Document:

exh_49.htm

EXHIBIT 4.9

FOURTH SUPPLEMENTAL INDENTURE

 Fourth Supplemental Indenture (this “Supplemental Indenture”), dated as of March 16, 2012, among STRM, LLC, a Colorado limited liability company (the “Guaranteeing Subsidiary”), an indirect subsidiary of Global Geophysical Services, Inc. (or its permitted successor), a Delaware corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to below) and The Bank of New York Mellon Trust Company, N.A., as trustee under the Indenture referred to below (the “Trustee”).

W I T N E S S E T H

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (as supplemented and amended by the First Supplemental Indenture dated as of September 10, 2010, the Second Supplemental Indenture dated as of November 10, 2010 and the Third Supplemental Indenture dated as of December 9, 2010, the “Indenture”), dated as of April 27, 2010 providing for the issuance of 101⁄2% Senior Notes due 2017 (the “Notes”);

WHEREAS, the Indenture provides that under certain circumstances each guaranteeing subsidiary under the Indenture shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company's Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Subsidiary Guarantee”); and

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Fourth Supplemental Indenture.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

1.           Capitalized terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

2.           Agreement to Guarantee.  The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Subsidiary Guarantee and in the Indenture including but not limited to Article 10 thereof.

3.           No Recourse Against Others. No director, officer, employee, manager, incorporator, member, partner or stockholder or other owner of Capital Stock of the Company or any of its Subsidiaries, as such, shall have any liability for any obligations of the Company or any Guarantor under the Notes, the Subsidiary Guarantees or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of a Note by accepting the Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities 

 

  

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under the federal securities laws, and it is the view of the SEC that such a waiver is against public policy.

4.           NEW YORK LAW TO GOVERN.  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

5.           Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

6.           Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction hereof.

7.           The Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary, the other Guarantors and the Company.

Signatures on the following page

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

 

STRM, LLC

 

as the Guaranteeing Subsidiary

 

AUTOSEIS DEVELOPMENT COMPANY

 

and

 

PAISANO LEASE CO., INC.

 

and

 

GLOBAL EURASIA, LLC

 

and

 

GLOBAL MICROSEISMIC SERVICES, INC.

 

and

 

GGS INTERNATIONAL HOLDINGS, INC.

 

and

 

AUTOSEIS, INC.

 

as the other Guarantors

 

GLOBAL GEOPHYSICAL SERVICES, INC.

 

as Company

All of the above by:

/s/ P. Mathew Verghese

Name:    P. Mathew Verghese

Title:      Senior Vice President and

Chief Financial Officer

[Signature Page of Trustee Follows]

 

 

 

  

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IN WITNESS WHEREOF, the Trustee has caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

The Bank of New York Mellon Trust Company, N.A., as Trustee

By:           /s/ Julie Hoffman-Ramos

Authorized Signatory

996223_2

 

  

4exhibit_10-1.htm

Exhibit 10.1

 

	

CONTACTS

Chief Financial Officer

Meir Moshe

+972-3766-8610

Corporate Media Relations

Michael Lordi

+1 201-785-3206

mikel@radware.com

	 

 

For Immediate Release

Radware Ltd. Announces Second Quarter 2012 Results

* Record Quarterly Revenues of $46.8 Million

* Record Quarterly Non-GAAP EPS $0.43

* Record Quarterly Non-GAAP Operating Margin 21%

 

TEL AVIV, ISRAEL: July 26, 2012 — Radware® (NASDAQ: RDWR), a global leader of application delivery and application security solutions for virtual and cloud data centers, today reported quarterly revenues of $46.8 million for the second quarter of 2012. This represents an increase of 14% compared with revenues of $41.1 million for the second quarter of 2011.

Net income on a GAAP basis for the second quarter of 2012 was $7.6 million or $0.32 per diluted share, compared with net income of $4.9 million or $0.21 per diluted share for the second quarter of 2011.

Net income on a Non-GAAP basis for the second quarter of 2012 was $10.0 million or $0.43 per diluted share, compared with net income of $7.3 million or $0.32 per diluted share for the second quarter of 2011.

At the end of the second quarter 2012, the company’s overall cash position including cash, short-term bank deposits and marketable securities amounted to $250.2 million, representing an increase in the company's cash position of approximately $11.4 million in the second quarter of 2012.

"We are continuing to see steady growth for the business," stated Roy Zisapel president and chief executive officer, Radware. "This is fueled by not only increased traction for our solutions in the Americas but also our ability to secure large deals with carriers and cloud/service providers to help them address burgeoning mobile data, security, and managed services demands.

In addition, strong demand for our attack mitigation solution continues as seen both by our growing install base and by our new partnership with CheckPoint”     

 

  

  

  

 

During the second quarter 2012, Radware released the following significant announcements:

	
  

	
·

	
Radware Joins Open Networking Foundation

	
  

	
·

	
Multiple Social Networking Companies Select Radware to Defend Against Cyber Attacks

	
  

	
·

	
Radware Earns 2011 Unified Communications Product of the Year Award

	
  

	
·

	
Radware's Alteon® 10000 Delivers the Capacity and Performance Needed to Help a U.S. Tier 1 Carrier Expand Its DNS Application

	
  

	
·

	
Radware Collaborates with IBM to Help Customers Achieve Superior Value from Cloud Computing and Virtualization

	
  

	
·

	
Radware Ltd. Announces First Quarter 2012 Results

	
  

	
·

	
Radware Speakers at Interop to Address Software Defined Networking in the Virtual Data Center and Optimizing the Cloud

	
  

	
·

	
Radware and NEC Collaborate to Take OpenFlow Security to the Next Level

	
  

	
·

	
Knorr-Bremse Deploys Radware's Alteon® 5224 to Ensure Cost-Effective Application Delivery During Recent Data Center Upgrade

	
  

	
·

	
Radware's Carl Herberger to Deliver Keynote at SecureWorld: Philadelphia May 24

	
  

	
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Yes Satellite Television Service Provider Says ‘Yes’ to Radware’s ADC and Application Security Solutions

	
  

	
·

	
Radware's DefensePro® Earns Common Criteria Evaluation Assurance Level 4+

	
  

	
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Radware Unveils Attack Mitigation Black Belt Challenge

	
  

	
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Radware Provides Leading Attack Mitigation Capabilities for Check Point’s DDoS ProtectorTM Appliance Line

	
  

	
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Radware Announces Second Quarter 2012 Earnings Conference Call

	
  

	
·

	
Radware’s FastViewTM Technology Raises the Bar for Web Performance Optimization

	
  

	
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Radware’s Attack Mitigation System Protects Online Businesses Against Encrypted DoS & DDoS Attacks

Company management will host a quarterly investor conference call at 8:45am ET on July 26, 2012. The call will focus on financial results for the quarter ending June 30, 2012 and certain other matters related to the Company’s business.

The conference call will be webcast on July 26, 2012 at 8:45a.m. ET in the “listen only” mode via the Internet at: http://www.radware.com/Company/InvestorRelations/default.aspx and will be available for replay during the next 30 days.

Please use the following dial-in numbers to participate in the second quarter 2012 call:

Participants in the US call: Toll Free +1 (866) 966-9439

International participants call: +44 (0) 1452-555-566

Conference ID:  94844084

About Radware

Radware (NASDAQ: RDWR), is a global leader of application delivery and application security solutions for virtual and cloud data centers. Its award-winning solutions portfolio delivers full resilience for business-critical applications, maximum IT efficiency, and complete business agility.  Radware’s solutions empower more than 10,000 enterprise and carrier customers worldwide to adapt to market challenges quickly, maintain business continuity and achieve maximum productivity while keeping costs down.  For more information, please visit www.radware.com.

Radware encourages you to join our community and follow us on LinkedIn, Radware Blog, Twitter, YouTube and the Radware Connect app for iPhone®.

  

  

  

 

Use of Non-GAAP Financial Information

In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of net income and earnings per share, which are adjustments from results based on GAAP to exclude stock-based compensation expenses, in accordance with ASC No. 718, amortization of intangible assets, and exchange rate differences, net on balance sheet items included in finance income. Such exchange rate differences may vary from period to period due to changes in exchange rates driven by general market conditions or other circumstances outside of the normal course of Radware's operations. Management believes that exclusion of these charges allows comparisons of operating results that are consistent across past, present and future periods. Radware’s management believes the non-GAAP financial information provided in this release is useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release, to the most directly comparable GAAP financial measures, is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and, as such, has determined that it is important to provide this information to investors.

 

This press release may contain statements concerning Radware’s future prospects that are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995.  These statements are based on current expectations and projections that involve a number of risks and uncertainties.  There can be no assurance that future results will be achieved, and actual results could differ materially from forecasts and estimates.  These risks and uncertainties, as well as others, are discussed in greater detail in Radware’s Annual Report on Form 20-F and Radware’s other filings with the Securities and Exchange Commission.  Forward-looking statements speak only as of the date on which they are made and Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made.  Radware’s public filings are available from the Securities and Exchange Commission’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

 

  

  

  

 

	Condensed Consolidated Balance Sheets
	(U.S. Dollars in thousands)

 

	  	 	
December 31,

 2011

	 	 	
June 30,

 2012

	 
	  	 	 	 	 	
(Unaudited)

	 
	
Current assets

	 	 	 	 	 	 
	
Cash and cash equivalents

	 	 	17,386	 	 	 	12,044	 
	
Available-for-sale marketable securities

	 	 	10,334	 	 	 	5,671	 
	
Short-term bank deposits

	 	 	88,773	 	 	 	118,041	 
	
Trade receivables, net

	 	 	12,565	 	 	 	17,733	 
	
Other receivables and prepaid expenses

	 	 	3,625	 	 	 	3,332	 
	
Inventories

	 	 	12,147	 	 	 	12,493	 
	  	 	 	144,830	 	 	 	169,314	 
	
Long-term investments

	 	 	 	 	 	 	 	 
	
Available-for-sale marketable securities

	 	 	102,644	 	 	 	114,479	 
	
Severance pay funds

	 	 	3,047	 	 	 	2,823	 
	  	 	 	105,691	 	 	 	117,302	 
	  	 	 	 	 	 	 	 	 
	
Property and equipment, net

	 	 	11,084	 	 	 	10,663	 
	  	 	 	 	 	 	 	 	 
	
Other assets

	 	 	 	 	 	 	 	 
	
Intangible assets, net

	 	 	8,163	 	 	 	6,645	 
	
Other long-term assets

	 	 	1,365	 	 	 	1,143	 
	
Goodwill

	 	 	24,465	 	 	 	24,465	 
	  	 	 	 	 	 	 	 	 
	
Total assets

	 	 	295,598	 	 	 	329,532	 
	  	 	 	 	 	 	 	 	 
	
Current liabilities

	 	 	 	 	 	 	 	 
	
Trade payables

	 	 	5,099	 	 	 	4,798	 
	
Deferred revenues, other payables and accrued expenses

	 	 	43,732	 	 	 	56,899	 
	  	 	 	48,831	 	 	 	61,697	 
	  	 	 	 	 	 	 	 	 
	
Long-term liabilities

	 	 	27,446	 	 	 	20,675	 
	  	 	 	 	 	 	 	 	 
	
Shareholders’ equity

	 	 	 	 	 	 	 	 
	
Share capital

	 	 	528	 	 	 	546	 
	
Additional paid-in capital

	 	 	233,353	 	 	 	244,559	 
	
Accumulated other comprehensive income (loss)

	 	 	(1,663	)	 	 	528	 
	
Treasury stock, at cost

	 	 	(18,036	)	 	 	(18,036	)
	
Retained earnings

	 	 	5,139	 	 	 	19,563	 
	
Total shareholders’ equity

	 	 	219,321	 	 	 	247,160	 
	  	 	 	 	 	 	 	 	 
	
Total liabilities and shareholders' equity

	 	 	295,598	 	 	 	329,532	 

  

  

  

 

	
Condensed Consolidated Statements of Income

	
(U.S. Dollars in thousands, except share and per share data)

 

	  	 	
For the Three months ended 

June 30,

	 	 	
For the Six months ended

June 30,

	 
	  	 	
2011

	 	 	
2012

	 	 	
2011

	 	 	
2012

	 
	  	 	
(Unaudited)

	 	 	
(Unaudited)

	 	 	
(Unaudited)

	 	 	
(Unaudited)

	 
	  	 	 	 	 	 	 	 	 	 	 	 	 
	
Revenues

	 	 	41,115	 	 	 	46,802	 	 	 	79,734	 	 	 	91,823	 
	
Cost of revenues

	 	 	8,318	 	 	 	8,810	 	 	 	16,197	 	 	 	17,342	 
	
Gross profit

	 	 	32,797	 	 	 	37,992	 	 	 	63,537	 	 	 	74,481	 
	
Operating expenses:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Research and development

	 	 	9,092	 	 	 	8,943	 	 	 	17,796	 	 	 	18,095	 
	
Selling and marketing

	 	 	17,339	 	 	 	19,017	 	 	 	33,745	 	 	 	37,704	 
	
General and administrative

	 	 	2,436	 	 	 	2,427	 	 	 	4,785	 	 	 	4,831	 
	
Total operating expenses

	 	 	28,867	 	 	 	30,387	 	 	 	56,326	 	 	 	60,630	 
	
Operating income

	 	 	3,930	 	 	 	7,605	 	 	 	7,211	 	 	 	13,851	 
	
Financial income, net

	 	 	1,298	 	 	 	989	 	 	 	2,637	 	 	 	2,491	 
	
Income before taxes on income

	 	 	5,228	 	 	 	8,594	 	 	 	9,848	 	 	 	16,342	 
	
Taxes on income

	 	 	(298	)	 	 	(1,043	)	 	 	(529	)	 	 	(1,918	)
	
Net Income

	 	 	4,930	 	 	 	7,551	 	 	 	9,319	 	 	 	14,424	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Basic net earnings per share

	 	$	0.24	 	 	$	0.35	 	 	$	0.45	 	 	$	0.67	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Weighted average number of shares used to compute basic net earnings per share

	 	 	  20,927,549	 	 	 	  21,859,625	 	 	 	  20,801,998	 	 	 	  21,677,698	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Diluted net earnings per share

	 	$	0.21	 	 	$	0.32	 	 	$	0.41	 	 	$	0.62	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Weighted average number of shares used to compute diluted net earnings per share

	 	 	  22,976,000	 	 	 	  23,399,494	 	 	 	  23,001,985	 	 	 	  23,268,450	 

  

  

  

	
Reconciliation of Supplemental Financial Information

	
(U.S. Dollars in thousands, except share and per share data)

 

	  	 	
For the Three months ended 

June 30,

	 	 	
For the Six months ended

June 30,

	 
	  	 	
2011

	 	 	
2012

	 	 	
2011

	 	 	
2012

	 
	 	 	

(Unaudited)

	 	 	

(Unaudited)

	 	 	

(Unaudited)

	 	 	

(Unaudited)

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
GAAP net Income

	 	 	 4,930	 	 	 	7,551	 	 	 	9,319	 	 	 	14,424	 
	
Stock-based compensation expenses, included in:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Cost of revenues

	 	 	16	 	 	 	17	 	 	 	31	 	 	 	38	 
	
Research and development

	 	 	286	 	 	 	279	 	 	 	539	 	 	 	607	 
	
Selling and marketing

	 	 	781	 	 	 	860	 	 	 	1,391	 	 	 	1,826	 
	
General and administrative

	 	 	345	 	 	 	254	 	 	 	663	 	 	 	528	 
	  	 	 	1,428	 	 	 	1,410	 	 	 	2,624	 	 	 	2,999	 
	
Amortization of intangible assets included in:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Cost of revenues

	 	 	541	 	 	 	467	 	 	 	1,082	 	 	 	935	 
	
Selling and marketing

	 	 	421	 	 	 	292	 	 	 	842	 	 	 	583	 
	  	 	
­ 962

	 	 	 	759	 	 	 	1,924	 	 	 	1,518	 
	
Exchange rate differences, net on balance sheet items included in finance expenses (income)

	 	 	(67	)	 	 	     287	 	 	 	(496	)	 	 	     19	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Non-GAAP net income

	 	 	 7,253	 	 	 	10,007	 	 	 	13,371	 	 	 	18,960	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Non-GAAP diluted net earnings per share

	 	$	0.32	 	 	$	0.43	 	 	$	0.58	 	 	$	0.81	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Weighted average number of shares used to compute Non-GAAP diluted net earnings per share

	 	 	    22,976,000	 	 	 	    23,399,494	 	 	 	    23,001,985	 	 	 	    23,268,450

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