SAExploration Holdings, Inc. (NASDAQ:SAEX) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k
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SAExploration Holdings, Inc. (NASDAQ:SAEX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

Amendments to Forbearance Agreements

As previously disclosed, on September 23, 2019, SAExploration Holdings, Inc. (the “Company”) and certain of its subsidiaries entered into a series of forbearance agreements with:

On December 31, 2019, the Company and certain of its subsidiaries entered into amendments to the Forbearance Agreements (together, the “Forbearance Agreement Amendments”). to the Forbearance Agreement Amendments, the Forbearing Parties agreed to: (i) extend the effectiveness of their agreement to refrain from exercising their rights and remedies under the Debt Instruments and applicable law (the “Forbearance”) until the earlier of (a) January 27, 2020, and (b) the date the Forbearance Agreements otherwise terminate in accordance with their terms; and (ii) make certain amendments to the existing and potential defaults covered by the Forbearance.

The foregoing description of the Forbearance Agreement Amendments is a summary only and is qualified in its entirety by reference to the complete text of Forbearance Agreement Amendments attached as Exhibit 10.1, Exhibit 10.2 and Exhibit 10.3 hereto, each incorporated herein by reference.

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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective December 30, 2019, the Company’s Board of Directors terminated the employment of Brian Beatty, the Company’s Chief Operating Officer. Under the terms of his employment agreement with the Company, as a result of his termination, Mr. Beatty was deemed to have immediately resigned as a director of the Company as well as any other office, position, or directorship which he held with any of the Company’s affiliates. Mr. Beatty will not receive any compensation or other severance benefits in connection with the termination of his employment.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.3    Amendment No. 1 to Forbearance Agreement, dated as of December 31, 2019, among SAExploration Holdings, Inc. and the holders party thereto.

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SAExploration Holdings, Inc. Exhibit
EX-10.1 2 d858866dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 Execution Version AMENDMENT NO. 1 TO FORBEARANCE AGREEMENT This AMENDMENT NO. 1 TO FORBEARANCE AGREEMENT,…
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