Document:

Exhibit 10.25

 

INDEMNIFICATION
AGREEMENT

 

This Indemnification Agreement
(“Agreement”) is effective as of the                 
day of                 ,
          , by and between GLOBAL
GEOPHYSICAL SERVICES, INC., a Delaware corporation (the “Company”) and                                     
(“Indemnitee”).

 

WHEREAS, the Company and
Indemnitee recognize the continued difficulty in obtaining liability insurance
for directors, officers, employees, agents and fiduciaries, the significant
increases in the cost of such insurance and the general reductions in the
coverage of such insurance;

 

WHEREAS, the Company and
Indemnitee further recognize the substantial increase in corporate litigation
in general, subjecting directors, officers, employees, agents and fiduciaries
to expensive litigation risks at the same time as the availability and coverage
of liability insurance have been severely limited;

 

WHEREAS, the Company desires to
attract and retain the services of highly qualified individuals, such as
Indemnitee, to serve the Company and, in part, in order to induce Indemnitee to
continue to provide services to the Company, wishes to provide for the
indemnification and advancement of expenses to Indemnitee to the maximum extent
permitted by law; and

 

WHEREAS, in view of the
considerations set forth above, the Company desires that Indemnitee shall be
indemnified by the Company as set forth herein.

 

NOW, THEREFORE, the Company and
Indemnitee hereby agree as follows:

 

1.                                       Indemnification.

 

a.                                       Indemnification
of Expenses.  The Company shall
indemnify Indemnitee to the fullest extent permitted by law if Indemnitee was
or is or becomes a party to or witness or other participant in, or is
threatened to be made a party to or witness or other participant in, any
threatened, pending or completed action, suit, proceeding or alternative
dispute resolution mechanism, or any hearing, inquiry or investigation that
Indemnitee in good faith believes might lead to the institution of any such
action, suit, proceeding or alternative dispute resolution mechanism, whether
civil, criminal, administrative, investigative or other (hereinafter a “Claim”)
by reason of (or arising in part out of) any event or occurrence related to the
fact that Indemnitee is or was a director, officer, employee, agent or
fiduciary of the Company, or any subsidiary of the Company (regardless of
whether it was a subsidiary of the Company at the time of the event giving rise
to Claim), or is or was serving at the request of the Company as a director,
officer, employee, agent or fiduciary of another corporation, partnership,
joint venture, trust or other enterprise, or by reason of any action or
inaction on the part of Indemnitee while serving in such capacity (hereinafter
an “Indemnifiable Event”) against any and all expenses (including attorneys’
fees and all other costs, expenses and obligations incurred in connection with
investigating, defending, being a witness in or participating in (including on
appeal), or preparing to defend, be a witness in or participate in, any such
action, suit, proceeding, alternative dispute resolution mechanism, hearing,
inquiry or investigation), judgments, fines, penalties and amounts paid in
settlement (if such settlement is approved in advance

 

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by the Company, which approval shall not be
unreasonably withheld) of such Claim and any federal, state, local or foreign
taxes imposed on the Indemnitee as a result of the actual or deemed receipt of
any payments under this Agreement (collectively, hereinafter “Expenses”),
including all interest, assessments and other charges paid or payable in
connection with or in respect of such Expenses. 
Such payment of Expenses shall be made by the Company as soon as
practicable but in any event no later than five (5) days after written
demand by Indemnitee therefor is presented to the Company.

 

b.                                      Reviewing
Party.  Notwithstanding the
foregoing: (i) the obligations of the Company under Section 1(a) shall
be subject to the condition that the Reviewing Party (as described in Section 
10(e) hereof) shall not have determined (in a written opinion, in any case
in which the Independent Legal Counsel referred to in Section 1(c) hereof
is involved) that Indemnitee would not be permitted to be indemnified under applicable
law, and (ii) the obligation of the Company to make an advance payment of
Expenses to Indemnitee pursuant to Section 2(a) (an “Expense Advance”)
shall be subject to the condition that, if, when and to the extent that the
Reviewing Party determines that Indemnitee would not be permitted to be so
indemnified under applicable law, the Company shall be entitled to be
reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all
such amounts theretofore paid, provided, however, that if Indemnitee
has commenced or thereafter commences legal proceedings in a court of competent
jurisdiction to secure a determination that Indemnitee should be indemnified
under applicable law, any determination made by the Reviewing Party that
Indemnitee would not be permitted to be indemnified under applicable law shall
not be binding and Indemnitee shall not be required to reimburse the Company
for any Expense Advance until a final judicial determination is made with
respect thereto (as to which all rights of appeal therefrom have been exhausted
or lapsed).  Indemnitee’s obligation to
reimburse the Company for any Expense Advance shall be unsecured and no
interest shall be charged thereon.  If
there has not been a Change in Control (as defined in Section 10(c) hereof),
the Reviewing Party shall be selected by the Board of Directors, and if there
has been such a Change in Control (other than a Change in Control which has
been approved by a majority of the Company’s Board of Directors who were
directors immediately prior to such Change in Control), the Reviewing Party
shall be the Independent Legal Counsel referred to in Section 1(c) hereof.  If there has been no determination by the
Reviewing Party or if the Reviewing Party determines that Indemnitee
substantively would not be permitted to be indemnified in whole or in part
under applicable law, Indemnitee shall have the right to commence litigation
seeking an initial determination by the court or challenging any such
determination by the Reviewing Party or any aspect thereof, including the legal
or factual bases therefor, and the Company hereby consents to service of
process and to appear in any such proceeding. 
Any determination by the Reviewing Party otherwise shall be conclusive
and binding on the Company and Indemnitee.

 

c.                                       Change
in Control.  The Company agrees that
if there is a Change in Control of the Company (other than a Change in Control
which has been approved by a majority of the Company’s Board of Directors who
were directors immediately prior to such Change in Control) then with respect
to all matters thereafter arising concerning the rights of Indemnitee to
payments of Expense and Expense Advances under this Agreement or any other
agreement or under the Company’s Certificate of Incorporation or Bylaws as now
or hereafter in effect, Independent Legal Counsel (as defined in Section 10(d) hereof)
shall be selected by Indemnitee and approved by the Company (which approval
shall not be unreasonably withheld). 
Such counsel, among other things,

 

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shall render its written opinion to the
Company and Indemnitee as to whether and to what extent Indemnitee would be
permitted to be indemnified under applicable law and the Company agrees to
abide by such opinion.  The Company
agrees to pay the reasonable fees of the Independent Legal Counsel referred to
above and to fully indemnify such counsel against any and all expenses
(including attorney’s fees), claims, liabilities and damages arising out of or
relating to this Agreement or its engagement pursuant hereto.

 

d.                                      Mandatory
Payment of Expenses.  Notwithstanding
any other provision of this Agreement other than Section 9 hereof, to the
extent that Indemnitee has been successful on the merits or otherwise,
including, without limitation, the dismissal of an action without prejudice, in
defense of any action, suit, proceeding, inquiry or investigation referred to
in Section (1)(a) hereof or in the defense of any claim, issue or
matter therein, Indemnitee shall be indemnified against all Expenses incurred
by Indemnitee in connection therewith.

 

2.                                       Expenses:
Indemnification Procedure.

 

a.                                       Advancement
of Expenses. The Company shall advance all Expenses incurred by
Indemnitee.  The advances to be made
hereunder shall be paid by the Company to Indemnitee as soon as practicable but
in any event no later than five (5) days after written demand by
Indemnitee therefor to the Company.

 

b.                                      Notice/Cooperation
by Indemnitee.  Indemnitee shall, as
a condition precedent to Indemnitee’s right to be indemnified under this
Agreement, give the Company notice in writing as soon as practicable of any
Claim made against Indemnitee for which indemnification will or could be sought
under this Agreement.  Notice to the
Company shall be directed to the General Counsel of the Company at its
principal corporate offices, currently 3535 Briarpark Drive, Ste. 200, Houston,
Texas 77042 (or such other address as the Company shall designate in writing to
Indemnitee).  In addition, Indemnitee
shall give the Company such information and cooperation as it may reasonably
require and as shall be within Indemnitee’s power.

 

c.                                       No
Presumptions; Burden of Proof.  For
purposes of this Agreement, the termination of any Claim by judgment, order,
settlement (whether with or without court approval) or conviction, or upon a
plea of nolo contendere, or its equivalent, shall not create
a presumption that Indemnitee did not meet any particular standard of conduct
or have any particular belief or that a court has determined that
indemnification is not permitted by applicable law.  In addition, neither the failure of the
Reviewing Party to have made a determination as to whether Indemnitee has met
any particular standard of conduct or had any particular belief, nor an actual
determination by the Reviewing Party that Indemnitee has not met such standard
of conduct or did not have such belief, prior to the commencement of a legal
proceeding by Indemnitee to secure a judicial determination that Indemnitee
should be indemnified under applicable law, shall be a defense to Indemnitee’s
claim or create a presumption that Indemnitee has not met any particular
standard of conduct or did not have any particular belief.  In connection with any determination by the
Reviewing Party or otherwise as to whether the Indemnitee is entitled to be
indemnified hereunder, the burden of proof shall be on the Company to establish
that Indemnitee is not so entitled.

 

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d.                                      Notice
to Insurers.  If, at the time of the
receipt by the Company of a notice of a Claim pursuant to Section 2(b) hereof,
the Company has liability insurance in effect which may cover such Claim, the
Company shall give prompt notice of the commencement of such Claim to the
insurers in accordance with the procedures set forth in the respective
policies.  The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf
of the Indemnitee, all amounts payable as a result of such action, suit,
proceeding, inquiry or investigation in accordance with the terms of such
policies.

 

e.                                       Selection
of Counsel.  In the event the Company
shall be obligated hereunder to pay the Expenses of any Claim, the Company
shall be entitled to assume the defense of such Claim with counsel approved by
Indemnitee, which approval shall not be unreasonably withheld, upon the
delivery to Indemnitee of written notice of its election so to do.  After delivery of such notice, approval of
such counsel by Indemnitee and the retention of such counsel by the Company,
the Company will not be liable to Indemnitee under this Agreement for any fees
of counsel subsequently incurred by Indemnitee with respect to the same Claim; provided,
that:  (i) Indemnitee shall
have the right to employ Indemnitee’s counsel in any such Claim at Indemnitee’s
expense, and (ii) if (A) the employment of counsel by Indemnitee has
been previously authorized by the Company, (B) Indemnitee shall have
reasonably concluded that there be a conflict of interest between the Company
and Indemnitee in the conduct of any such defense, or (C) the Company
shall not continue to retain such counsel to defend such Claim, then the fees
and expenses of Indemnitee’s counsel shall be at the expense of the
Company.  The Company shall have the
right to conduct such defense as it sees fit in its sole discretion, including
the right to settle any claim against Indemnitee without the consent of the
Indemnitee.

 

3.                                       Additional
Indemnification Rights; Nonexclusivity.

 

a.                                       Scope.  The Company hereby agrees to indemnify the
Indemnitee to the fullest extent permitted by law, notwithstanding that such
indemnification is not specifically authorized by the other provisions of this
Agreement, the Company’s Certificate of Incorporation, the Company’s Bylaws or
by statute.  In the event of any change
after the date of this Agreement in any applicable law, statute or rule which
expands the right of a corporation of the Company’s state of incorporation to
indemnify a member of its board of directors or an officer, employee, agent or
fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy
by this Agreement the greater benefits afforded by such change.  In the event of any change in any applicable
law, statute or rule which narrows the right of a corporation of the
Company’s state of incorporation to indemnify a member of its board of
directors or an officer, employee, agent or fiduciary, such change, to the
extent not otherwise required by such law, statute or rule to be applied
to this Agreement, shall have no effect on this Agreement or the parties’
rights and obligations hereunder except as set forth in Section 8(a) hereof.

 

b.                                      Nonexclusivity.  The indemnification provided by this
Agreement shall be in addition to any rights to which Indemnitee may be
entitled under the Company’s Certificate of Incorporation, its Bylaws, any
agreement, any vote of stockholders or disinterested directors, the laws of the
Company’s state of incorporation, or otherwise. 
The indemnification provided under this Agreement shall continue as to
Indemnitee for any action Indemnitee took or did not take while

 

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serving in an indemnified capacity even
though Indemnitee may have ceased to serve in such capacity.

 

4.                                       No
Duplication of Payments.  The Company
shall not be liable under this Agreement to make any payment in connection with
any Claim made against Indemnitee to the extent Indemnitee has otherwise
actually received payment (under any insurance policy, Certificate of
Incorporation, Bylaw or otherwise) of the amounts otherwise indemnifiable
hereunder.

 

5.                                       Partial
Indemnification.  If Indemnitee is
entitled under any provision of this Agreement to indemnification by the
Company for some or a portion of Expenses incurred in connection with any
Claim, but not, however, for all of the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion of such Expenses to which
Indemnitee is entitled.

 

6.                                       Mutual
Acknowledgment.  Both the Company and
Indemnitee acknowledge that in certain instances, Federal laws or applicable
public policy may prohibit the Company from indemnifying its directors,
officers, employees, agents or fiduciaries under this Agreement or otherwise.  Indemnitee understands and acknowledges that
the Company has undertaken or may be required in the future to undertake with
the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company’s rights under public policy to indemnify Indemnitee.

 

7.                                       Liability
Insurance.  To the extent the Company
maintains liability insurance applicable to directors, officers, employees,
agents or fiduciaries, Indemnitee shall be covered by such policies in such a
manner as to provide Indemnitee the same rights and benefits as are accorded to
the most favorably insured of the Company’s directors, if Indemnitee is a
director; or of the Company’s officers, if Indemnitee is not a director; or the
Company’s key employees, agents or fiduciaries, if Indemnitee is not an officer
or director but is a key employee, agent or fiduciary.

 

8.                                       Exceptions.  Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement:

 

a.                                       Excluded
Action or Omissions.  To indemnify
Indemnitee for Indemnitee’s acts, omissions or transactions from which
Indemnitee may not be relieved of liability under applicable law.

 

b.                                      Claims
Initiated by Indemnitee.  To
indemnify or advance expenses to Indemnitee with respect to Claims initiated or
brought voluntarily by Indemnitee and not by way of defense, except: (i) with
respect to proceedings brought to establish or enforce a right to
indemnification under this Agreement or any other agreement or insurance policy
or under the Company’s Certificate of Incorporation or Bylaws now or hereafter
in effect relating to Claims for Indemnifiable Events, (ii) in specific
cases if the Board of Directors has approved the initiation or bringing of such
suit, or (iii) as otherwise required under the laws of the Company’s state
of incorporation, regardless of whether Indemnitee ultimately is determined to
be entitled to such indemnification, advance expense payment or insurance
recovery, as the case may be.

 

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c.                                       Lack
of Good Faith.  To indemnify
Indemnitee for any expenses incurred by the Indemnitee with respect to any
proceeding instituted by Indemnitee to enforce or interpret this Agreement, if
a court of competent jurisdiction determines that each of the material
assertions made by the Indemnitee in such proceeding was not made in good faith
or was frivolous; or

 

d.                                      Claims
Under Section 16(b).  To
indemnify Indemnitee for expenses and the payment of profits arising from the
purchase and sale by Indemnitee of securities in violation of Section 16(b) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any
similar successor statute.

 

9.                                       Period
of Limitations.  No legal action
shall be brought and no cause of action shall be asserted by or in the right of
the Company against Indemnitee, Indemnitee’s estate, spouse, heirs, executors
or personal or legal representatives after the expiration of two years from the
date of accrual of such cause of action, and any claim or cause of action of
the Company shall be extinguished and deemed released unless asserted by the
timely filing of a legal action within such two-year period; provided, however,
that if any shorter period of limitations is otherwise applicable to any such
cause of action, such shorter period shall govern.

 

10.                                 Construction
of Certain Phrases

 

a.                                       For
purposes of this Agreement, references to the “Company” shall include, in
addition to the resulting corporation, any constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger which,
if its separate existence had continued, would have had power and authority to
indemnify its directors, officers, employees, agents or fiduciaries, so that if
Indemnitee is or was serving at the request of such constituent corporation as
a director, officer, employee, agent or fiduciary or another corporation,
partnership, joint venture, employee benefit plan, trust or other enterprise,
Indemnitee shall stand in the same position under the provisions of this
Agreement with respect to the resulting or surviving corporation as Indemnitee
would have with respect to such constituent corporation if its separate
existence had continued.

 

b.                                      For
purposes of this Agreement, references to “other enterprises” shall include
employee benefit plans; references to “fines” shall include any excise taxes
assessed on Indemnitee with respect to an employee benefit plan; and references
to “serving at the request of the Company” shall include any service as a
director, officer, employee, agent or fiduciary of the Company which imposes
duties on, or involves services by, such director, officer, employee, agent or
fiduciary with respect to an employee benefit plan, its participants or its
beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in the interest of the participants and beneficiaries
of an employee benefit plan, Indemnitee shall be deemed to have acted in a
manner “not opposed to the best interests of the Company” as referred to in
this Agreement.

 

c.                                       For
purposes of this Agreement, a “Change in Control” shall be deemed to have
occurred if: (i) any “person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act), other than a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or a
corporation owned directly or indirectly by the stockholders of the Company in
substantially the same proportions as their ownership of stock of the Company,
is or becomes the

 

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“beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company
representing more than 20% of the total voting power represented by the Company’s
then outstanding Voting Securities, (ii) during any period of two
consecutive years, individuals who at the beginning of such period constitute
the Board of Directors of the Company and any new director whose election by the
Board of Directors or nomination for election by the Company’s stockholders was
approved by a vote of at least two-thirds (2/3) of the directors then still in
office who either were directors at the beginning of the period or whose
election or nomination for election was previously so approved, cease for any
reason to constitute a majority thereof, or (iii) the stockholders of the
Company approve a merger or consolidation of the Company with any other
corporation other than a merger or consolidation which would result in the
Voting Securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into Voting Securities of the surviving entity) at least 80% of the total
voting power represented by the Voting Securities of the Company of such
surviving entity outstanding immediately after such merger or consolidation, or
the stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company of (in one
transaction or a series of transactions) all or substantially all of the
Company’s assets.

 

d.                                      For
purposes of this Agreement, “Independent Legal Counsel” shall mean an attorney
or firm of attorneys, selected in accordance with the provision of Section 1(c) hereof,
who shall not have otherwise performed services for the Company or Indemnitee
within the last three years (other than with respect to matters concerning the
rights of Indemnitee under this Agreement, or of other indemnitees under
similar indemnity agreements).

 

e.                                       For
purposes of this Agreement, a “Reviewing Party” shall mean any appropriate
person or body consisting of a member or members of the Company’s Board of
Directors or any other person or body appointed by the Board of Directors who
is not party to the particular claim for which Indemnitee is seeking
indemnification, or Independent Legal Counsel.

 

f.                                         For
purposes of this Agreement, “Voting Securities” shall mean any securities of
the Company that vote generally in the election of directors.

 

11.                                 Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

 

12.                                 Binding
Effect; Successors and Assigns.  This
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective successors, assigns, including any
direct or indirect successor by purchase, merger, consolidation or otherwise to
all or substantially all of the business and/or assets of the Company, spouses,
heirs, and personal and legal representatives. 
The Company shall require and cause any successor (whether direct or
indirect by purchase, merger, consolidation or otherwise) to all, substantially
all, or a substantial part, of the business and/or assets of the Company, by
written agreement in form and substance satisfactory to Indemnitee, expressly
to assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform if no such succession
had taken place.  This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events

 

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regardless of whether Indemnitee continues to
serve as a director, officer, employee, agent or fiduciary of the Company or
any other enterprise at the Company’s request.

 

13.                                 Attorney’s
Fees.  In the event that any action
is instituted by Indemnitee under this Agreement or under any liability
insurance policies maintained by the Company to enforce or interpret any of the
terms hereof or thereof, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee with respect to such action, regardless of whether
Indemnitee is ultimately successful in such action, and shall be entitled to
the advancement of Expenses with respect to such action, unless as a part of
such action, a court of competent jurisdiction over such action determines that
each of the material assertions made by Indemnitee as a basis for such action were
not made in good faith or were frivolous. 
In the event of an action instituted by or in the name of the Company
under this Agreement to enforce or interpret any of the terms of this
Agreement, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee in defense of such action (including costs and expenses incurred
with respect to Indemnitee’s counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to
such action, unless, as a part of such action, the court having jurisdiction
over such action determines that each of Indemnitee’s material defenses to such
action were made in bad faith or were frivolous.

 

14.                                 Notice.  All notices and other communications required
or permitted hereunder shall be in writing, shall be effective when given and
shall in any event be deemed to be given: (a) five (5) days after
deposit with the U.S. Postal Service or other applicable postal service, if
delivered by first class mail, postage prepaid, (b) upon delivery, if
delivered by hand, (c) one business day after the business day of deposit
with Federal Express or similar overnight courier, freight prepaid, or (d) one
day after the business day of delivery by facsimile transmission, if delivered
by facsimile transmission, with copy by first class mail, postage prepaid, and
shall be addressed if to Indemnitee, at the Indemnitee’s address as set forth
beneath Indemnitee’s signature to this Agreement and if to the Company at the
address of its principal corporate offices or at such other address as such
party may designate by ten days advance written notice to the other party
hereto.

 

15.                                 Consent
to Jurisdiction.  The Company and
Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of
the State of Delaware for all purposes in connection with any action or
proceeding which arises out of or relates to this Agreement and agree that any
action instituted under this Agreement shall be commenced, prosecuted and
continued only in the Court of Chancery of the State of Delaware in and for New
Castle County, which shall be the exclusive and only proper forum for
adjudicating such a claim.

 

16.                                 Severability.  The provisions of this Agreement shall be
severable in the event that any of the provisions hereof (including any
provision within a single section, paragraph or sentence) are held by a court
of competent jurisdiction to be invalid, void or otherwise unenforceable, and
the remaining provisions shall remain enforceable to the fullest extent
permitted by law.  Furthermore, to the
fullest extent possible, the provisions of this Agreement (including, without
limitation, each portion of this Agreement containing any provision held to be
invalid, void or otherwise unenforceable that is not itself invalid, void or
unenforceable) shall be construed so as to give effect to the intent manifested
by the provision held invalid, illegal or unenforceable.

 

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17.                                 Choice
of Law.  This Agreement shall be governed
by and its provisions construed and enforced in accordance with the laws of the
State of Texas, as applied to contracts between Delaware residents, entered
into and to be performed entirely within the State of Texas, without regard to
the conflict of laws principles thereof.

 

18.                                 Subrogation.  In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all documents required and
shall do all acts that may be necessary to secure such rights and to enable the
Company effectively to bring suit to enforce such rights.

 

19.                                 Amendment
and Termination.  No amendment,
modification, termination or cancellation of this Agreement shall be effective
unless it is in writing signed by both the parties hereto.  No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

 

20.                                 Integration
and Entire Agreement.  This Agreement
sets forth the entire understanding between the parties hereto and supersedes
and merges all previous written and oral negotiations, commitments,
understandings and agreements relating to the subject matter hereof between the
parties hereto.

 

21.                                 No
Construction as Employment Agreement. 
Nothing contained in this Agreement shall be construed as giving
Indemnitee any right to be retained in the employ of the Company or any of its
subsidiaries.

 

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IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the date first
above written at Houston, Texas.

 

	
   

  	
  GLOBAL
  GEOPHYSICAL SERVICES INC., INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: Richard A. Degner

  
	
   

  	
  Title: President & Chief Executive
  Officer

  

 

 

	
  AGREED TO
  AND ACCEPTED AS OF

  
	
  THE DATE
  FIRST WRITTEN ABOVE:

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Name:

  
	
   

  
	
  Address for
  Notice:

  
	
   

  	
   

  
	
   

  	
   

  

 

10Exhibit
10.26

 

January       ,
2010

 

Global Geophysical
Services, Inc.

13927 South Gessner Road

Missouri City, TX 77489

 

Credit Suisse Securities
(USA) LLC

Barclays Capital Inc.

Tudor, Pickering, Holt &
Co. Securities, Inc.

 

c/o  Credit Suisse Securities (USA) LLC

Eleven Madison
Avenue

New York, NY 10010-3629

 

Dear Sirs:

 

As an inducement
to the Underwriters to execute the Underwriting Agreement, pursuant to which an
offering will be made that is intended to result in the establishment of a
public market for the Common Stock, par value $0.01 per share (the “Securities”) of Global Geophysical Services, Inc., and any
successor (by merger or otherwise) thereto, (the “Company”),
the undersigned hereby agrees that from the date hereof and until 180 days
after the public offering date set forth on the final prospectus used to sell
the Securities (the “Public Offering Date”)
pursuant to the Underwriting Agreement, to which you are or expect to become a party,
the undersigned will not offer, sell, contract to sell, pledge or otherwise
dispose of, directly or indirectly, any shares of Securities or securities
convertible into or exchangeable or exercisable for any shares of Securities,
enter into a transaction which would have the same effect, or enter into any
swap, hedge or other arrangement that transfers, in whole or in part, any of
the economic consequences of ownership of the Securities, whether any such
aforementioned transaction is to be settled by delivery of the Securities or
such other securities, in cash or otherwise, or publicly disclose the intention
to make any such offer, sale, pledge or disposition, or to enter into any such
transaction, swap, hedge or other arrangement, without, in each case, the prior
written consent of Credit Suisse Securities (USA) LLC and Barclays Capital Inc.
(“Barclays”).  In addition, the undersigned agrees that,
without the prior written consent of Credit Suisse and Barclays, it will not,
during the period commencing on the date hereof and ending 180 days after the
Public Offering Date, make any demand for or exercise any right with respect
to, the registration of any Securities or any security convertible into or
exercisable or exchangeable for the Securities.

 

The initial Lock-Up
Period will commence on the date of this Lock-Up Agreement and continue and
include the date 180 days after the public offering date set forth on the final
prospectus used to sell the Securities (the “Public
Offering Date”) pursuant to the Underwriting Agreement, to which you
are or expect to become parties; provided, however, that if (1) during the last
17 days of the initial Lock-Up Period, the Company releases earnings results or
material news or a material event relating to the Company occurs or (2) prior
to the expiration of the initial Lock-Up Period, the Company announces that it
will release earnings results during the 16-day period beginning on the last
day of the initial Lock-Up Period, then in each case the Lock-Up Period will be
extended until the expiration of the 18-day period beginning on the date of
release of the earnings results or the occurrence of the material news or
material event, as applicable, unless each of Credit Suisse and Barclays waives,
in writing, such extension

 

The undersigned
hereby acknowledges and agrees that written notice of any extension of the
Lock-Up Period pursuant to the previous paragraph will be delivered by Credit
Suisse to the Company (in accordance with Section 10 of the Underwriting
Agreement) and that any such notice properly delivered will be deemed to have been
given to, and received by, the undersigned. 
The undersigned further agrees that, prior to engaging in any
transaction or taking any other action that is subject to the terms of this
Lock-Up Agreement during the period from the date of this Lock-Up Agreement to
and including the 34th day following the expiration of the initial
Lock-Up Period, it will give notice thereof to the Company and will not
consummate such transaction or take any such action unless it has received
written confirmation from the Company that the Lock-Up Period (as may have been
extended pursuant to the previous paragraph) has expired.

 

 

Any Securities
received upon exercise of options granted to the undersigned will also be
subject to this Agreement.  Any
Securities acquired by the undersigned in the open market will not be subject
to this Agreement.  A transfer of
Securities to a family member or trust may be made, provided the transferee
agrees to be bound in writing by the terms of this Agreement prior to such
transfer and such transfer shall not involve a disposition for value.

 

In furtherance of
the foregoing, the Company and its transfer agent and registrar are hereby
authorized to decline to make any transfer of shares of Securities if such
transfer would constitute a violation or breach of this Agreement.

 

This Agreement
shall be binding on the undersigned and the successors, heirs, personal
representatives and assigns of the undersigned. 
This Agreement shall lapse and become null and void if the Public
Offering Date shall not have occurred on or before December 31, 2010.  This
agreement shall be governed by, and construed in accordance with, the laws of
the State of New York.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name of
  selling stockholder]

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