Document:

Exhibit 10.23

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(“Agreement”)
is entered into effective as of December       ,
2009 (the “Effective
Date”), by and between Global Geophysical Services, Inc., a
Delaware Corporation (“GGS” or “Company”), and Mathew 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 Senior Vice
President and Chief Financial Officer of the Company;

 

WHEREAS, it is the desire of the Company to engage Executive
as Senior 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) 12:01 a.m.
on January 1, 2012 (“the Expiration Date”)
or (b) the Termination Date (as defined in Section 4).  Beginning on January 1, 2012, 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 Senior 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 $240,000.00 per year during the Term.  At the sole discretion of GGS, the Base
Salary may be increased.  For purposes of
this Agreement, “Base
Salary” shall mean Executive’s initial base salary or, if
adjusted from time to time, then the adjusted base salary.  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 to receive, in addition to the Base Salary,
an annual cash and/or stock bonus payment in an amount, which may be zero, 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 (the “Annual Bonus”).  The GGS Board of Directors or such other
person as designated by the GGS Board of Directors may unilaterally reduce or
eliminate any Annual Bonus payment, if any, up until the time the Annual Bonus
is actually paid (and notwithstanding any earlier, tentative determination of
the Annual Bonus amount).  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 the 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)                                  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.

 

(d)                                  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 senior vice
president 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 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.

 

(e)                                  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.

 

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(f)                                    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 number of 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 perform substantially his material duties,
responsibilities and obligations (other than a failure resulting from Executive’s
incapacity due to physical or mental illness), which failure continued for a
period of at least thirty (30) days after a written notice of 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 (“Fraud”) resulting 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 nature of the 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 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;

 

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(ii)                                  A change in the location where Executive
performs the majority of Executive’s job duties at the time Executive executes
this Agreement (“Base Location”) to a location
that is more than fifty (50) miles from the Base Location, without Executive’s
written consent, except for reasonably required travel by 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.

 

However, Good Reason shall exist with respect to an
above specified matter only if the matter is not corrected, or begun to be
corrected, by the Company within thirty (30) days after the Company’s receipt
of written notice of the matter from 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(c).  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 Executive within the time period required by the
Company’s business expense reimbursement policy;

 

(2)                                 An amount equal to 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 amount of the Annual Bonus, if any, relating to
the calendar year immediately preceding the year containing the Termination
Date, that has been paid or is payable to Executive, (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 

 

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payable to Executive, or (iii) twenty
percent (20%) of Executive’s Base Salary (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 outstanding on Executive’s Termination Date, 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(c), 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 outstanding on Executive’s Termination Date in
the event of death.

 

(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(c), 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 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 outstanding on
Executive’s Termination Date in the event of Disability.

 

(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 

 

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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(c).  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(c).  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, if any, for the
year in which the non-renewal notice is provided.  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 15 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 2nd 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 he is so employed.

 

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.                                      Non-Competition,
Non-Solicitation and Confidentiality.  During Executive’s employment with the
Company, the Company agrees to 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.

 

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(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 7(b),
“materiality” shall be viewed from the perspective of Executive.  Executive further agrees to disclose to the
Company any other facts of which Executive 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.  

 

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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 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.

 

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(g)           Reaffirm 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.

 

(j)            Breach.  Executive
agrees that any breach of Sections
7(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 7
are independent of the other agreements contained herein.  Accordingly, failure of the Company to comply
with any of its obligations outside of this Section do not excuse
Executive from complying with the agreements contained herein.

 

(l)            Survivability.  The agreements
contained in this Section 7
shall survive the termination of this Agreement for any reason.

 

8.                                      Reformation. 
If a court concludes that any time period or the geographic area
specified in Sections 7(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.

 

9.                                      Director and Officer
Positions.  Executive agrees that upon termination of
employment, for any reason, Executive will immediately tender his resignation
from any and all

 

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Board or officer positions held with the Company
and/or any of its direct or indirect parents or subsidiaries.

 

10.                               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 office 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 final judicial
decision from which there is no further right of appeal that Executive is not
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 10 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 10 shall
continue as to Executive after Executive has ceased to be a director, office,
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.

 

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(e)           Enforcement.  The right to indemnification and
reimbursement or advancement of expenses provided by, or granted pursuant to,
this Section 10 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.

 

11.                         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 11
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.

 

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

 

13.                               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:

  	
  Mathew Verghese

  
	
   

  	
  3322 Plumb St.

  
	
   

  	
  Houston, TX 77005

  
	
   

  	
   

  
	
  If to the Company:

  	
  Global Geophysical Services, Inc.

  
	
   

  	
  13927 South Gessner Rd.

  
	
   

  	
  Missouri City, TX 77489

  
	
   

  	
  Attn: Board of Directors

  

 

11

 

14.          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.

 

15.          Entire
Agreement.   Except as may be provided in the
Indemnification Agreement between Executive and the Company, an option
agreement(s), a stockholders’ agreement(s) or a 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 his 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.

 

16.          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.

 

17.          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.

 

18.          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 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.

 

19.          Independent Representation.  Executive acknowledges and agrees that he is
not relying on Haynes and Boone, LLP for legal advice, regarding this
Agreement, and that the Company has advised him to consult legal, accounting,
or other advisors of his choice before executing this Agreement.

 

20.          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: 

 

12

 

(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]

 

13

 

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.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  Mathew Verghese

  	
   

  	
   

  	
    Richard
  A. Degner

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  
						

 

 

SIGNATURE PAGE

EMPLOYMENT AGREEMENT – ALVIN THOMASExhibit 
10.24

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(“Agreement”)
is entered into effective as of December      ,
2009 (the “Effective
Date”), by and between Global Geophysical Services, Inc., a
Delaware Corporation (“GGS” or “Company”), and Alvin L. Thomas II (“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 Senior Vice
President, Secretary and General Counsel of the Company;

 

WHEREAS, it is the desire of the Company to engage Executive
as Senior Vice President, Secretary and General Counsel 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) 12:01 a.m.
on January 1, 2012 (“the Expiration Date”)
or (b) the Termination Date (as defined in Section 4).  Beginning on January 1, 2012, 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 Senior Vice President, Secretary and General Counsel 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 $240,000.00 per year during the Term.  At the sole discretion of GGS, the Base
Salary may be increased.  For purposes of
this Agreement, “Base
Salary” shall mean Executive’s initial base salary or, if
adjusted from time to time, then the adjusted base salary.  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 to receive, in addition to the Base Salary,
an annual cash and/or stock bonus payment in an amount, which may be zero, 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 (the “Annual Bonus”).  The GGS Board of Directors or such other
person as designated by the GGS Board of Directors may unilaterally reduce or
eliminate any Annual Bonus payment, if any, up until the time the Annual Bonus
is actually paid (and notwithstanding any earlier, tentative determination of
the Annual Bonus amount).  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 the 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)                                  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.

 

(d)                                  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 senior vice
president 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 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.

 

(e)                                  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.

 

2

 

(f)                                    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 number of 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 perform substantially his material duties,
responsibilities and obligations (other than a failure resulting from Executive’s
incapacity due to physical or mental illness), which failure continued for a
period of at least thirty (30) days after a written notice of 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 (“Fraud”) resulting 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 nature of the 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 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;

 

3

 

(ii)                                  A change in the location where Executive
performs the majority of Executive’s job duties at the time Executive executes
this Agreement (“Base Location”) to a location
that is more than fifty (50) miles from the Base Location, without Executive’s
written consent, except for reasonably required travel by 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.

 

However, Good Reason shall exist with respect to an
above specified matter only if the matter is not corrected, or begun to be
corrected, by the Company within thirty (30) days after the Company’s receipt
of written notice of the matter from 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(c).  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 Executive within the time period required by the Company’s
business expense reimbursement policy;

 

(2)                                 An amount equal to 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 amount of the Annual Bonus, if any, relating to
the calendar year immediately preceding the year containing the Termination
Date, that has been paid or is payable to Executive, (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 

 

4

 

payable to Executive, or (iii) twenty
percent (20%) of Executive’s Base Salary (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 outstanding on Executive’s Termination Date, 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(c), 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 outstanding on Executive’s Termination Date in
the event of death.

 

(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(c), 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 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 outstanding on
Executive’s Termination Date in the event of Disability.

 

(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 

 

5

 

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(c).  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(c).  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, if any, for the
year in which the non-renewal notice is provided.  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 15 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 2nd 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 he is so employed.

 

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.                                      Non-Competition,
Non-Solicitation and Confidentiality.  During Executive’s employment with the
Company, the Company agrees to 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.

 

6

 

(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 7(b),
“materiality” shall be viewed from the perspective of Executive.  Executive further agrees to disclose to the
Company any other facts of which Executive 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.  

 

7

 

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 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.

 

8

 

(g)                                 Reaffirm 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.

 

(j)                                    Breach.  Executive
agrees that any breach of Sections
7(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 7
are independent of the other agreements contained herein.  Accordingly, failure of the Company to comply
with any of its obligations outside of this Section do not excuse
Executive from complying with the agreements contained herein.

 

(l)                                    Survivability.  The agreements
contained in this Section 7
shall survive the termination of this Agreement for any reason.

 

8.                                      Reformation. 
If a court concludes that any time period or the geographic area
specified in Sections 7(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.

 

9.                                      Director and Officer
Positions.  Executive agrees that upon termination of
employment, for any reason, Executive will immediately tender his resignation
from any and all 

 

9

 

Board or officer positions held with the Company
and/or any of its direct or indirect parents or subsidiaries.

 

10.                               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 office 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 final judicial
decision from which there is no further right of appeal that Executive is not
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 10 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 10 shall
continue as to Executive after Executive has ceased to be a director, office,
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.

 

10

 

(e)                                  Enforcement.  The right to indemnification and
reimbursement or advancement of expenses provided by, or granted pursuant to,
this Section 10 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.

 

11.                               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 11
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.

 

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

 

13.                               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:

  	
  Alvin L. Thomas
  II

  
	
   

  	
  3333 Allen
  Parkway unit 2601

  
	
   

  	
  Houston, TX
  77019

  
	
   

  	
   

  
	
  If to the
  Company:

  	
  Global
  Geophysical Services, Inc.

  
	
   

  	
  13927 South
  Gessner Rd.

  
	
   

  	
  Missouri City,
  TX 77489

  
	
   

  	
  Attn: Board of
  Directors

  

 

11

 

14.                               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.

 

15.                               Entire Agreement.  
Except as may be provided in the Indemnification Agreement between
Executive and the Company, an option agreement(s), a stockholders’ agreement(s) or
a 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 his 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.

 

16.                               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.

 

17.                               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.

 

18.                               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 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.

 

19.                               Independent
Representation.  Executive
acknowledges and agrees that he is not relying on Haynes and Boone, LLP for
legal advice, regarding this Agreement, and that the Company has advised him to
consult legal, accounting, or other advisors of his choice before executing
this Agreement.

 

20.                               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: 

 

12

 

(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]

 

13

 

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.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
  Alvin L. Thomas II

  	
   

  	
   

  	
  Richard A. Degner

  
	
   

  	
   

  	
   

  	
   

  
	
  Date: 

  	
   

  	
   

  	
  Date: 

  	
   

  

 

 

SIGNATURE
PAGE

EMPLOYMENT
AGREEMENT – ALVIN THOMAS

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