AMENDMENT TO WARRANT AGREEMENT
THIS AMENDMENT TO WARRANT AGREEMENT (the Amendment) is made and entered into effective as of January 13, 2020, between SAExploration Holdings, Inc., a Delaware corporation (the Company), and Continental Stock Transfer & Trust Company, a New York corporation (the Warrant Agent).
WHEREAS, the Company and the Warrant Agent are parties to that certain Warrant Agreement dated as of December 11, 2019 (the Warrant Agreement), pursuant to which the Company issued Series F Warrants to purchase shares of the Companys common stock, par value $0.0001 per share, to certain holders (the Warrant Holders);
WHEREAS, the Company desires to enter into this Amendment in order to amend the definition of Shareholder Approval contained therein in order to comply with applicable rules and regulations of its principal stock exchange;
WHEREAS, pursuant to Section 5.03 of the Warrant Agreement, the Warrant Agreement may be modified or amended by the Company and the Warrant Agent if it is approved by the consent of the Warrant Holders holding more than a majority of the Series F Warrants; and
WHEREAS, the Amendment has been approved by the consent of the Warrant Holders holding at least a majority of the Series F Warrants.
NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows:
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Amendment to the Registration Rights Agreement:
1. The definition of Shareholder Approval set forth in Section 1.01 of the Warrant Agreement is hereby deleted and replaced in in its entirety with the following:
Shareholder Approval means such approval as may be required by the applicable rules and regulations of the Nasdaq Stock Market (or any successor entity) from the shareholders of the Company with respect to the transactions contemplated by this Warrant Agreement, including the issuance of Common Shares upon the exercise of Warrants in excess of 19.99% of the Common Shares issued and outstanding on the Closing Date.
2. In the case of conflict between this Amendment and the Warrant Agreement, this Amendment shall control.