Document:

Exhibit 10.5

 

ESCROW AGREEMENT

 

ESCROW AGREEMENT (“Agreement”)
dated June 24, 2013, by and among SAEXPLORATION HOLDINGS, INC. (formerly called Trio Merger Corp.), a Delaware corporation (“Parent”),
CLCH, LLC, an Alaska limited liability company, as the Company Stockholders’ Representative, being the representative of
the former stockholders of SAEXPLORATION HOLDINGS, INC., a Delaware corporation (the “Representative”), and CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, as escrow agent (the “Escrow Agent”).

 

Parent, Trio Merger
Sub, Inc., a wholly-owned subsidiary of Parent (“Merger Sub”), SAExploration Holdings, Inc. (“Company”)
and Representative are the parties to an Agreement and Plan of Reorganization dated as of December 10, 2012, and amended as of
May 23, 2013 (the “Merger Agreement”), pursuant to which Company has merged into Merger Sub, with Merger Sub being
the surviving entity of such merger and remaining a wholly-owned subsidiary of Parent. Pursuant to the Merger Agreement, Parent
is to be indemnified in certain respects. The parties desire to establish an escrow fund as collateral security for the indemnification
obligations under the Merger Agreement. The Representative has been designated pursuant to the Merger Agreement to represent all
of the former stockholders of Company (the “Stockholders”), and to act on their behalf for purposes of this Agreement.
Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed to them in the Merger Agreement.

 

The parties agree as
follows:

 

1.            Escrow
Fund.         

 

(a)          Concurrently
with the execution hereof, Representative (or Parent, on its behalf) is delivering to the Escrow Agent, to be held in escrow pursuant
to the terms of this Agreement, a stock certificate for 545,635 shares of Parent’s common stock issued in the name of Representative,
acting as the representative of the Stockholders, and representing a portion of the shares of Parent Common Stock to be issued
to Stockholders in the Merger, together with two (2) assignments (separate from certificate) executed in blank by Representative,
with medallion guaranties. The shares of Parent Common Stock represented by the stock certificates so delivered by the Representative
to the Escrow Agent are herein referred to in the aggregate as the “Escrow Fund.”

 

(b)          The
Escrow Agent hereby agrees to act as escrow agent and to hold, safeguard and disburse the Escrow Fund pursuant to the terms and
conditions hereof. It shall treat the Escrow Fund as a trust fund in accordance with the terms of this Agreement and not as the
property of Parent. The Escrow Agent’s duties hereunder shall terminate upon its distribution of the entire Escrow Fund in
accordance with this Agreement.

 

    	-1-

    	 

    

 

(c)          Representative,
as the representative of the Stockholders, shall retain all of the rights as stockholder of Parent with respect to the shares of
Parent Common Stock constituting the Escrow Fund (the “Escrow Shares”) during the period the Escrow Fund is held by
the Escrow Agent (the “Escrow Period”), including, without limitation, the right to vote the Escrow Shares as directed
by the Stockholders.

 

(d)          During
the Escrow Period, all dividends payable in cash with respect to the Escrow Shares shall be paid to the Representative, who shall
distribute such cash to the Stockholders, but all dividends payable in stock or other non-cash property (“Non-Cash Dividends”)
shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Fund”
shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

(e)          During
the Escrow Period, no sale, transfer or other disposition may be made by Representative of any or all of the shares of Parent Common
Stock in the Escrow Fund, except to a Replacement Representative as provided in Section 10 herein. In connection with and as a
condition of such transfer, the Replacement Representative shall deliver to the Escrow Agent an assignment (separate from the certificate)
executed by the Representative, with medallion guaranty, evidencing the transfer of the shares to the Replacement Representative,
together with two (2) assignments (separate from the certificate) executed in blank by the Replacement Representative, with medallion
guaranties, with respect to the Escrow Shares. Parent, Representative and the Replacement Representative shall cooperate in all
respects with the Escrow Agent in documenting such transfer and in effectuating the result intended to be accomplished thereby.
During the Escrow Period, Representative shall not pledge nor grant a security interest in the shares of Parent Common Stock included
in the Escrow Fund, nor grant a security interest in such Representative’s rights under this Agreement.

 

2.            (a)          Parent,
acting through the current or former member or members of Parent’s Board of Directors who has or have been appointed by Parent
to take all necessary actions and make all decisions on behalf of Parent with respect to its rights to indemnification under Article
VII of the Merger Agreement (the “Committee”), may make a claim for indemnification pursuant to the Merger Agreement
(“Indemnification Claim”) against the Escrow Fund by giving notice (a “Notice”) to the Representative (with
a copy to the Escrow Agent) specifying (i) the covenant, representation, warranty, agreement, undertaking or obligation contained
in the Merger Agreement which it asserts has been breached or otherwise entitles Parent to indemnification, (ii) in reasonable
detail, the nature and dollar amount of any Indemnification Claim, (iii) whether the Indemnification Claim is a claim is a Basic
Indemnification Claim, a Tax Indemnification Claim or an Environmental Indemnification Claim, and (iv) whether the Indemnification
Claim results from a Third Party Claim against Parent or Company. The Committee also shall deliver to the Escrow Agent (with a
copy to the Representative), concurrently with its delivery to the Escrow Agent of the Notice, a certification as to the date on
which the Notice was delivered to the Representative. As used herein, “Basic Indemnification Claim” means an Indemnification
Claim other than a Tax Indemnification Claim or an Environmental Indemnification Claim.

 

    	-2-

    	 

    

 

(b)          If
the Representative shall give a notice to the Committee (with a copy to the Escrow Agent) (a “Counter Notice”), within
30 days following the date of receipt (as specified in the Committee’s certification) by the Representative of a copy of
the Notice, disputing whether the Indemnification Claim is indemnifiable under the Merger Agreement, the Committee and the Representative
shall attempt to resolve such dispute by voluntary settlement as provided in paragraph 2(c) below. If no Counter Notice with respect
to an Indemnification Claim is received by the Escrow Agent from the Representative within such 30-day period, the Indemnification
Claim shall be deemed to be an Established Claim (as hereinafter defined) for purposes of this Agreement.

 

(c)          If
the Representative delivers a Counter Notice to the Escrow Agent, the Committee and the Representative shall, during the period
of 60 days following the delivery of such Counter Notice or such greater period of time as the parties may agree to in writing
(with a copy to the Escrow Agent), attempt to resolve the dispute with respect to which the Counter Notice was given. If the Committee
and the Representative shall reach a settlement with respect to any such dispute, they shall jointly deliver written notice of
such settlement to the Escrow Agent specifying the terms thereof. If the Committee and the Representative shall be unable to reach
a settlement with respect to a dispute, such dispute shall be resolved by arbitration pursuant to paragraph 2(d) below.

 

(d)          If
the Committee and the Representative cannot resolve a dispute prior to expiration of the 60-day period referred to in paragraph
2(c) above (or such longer period as the parties may have agreed to in writing), then such dispute shall be submitted (and either
party may submit such dispute) for arbitration in accordance with Section 8.

 

(e)          As
used in this Agreement, “Established Claim” means any (i) Indemnification Claim deemed established pursuant to the
last sentence of paragraph 2(b) above, (ii) Indemnification Claim resolved in favor of Parent by settlement pursuant to paragraph
2(c) above, resulting in a dollar award to Parent, (iii) Indemnification Claim established by the decision of an arbitrator pursuant
to paragraph 2(d) above, resulting in a dollar award to Parent, (iv) Third Party Claim that has been sustained by a final determination
(after exhaustion of any appeals) of a court of competent jurisdiction, or (v) Third Party Claim that the Committee and the Representative
have jointly notified the Escrow Agent has been settled in accordance with the provisions of the Merger Agreement.

 

(f)          (i)          Promptly
after an Indemnification Claim becomes an Established Claim, the Committee and the Representative shall jointly deliver a notice
to the Escrow Agent (a “Joint Notice”) directing the Escrow Agent to pay to Parent, and the Escrow Agent promptly shall
pay to Parent, an amount equal to the aggregate dollar amount of the Established Claim (or, if at such time there remains in the
Escrow Fund less than the full amount so payable, the full amount remaining in the Escrow Fund).

 

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(ii)         Payment
of an Established Claim shall be made from Escrow Shares. For purposes of each payment, such shares shall be valued at the “Fair
Market Value” (as defined below). However, in no event shall the Escrow Agent be required to calculate Fair Market Value
or make a determination of the number of shares to be delivered to Parent in satisfaction of any Established Claim; rather, such
calculation shall be included in and made part of the Joint Notice. The Escrow Agent shall transfer to Parent out of the Escrow
Fund that number of shares of Parent Common Stock necessary to satisfy each Established Claim, as set out in the Joint Notice.
Any dispute between the Committee and the Representative concerning the calculation of Fair Market Value or the number of shares
necessary to satisfy any Established Claim, or any other dispute regarding a Joint Notice, shall be resolved between the Committee
and the Representative in accordance with the procedures specified in paragraph 2(d) above, and shall not involve the Escrow Agent.
Each transfer of shares in satisfaction of an Established Claim shall be made by the Escrow Agent delivering to Parent one or more
stock certificates evidencing the aggregate number of shares specified in the Joint Notice, together with assignments separate
from certificate executed in blank by Representative and completed by the Escrow Agent in accordance with instructions included
in the Joint Notice. Upon receipt of the stock certificates and assignments, Parent shall deliver to the Escrow Agent new certificates
representing the number of shares issued in the name of Representative, as representative of the Stockholders, after such payment.
The parties hereto (other than the Escrow Agent) agree that the foregoing right to make payments of Established Claims in shares
of Parent Common Stock may be made notwithstanding any other agreements restricting or limiting the ability of Representative to
sell any shares of Parent stock or otherwise. The Committee and the Representative shall be required to exercise utmost good faith
in all matters relating to the preparation and delivery of each Joint Notice. As used herein, “Fair Market Value” means
the average reported closing price for the Parent Common Stock for the ten trading days ending on the last trading day prior to
(x) the day the Established Claim is paid with respect to Indemnification Claims paid on or before the Basic Indemnity Escrow Termination
Date, (y) the Basic Indemnity Escrow Termination Date with respect to shares constituting the Pending Claims Reserve (as hereinafter
defined) on the Basic Indemnity Escrow Termination Date, and (z) with respect to shares placed in the Pending Claims Reserve for
a Tax Indemnification Claim or Environmental Indemnification Claim asserted after the Basic Indemnity Escrow Termination Date,
the day such Tax Indemnification Claim or Environmental Indemnification Claim is asserted.

 

(iii)        Notwithstanding
anything herein to the contrary, at such time as an Indemnification Claim has become an Established Claim, the Representative shall
have the right to substitute for the Escrow Shares that otherwise would be paid in satisfaction of such claim (the “Claim
Shares”), cash in an amount equal to the Fair Market Value of the Claim Shares (“Substituted Cash”). In such
event (i) the Joint Notice shall include a statement describing the substitution of Substituted Cash for the Claim Shares, and
(ii) substantially contemporaneously with the delivery of such Joint Notice, the Representative shall cause currently available
funds to be delivered to the Escrow Agent in an amount equal to the Substituted Cash. Upon receipt of such Joint Notice and Substituted
Cash, the Escrow Agent shall (y) in payment of the Established Claim described in the Joint Notice, deliver the Substituted Cash
to Parent in lieu of the Claim Shares, and (z) cause the Claim Shares to be returned to the Representative.

 

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3.            (a)          On
the first Business Day after the Basic Indemnity Escrow Termination Date, upon receipt of a Joint Notice, the Escrow Agent shall
distribute and deliver to Representative certificates representing shares of Parent Common Stock then equal to one-half of the
original number of shares placed in Representative’s account less that number of shares in Representative’s account
equal to the sum of (i) the number of shares applied in satisfaction of Indemnification Claims made prior to that date and (ii)
the number of shares in the Pending Claims Reserve allocated to Representative’s account, as provided in the following sentence,
and shall continue to hold the remaining shares in Representative’s account as T/E Indemnity Shares. Representative shall
cause the Parent’s transfer agent to transfer to the Stockholders their respective pro rata portions of such distributed
shares, as determined in accordance with Section 1.5 of the Merger Agreement. If, at such time, there are any Indemnification Claims
with respect to which Notices have been received but which have not been resolved pursuant to Section 2 hereof or in respect of
which the Escrow Agent has not been notified of, and received a copy of, a final determination (after exhaustion of any appeals)
by a court of competent jurisdiction, as the case may be (in either case, “Pending Claims”), and which, if resolved
or finally determined in favor of Parent, would result in a payment to Parent, the Escrow Agent shall retain in the Pending Claims
Reserve that number of shares of Parent Common Stock having a Fair Market Value equal to the dollar amount for which indemnification
is sought in such Indemnification Claim. The Committee and the Representative shall certify to the Escrow Agent the Fair Market
Value to be used in calculating the Pending Claims Reserve and the number of shares of Parent Common Stock to be retained therefor.
Thereafter, if any Pending Claim becomes an Established Claim, the Committee and the Representative shall deliver to the Escrow
Agent a Joint Notice directing the Escrow Agent to deliver to Parent the number of shares in the Pending Claims Reserve in respect
thereof determined in accordance with paragraph 2(f) above and to deliver to Representative the remaining shares in the Pending
Claims Reserve allocated to such Pending Claim, all as specified in a Joint Notice. If any Pending Claim is resolved against Parent,
the Committee and the Representative shall deliver to the Escrow Agent a Joint Notice directing the Escrow Agent to pay to the
Representative the number of shares allocated to such Pending Claim in the Pending Claims Reserve, and Representative shall cause
the Parent’s transfer agent to transfer to the Stockholders their respective pro rata portions of such shares.

 

(b)          On
the first Business Day after the T/E Indemnity Escrow Termination Date, upon receipt of a Joint Notice, the Escrow Agent shall
distribute and deliver to Representative certificates representing the shares of Parent Common Stock in the Escrow Fund that are
T/E Indemnity Shares other than T/E Indemnity Shares in the Pending Claims Reserve. Upon the subsequent resolution of a Claim for
which shares remain in the Pending Claims Reserve, upon receipt of a Joint Notice, the Escrow Agent shall distribute and deliver
such shares to the Parent, if the Claim is resolved in favor of Parent, or, if resolved against Parent, to the Representative.
Upon resolution of all Pending Claims, the Committee and the Representative shall deliver to the Escrow Agent a Joint Notice directing
the Escrow Agent to pay to Representative the remaining portion of the Escrow Fund. Representative shall cause the Parent’s
transfer agent to issue to the Stockholders their respective pro rata portions of such shares.

 

(c)          As
used herein, the “Pending Claims Reserve” shall mean, at the time any such determination is made, that number of shares
of Parent Common Stock in the Escrow Fund having a Fair Market Value equal to the sum of the aggregate dollar amounts claimed to
be due with respect to all Pending Claims (as shown in the Notices of such Claims).

 

4.            The
Escrow Agent, the Committee and the Representative shall cooperate in all respects with one another in the calculation of any amounts
determined to be payable to Parent and the Representative in accordance with this Agreement and in implementing the procedures
necessary to effect such payments.

 

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5.            (a)          The
Escrow Agent undertakes to perform only such duties as are expressly set forth herein. It is understood that the Escrow Agent is
not a trustee or fiduciary and is acting hereunder merely in a ministerial capacity.

 

(b)          The
Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment,
and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein
contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The
Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement
unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights
of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

(c)          The
Escrow Agent’s sole responsibility upon receipt of any notice requiring any payment to Parent pursuant to the terms of this
Agreement or, if such notice is disputed by the Committee or the Representative, the settlement with respect to any such dispute,
whether by virtue of joint resolution, arbitration or determination of a court of competent jurisdiction, is to pay to Parent the
amount specified in such notice, and the Escrow Agent shall have no duty to determine the validity, authenticity or enforceability
of any specification or certification made in such notice.

 

(d)          The
Escrow Agent shall not be liable for any action taken by it in good faith and believed by it to be authorized or within the rights
or powers conferred upon it by this Agreement, and may consult with counsel of its own choice and shall have full and complete
authorization and indemnification under Section 5(g), below, for any action taken or suffered by it hereunder in good faith and
in accordance with the opinion of such counsel.

 

(e)          The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn over the Escrow Fund to a successor escrow agent appointed jointly by the Committee
and the Representative. If no new escrow agent is so appointed within the 60 day period following the giving of such notice of
resignation, the Escrow Agent may deposit the Escrow Fund with any court it reasonably deems appropriate.

 

(f)          The
Escrow Agent shall be indemnified and held harmless by Parent from and against any expenses, including counsel fees and disbursements,
or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way,
directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Fund
held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent.
Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding,
the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent,
in its sole discretion, may commence an action in the nature of interpleader in the any state or federal court located in New York
County, State of New York.

 

    	-6-

    	 

    

 

(g)          The
Escrow Agent shall be entitled to reasonable compensation from Parent for all services rendered by it hereunder. The Escrow Agent
shall also be entitled to reimbursement from Parent for all expenses paid or incurred by it in the administration of its duties
hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or
other governmental charges.

 

(h)          From
time to time on and after the date hereof, the Committee and the Representative shall deliver or cause to be delivered to the Escrow
Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure
itself that it is protected in acting hereunder.

 

(i)          Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or
its own willful misconduct.

 

6.            This
Agreement expressly sets forth all the duties of the Escrow Agent with respect to any and all matters pertinent hereto. No implied
duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent shall not be bound by the provisions
of any agreement among the parties hereto except this Agreement and shall have no duty to inquire into the terms and conditions
of any agreement made or entered into in connection with this Agreement, including, without limitation, the Merger Agreement.

 

7.            This
Agreement shall inure to the benefit of and be binding upon the parties and their respective heirs, successors, assigns and legal
representatives shall be governed by and construed in accordance with the law of New York applicable to contracts made and to be
performed therein. This Agreement cannot be changed or terminated except by a writing signed by the Committee, the Representative
and the Escrow Agent.

 

8.            All
disputes arising under this Agreement between the Committee and the Representative, including a dispute arising from a party’s
failure or refusal to sign a Joint Notice, shall be submitted to arbitration to the American Arbitration Association in New York
City. The Committee and the Representative each hereby consents to the exclusive jurisdiction of the federal and state courts
sitting in New York County, State of New York, with respect to any claim or controversy arising out of this Agreement. Service
of process in any action or proceeding brought against the Committee or the Representative in respect of any such claim or controversy
may be made upon it by registered mail, postage prepaid, return receipt requested, at the address specified in Section 9, with
copies delivered by nationally recognized overnight carrier to Graubard Miller, The Chrysler Building, 405 Lexington Avenue, New
York, N.Y. 10174, Attention: David Alan Miller, Esq., and to Strasburger & Price, LLP, 909 Fannin Street, Suite 2300, Houston,
TX 77010, Attention: W. Garney Griggs, Esq.

 

    	-7-

    	 

    

 

9.            All
notices and other communications under this Agreement shall be in writing and shall be deemed given if given by hand or delivered
by nationally recognized overnight carrier, or if given by telecopier and confirmed by mail (registered or certified mail, postage
prepaid, return receipt requested), to the respective parties as follows:

 

A.           If
to the Committee, to it at:

 

Eric Rosenfeld

777 Third Avenue, 37th Floor

New York, New York 10017

Telecopier No.: 212-319-0760

 

with a copy to:

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174-1901

Attention: David Alan Miller, Esq.

Telecopier No.: 212-818-8881

 

B.           If
to the Representative, to it at:

 

CLCH, LLC

1400 W. Benson Blvd. Ste. 370

Anchorage, AK 99503

Telecopier No.: 778-480-0516

 

with a copy to:

Strasburger & Price, LLP

909 Fannin Street, Suite 2300

Houston, TX 77010

Attention: W. Garney Griggs, Esq.

Telecopier No.: 832-397-3522

 

C.           If
to the Escrow Agent, to it at:

 

Continental Stock Transfer & Trust
Company

17 Battery Place

New York, New York 10004

Attention: Mark Zimkind

Telecopier No.: 212-509-5150

 

or to such other person or address as any
of the parties hereto shall specify by notice in writing to all the other parties hereto.

 

    	-8-

    	 

    

 

10.          Should
the Representative resign or be unable to serve, a new Representative will be selected as provided in the Merger Agreement (the
“Replacement Representative”). The appointment of the Replacement Representative shall be effective upon execution
by Replacement Representative of a joinder agreement providing for such Replacement Representative to become a party to this Agreement
and the Merger Agreement as the Representative, in which case such Replacement Representative shall for all purposes of this Agreement
be the Representative (and the prior acts taken by the succeeded Representative shall remain valid for purposes of this Agreement).

 

11.          (a)          If
this Agreement requires a party to deliver any notice or other document, and such party refuses to do so, the matter shall be submitted
to arbitration pursuant to paragraph 2(d) of this Agreement.

 

(b)          All
notices delivered to the Escrow Agent shall refer to the provision of this Agreement under which such notice is being delivered
and, if applicable, shall clearly specify the aggregate dollar amount due and payable to Parent or the Representative.

 

(c)          This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original instrument and all of
which together shall constitute a single agreement.

 

[Signatures are on following page]

 

    	-9-

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has duly executed this Agreement on the date first above written.

 

	 	PARENT:	 
	 	 	 
	 	SAEXPLORATION HOLDINGS, INC.	 
	 	 	 	 
	 	By:	/s/ Brian Beatty	 
	 	Name:	Brian Beatty	 
	 	Title:	President/CEO	 
	 	 	 	 
	 	REPRESENTATIVE:	 
	 	 	 
	 	CLCH, LLC	 
	 	 	 	 
	 	By:	/s/ Jeff Hastings	 
	 	Name:	Jeff Hastings	 
	 	Title:	Manager	 
	 	 	 	 
	 	ESCROW AGENT:	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &	 
	 	TRUST COMPANY	 
	 	 	 	 
	 	By:	/s/ Margaret Villani	 
	 	Name:	Margaret Villani	 
	 	Title:	Vice PresidentExhibit 10.6

 

MERGER CONSIDERATION ESCROW AGREEMENT

 

MERGER CONSIDERATION
ESCROW AGREEMENT (“Agreement”) dated June 24, 2013, by and among SAEXPLORATION HOLDINGS, INC. (formerly called Trio
Merger Corp.), a Delaware corporation (“Parent”), CLCH, LLC, an Alaska limited liability company, as the Company Stockholders’
Representative, being the representative of the former stockholders of SAEXPLORATION HOLDINGS, INC., a Delaware corporation (the
“Representative”), and Continental Stock Transfer & Trust Company,
as Escrow Agent (the “Escrow Agent”).

 

Parent, Trio Merger
Sub, Inc., a wholly-owned subsidiary of Parent (“Merger Sub”), SAExploration Holdings, Inc. (“Company”)
and Representative are the parties to an Agreement and Plan of Reorganization dated as of December 10, 2012, and amended on May
23, 2013 (the “Merger Agreement”), pursuant to which Company has merged into Merger Sub, with Merger Sub being the
surviving entity of such merger and remaining a wholly-owned subsidiary of Parent. The Representative has been designated pursuant
to the Merger Agreement to represent all of the former stockholders, on a fully-diluted basis, of Company (the “Stockholders”).
Capitalized terms not otherwise defined in this Agreement shall have the meanings ascribed to them in the Merger Agreement.

 

Pursuant to the Merger
Agreement, the parties desire to establish an escrow fund to hold (i) the Seller Note, and all payments of interest and principal
made by Parent thereunder (the “Seller Note Cash”), (ii) the Share Consideration allocable to the Company Derivative
Securities remaining after deposit of the Escrow Shares in the Escrow Account pursuant to the Escrow Agreement (such remaining
shares, the “Closing Share Consideration”), (iii) the Cash Consideration allocable to the Company Derivative Securities,
(iv) upon release from the Escrow Account pursuant to the Escrow Agreement, the Escrow Shares to the extent allocable to Company
Derivative Securities that have not been exercised or converted, and that have not been forfeited or otherwise terminated, as of
the date such shares are released from the Escrow Account (the “Released Escrow Shares”), and (v) and upon issuance
by Parent, the EBITDA Shares to the extent allocable to Company Derivative Securities that have not been exercised or converted,
and that have not been forfeited or otherwise terminated, as of the date such shares are issued by Parent (the “Issued EBITDA
Shares,” and collectively with the Closing Share Consideration and Released Escrow Shares, the “Merger Consideration
Escrow Shares”).

 

    	-1-

    	 

    

 

The parties agree as
follows:

 

1.           Escrow
Fund.

 

(a)          Concurrently
with the execution hereof, Parent and Representative are delivering to the Escrow Agent, to be held in escrow pursuant to the terms
of this Agreement, the Seller Note, a certificate for 357,786 shares of Parent Common Stock constituting the Closing Share Consideration
in the name of the Representative, as nominee of Parent, together with at least ten (10) assignments (separate from the certificate)
executed in blank by Representative and an indemnity letter from Parent in lieu of a medallion signature guarantee, and $454,582.52
in cash constituting the Cash Consideration allocable to the Company Derivative Securities. For such time as the Seller Note is
held in escrow pursuant hereto, Parent shall pay the Seller Note Cash to the Escrow Agent to be held or distributed as provided
in Section 2(d). Parent shall cause the Issued EBITDA Shares, when issued, to be issued in the name of Representative, as nominee
of Parent, and Parent and Representative shall cause the Released Escrow Shares and the Issued EBITDA Shares, together with two
(2) assignments (separate from the certificate) for each certificate representing such shares, executed in blank by Representative,
to be delivered directly to the Escrow Agent. The Seller Note, the Seller Note Cash, the Cash Consideration and the Merger Consideration
Escrow Shares delivered by the Parent or Escrow Agent to the Escrow Agent are herein referred to in the aggregate as the “Escrow
Fund.”

 

(b)          The
Escrow Agent hereby agrees to act as Escrow Agent and to hold, safeguard and disburse the Escrow Fund pursuant to the terms and
conditions hereof. It shall treat the Escrow Fund as a trust fund in accordance with the terms of this Agreement and not as the
property of Parent. The Escrow Agent’s duties hereunder shall terminate upon its distribution of the entire Escrow Fund in
accordance with this Agreement.

 

(c)          The
Escrow Fund hereunder is separate and distinct from the escrow fund created pursuant to the Escrow Agreement, and the parties acknowledge
that the Escrow Agent shall act with respect to the Escrow Fund solely in accordance with the terms hereof. The Escrow Fund shall
be held and distributed as provided herein and shall not be applied to satisfy any claims or obligations under the Escrow Agreement.
Likewise, the escrow fund established pursuant to the Escrow Agreement shall be held and distributed as provided therein, and shall
not be applied to satisfy any obligations under this Agreement, provided that any Released Escrow Shares with respect to the Company
Derivative Securities shall be covered by this Agreement once released from the escrow fund under the Escrow Agreement and delivered
to Escrow Agent as provided in Section 1(a).

 

(d)          The
parties acknowledge that, as Company Warrants are exercised, (i) the Escrow Agent shall return to Parent the Seller Note and Parent
shall cancel such Seller Note, (ii) Parent shall issue a new note (in the form of the Seller Note) to each holder of Company Warrants
so exercised in a principal amount equal to the portion of the unpaid principal of the Seller Note allocable to such holder’s
Company Warrants (in accordance with Section 1.5 of the Merger Agreement), and (iii) Parent shall deliver a replacement Seller
Note for the remainder of the unpaid principal amount of the cancelled Seller Note to the Escrow Agent to hold as part of the Escrow
Fund. At such time as Parent notifies the Escrow Agent that all Company Warrants have been exercised, forfeited or terminated in
accordance with the terms thereof, the Escrow Agent shall release the Seller Note from escrow hereunder and deliver it to Representative
to hold for the benefit of the other Stockholders.

 

(e)          During
the period the Escrow Fund is held by the Escrow Agent (the “Escrow Period”), Representative shall have the right to
vote the Merger Consideration Escrow Shares held in the Escrow Fund.

 

(f)          During
the Escrow Period, all dividends payable in cash, stock or other non-cash property (the “Dividends”) with respect to
the Closing Share Consideration, Released Escrow Shares and Issued EBITDA Shares, if any, shall be paid or delivered to the Escrow
Agent to hold in accordance with the terms hereof. As used herein, the terms “Closing Share Consideration,” “Released
Escrow Shares” and “Issued EBITDA Shares” shall be deemed to include the Dividends distributed thereon, if any.

 

    	-2-

    	 

    

 

(g)          During
the Escrow Period, no sale, transfer or other disposition may be made by Representative of any of the Merger Consideration Escrow
Shares, except to a Replacement Representative as provided in Section 9 herein or as otherwise contemplated by this Agreement.
In connection with and as a condition of such transfer, the Replacement Representative shall deliver to the Escrow Agent an assignment
separate from the certificate for each certificate representing such shares, executed by the Representative, evidencing the transfer
of such shares to the Replacement Representative, together with two (2) assignments (separate from the certificate) executed in
blank by the Replacement Representative, with respect to the Merger Consideration Escrow Shares. Representative shall deliver to
Escrow Agent, such additional assignments (separate from the certificate) executed in blank by Representative, as may be requested
by Escrow Agent from time to time. Parent, Representative and the Replacement Representative shall cooperate in all respects with
the Escrow Agent in documenting such transfer and in effectuating the result intended to be accomplished thereby. During the Escrow
Period, Representative shall not pledge nor grant a security interest in the Merger Consideration Escrow Shares, nor grant a security
interest in such Representative’s rights under this Agreement or with respect to the Escrow Fund.

 

2.           Distributions.

 

(a)          Upon
any conversion of Company Exchangeable Shares in accordance with their terms, Parent shall deliver a written notice thereof to
the Escrow Agent and Representative, which notice shall specify the amount of the Cash Consideration, Seller Note Cash and Merger
Consideration Escrow Shares allocable to the holder(s) of such Company Exchangeable Shares so converted in accordance with Section
1.5(b) of the Merger Agreement (the “Exchangeable Share Merger Consideration”). Following receipt of such notice, the
Escrow Agent shall deliver to Representative the specified Exchangeable Share Merger Consideration, and Representative shall cause
such Exchangeable Share Merger Consideration to be distributed to the holder(s) of the Company Exchangeable Shares so converted.

 

(b)          Upon
any exercise of Company Warrants in accordance with their terms, Parent shall deliver a written notice to the Escrow Agent and
Representative, which notice shall specify the amount of the Cash Consideration, Seller Note Cash and Merger Consideration Escrow
Shares allocable to the holder(s) of such Company Warrants so exercised in accordance with Section 1.5(b) of the Merger Agreement
(the “Warrant Merger Consideration”). Following receipt of such notice, the Escrow Agent shall deliver to Parent the
specified Warrant Merger Consideration, and Parent shall cause such Warrant Merger Consideration (along with the new note specified
in Section 1(d)(ii)) to be distributed to the holder(s) of the Company Warrants so exercised.

 

    	-3-

    	 

    

 

(c)          In
the event any Company Derivative Securities are forfeited or otherwise terminate in accordance with their terms, Parent shall deliver
a written notice thereof to the Escrow Agent and Representative, which notice shall allocate the Exchangeable Share Merger Consideration
or Warrant Merger Consideration (collectively, the “Derivative Merger Consideration”), as applicable, otherwise allocable
to such forfeited or terminated Company Derivative Securities among the other Stockholders. Following receipt of such notice, the
Escrow Agent shall deliver to Representative the portion of such Derivative Merger Consideration allocable to the record holders
of Company Common Stock immediately prior to the Merger and the holders of Company Exchangeable Shares that have been converted
(collectively, the “Common Stockholders”), and Representative shall cause such Derivative Merger Consideration to be
distributed to the Common Stockholders. The Escrow Agent shall return to Parent any amount of such Derivative Merger Consideration
allocable to the holders of Company Warrants that have been exercised, and Parent shall cause such Derivative Merger Consideration
to be issued to the holders of such Company Derivative Securities. The Escrow Agent shall hold the portion of such Derivative Merger
Consideration allocable to the holders of Company Derivative Securities that have not been exercised or converted, and that have
not otherwise terminated or been forfeited, and shall distribute such amounts as and when provided in Section 2(a) or Section 2(b),
as applicable.

 

(d)          In
connection with each payment of Seller Note Cash, Parent shall deliver a written notice to the Escrow Agent and Representative,
which notice shall provide an allocation of the amount of such Seller Note Cash among the Common Stockholders and the holders of
Company Derivative Securities that have not been exercised or converted, and that have not otherwise terminated or been forfeited,
as of the date of such payment. Following receipt of such payment and notice, the Escrow Agent shall deliver to Representative
the portion of the Seller Note Cash allocable to the Common Stockholders, and Representative shall cause such Seller Note Cash
to be distributed to the Common Stockholders. The Escrow Agent shall hold the portion of the Seller Note Cash allocable to the
holders of Company Derivative Securities that have not been exercised or converted, and that have not otherwise terminated or been
forfeited, and shall distribute such amounts as and when provided in Section 2(a) or Section 2(b), as applicable.

 

3.           Notwithstanding
anything to the contrary herein, the holders of Company Warrants shall not for any purposes (a) be treated as the owner of any
portion of the Escrow Fund (it being understood that pursuant to this Agreement, Warrant Merger Consideration may be distributed
to Parent for further distribution to the holders of Company Warrants), (b) be treated as the owner of any and all income that
is earned on or derived from the Escrow Fund, or (c) have any obligation to report and pay any taxes attributable thereto until
such time as the Company Warrants are exercised.

 

4.           The
Escrow Agent, the Company, and the Representative shall cooperate in all respects with one another in the calculation of any amounts
determined to be payable to the Representative or Parent in accordance with this Agreement and in implementing the procedures necessary
to effect such payments.

 

5.           (a)          The
Escrow Agent undertakes to perform only such duties as are expressly set forth herein. It is understood that the Escrow Agent is
not a trustee or fiduciary and is acting hereunder merely in a ministerial capacity.

 

    	-4-

    	 

    

 

(b)          The
Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment,
and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein
contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The
Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement
unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights
of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

(c)          The
Escrow Agent’s sole responsibility upon receipt of any notice requiring any payment to Representative or Parent pursuant
to the terms of this Agreement or, if such notice is disputed by Parent or the Representative, the settlement with respect to any
such dispute, whether by virtue of joint resolution, arbitration or determination of a court of competent jurisdiction, is to pay
to Representative or Parent the amount specified in such notice, and the Escrow Agent shall have no duty to determine the validity,
authenticity or enforceability of any specification or certification made in such notice.

 

(d)          The
Escrow Agent shall not be liable for any action taken by it in good faith and believed by it to be authorized or within the rights
or powers conferred upon it by this Agreement, and may consult with counsel of its own choice and shall have full and complete
authorization and indemnification under Section 5(g), below, for any action taken or suffered by it hereunder in good faith and
in accordance with the opinion of such counsel.

 

(e)          The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn over the Escrow Fund to a successor escrow agent appointed jointly by the Parent
and the Representative. If no new escrow agent is so appointed within the 60 day period following the giving of such notice of
resignation, the Escrow Agent may deposit the Escrow Fund with any court it reasonably deems appropriate.

 

(f)          The
Escrow Agent shall be indemnified and held harmless by Parent from and against any expenses, including counsel fees and disbursements,
or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way,
directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Fund
held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent.
Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding,
the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent,
in its sole discretion, may commence an action in the nature of interpleader in the any state or federal court located in New York
County, State of New York.

 

(g)          The
Escrow Agent shall be entitled to reasonable compensation from Parent for all services rendered by it hereunder. The Escrow Agent
shall also be entitled to reimbursement from Parent for all expenses paid or incurred by it in the administration of its duties
hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or
other governmental charges.

 

    	-5-

    	 

    

 

(h)          From
time to time on and after the date hereof, the Parent and the Representative shall deliver or cause to be delivered to the Escrow
Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure
itself that it is protected in acting hereunder.

 

(i)          Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or
its own willful misconduct.

 

6.           This
Agreement expressly sets forth all the duties of the Escrow Agent with respect to any and all matters pertinent hereto. No implied
duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent shall not be bound by the provisions
of any agreement among the parties hereto except this Agreement and shall have no duty to inquire into the terms and conditions
of any agreement made or entered into in connection with this Agreement, including, without limitation, the Merger Agreement.

 

7.           This
Agreement shall inure to the benefit of and be binding upon the parties and their respective heirs, successors, assigns and legal
representatives shall be governed by and construed in accordance with the law of New York applicable to contracts made and to be
performed therein. This Agreement cannot be changed or terminated except by a writing signed by the Parent, the Representative
and the Escrow Agent.

 

8.           All
notices and other communications under this Agreement shall be in writing and shall be deemed given if given by hand or delivered
by nationally recognized overnight carrier, or if given by telecopier and confirmed by mail (registered or certified mail, postage
prepaid, return receipt requested), to the respective parties as follows:

 

A.           If
to the Parent, to it at:

 

SAExploration Holdings, Inc.

3333 8th Street SE

Calgary AB, T2G 3A4

Telecopier No.: 403-776-1951

 

with a copy to:

Strasburger & Price, LLP

909 Fannin Street, Suite 2300

Houston, TX 77010

Attention: W. Garney Griggs, Esq.

Telecopier No.: 832-397-3522

 

    	-6-

    	 

    

 

B.           If
to the Representative, to it at:

 

CLCH, LLC

1400 W. Benson Blvd. Ste. 370

Anchorage, AK 99503

Telecopier No.: 778-480-0516

 

C.           If
to the Escrow Agent, to it at:

 

Continental Stock Transfer & Trust
Company

17 Battery Place

New York, New York 10004

Attention: Mark Zimkind

Telecopier No.: 212-509-5150

 

or to such other person or address as any
of the parties hereto shall specify by notice in writing to all the other parties hereto.

 

9.           Should
the Representative resign or be unable to serve, a new Representative will be selected as provided in the Merger Agreement (the
“Replacement Representative”). The appointment of the Replacement Representative shall be effective upon execution
by Replacement Representative of a joinder agreement providing for such Replacement Representative to become a party to this Agreement
and the Merger Agreement as the Representative, in which case such Replacement Representative shall for all purposes of this Agreement
be the Representative (and the prior acts taken by the succeeded Representative shall remain valid for purposes of this Agreement).

 

10.          (a)          All
notices delivered to the Escrow Agent shall refer to the provision of this Agreement under which such notice is being delivered
and, if applicable, shall clearly specify the aggregate dollar or stock amounts to be delivered to Parent or Representative.

 

(b)          This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original instrument and all of
which together shall constitute a single agreement.

 

[Signatures are on following page]

 

    	-7-

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has duly executed this Agreement on the date first above written.

 

	 	PARENT:	 
	 	 	 
	 	SAEXPLORATION HOLDINGS, INC.	 
	 	 	 	 
	 	By:	/s/ Brian Beatty	 
	 	Name:	Brian Beatty	 
	 	Title:	President/CEO	 
	 	 	 	 
	 	REPRESENTATIVE:	 
	 	 	 	 
	 	CLCH, LLC	 
	 	 	 	 
	 	By:	/s/ Jeff Hastings	 
	 	Name:	Jeff Hastings	 
	 	Title:	Manager	 
	 	 	 	 
	 	ESCROW AGENT:	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &	 
	 	TRUST COMPANY	 
	 	 	 	 
	 	By:	/s/ Margaret Villani	 
	 	Name:	Margaret Villani	 
	 	Title:	Vice President

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