Document:

exv10w3

 

Exhibit
10.3

10-Q, 7/31/06

Mitcham Industries, Inc.

Stock Awards Plan

Nonqualified Stock Option Agreement

	 	 	 	 	 
	Grantee:
	 	 	                                        	 
	 
	 	 	 	 
	Date of Grant:
	 	 	                                        	 
	 
	 	 	 	 
	Exercise Price per Share:
	 	$	                                        	 
	 
	 	 	 	 
	Number of Option Shares Granted:
	 	 	                                        	 

     1. Notice of Grant. I am pleased to inform you that you have been granted an option
(“Option”) pursuant to the Mitcham Industries, Inc. Stock Awards Plan (the “Plan”) to purchase the
number of shares of Common Stock of Mitcham Industries, Inc. (the “Company”) set forth above,
subject to the terms and conditions of the Plan and this Agreement. This Option is not intended to
be an incentive stock option within the meaning of Section 422 of the Code.

     2. Vesting and Exercise of Option. Subject to the further provisions of this
Agreement, the Option shall become vested and may be exercised in accordance with the following
schedule, by written notice to the Company at its principal executive office addressed to the
attention of its Secretary (or such other officer or employee of the Company as the Company may
designate from time to time):
331/3% of the Option on the first anniversary of the Date of Grant; an
additional 331/3% of the Option on the second anniversary; and the remaining 331/3% of the Option on
the third anniversary of the Date of Grant.

Notwithstanding the above schedule, but subject to the further provisions of this Agreement, upon
the occurrence of the following events the Option shall vest and become exercisable or be
forfeited, as the case may be, as provided below:

     (a) Disability. If your employment with the Company terminates by reason of a
disability that entitles you to benefits under the Company’s long-term disability plan, the
Option shall become fully vested and may be exercised at any time during the one-year period
following such termination (but not thereafter) by you or by your guardian or legal
representative (or, if you die during such one-year period, by your estate or the person who
acquires the Option by will or the laws of descent and distribution).

     (b) Death. If you die while in the employ of the Company, the Option shall
become fully vested and may be exercised at any time during the one-year period following
the date of your death (but not thereafter) by your estate (or the person who acquires the
Option by will or the laws of descent and distribution).

     (c) Termination for Cause. If your employment is terminated by the Company for
Cause, the Option automatically shall be cancelled without payment on your termination. As
used herein, Cause shall mean the termination of your employment by the Company as a result
of (i) an act or acts of dishonesty on your part resulting or
intended to result, directly or indirectly, in gain or personal enrichment to you at
the

 

 

expense of the Company or an Affiliate; (ii) your unwillingness to perform your duties
in a satisfactory manner, as determined in good faith by the Board; or (iii) after written
notice from the Company, you shall have failed, within the period provided in such notice,
to perform your duties at a level consistent with your performance prior to the failure that
gave rise to the notice from the Company, as determined in good faith by the Board.

     (d) Other Terminations. If your employment with the Company is terminated for
any reason other than as provided above, the Option, to the extent vested on the date of
your termination, may be exercised, at any time during the three-month period following such
termination (but not thereafter), by you or by your guardian or legal representative (or by
your estate or the person who acquires the Option by will or the laws of descent and
distribution or otherwise by reason of your death if you die during such period), but only
as to the vested number of Option shares, if any, that you were entitled to purchase
hereunder as of the date your employment terminates.

     (e) Change of Control. The Option automatically shall become fully vested upon
a Change of Control.

     All Option shares that are not vested on your termination of employment with the Company
automatically shall be cancelled and forfeited without payment upon your termination. For purposes
of this Agreement, “employment with the Company” shall include being an employee or a Director of,
or a Consultant to, the Company or an Affiliate. However, if your Award is subject to Section 409A
of the Code, whether your employment with the Company has terminated will be determined in
accordance with the regulations issued under Section 409A.

     Notwithstanding any of the foregoing, the Option shall not be exercisable in any event after
the expiration of ten years from the Date of Grant.

     3. Method of Exercise. Payment of the aggregate Exercise Price for the Shares being
purchased shall be by any of the following, or a combination thereof, at your election: (a) cash;
(b) check acceptable to the Company; (c) consideration received by the Company under a cashless
broker exercise program approved by the Company; (d) with the consent of the Company, (i) the
constructive surrender of other Shares already owned by you or (ii) the withholding of Shares that
would otherwise be delivered to you upon the exercise of this Option; or (e) any combination of the
above.

     4. Nontransferability of Option. This Option may not be transferred in any manner
otherwise than by will or by the laws of descent or distribution and may be exercised during your
lifetime only by you. Notwithstanding the foregoing, this Option may be transferred to your spouse
pursuant to a qualified domestic relations order. The terms of the Plan and this Agreement shall
be binding upon your executors, administrators, heirs, successors and assigns.

     5. Entire Agreement; Governing Law. The Plan is incorporated herein by reference.
The Plan and this Agreement constitute the entire agreement of the parties with respect to the
subject matter hereof and supersede in their entirety all prior undertakings and agreements of the

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Company. This Agreement is governed by the internal substantive laws, but not the choice of
law rules, of the State of Texas.

     6. Withholding of Tax. To the extent that the exercise of the Option results in the
receipt of compensation by you with respect to which the Company or an Affiliate has a tax
withholding obligation pursuant to applicable law, unless other arrangements have been made by you
that are acceptable to the Company or such Affiliate, which, with the consent of the Committee, may
include withholding a number of Shares that would otherwise be delivered on exercise that have an
aggregate Fair Market Value that does not exceed the amount of taxes required to be withheld, you
shall deliver to the Company or an Affiliate such amount of money as the Company or an Affiliate
may require to meet its withholding obligations under such applicable law. No delivery of Shares
shall be made pursuant to the exercise of the Option under this Agreement until you have paid or
made arrangements approved by the Company or an Affiliate to satisfy in full the applicable tax
withholding requirements of the Company or an Affiliate.

     7. Amendment. This Agreement may be modified only by a written agreement signed by
you and an officer of the Company who is expressly authorized by the Company to execute such
document; provided, however, notwithstanding the foregoing, the Company may make any change to this
grant, in writing, without your consent if such change is not adverse to your rights under this
Agreement.

     8. General. This Option is granted under and governed by the terms and conditions of
the Plan and this Agreement. In the event of any conflict, the terms of the Plan shall control.
Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings
in this Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	MITCHAM INDUSTRIES, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 

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Exhibit 10.4

10-Q, 7/31/06

Mitcham Industries, Inc.

Stock Awards Plan

Restricted Stock Agreement

	 	 	 	 	 
	Grantee:
	 	 	                                        	 
	 
	 	 	 	 
	Date of Grant:
	 	 	                                        	 
	 
	 	 	 	 
	Number of Restricted Shares Granted:
	 	 	                                        	 
	 
	 	 	 	 
	Performance Period and Goals:
	 	 	See Attachment A	 

     1. Notice of Grant. I am pleased to inform you that you have been granted restricted
shares of Common Stock (“Restricted Stock”) of Mitcham Industries, Inc. (the “Company”) pursuant to
the Mitcham Industries, Inc. Stock Awards Plan (the “Plan”) as provided above, subject to the terms
and conditions of the Plan and this Agreement.

     2. Vesting Provisions.

     (a) Forfeitures. In the event of your termination of employment with the
Company prior to the end of the Performance Period for any reason other than your death or a
disability that entitles you to benefits under the Company’s long-term disability plan, all
            shares of Restricted Stock then subject to the Forfeiture Restrictions automatically shall
be forfeited to the Company without payment. The prohibitions against transfer of the
Restricted Stock set forth in Section 4 and the obligations to forfeit and surrender the
Restricted Stock to the Company set forth in this Section 2 are referred to herein as the
“Forfeiture Restrictions.” For purposes of this Agreement, “employment with the Company”
shall include being an employee or a Director of, or a Consultant to, the Company or an
Affiliate.

     (b) Performance Vesting. To the extent the applicable performance vesting
criteria set forth on Attachment A are achieved, the Forfeiture Restrictions shall lapse as
to shares of Restricted Stock on the date(s) set forth in Attachment A. Any shares of
Restricted Stock that do not become performance vested during the Performance Period, as
provided in Attachment A, automatically shall be forfeited to the Company without payment.

     (c) Early Vesting. The Forfeiture Restrictions shall lapse, and you shall
become vested, as to the Restricted Stock without regard to the achievement of the
performance goals set forth on Attachment A on (i) the termination of your employment with
the Company due to your death or a disability that entitles you to benefits under the
Company’s long-term disability plan or (ii) a Change of Control.

 

 

     3. Certificates. A certificate evidencing the shares of Restricted Stock shall be
issued by the Company in your name, pursuant to which you shall have all of the rights of a
shareholder of the Company with respect to the shares of Restricted Stock, including, without
limitation, voting rights and the right to receive dividends (provided, however, that any dividends
or other distributions paid with respect to Restricted Stock shall be subject to the Forfeiture
Restrictions and shall vest only if and when the related share of Restricted Stock vests). The
certificate shall contain an appropriate endorsement reflecting the Forfeiture Restrictions. The
certificate shall be delivered upon issuance to the Secretary of the Company or to such other
depository as may be designated by the Committee as a depository for safekeeping until the
forfeiture of such Restricted Stock occurs or the Forfeiture Restrictions lapse pursuant to the
terms of the Plan and this Agreement. You shall, if required by the Committee, deliver to the
Company a stock power, endorsed in blank, relating to the Restricted Stock. Upon the lapse of the
Forfeiture Restrictions without forfeiture of the Restricted Stock, the Company shall cause a new
certificate or certificates to be issued without legend (except for any legend required pursuant to
applicable securities laws or any other agreement to which you are a party) in your name in
exchange for the certificate evidencing the Restricted Stock.

     4. Nontransferability of Restricted Stock. You may not sell, transfer, pledge,
exchange, hypothecate or dispose of the Restricted Stock in any manner otherwise than by will or by
the laws of descent or distribution until the Forfeiture Restrictions have expired. The Forfeiture
Restrictions shall be binding upon and enforceable against any transferee of the shares of
Restricted Stock.

     5. Withholding of Tax. To the extent that the receipt of the shares of Restricted
Stock (or dividends or distributions on such Restricted Stock) or the lapse of any Forfeiture
Restrictions results in compensation to you with respect to which the Company or an Affiliate has a
tax withholding obligation pursuant to applicable law, the Company shall withhold and cancel from
the number of shares of Restricted Stock awarded you (or cash dividend or distribution) such number
of shares of Restricted Stock (or cash) necessary to satisfy the tax required to be withheld by the
Company.

     6. Entire Agreement; Governing Law. The Plan is incorporated herein by reference.
The Plan and this Agreement constitute the entire agreement of the parties with respect to the
subject matter hereof and supersede in their entirety all prior undertakings and agreements of the
Company and you with respect to the subject matter hereof, and may not be modified adversely to
your interest except by means of a writing signed by the Company and you. This Agreement is
governed by the internal substantive laws, but not the choice of law rules, of the State of Texas.

     7. Amendment. This Agreement may be modified only by a written agreement signed by
you and an officer of the Company who is expressly authorized by the Company to execute such
document; provided, however, notwithstanding the foregoing, the Company may make any change to this
grant, in writing, without your consent if such change is not adverse to your rights under this
Agreement.

     8. General. These shares of Restricted Stock are granted under and governed by the
terms and conditions of the Plan and this Agreement. In the event of any conflict, the terms of

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the Plan shall control. Unless otherwise defined herein, the terms defined in the Plan shall
have the same defined meanings in this Restricted Stock Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	MITCHAM INDUSTRIES, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 

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