ION Geophysical Corporation, along with its affiliates, filed first amended joint plan of reorganization with related supplement disclosure statement in the US Bankruptcy Court on July 18, 2022. As per the plan filed, professional fee claims of committee professionals shall be capped at $1.51 million; provided that any allowed professional fee claims of the committee professionals in excess of $1.51 million shall be paid from the GUC cash payment or, to the extent paid by the debtors on or prior to the effective date, shall reduce the GUC cash payment. Second Lien Notes Secured Claims shall recover between 28%-30% of allowed amount, General Unsecured Claims shall recover between 3%-4% of allowed amount, and ION Geophysical Common Interests will be cancelled under this plan.

Exit facilities and issuance of new common stock are no longer used in plan funding. There is no other change in the treatment of claims. ION Geophysical Corporation, along with its affiliates, filed a modified first amended joint plan of reorganization in the US Bankruptcy Court on August 16, 2022. As per the amended plan filed, there are no changes in the treatment of any claim class or sources of plan funding.

ION Geophysical Corporation, along with its affiliates, filed a second modified first amended joint plan of reorganization in the US Bankruptcy Court on August 24, 2022. As per the modified plan filed, there are no changes in the treatment of any claim class or sources of plan funding.