Document:

Exhibit 10.1

                            ASSET PURCHASE AGREEMENT

THIS AGREEMENT dated the 31st day of May, 2012.

BETWEEN:

          JERVIS EXPLORATIONS INC.

          (the "Vendor")

                                                               OF THE FIRST PART

AND:
          CORONATION MINING CORP.

          (the "Purchaser")

                                                              OF THE SECOND PART

WHEREAS:

A. The Vendor is the registered and beneficial  owner of various  mineral claims
(hereinafter the "CLAIMS"), collectively called Silver Tusk Property. The Claims
of the Vendor are more  particularly  described in Schedule "A" attached  hereto
and forming part of this Agreement;

B. The Vendor has agreed to sell and the Purchaser has agreed to purchase all of
the Claims of the Vendor in accordance with the terms of this Agreement.

NOW THEREFORE THIS AGREEMENT  WITNESSES that in  consideration  of the terms and
covenants  herein and other good and  valuable  consideration,  the  receipt and
sufficiency  of which each  party  acknowledges,  the  parties  hereto  agree as
follows:

1. PURCHASE AND SALE OF ASSETS

1.1 SALE OF ASSETS.  Subject to the terms and conditions of this Agreement,  the
Vendor hereby sells,  assigns and transfers to the Purchaser,  and the Purchaser
hereby purchases the Vendor's Claims.

1.2 PURCHASE  PRICE.  The purchase  price payable by the Purchaser to the Vendor
for the  Vendor's  Claims is USD $ 8,500 (the  "PURCHASE  PRICE"),  subject to a
carried 3% Net Smelter Royalty as described in Appendix "A".
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1.3  PAYMENT  OF THE  PURCHASE  PRICE.  The  Purchase  Price will be paid by the
delivery of a cheque.

1.4  DELIVERY OF CLAIMS.  The Vendor  delivers to the  Purchaser,  on  execution
hereof,  all of the  Claims  unconditionally  and free and  clear of all  liens,
charges, or encumbrances, except where disclosed.

2. COVENANTS OF THE PARTIES

2.1 COVENANTS.  The parties  undertake to keep the  information  with respect to
this  Agreement,  the terms  herein,  and any related,  underlying or subsequent
agreements (the  "INFORMATION")  confidential  and not to directly or indirectly
disclose  the  Information  at any  time to any  person  or  persons  or use the
Information for any purpose whatsoever.

3. REPRESENTATIONS OF THE VENDOR

3.1  REPRESENTATIONS.  The Vendor  represents  and warrants to the  Purchaser as
follows,  with the intent that the Purchaser will rely on the representations in
entering  into  this  Agreement,   and  in  concluding  the  purchase  and  sale
contemplated by this Agreement:

     (a)  CAPACITY TO SELL.  The original  Vendor is JERVIS  EXPLORATIONS  INC..
          having the power and  capacity to own and dispose of the Claims and to
          enter into this Agreement and carry out its terms to the full extent;

     (b)  AUTHORITY TO SELL. The execution and delivery of this  Agreement,  and
          the completion of the  transaction  contemplated by this Agreement has
          been duly and validly authorized by all necessary  corporate action on
          the part of the Vendor, and this Agreement  constitutes a legal, valid
          and binding obligation of the Vendor enforceable against the Vendor in
          accordance  with its terms except as may be limited by laws of general
          application affecting the rights of creditors;

     (c)  SALE WILL NOT CAUSE  DEFAULT.  Neither the  execution  and delivery of
          this   Agreement,   nor  the  completion  of  the  purchase  and  sale
          contemplated by this Agreement will:

          (i)  violate  any of  the  terms  and  provisions  of  the  constating
               documents  or bylaws or  articles  of the  Vendor,  or any order,
               decree,  statute,  bylaw,   regulation,   covenant,   restriction
               applicable to the Vendor or the Claims;

          (ii) give any person the right to terminate,  cancel or otherwise deal
               with the Claims; or

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          (iii)result in any fees, duties,  taxes,  assessments or other amounts
               relating  to the Claims  becoming  due or payable  other than tax
               payable by the  Purchaser  in  connection  with the  purchase and
               sale;

     (d)  ENCUMBRANCES.  The Vendor owns and possesses and has a good marketable
          title to the  Claims  free and clear of all legal  claims,  mortgages,
          liens,  charges,  pledges,  security  interest,  encumbrances or other
          claims, except where as disclosed;

     (e)  LITIGATION.  There is no litigation or  administrative or governmental
          proceeding  or inquiry  pending  or, to the  knowledge  of the Vendor,
          threatened against or relating to the Claims, nor does the Vendor know
          of or have  reasonable  grounds  that  there is any basis for any such
          action, proceeding or inquiry;

     (f)  NO DEFAULTS. Except as otherwise expressly disclosed in this Agreement
          there has not been any default in any obligation to be performed under
          any of the Claims,  which are in good  standing  and in full force and
          appropriate effect; and

     (g)  GOOD  STANDING.  Prior to closing  this  Agreement,  the  Vendor  will
          maintain, as required, the Claims in good standing.

4. COVENANTS OF THE VENDOR

4.1 PROCURE  CONSENTS.  The Vendor will  diligently and  expeditiously  take all
reasonable steps requested by the Purchaser to obtain all necessary  consents to
effect the transfer of the Claims.

4.2  COVENANT OF  INDEMNITY.  The Vendor will  indemnify  and hold  harmless the
Purchaser from and against:

     (a)  any and all  liabilities,  whether  accrued,  absolute,  contingent or
          otherwise,  existing at closing and which are not agreed to be assumed
          by the Purchaser under this Agreement;

     (b)  any and all losses,  claims, damages and costs incurred or suffered by
          the  Purchaser  arising  out  of  the  breach  or  inaccuracy  of  any
          representation  or warranty of the Vendor contained in this Agreement;
          and

     (c)  any  and  all  actions,  suits,  proceedings,   demands,  assessments,
          judgments,  costs and legal and other expenses  incident to any of the
          foregoing.

4.3 EXECUTION OF ALL NECESSARY DOCUMENTS.  The Vendor will execute all necessary
documents  including such assignments as the Purchaser may require to effect the
transfer of all of the Claims,  including but not limited to, internet contracts
and internet names.

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5. REPRESENTATIONS OF THE PURCHASER

5.1  REPRESENTATIONS.  The  Purchaser  represents  and warrants to the Vendor as
follows,  with the intent that the Vendor will rely on these representations and
warranties in entering into this  Agreement,  and in concluding the purchase and
sale contemplated by this Agreement:

     (a)  STATUS OF PURCHASER. The Purchaser is a corporation duly incorporated,
          validly  existing and in good  standing and has the power and capacity
          to enter into this Agreement and carry out its terms; and

     (b)  AUTHORITY TO PURCHASE.  The execution  and delivery of this  Agreement
          and the completion of the  transaction  contemplated by this Agreement
          has been duly and validly authorized by all necessary corporate action
          on the part of the Purchaser,  and this Agreement constitutes a legal,
          valid and binding obligation of the Purchaser  enforceable against the
          Purchaser  in  accordance  with its terms except as limited by laws of
          general application affecting the rights of creditors.

6. COVENANTS OF THE PURCHASER

6.1  CONSENTS.  The  Purchaser  will at the  request of the Vendor  execute  and
deliver  such  applications  for consent  and such  assumption  agreements,  and
provide such information as may be necessary to obtain the consents  referred to
in paragraph 4.1 and will assist and cooperate  with the Vendor in obtaining the
consents.

6.2  EXECUTION  OF ALL  NECESSARY  DOCUMENTS.  The  Purchaser  will  execute all
necessary  documents  as the Vendor may require to effect the transfer of all of
the Claims.

7. SURVIVAL OF REPRESENTATIONS AND COVENANTS

7.1 VENDOR'S REPRESENTATIONS AND COVENANTS.  All representations,  covenants and
agreements  made by the Vendor in this Agreement or under this  Agreement  will,
unless otherwise expressly stated,  survive closing and any investigation at any
time made by or on behalf  of the  Purchaser  will  continue  in full  force and
effect for the benefit of the Purchaser.

7.2 PURCHASER'S  REPRESENTATIONS AND COVENANTS.  All representations,  covenants
and  agreements  made by the Purchaser in this Agreement or under this Agreement
will, unless otherwise  expressly stated,  survive closing and any investigation
at any time made by or on behalf of the Vendor and will  continue  in full force
and effect for the benefit of the Vendor.

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<PAGE>
8. LIABILITIES NOT ASSUMED

8.1  LIABILITIES  NOT ASSUMED.  The Purchaser will not assume any liabilities of
the Vendor.  The  Purchaser  will not be  responsible  for any  liability of the
Vendor,  past,  present or future,  relating to the Claims,  and the Vendor will
indemnify and save harmless the Purchaser from and against any such claim.

9. CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE PURCHASER

9.1  CONDITIONS.  All  obligations  of the  Purchaser  under this  Agreement are
subject to the fulfillment of the following conditions:

     (a)  VENDOR'S  REPRESENTATIONS.  The Vendor's representations  contained in
          this Agreement will be true.

     (b)  VENDOR'S  COVENANTS.  The Vendor will have performed and complied with
          all   agreements,   covenants  and  conditions  as  required  by  this
          Agreement.

     (c)  CONSENTS. The Purchaser will have received duly executed copies of the
          consents or approvals referred to in paragraph 4.1.

9.2 EXCLUSIVE BENEFIT. The foregoing conditions are for the exclusive benefit of
the  Purchaser  and any such  condition may be waived in whole or in part by the
Purchaser delivering to the Vendor a written waiver to that effect signed by the
Purchaser.

10. CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE VENDOR

10.1 CONDITIONS.  All obligations of the Vendor under this Agreement are subject
to the fulfillment of the following conditions:

     (a)  PURCHASER'S REPRESENTATIONS. The Purchaser's representations contained
          in this Agreement will be true.

     (b)  PURCHASER'S COVENANTS.  The Purchaser will have performed and complied
          with all  covenants,  agreements  and  conditions  as required by this
          Agreement.

     (c)  CONSENTS OF THIRD  PARTIES.  All consents or approvals  required to be
          obtained  by the  Vendor  for the  purpose of  selling,  assigning  or
          transferring  the  Claims  have  been  obtained,  provided  that  this
          condition  may only be relied  upon by the  Vendor if the  Vendor  has
          diligently  exercised its best efforts to procure all such consents or
          approvals  and the  Purchaser  has not  waived  the  need for all such
          consents or approvals.

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10.2 EXCLUSIVE BENEFIT.  The foregoing  conditions are for the exclusive benefit
of the  Vendor and any such  condition  may be waived in whole or in part by the
Vendor delivering to the Purchaser a written waiver to that effect signed by the
Vendor.

11. GENERAL

11.1 GOVERNING LAW. This Agreement and each of the documents  contemplated by or
delivered  under or in connection  with this Agreement are governed  exclusively
by, and are to be enforced,  construed and interpreted exclusively in accordance
with the laws of British  Columbia  which will be deemed to be the proper law of
the Agreement.

11.2 PROFESSIONAL FEES. Each of the parties will bear the fees and disbursements
of  their  respective   lawyers,   advisers  and  consultants  engaged  by  them
respectively in connection with the transactions  contemplated by this Agreement
prior to the closing.

11.3  ASSIGNMENT.  No party  will  assign  this  Agreement,  or any part of this
Agreement,  without the prior written consent of the other party.  Any purported
assignment  without the required  consent is not binding or enforceable  against
any party.

11.4 ENUREMENT.  This Agreement  ensures to the benefit of and binds the parties
and their respective successors and permitted assigns.

11.5 NOTICE.  All notices required or permitted to be given under this Agreement
will be in writing  and  personally  delivered  to the  address of the  intended
recipient  set out on the first page of this  Agreement or at such other address
as may  from  time to time  be  notified  by any of the  parties  in the  manner
provided in this Agreement.

11.6  FURTHER  ASSURANCES.  The  parties  will  execute  and deliver all further
documents and take all further  action  reasonably  necessary or  appropriate to
give effect to the  provisions  and intent of this Agreement and to complete the
transactions contemplated by this Agreement.

11.7  REMEDIES  CUMULATIVE.  The rights and remedies  under this  Agreement  are
cumulative and are in addition to and not in  substitution  for any other rights
and  remedies  available  at law or in  equity or  otherwise.  Any party to this
Agreement  may  terminate  this  Agreement if any other party is in breach of or
defaults  under any material  term or condition of this  Agreement or has made a
material misrepresentation in this Agreement. No single or partial exercise by a
party of any right or remedy precludes or otherwise  affects the exercise of any
other right or remedy to which that party may be entitled.

11.8 ENTIRE AGREEMENT.  This Agreement  constitutes the entire agreement between
the parties and there are no representations,  express or implied,  statutory or
otherwise  and no  collateral  agreements  other  than as  expressly  set out or
referred to in this Agreement.

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11.9 HEADINGS. The division of this Agreement into sections and the insertion of
headings are for  convenience  only and do not form part of this  Agreement  and
will not be used to  interpret,  define or limit the scope,  extent or intent of
this Agreement.

11.10  SEVERABILITY.  Each  provision  of this  Agreement is  severable.  If any
provision of this Agreement is or becomes illegal, invalid or unenforceable, the
illegality, invalidity or unenforceability of that provision will not affect the
legality,  validity  or  enforceability  of the  remaining  provisions  of  this
Agreement.

11.11  SCHEDULES.  The Schedules  attached  hereto form an integral part of this
Agreement.

11.12 TIME OF THE ESSENCE. Time will be of the essence of this Agreement.

11.13  COUNTERPARTS.  This  Agreement  and  all  documents  contemplated  by  or
delivered in  connection  with this  Agreement  may be executed and delivered by
facsimile  or  original  and in any number of  counterparts,  and each  executed
counterpart  will be  considered  to be an original.  All executed  counterparts
taken together will constitute one agreement.

IN WITNESS  WHEREOF the parties have duly executed this  Agreement by their duly
authorized officers effective the first day and year written above.

VENDOR: JERVIS EXPLORATIONS INC.

per:
    --------------------------------------------
    Authorized Signatory

PURCHASER: CORONATION MINING CORP.

per:
     -----------------------------------
     Authorized Signatory

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<PAGE>
                                  SCHEDULE "A"

THIS IS SCHEDULE "A" to the Asset Purchase Agreement.

                               MINERAL CLAIM TITLE

TO:   STUART CARNIE
      CORONATION MINING CORP.

FROM: JERVIS EXPLORATIONS INC.

Re: SILVER TUSK PROPERTY PAYMENT

PROPERTY: The Property consists of the following Claims:

NAME                      NUMBER              HECTARES            EXPIRY DATE
----                      ------              --------            -----------
SILVER TUSK              #984302               521.78             May 7, 2013
                         #984322               354.70             May 7, 2013
                                               ------
                                        Total: 876.48

TERMS:  $8,500 USD,  due upon  receipt of Property  Report,  plus 3% Net Smelter
        Return as described in Appendix "A"

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APPENDIX "A" - ROYALTY

                             3% NET SMELTER RETURNS

1. In this  Agreement,  "3% NET SMELTER  RETURNS"  means 3% of the net amount of
money received by the Purchaser for its own account from the sale of ore, or ore
concentrates  or other  mineral  products  from the Claims to a smelter or other
mineral products buyer after deduction of smelter and/or refining  charges,  ore
treatment  charges,  penalties  and any and all charges made by the purchaser of
ore,  concentrates,  or other mineral products,  less any and all transportation
costs which may be  incurred in  connection  with the  transportation  of ore or
concentrates,  less all umpire  charges  which the  purchaser may be required to
pay.

2. Payment of Net Smelter  Returns by the  Purchaser to the Vendor shall be made
semi-annually  within  60 days  after  the end of each  fiscal  half year of the
Purchaser and shall be accompanied by unaudited financial statements  pertaining
to the  operations  carried out by the  Purchaser on the Claims.  Within 90 days
after the end of each fiscal year of the Purchaser in which Net Smelter  Returns
are  payable to the  Vendor,  the records  relating  to the  calculation  of Net
Smelter Returns for such year shall be audited and any resulting  adjustments in
the  payment  of Net  Smelter  Returns  payable  to the  Vendor  shall  be  made
forthwith.  A copy of the said audit shall be delivered to the Vendor  within 30
days of the end of such 90-day period.

3. Each annual  audit shall be final and not  subject to  adjustment  unless the
Vendor delivers to the Purchaser written  exceptions in reasonable detail within
six  months  after  the  Vendor  receives  the  report.   The  Vendor,   or  its
representative duly authorized in writing, at its expense,  shall have the right
to audit the books and records of the Purchaser  related to Net Smelter  Returns
to determine the accuracy of the report,  but shall not have access to any other
books and records of the Purchaser.  The audit shall be conducted by a chartered
or certified public accountant of recognized standing.  The Purchaser shall have
the right to condition access to its books and records on execution of a written
agreement by the auditor that all  information  will be held in  confidence  and
used solely for purposes of audit and resolution of any disputes  related to the
report.  A copy of the Vendor's  report shall be delivered to the Purchaser upon
completion,  and  any  discrepancy  between  the  amount  actually  paid  by the
Purchaser  and the amount which should have been paid  according to the Vendor's
report shall be paid  forthwith,  one party to the other.  In the event that the
said  discrepancy is to the detriment of the Vendor and exceeds 5% of the amount
actually paid by the Purchaser,  then the Purchaser shall pay the entire cost of
the audit.

4. Any dispute arising out of or related to any report, payment,  calculation or
audit shall be resolved  solely by arbitration as provided in the Agreement.  No
error in accounting or in interpretation of the Agreement shall be the basis for
a claim of breach of fiduciary  duty,  or the like,  or give rise to a claim for
exemplary or punitive  damages or for termination or rescission of the Agreement
or the estate and rights  acquired and held by the Purchaser  under the terms of
the Agreement.

                                       9exh_101.htm

EXHIBIT 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (“Agreement”) is entered into effective as of January 25, 2013 (the “Effective Date”), by and between Global Geophysical Services, Inc., a Delaware Corporation (“GGS” or “Company”), and Prakash M. Verghese (“Executive”).  Executive and the Company are collectively referred to in this Agreement as the “Parties” and individually as a “Party.”

 

RECITALS:

 

WHEREAS, Executive is to be employed as Sr. Vice President and Chief Financial Officer of the Company;

WHEREAS, it is the desire of the Company to engage Executive as Sr. Vice President and Chief Financial Officer of the Company;

 

WHEREAS, Executive desires to be employed with the Company on the terms herein provided; and

 

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the Parties agree as follows:

 

AGREEMENT TERMS

 

1. Term.  Beginning on the Effective Date, the Company employs Executive, and Executive accepts such employment, on the terms and conditions set forth in this Agreement, for the period (the “Term”) commencing on the Effective Date and expiring at the earlier to occur of (a) 11:59 p.m. on December 31, 2014 (“the Expiration Date”) or (b) the Termination Date (as defined in Section 4).  Beginning on January 1, 2015, this Agreement shall be automatically renewed each January 1st for twelve (12) month terms, unless either the Company or Executive provides written notice of election not to renew, at least ninety (90) days before the applicable renewal date.

 

2. Duties as Executive of the Company.  Subject to the Agreement’s terms, Executive agrees to serve as the Sr. Vice President and Chief Financial Officer of the Company and act in the ordinary course of its business with all the powers reasonably incident to the position(s) or other responsibilities or duties that may be from time to time assigned to Executive by the Company’s Board of Directors (hereafter “GGS Board of Directors”) or the Company’s Chief Executive Officer.

 

3. Compensation and Related Matters.

 

(a)           Base Salary.  Executive shall receive an initial Base Salary (defined below) paid by the Company of $288,000 per year during the Term.  Executive’s Base Salary may be increased annually, on January 1 of each year based upon Executive’s performance determined 

 

  

 

  

through an annual review process, by an amount to be determined by GGS, within its sole discretion. For purposes of this Agreement, “Base Salary” shall mean Executive’s initial base salary or, as adjusted from time to time, then the adjusted base salary at the time in question.  The Base Salary shall be paid, subject to all applicable withholdings and deductions, in substantially equal semi-monthly installments.

 

(b)           Bonus Plan.  During the Term, Executive shall be eligible for consideration of, in addition to the Base Salary, an annual cash and/or stock bonus payment in an amount to be determined at the sole discretion of the GGS Board of Directors or such other person as shall be designated by the GGS Board of Directors in accordance with Company policies (“Annual Bonus”).  To the extent any GGS stock is granted to Executive as part of the Annual Bonus, Executive acknowledges and agrees that all stock grants shall be done in accordance with the Company’s then-applicable stock grant plan.  Subject to Sections 4(b), 4(c), and 4(d), no Annual Bonus shall be paid to Executive for a calendar year if Executive’s Termination Date occurs at any time during such year. Moreover, even if Executive is employed by the Company on the last day of the calendar year for which an Annual Bonus may be payable, Executive shall not be eligible for the payment of bonus compensation for such year if this Agreement or his employment with the Company terminates for Cause (as defined below), before the payment of such bonus compensation.

 

(c)           Additional Stock Incentive. As additional consideration for entering into this Agreement and in exchange for agreeing to the restrictions in Section 8 herein, the Executive shall receive an award of restricted stock of thirty-five thousand (35,000) shares of common stock pursuant to the Global Geophysical Services, Inc. Amended and Restated 2006 Incentive Compensation Plan, subject to the terms and conditions set forth in the applicable award agreement and this Agreement (including customary vesting based on continued employment over three years).

 

(d)           Expenses.  During the Term, Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by him, in accordance with the policies and procedures established by the Company, in performing services under this Agreement and during his employment with the Company, provided that Executive properly accounts for the expenses in accordance with Company policies.  The amount of expenses eligible for reimbursement during a calendar year shall not affect the expenses eligible for reimbursement in any other calendar year.  Reimbursement of eligible expenses shall be made on or before the last day of the calendar month following the calendar month in which the expenses were incurred, or as otherwise provided in the Company’s business expense reimbursement policy.

 

(e)           Other Benefits.  From time to time, the Company may make available other compensation and employee benefit plans and arrangements. Executive shall be eligible to participate in such other compensation and employee benefit plans and arrangements in which executives at or above the level of Executive participate, subject to and on a basis consistent with the terms, conditions, and overall administration of such plans and arrangements, as amended from time to time.  Nothing in this Agreement shall be deemed to confer upon Executive or any other person, including any beneficiary, any rights under or with respect to any such plan or arrangement or to amend any such plan or arrangement, and Executive and each other person, including any beneficiary, shall be entitled to look only to the express terms of any such plan or arrangement for his 

 

  

2

  

or her rights thereunder.  Nothing paid to Executive under any such plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the Base Salary and other benefits payable to Executive pursuant to this Agreement.

 

(f)           Vacation.  Executive shall be entitled to twenty (20) days of vacation each year of full employment during the Term, exclusive of holidays, as long as the scheduling of Executive's vacation does not interfere with the Company's normal business operation.  Vacation will accrue and forfeit as provided by the terms of the Company's policy governing vacation, as that policy is updated or revised from time to time in the Company's sole discretion.  For purposes of this Section, weekends shall not count as Vacation days. Executive shall also be entitled to all paid holidays given by the Company.

 

(g)           Proration.  The Base Salary payable to Executive hereunder in respect of any calendar year during which Executive is employed by the Company for less than the entire year shall be prorated in accordance with the total number of calendar days in such calendar year during which he is so employed.

 

4. Termination.

 

(a) Definitions.

 

(1) “Cause” shall mean:

 

(i) Executive’s failure or refusal to substantially perform his material duties, responsibilities and obligations, other than a failure resulting from Executive’s incapacity due to physical or mental illness, which failure continues for a period of at least thirty (30) days after a detailed written notice of alleged Cause and a demand for substantial performance has been delivered to Executive specifying the manner in which Executive has failed substantially to perform;

 

(ii) any intentional act involving fraud, misrepresentation, theft, embezzlement, or dishonesty on a material matter which actually results in harm to the Company;

 

(iii) conviction of or a plea of nolo contendere to an offense which is a felony or which is a misdemeanor that involves fraud; or

 

(iv) a material breach of this Agreement by Executive.

 

Regarding these Sections 4(a)(1)(i), (ii) and (iv), the Company shall provide written notice to Executive describing the specific facts of any alleged Cause event within thirty (30) days of any such Cause event and Executive shall thereafter have thirty (30) calendar days to cure the Cause event to the reasonable satisfaction of the Company

 

(2) A “Disability” or “Disabled” shall mean the inability of Executive to substantially engage in the duties that he is normally expected to perform in his role at the Company by reason of any medically determinable physical or mental impairment that can be 

 

  

3

  

expected to result in death or can be expected to last for a continuous period of not less than three (3) months.  Executive shall be considered to have a Disability (i) if he is determined to be totally disabled by the Social Security Administration or (ii) if he is determined to be disabled under GGS’s long-term disability plan in which Executive participates and if such plan defines “disability” in a manner that is consistent with the immediately preceding sentence.

 

(3) A “Good Reason” shall mean any of the following (without Executive’s express written consent):

 

(i) A diminution in Executive’s Base Salary;

 

(ii) A change in the location where Executive is expected or required the majority of Executive’s job duties at the time Executive executes this Agreement (“Base Location”) to a location that is more than twenty-five (25) miles from the Base Location, without Executive’s written consent, except for travel reasonably required of Executive on the Company’s business;

 

(iii) A substantial and adverse diminution in Executive’s duties, authority, responsibility or position with the Company; or

 

(iv) Any breach by the Company of any material provision of this Agreement.

 

Regarding these Sections 4(a)(3)(i), (ii), (iii), and (iv), the Executive shall provide written notice to Company describing the specific facts of any alleged Good Reason event within thirty (30) days of any such Good Reason event, and Company shall thereafter have thirty (30) calendar days to cure the Good Reason event to the reasonable satisfaction of the Executive.  Any such notice from Executive must be provided within ninety (90) calendar days after the initial existence of the specified Good Reason event.

 

(4) “Termination Date” shall mean the date Executive’s employment with the Company terminates or is terminated for any reason under this Agreement, and which constitutes a “separation from service” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, or any regulations or Treasury guidance promulgated under Section 409A (the “Code”).

 

(b) Termination Without Cause or for Good Reason: Benefits.  In the event the Company involuntarily terminates Executive’s employment with the Company without Cause or if Executive terminates employment with the Company for Good Reason (a “Termination Event”), this Agreement shall terminate, but Executive shall be entitled to the following severance benefits:

 

(1) Payment of accrued but unpaid Base Salary and unreimbursed business expenses through the Termination Date in accordance with Sections 3(a) and 3(d).  The accrued but unpaid Base Salary shall be paid to Executive in a lump sum in cash within six (6) days after the Termination Date.  Unreimbursed business expenses shall be paid to 

 

  

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Executive within the time period required by the Company’s business expense reimbursement policy;

 

(2) An amount equal to the greater of the compensation required for the remaining term of this Agreement or one year of Base Salary (as defined in Section 3(a)) (the “Severance Payment”), at the rate in effect immediately before the Termination Event, payable in a lump sum within thirty (30) days after Executive executes the Release referenced in Section 6;

 

(3) An amount equal to the greater of; (i) the full, unprorated, amount of the Annual Bonus, relating to the calendar year immediately preceding the year containing the Termination Date, that has been paid or is payable to Executive or (ii) the average of the Annual Bonus amounts, if any, relating to the two (2) consecutive calendar years immediately preceding the year containing the Termination Date that have been paid or are payable to Executive (the “the Additional Severance Payment”), payable in a lump sum within thirty (30) days after Executive executes the Release referenced in Section 6; and

 

(4) Full vesting of all unvested restricted stock and stock options outstanding on Executive’s Termination Date, including the restricted stock granted under Section 3(c) herein, after Executive enters into the Release referenced in Section 6.

 

(c)           Termination In Event of Death: Benefits.  If Executive’s employment with the Company is terminated by reason of Executive’s death during the Term, this Agreement shall terminate without further obligation to Executive’s legal representatives under this Agreement, other than for payment of all accrued Base Salary through the Termination Date, unreimbursed business expenses through the Termination Date in accordance with Sections 3(a) and 3(d), and the amount of any bonus under Section 3(b) that relates to a prior year and that is unpaid as of the date of death.  The accrued but unpaid Base Salary shall be paid to Executive’s estate in a lump sum in cash within six (6) days after the Termination Date or by the next regularly scheduled payday.  Unreimbursed business expenses shall be paid to Executive’s estate within the time period required by the Company’s business expense reimbursement policy.  Executive shall be entitled to consideration for the Annual Bonus payment under Section 3(b) with respect to the calendar year in which Executive dies; provided that the payment of such bonus, if any, shall be payable within thirty (30) days after the Termination Date (if calculable), but in no event later than March 15 of the year following the year of death; and further provided, that the amount of the Annual Bonus shall be prorated in accordance with the number of days in such calendar year during which he is so employed.  In addition, Executive or his estate shall become fully vested in all unvested restricted stock and stock options outstanding on Executive’s Termination Date in the event of death, including the restricted stock granted under Section 3(c) herein.

 

(d) Termination In Event of Disability: Benefits.  If Executive’s employment with the Company is terminated by reason of Executive’s Disability during the Term, this Agreement shall terminate, but the Company shall pay Executive all accrued Base Salary through the Termination Date, unreimbursed business expenses through the Termination Date in accordance with Sections 3(a) and 3(d), and the amount of any bonus under Section 3(b) that relates to a prior year and that is unpaid as of the date of Disability.  The accrued but unpaid Base Salary shall be paid to 

 

  

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Executive in a lump sum in cash within six (6) days after the Termination Date.  Unreimbursed business expenses shall be paid to Executive within the time period required by the Company’s business expense reimbursement policy.  Executive shall be entitled to consideration for the Annual Bonus payment under Section 3(b) with respect to the calendar year in which Executive’s employment terminates due to Disability; provided that the payment of such bonus, if any, shall be payable within thirty (30) days after the Termination Date (if calculable), but in no event later than March 15 of the year following the year of containing such Termination Date; and further provided, that the amount of the Annual Bonus shall be prorated in accordance with the number of days in such calendar year during which he is so employed.  In addition, Executive shall become fully vested in all unvested restricted stock and stock options outstanding on Executive’s Termination Date in the event of Disability, including the restricted stock granted under Section 3(c) herein.

 

(e) Voluntary Termination by Executive and Termination for Cause: Benefits.  Executive may terminate his employment with the Company by giving written notice of his intent and stating an effective Termination Date at least thirty (30) days after the date of such notice; provided, however, that the Company may accelerate such effective date by paying Executive through the proposed Termination Date (but not to exceed thirty (30) days).  Upon such a termination by Executive or upon termination of Executive’s employment with the Company for Cause by the Company, this Agreement shall terminate, but the Company shall pay to Executive all accrued Base Salary and all unreimbursed business expenses through the Termination Date in accordance with Sections 3(a) and 3(d).  The accrued but unpaid Base Salary shall be paid to Executive in a lump sum in cash within six (6) days after the Termination Date or by the next regularly scheduled payday.  Unreimbursed business expenses shall be paid to Executive within the time period required by the Company’s business expense reimbursement policy. Executive shall have no entitlement to any Annual Bonus for the year in which the Termination Date occurs.

 

(f) No Duty to Mitigate. Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise.  No such payment shall be offset or reduced by the amount of any compensation or benefits provided to Executive in any subsequent employment.

 

5.           Non-Renewal of Agreement.  If the Company or Executive elects not to renew this Agreement under the terms provided in Section 1, this Agreement shall terminate without further obligation of the Company, but the Company shall pay Executive all accrued Base Salary through the Termination Date and unreimbursed business expenses through the Termination Date in accordance with Sections 3(a) and 3(d).  If the Company elects not to renew this Agreement, Executive shall be eligible to receive any unpaid Annual Bonus(es) attributable to prior year(s), if any, and the Annual Bonus(es) for the year in which the non-renewal notice is provided along with full vesting of all restricted stock granted under Section 3(c) herein.  Payment of the prior year(s) Annual Bonus(es) shall be paid within thirty (30) days of any such non-renewal notification (if calculable), but in no event later than January 15th of the year following the year in which the non-renewal notice is provided.  Payment of the Annual Bonus for the year in which notice of non-renewal is given shall be paid by January 15th of the year following the year in which the non-renewal notice is provided (if calculable); and further provided, that the amount of the Annual Bonus for the year in which the non-renewal notice is provided shall be prorated in accordance with the number of days in such calendar year during which Executive is so employed.

 

  

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6.           Release Agreement.  Notwithstanding any provision of this Agreement to the contrary, in order to receive the Severance Payment, the Additional Severance Payment, and the immediate vesting of unvested restricted stock under Section 4(b)(2)-(4), Executive must first execute, enter into and not revoke a reasonable release and hold harmless agreement (on a form provided by the Company) (“Release”), within the time period specified under the release and hold harmless agreement, whereby Executive agrees to release and waive, in return for the Severance Payment and Additional Severance Payment, any claim or cause of action that Executive may have against the Company and any of its affiliates, including, without limitation, for unlawful discrimination or retaliation; provided, however, such agreement shall not release any claim by Executive for any payment or benefit that is due under the express terms of this Agreement at the time the time Executive executes the release agreement.

 

7.           Change in Control.  As a condition of this Agreement, the Parties agree to terminate that certain Change of Control Agreement entered into with Executive as of March 16, 2012, and replace same with Change of Control (as defined below) benefits set forth herein. Upon the occurrence of a Change in Control (as defined in the Global Geophysical Services, Inc. Amended and Restated 2006 Incentive Compensation Plan), Executive shall become fully vested in all unvested equity awards and option grants outstanding as of such date and shall receive the Severance Payment set forth in Section 4(b)(2).

 

8.           Non-Competition, Non-Solicitation and Confidentiality.  During Executive’s employment with the Company, the Company shall give Executive access to some or all of its Confidential Information, as defined below, that Executive has not had access to or knowledge of before the execution of this Agreement.

 

(a) Non-Competition During Employment.  Executive agrees that, in consideration for the Company’s promise to provide Executive with Confidential Information, during the Term, he will not compete with the Company by engaging in the conception, design, development, production, marketing, or servicing of any product or service that is substantially similar to the products or services which the Company provides, and that he will not work for, in any capacity, assist, or become affiliated with as an owner, partner, etc., either directly or indirectly, any individual or business which offers or performs services, or offers or provides products substantially similar to the services and products provided by Company; provided, however, Executive shall not be prevented from owning no more than 2% of any company whose stock is publicly traded.

 

(b) Conflicts of Interest.  Executive agrees that during the Term, he will not engage, either directly or indirectly, in any activity (a “Conflict of Interest”) that might adversely affect the Company, including ownership of a material investment in a competitor of the Company, ownership of a material interest in any supplier, contractor, distributor, subcontractor, customer or other entity with which the Company does business or acceptance of any material payment, service, loan, gift, trip, entertainment, or other favor from a supplier, contractor, distributor, subcontractor, customer or other entity with which the Company does business, and that Executive will promptly inform the CEO or the GGS Board of Directors as to each offer received by Executive to engage in any such activity.  As used in this Section 8(b), “materiality” shall be viewed from the perspective of Executive.  Executive further agrees to disclose to the Company any other facts of which Executive 

 

  

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becomes aware which in Executive’s good faith judgment could reasonably be expected to involve or give rise to a Conflict of Interest or potential Conflict of Interest.

 

(c) Non-Competition After Termination from Employment.  Executive agrees that, in order to protect the Company’s Confidential Information, it is necessary to enter into the following restrictive covenant, which is ancillary to the enforceable promises between the Company and Executive otherwise contained in this Agreement.  Executive agrees that Executive shall not, at any time during the Restricted Period (as hereinafter defined), within any of the markets in which the Company has sold products or services or formulated a plan to sell products or services into a market during the last twelve (12) months of Executive’s employ, engage in or contribute Executive’s knowledge to any work which is competitive with or similar to a product, process, apparatus, service, or development on which Executive worked while employed by the Company.  It is understood that the geographical area set forth in this covenant is divisible so that if this clause is invalid or unenforceable in an included geographic area, that area is severable and the clause remains in effect for the remaining included geographic areas in which the clause is valid.  For the purpose of this Agreement, “Restricted Period” means a period of twelve (12 months) after termination for any reason whatsoever, whether by Executive or the Company, of Executive’s employment with the Company.  The Restricted Period shall commence at the time Executive ceases to be a full-time employee of the Company.

 

(d) Confidential Information.  Executive agrees that he will not, except as the Company may otherwise consent or direct in writing, reveal or disclose, sell, use, lecture upon, publish or otherwise disclose to any third party any Confidential Information or proprietary information of the Company, or authorize anyone else to do these things at any time either during or subsequent to his employment with the Company.  This Paragraph shall continue in full force and effect after termination of Executive’s employment and after the termination of this Agreement.  Executive’s obligations under this Paragraph with respect to any specific Confidential Information and proprietary information shall cease when that specific portion of the Confidential Information and proprietary information becomes publicly known, in its entirety and without combining portions of such information obtained separately.  It is understood that such Confidential Information and proprietary information of the Company include matters that Executive conceives or develops, as well as matters Executive learns from other employees of the Company.  “Confidential Information” is defined to include information:  (1) disclosed to or known by Executive as a consequence of or through his employment with the Company; (2) not generally known outside the Company; and (3) that relates to any aspect of the Company or its business, finances, operation plans, budgets, research, or strategic development.  “Confidential Information” includes, but is not limited to, the Company’s trade secrets, proprietary information, financial documents, long range plans, customer or supplier lists, employer compensation, marketing strategy, data bases, costing data, computer software developed by the Company, investments made by the Company, and any information provided to the Company by a third party under restrictions against disclosure or use by the Company or others.

 

(e) Non-Solicitation.  To protect the Company’s Confidential Information, and in the event of Executive’s termination of employment for any reason whatsoever, whether by Executive or the Company, it is necessary to enter into the following restrictive covenant, which is ancillary to the enforceable promises between the Company and Executive otherwise contained in this 

 

  

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Agreement.  Executive covenants and agrees that during Executive’s employment and for a period of twelve (12) months from the date of termination of Executive’s employment for any reason whatsoever (the “Non-Solicitation Period”), Executive will not, directly or indirectly, either individually or as a principal, partner, agent, consultant, contractor, employee or as a director or officer of any corporation or association, or in any other manner or capacity whatsoever, except on behalf of the Company, solicit business, or attempt to solicit business, and products or services competitive with products or services sold by the Company, from the Company’s clients, suppliers or customers, or those individuals or entities with whom the Company did business during Executive’s employment. Executive further agrees that during Executive’s employment and for the Non-Solicitation Period, Executive will not, either directly or indirectly, or by acting in concert with others, solicit or influence any Company employee to leave the Company’s employment.

 

(f) Return of Documents, Equipment, Etc.  All writings, records, and other documents and things comprising, containing, describing, discussing, explaining, or evidencing any Confidential Information, and all equipment, components, parts, tools, and the like in Executive’s custody or possession that have been obtained or prepared in the course of Executive’s employment with the Company shall be the exclusive property of the Company, shall not be copied and/or removed from the premises of the Company, except in pursuit of the business of the Company, and shall be delivered to the Company, without Executive retaining any copies, upon notification of the termination of Executive’s employment or at any other time requested by the Company.  The Company shall have the right to retain, access, and inspect all property of Executive of any kind in the office, work area, and on the premises of the Company upon termination of Executive’s employment and at any time during employment by the Company to ensure compliance with the terms of this Agreement.

 

(g) Reaffirmation of Obligations.  Upon termination of Executive’s employment with the Company, Executive, if requested by Company, shall reaffirm in writing Executive’s recognition of the importance of maintaining the confidentiality of the Company’s Confidential Information and proprietary information, and reaffirm any other obligations set forth in this Agreement.

 

(h) Prior Disclosure.  Executive represents and warrants that Executive has not used or disclosed any Confidential Information he may have obtained from the Company prior to signing this Agreement, in any way inconsistent with the provisions of this Agreement.

 

(i) No Previous Restrictive Agreements.  Executive represents that, except as disclosed in writing to the Company, Executive is not bound by the terms of any agreement with any previous employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of Executive’s employment by the Company or to refrain from competing, directly or indirectly, with the business of such previous employer or any other party.  Executive further represents that Executive’s performance of all the terms of this Agreement and Executive’s work duties for the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by Executive in confidence or in trust prior to Executive’s employment with the Company, and Executive will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any previous employer or other party.

 

  

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(j) Breach.  Executive agrees that any breach of Sections 8(a) through (f) above cannot be remedied solely by money damages, and that in addition to any other remedies Company may have, Company is entitled to obtain injunctive relief against Executive.  Nothing herein, however, shall be construed as limiting the Company’s right to pursue any other available remedy at law or in equity, including recovery of damages and termination of this Agreement and/or any termination or offset against any payments that may be due pursuant to this Agreement.

 

(k) Enforceability.  The agreements contained in this Section 8 are independent of the other agreements contained herein.  Accordingly, failure of the Company to comply with any of its obligations outside of this Section does not excuse Executive from complying with the agreements contained herein.

 

(l) Survivability.  The agreements contained in this Section 8 shall survive the termination of this Agreement for any reason.

 

9.           Reformation.  If a court concludes that any time period or the geographic area specified in Sections 8(c) or (e) of this Agreement are unenforceable, then the time period will be reduced by the number of months, or the geographic area will be reduced by the elimination of the overbroad portion, or both, so that the restrictions may be enforced in the geographic area and for the time to the fullest extent permitted by law.  Additionally, nothing in this Agreement is intended to conflict with Rule 5.06 of the Texas Disciplinary Rules of Professional Conduct.

 

10.           Director and Officer Positions.  Executive agrees that, upon termination of employment, for any reason, Executive will immediately tender his resignation from any and all Board or officer positions held with the Company and/or any of its direct or indirect parents or subsidiaries.

 

11.           Indemnification & D&O

 

(a) Claims.  The Company shall, to the maximum extent not prohibited by law, indemnify Executive if Executive is made, or threatened to be made, a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, including an action by or in the right of the Company to procure a judgment in its favor (collectively, a “Proceeding”), by reason of the fact that Executive is or was a director or officer of the Company or an affiliate, or is or was serving in any capacity at the request of the Company for any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against judgments, fines, penalties, excise taxes, amounts paid in settlement and costs, charges and expenses (including attorneys’ fees and disbursements) paid or incurred in connection with any such Proceeding.

(b) Expenses.  The Company shall, from time to time, reimburse or advance to Executive the funds necessary for payment of expenses, including attorneys’ fees and disbursements, incurred in connection with any Proceeding in advance of the final disposition of such Proceeding; provided, however, that such expenses incurred by or on behalf of Executive may be paid in advance of the final disposition of a Proceeding only upon receipt by the Company of an undertaking, by or on behalf of Executive, to repay any such amount so advanced if it shall ultimately be determined by 

  

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final judicial decision from which there is no further right of appeal that Executive is no entitled to be indemnified for such expenses.

 

(c) Non-Exclusivity.  The right to indemnification and reimbursement or advancement of expenses provided by, or granted pursuant to, this Section 11 shall not be deemed exclusive of any other rights which Executive may now or hereafter have under any law, bylaw, constituency document, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in Executive’s official capacity and as to action in another capacity while holding such office.

(d) Continuation of Rights.  The right to indemnification and reimbursement or advancement of expenses provided by, or granted pursuant to, this Section 11 shall continue as to Executive after Executive has ceased to be a director, officer, or employee of the Company and shall inure to the benefit of the heirs, executors and administrators of Executive’s estate, both with respect to proceedings that are threatened, pending or completed at the date of such termination and with respect to proceedings that are threatened, pending or completed after the date.

(e) Enforcement.  The right to indemnification and reimbursement or advancement of expenses provided by, or granted pursuant to, this Section 11 shall be enforceable by Executive in any court of competent jurisdiction.  The burden of proving that such indemnification or reimbursement or advancement of expenses is not appropriate shall be on the Company.  Neither the failure of the Company (including its board of directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such action that such indemnification or reimbursement or advancement of expenses is proper in the circumstances nor an actual determination by the Company (including its board of directors, independent legal counsel, or its stockholders) that Executive is not entitled to such indemnification or reimbursement or advancement of expenses shall constitute a defense to the action or create a presumption that Executive is not so entitled.  The Executive shall also be indemnified for any expenses incurred in connection with successfully establishing the Executive’s right to such indemnification or reimbursement or advancement of expenses, in whole or in part, in any proceeding.

(f) Other Services.  If Executive serves (i) an affiliate of the Company, or (ii) any employee benefit plan of the Company or any corporation referred to in clause (i), in any capacity, then Executive shall be deemed to be doing so at the request of the Company.

12.          Assignment.  In entering into this Agreement, the Company is relying on the unique personal services of Executive; services from another person will not be an acceptable substitute.  Except as provided in this Agreement, Executive may not assign this Agreement or any of the rights or obligations set forth in this Agreement without the written consent of the Company.  Any attempted assignment by Executive in violation of this Section 12 shall be void.  This Agreement, and any rights and obligations hereunder, may be assigned by the Company to a successor by merger or a purchaser of substantially all of the assets of the Company.

 

  

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13.           Binding Agreement.  Executive understands that his obligations under this Agreement are binding upon Executive’s heirs, successors, personal representatives, and legal representatives.

 

14.           Notices.  All notices pursuant to this Agreement shall be in writing and sent certified mail, return receipt requested, addressed as set forth below, or by delivering the same in person to such party, or by transmission by email (which shall not constitute notice).  Notice deposited in the United States Mail, mailed in the manner described hereinabove, shall be effective upon deposit.  Notice given in any other manner shall be effective only if and when received:

 

	 	
If to Executive:

	
Matt Verghese

88 Sugarberry Circle

Houston, TX 77024

  

	 	

If to the Company:

	

Global Geophysical Services, Inc.

13927 South Gessner Rd.

Missouri City, TX 77489

Attn: Board of Directors

 

15.           Waiver.  No waiver by either Party to this Agreement of any right to enforce any term or condition of this Agreement, or of any breach hereof, shall be deemed a waiver of such right in the future or of any other right or remedy available under this Agreement.

 

16.           Entire Agreement.   Except as may be provided in the Indemnification Agreement between Executive and the Company, and any stock option or restricted stock grant agreement(s), the terms of this Agreement are intended by the Parties to be the final expression of their agreement with respect to the employment of Executive by the Company and supersede all prior understandings and agreements, whether written or oral. In the event of a conflict between these agreements, it is intended that Executive shall be granted the greater of rights for Executive’s benefit(s). Notwithstanding the foregoing, this Agreement will not in any way affect the Executive’s stock options which are governed by his option agreement and the Company’s stock option plan, except to the extent expressly provided for in such agreement or plan. The Parties further intend that this Agreement shall constitute the complete and exclusive statement of their terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement.

 

17.           Modification of Agreement.  This Agreement may not be changed or modified or released or discharged or abandoned or otherwise terminated, in whole or in part, except by an instrument in writing signed by Executive and an officer or other authorized executive of the Company.

 

18.           Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, without regard to the conflicts of laws principles thereof.

 

19.           Jurisdiction and Venue.  With respect to any litigation regarding this Agreement, Executive and the Company agree to venue in the state or federal courts in Harris County, Texas, and 

 

  

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agrees to waive and does hereby waive any defenses and/or arguments based upon improper venue and/or lack of personal jurisdiction.  By entering into this Agreement, Executive and the Company agree to personal jurisdiction in the state and federal courts in Harris County, Texas.

 

20.           Independent Representation.  Executive has not relied upon Company for legal or tax advice regarding this Agreement and Executive has been advised to consult legal, accounting or other advisors of Executive’s choice before executing this Agreement.

 

21.           Compliance With Section 409A.

 

(a) Delay in Payments. Notwithstanding anything to the contrary in this Agreement, if upon the Termination Date, any stock of the Company is publicly traded on an established securities market within the meaning of Code Section 409A, and in the opinion of reputable outside counsel engaged by the Company and acceptable to Executive, Executive is a “specified employee” within the meaning of Code Section 409A and the deferral of any amounts otherwise payable under this Agreement as a result of Executive’s termination of employment is necessary in order to prevent any accelerated or additional tax to Executive under Code Section 409A, then the Company will defer the payment of any such amounts hereunder until the earlier of: (i) the date that is six (6) months following the date of Executive’s termination of employment with the Company, or (ii) the date of Executive’s death, at which time any such delayed amounts will be paid to Executive in a single lump sum.

 

(b) Reformation.  If any compensation or benefits provided by this Agreement may result in the application of Code Section 409A, the Company shall, in consultation with Executive, modify the Agreement in the least restrictive manner necessary in an effort to exclude such compensation from the definition of “deferred compensation” within the meaning of such Code Section 409A or in an effort to comply with the provisions of Code Section 409A, other applicable provision(s) of the Code and/or any rules, regulations or other regulatory guidance issued under such statutory provisions, without any diminution in the value of the payments or benefits to Executive.  Notwithstanding the foregoing, the Company shall not be required to assume any increased economic burden.

 

(c) Overall Compliance.  In the event that it is reasonably determined by the Company and Executive that, as a result of Code Section 409A, any of the payments that Executive is entitled to under the terms of this Agreement or any nonqualified deferred compensation plan (as defined under Section 409A) may not be made at the time contemplated by the terms hereof or thereof, as the case may be, without causing Executive to be subject to an income tax penalty and interest, the Company will make such payment on the first day that would not result in Executive incurring any tax liability under Section 409A.

 

(d) Consultation with Tax Advisor.  Executive is hereby advised to consult immediately with his own tax advisor regarding the tax consequences of this Agreement, including the consequences of Code Section 409A.

 

[Signature Page Follows]

 

  

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IN WITNESS WHEREOF, the Parties have executed this Agreement in multiple copies, effective as of the date first written above.

 

	
EXECUTIVE:

	
COMPANY:

	 	
Global Geophysical Services, Inc.

	 	 
	 	 
	
/s/ Prakash M. Verghese

Prakash M. Verghese, Sr. VP and CFO

	
/s/ Richard C. White

Richard C. White, President and CEO

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Signature Page

Employment Agreement – Prakash M. Verghese

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