign, is entitled, on and subject to the terms set forth below, to purchase from Geospatial Holdings, Inc., a Nevada corporation
(the “Company”), two million four hundred thousand (2,400,000) shares (the “Share Number”) of Common Stock (as defined below) of the Company. The Share Number shall also be subject
to adjustment as set forth below in Section 5. 
 1. DEFINITIONS. As used herein, the following terms
shall have the following respective meanings: 
 (a) “Common Stock” shall mean shares of the Company’s
common stock each having a par value of $0.001. 
 (b) “Exercise Period” shall mean the period commencing with
the Issuance Date, and ending March 2, 2012, unless sooner terminated as provided below. 
 (c) “Exercise
Price” shall mean one dollar ($1.00) per share of Common Stock. 
 (d) “Exercise Shares” shall mean the
shares of Common Stock issuable upon exercise of this Warrant. 
 2. EXERCISE OF
WARRANT. The rights represented by this Warrant may be exercised in whole or in part at any time during the Exercise Period, by delivery of the following to the Company at its address set forth below (or at such other address as
it may designate by notice in writing to the Holder): 
 (a) an executed Notice of Exercise in the form attached hereto;

  

 1. 

 (b) payment of the Exercise Price in cash by wire transfer of immediately available
funds; and 
 (c) this Warrant. 
 Upon the exercise of the rights represented by this Warrant, a certificate or certificates for the Exercise Shares so purchased, registered in the name of the Holder or persons affiliated with the Holder,
if the Holder so designates, shall be issued and delivered to the Holder within a reasonable time after the rights represented by this Warrant shall have been so exercised. 
 The person in whose name any certificate or certificates for Exercise Shares are to be issued upon exercise of this Warrant shall be deemed
to have become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price was made, irrespective of the date of delivery of such certificate or certificates, except that, if the date of
such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books
are open. 
 2.1. Net Exercise. Notwithstanding any provisions herein to the contrary, if the fair market value of one
share of the Company’s Common Stock is greater than the Exercise Price (at the date of exercise), in lieu of exercising this Warrant by payment of cash, the Holder may elect to receive shares equal to the value (as determined below) of this
Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise in which event the Company shall issue to the Holder a number of shares of
Common Stock computed using the following formula: 
 X = Y (A-B) 
             A 
  

					
	Where	 	X =	  	the number of shares of Common Stock to be issued to the Holder
			
		 	Y =	  	the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of
such calculation)
			
		 	A =	  	the fair market value of one share of the Company’s Common Stock (at the date of such calculation)
			
		 	B =	  	Exercise Price (as adjusted to the date of such calculation)

 For purposes of the above calculation, fair market value means on any date, as it relates to a share of the Company’s Common Stock (each a “Share”): (i) if the
Shares are readily tradable on an established securities market, (x) the average of the high and low prices of such Shares as reported on the principal national securities exchange on which the Shares are then listed on the date specified
herein, or if there were no sales on such date, on the next preceding day on which there were sales, or (y) if such Shares are not listed on a national securities exchange, the average

  

 2. 

 
of the last reported bid price, as reported by Financial Industry Regulatory Authority, Inc. or a similar organization, in the over-the-counter market for such Shares for each of the twenty
(20) business days preceding the specified date, or (ii) if the Shares are not readily tradable on an established securities market, the value determined by any means determined fair and reasonable by the board of directors of the Company,
which determination shall be final and binding on all parties. 
 3. COVENANTS OF
THE COMPANY. 
 3.1. Covenants as to Exercise Shares. The Company covenants and agrees
that all Exercise Shares that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to
the issuance thereof. The Company further covenants and agrees that the Company will at all times during the Exercise Period, have authorized and reserved, free from preemptive rights, a sufficient number of shares of its Common Stock to provide for
the exercise of the rights represented by this Warrant. If at any time during the Exercise Period the number of authorized but unissued shares of Common Stock shall not be sufficient to permit exercise of this Warrant, the Company will take such
corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes. 
 3.2. No Impairment. Except and to the extent as waived or consented to by the Holder, the Company will not, by amendment of
its organizational documents or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may be necessary or appropriate in order to protect
the exercise rights of the Holder against impairment. 
 3.3. Notices of Record Date. In the event of any taking by the
Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend which is the same as cash dividends paid in previous quarters) or
other distribution, the Company shall mail to the Holder, at least ten (10) days prior to the date specified therein, a notice specifying the date on which any such record is to be taken for the purpose of such dividend or distribution. 

 4. REPRESENTATIONS OF HOLDER. 
 4.1. Acquisition of Warrant for Personal Account. The Holder represents and warrants that it is acquiring the Warrant solely for its
account for investment and not with a view to or for sale or distribution of said Warrant or any part thereof. The Holder also represents that the entire legal and beneficial interests of the Warrant and Exercise Shares the Holder is acquiring is
being acquired for, and will be held for, its account only. 
  

 3. 

 4.2. Securities Are Not Registered. 
 (a) The Holder understands that the Warrant and the Exercise Shares have not been registered under the Securities Act of 1933, as
amended (the “Act”) on the basis that no distribution or public offering of the stock of the Company is to be effected. The Holder realizes that the basis for the exemption may not be present if, notwithstanding its representations, the
Holder has a present intention of acquiring the securities for a fixed or determinable period in the future, selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the securities. The
Holder has no such present intention. 
 (b) The Holder recognizes that the Warrant and the Exercise Shares must be held
indefinitely unless they are subsequently registered under the Act or an exemption from such registration is available. The Holder recognizes that the Company has no obligation to register the Warrant or the Exercise Shares of the Company, or to
comply with any exemption from such registration. 
 (c) The Holder is aware that neither the Warrant nor the Exercise
Shares may be sold pursuant to Rule 144 adopted under the Act unless certain conditions are met, including, among other things, the existence of a public market for the shares, the availability of certain current public information about the
Company, the resale following the required holding period under Rule 144 and the number of shares being sold during any three month period not exceeding specified limitations. Holder is aware that the conditions for resale set forth in Rule 144 have
not been satisfied and that the Company presently has no plans to satisfy these conditions in the foreseeable future. 
 4.3.
Disposition of Warrant and Exercise Shares. 
 (a) The Holder further agrees not to make any disposition of all or
any part of the Warrant or Exercise Shares in any event unless and until: 
 (i) the Company shall have received a
letter secured by the Holder from the Securities and Exchange Commission stating that no action will be recommended to the Commission with respect to the proposed disposition; or 
 (ii) there is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made
in accordance with said registration statement; or 
 (iii) the Holder shall have notified the Company of the proposed
disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall have furnished the Company with an opinion of counsel,
reasonably satisfactory to the Company, for the Holder to the effect that such disposition will not require registration of such Warrant or Exercise Shares under the Act or any applicable state securities laws. 
  

 4. 

 (b) The Holder understands and agrees that all certificates evidencing the shares to
be issued to the Holder may bear the following legend: 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION
THAT SUCH REGISTRATION IS NOT REQUIRED. 
 (c) The Holder hereby agrees not to sell or otherwise transfer or dispose of
all or any part of this Warrant or the Exercise Shares during a period specified by the representative of the underwriters of Common Stock (not to exceed one hundred eighty (180) days) following the effective date of any registration statement
of the Company filed under the Act. Holder further agrees that the Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such period. 
 4.4. Accredited Investor. The Holder represents that it is an accredited investor within the meaning of Regulation D of the
Securities Act. 
 5. ADJUSTMENT OF EXERCISE PRICE. In the
event of changes in the outstanding Common Stock of the Company by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations, or the like, the number
and class of shares available under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of the Warrant, on exercise for the same aggregate Exercise Price, the total number, class, and kind of
shares as the Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment; provided, however, that such adjustment shall not be made with
respect to, and this Warrant shall terminate if not exercised prior to the end of the Exercise Period. The form of this Warrant need not be changed because of any adjustment in the number of Exercise Shares subject to this Warrant. 
 6. FRACTIONAL SHARES. No fractional shares shall be issued upon the exercise of this Warrant as a
consequence of any adjustment pursuant hereto. All Exercise Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share.
If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the product resulting
from multiplying the Exercise Price by such fraction. 
 7. NO STOCKHOLDER
RIGHTS. This Warrant in and of itself shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. 
 8. TRANSFER OF WARRANT. Subject to applicable laws and the restriction on transfer set forth on the first page of this Warrant, this Warrant and all
rights hereunder are

  

 5. 

 
transferable, by the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto to any transferee designated by Holder. The
transferee shall sign an investment letter in form and substance satisfactory to the Company. 
 9. LOST,
STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may
reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an
original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 
 10. NOTICES, ETC. All notices and other communications required or permitted hereunder shall be in writing and shall be sent by telex, telegram, express mail or other
form of rapid communications, if possible, and if not then such notice or communication shall be mailed by first-class mail, postage prepaid, addressed in each case to the party entitled thereto at the following addresses: 
 (a) if to the Company, to: 
 Geospatial Holdings, Inc. 
 229 Howes Run Road 
 Sarver, PA 16055 
 Attention: Mark A. Smith, President & CEO 
 With a copy to: 
 Winston & Strawn LLP 
 1700 K Street, NW 
 Washington, DC 20006 
 Attention: Gerald P. Farano 
 (b) if to the Holder, to: 
 Ridge Global LLC 1101 
 16th Street, N.W. 
 Suite 308 
 Washington, D.C. 20036 
 Attention: Thomas Ridge 
 or at
such other address as one party may furnish to the other in writing. Notice shall be deemed effective on the date dispatched if by personal delivery, telecopy, telex or telegram, two days after mailing if by express mail, or three days after mailing
if by first-class mail. 
  

 6. 

 11. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute
acceptance of and agreement to all of the terms and conditions contained herein. 
 12. GOVERNING
LAW. This Warrant and all rights, obligations and liabilities hereunder shall be governed by the laws of the State of New York without regards to the principles of conflicts of laws thereof other than Sections 5-1401 and 5-1402 of
the New York General Obligations Law. 
  

 7. 

 IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its duly authorized officer as of March 2, 2010. 
  

			
	GEOSPATIAL HOLDINGS, INC.
		
	By	 	  

		 	Mark A. Smith
		 	President & CEO

  

			
	ACKNOWLEDGED AND AGREED:
	
	RIDGE GLOBAL LLC
	
	  

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  

 8. 

 NOTICE OF EXERCISE 
 TO: GEOSPATIAL HOLDINGS, INC. 
 (1)         ̈        The undersigned hereby elects to
purchase                shares of the Common Stock (the “Common Stock”) of Geospatial Holdings, Inc. (the “Company”) pursuant to the terms of the
attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 
  ̈        The undersigned hereby elects to purchase                shares
of the Common Stock (the “Common Stock”) of the Company pursuant to the terms of the net exercise provisions set forth in Section 2.1 of the attached Warrant, and shall tender payment of all applicable transfer taxes, if any.

 (2) Please issue a certificate or certificates representing said shares of Common Stock in the name of the undersigned or in
such other name as is specified below: 
  

					
		 	  
	 	
		 	(Name)	 	
			
		 	  
	 	
		 	  
	 	
		 	(Address)	 	

 (3) Please issue a new warrant, or warrants in the following denominations, for the unexercised
portion of the attached Warrant in the name of the undersigned or in such other name as specified below: 
  

					
		 	  
	 	
		 	(Name)	 	
			
		 	  
	 	
		 	(Number of Shares)	 	
			
		 	  
	 	
		 	  
	 	
			
		 	(Address)	 	

 (4) The undersigned represents that (i) the aforesaid shares of Common Stock are being
acquired for the account of the undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares; (ii) the
undersigned is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision regarding its investment in the Company; (iii) the
undersigned is experienced in making investments of this type and has such knowledge and background in financial and business matters that the undersigned is capable of evaluating the merits and risks of this investment and protecting the
undersigned’s own interests; (iv) the undersigned understands that the shares of Common Stock issuable upon exercise of this Warrant have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), by
reason of a specific exemption from the registration provisions of the Securities Act, which exemption depends upon, among other things, the bona fide nature of the investment intent as expressed herein, and, because such securities have not been
registered under the Securities Act, they must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available; (v) the undersigned is aware that the aforesaid shares of Common
Stock may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until the undersigned has held the shares for the number of years prescribed by Rule 144, that among the conditions for use of the Rule
is the availability of current information to the public about the Company and the Company has not made such information available and has no present

 
plans to do so; and (vi) the undersigned agrees not to make any disposition of all or any part of the aforesaid shares of Common Stock unless and until there is then in effect a registration
statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with said registration statement, or the undersigned has provided the Company with an opinion of counsel satisfactory to the Company,
stating that such registration is not required. 
  

					
	  
	 		 	  

	(Date)	 		 	(Signature)
			
		 		 	  

		 		 	(Print name)

 ASSIGNMENT FORM 
 (To assign the foregoing Warrant, execute 
 this form and
supply required information. 
 Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to 
  

							
	Name:	  	  

		  	(Please Print)
		
	Address:	  	  

		  	(Please Print)
				
	Dated:	  	  
	  		  	
			
	Holder’s	  		  	
	Signature:	  	  
	  	
				
	Holder’s	  		  		  	
	Address:	  	  
	  	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the
Warrant, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}]]