Document:

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                                                                    EXHIBIT 10.2

                         REVOLVING LINE OF CREDIT NOTE

$30,000,000.00                                                  PORTLAND, OREGON
                                                               SEPTEMBER 8, 2006

     FOR VALUE RECEIVED, the undersigned LACROSSE FOOTWEAR, INC. ("Borrower")
promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank")
at its office at PORTLAND RCBO, 1300 S.W. FIFTH AVENUE, PORTLAND, OR 97201, or
at such other place as the holder hereof may designate, in lawful money of the
United States of America and in immediately available funds, the principal sum
of $30,000,000.00, or so much thereof as may be advanced and be outstanding,
with interest thereon, to be computed on each advance from the date of its
disbursement as set forth herein.

DEFINITIONS:

     As used herein, the following terms shall have the meanings set forth after
each, and any other term defined in this Note shall have the meaning set forth
at the place defined:

     (a) "Business Day" means any day except a Saturday, Sunday or any other day
on which commercial banks in Oregon are authorized or required by law to close.

     (b) "Fixed Rate Term" means a period commencing on a Business Day and
continuing for 1, 2, 3 OR 6 MONTHS, as designated by Borrower, during which all
or a portion of the outstanding principal balance of this Note bears interest
determined in relation to LIBOR; provided however, that no Fixed Rate Term may
be selected for a principal amount less than $250,000.00; and provided further,
that no Fixed Rate Term shall extend beyond the scheduled maturity date hereof,
however, if any Fixed Rate Term would end on a day which is not a Business Day,
then such Fixed Rate Term shall be extended to the next succeeding Business Day.

     (c) "LIBOR" means the rate per annum (rounded upward, if necessary, to the
nearest whole 1/8 of 1%) and determined pursuant to the following formula:

                             Base LIBOR
          LIBOR = -------------------------------
                  100% - LIBOR Reserve Percentage

     (i) "Base LIBOR" means the rate per annum for United States dollar deposits
quoted by Bank as the Inter-Bank Market Offered Rate, with the understanding
that such rate is quoted by Bank to its borrowers (whose loans bear interest in
relation to such rate) generally for the purpose of calculating effective rates
of interest for loans making reference thereto, on the first day of a Fixed Rate
Term for delivery of funds on said date for a period of time approximately equal
to the number of days in such Fixed Rate Term and in an amount approximately
equal to the principal amount to which such Fixed Rate Term applies. Borrower
understands and agrees that Bank may base its quotation of the Inter-Bank Market
Offered Rate upon such offers or other market indicators of the Inter-Bank
Market as Bank in its

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discretion deems appropriate including, but not limited to, the rate offered for
U.S. dollar deposits on the London Inter-Bank Market.

     (ii) "LIBOR Reserve Percentage" means the reserve percentage prescribed by
the Board of Governors of the Federal Reserve System (or any successor) for
"Eurocurrency Liabilities" (as defined in Regulation D of the Federal Reserve
Board, as amended), adjusted by Bank for expected changes in such reserve
percentage during the applicable Fixed Rate Term.

     (d) "Prime Rate" means at any time the rate of interest most recently
announced within Bank at its principal office as its Prime Rate, with the
understanding that the Prime Rate is one of Bank's base rates and serves as the
basis upon which effective rates of interest are calculated for those loans
making reference thereto, and is evidenced by the recording thereof after its
announcement in such internal publication or publications as Bank may designate.

INTEREST:

     (a) Interest. The outstanding principal balance of this Note shall bear
interest (computed on the basis of a 360-day year, actual days elapsed) either
(i) at a fluctuating rate per annum equal to 0.50000% BELOW the Prime Rate in
effect from time to time, or (ii) at a fixed rate per annum determined by Bank
to be 1.50000% ABOVE LIBOR in effect on the first day of the applicable Fixed
Rate Term. When interest is determined in relation to the Prime Rate, each
change in the rate of interest hereunder shall become effective on the date each
Prime Rate change is announced within Bank. With respect to each LIBOR selection
hereunder, Bank is hereby authorized to note the date, principal amount,
interest rate and Fixed Rate Term applicable thereto and any payments made
thereon on Bank's books and records (either manually or by electronic entry)
and/or on any schedule attached to this Note, which notations shall be prima
facie evidence of the accuracy of the information noted.

     (b) Selection of Interest Rate Options. At any time any portion of this
Note bears interest determined in relation to LIBOR, it may be continued by
Borrower at the end of the Fixed Rate Term applicable thereto so that all or a
portion thereof bears interest determined in relation to the Prime Rate or to
LIBOR for a new Fixed Rate Term designated by Borrower. At any time any portion
of this Note bears interest determined in relation to the Prime Rate, Borrower
may convert all or a portion thereof so that it bears interest determined in
relation to LIBOR for a Fixed Rate Term designated by Borrower. At such time as
Borrower requests an advance hereunder or wishes to select a LIBOR option for
all or a portion of the outstanding principal balance hereof, and at the end of
each Fixed Rate Term, Borrower shall give Bank notice specifying: (i) the
interest rate option selected by Borrower; (ii) the principal amount subject
thereto; and (iii) for each LIBOR selection, the length of the applicable Fixed
Rate Term. Any such notice may be given by telephone (or such other electronic
method as Bank may permit) so long as, with respect to each LIBOR selection, (A)
if requested by Bank, Borrower provides to Bank written confirmation thereof not
later than three (3) Business Days after such notice is given, and (B) such
notice is given to Bank prior to 10:00 a.m. on the first day of the Fixed Rate
Term, or at a later time during any Business Day if Bank, at it's sole option
but without obligation to do so, accepts Borrower's notice and quotes a fixed
rate to Borrower. If Borrower does not immediately accept a fixed rate when
quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request
from Borrower shall be subject to a redetermination by Bank of the applicable
fixed rate. If no specific designation of interest is made at the time any
advance is requested hereunder or at the end of any Fixed Rate Term, Borrower
shall be

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deemed to have made a Prime Rate interest selection for such advance or the
principal amount to which such Fixed Rate Term applied.

     (c) Taxes and Regulatory Costs. Borrower shall pay to Bank immediately upon
demand, in addition to any other amounts due or to become due hereunder, any and
all (i) withholdings, interest equalization taxes, stamp taxes or other taxes
(except income and franchise taxes) imposed by any domestic or foreign
governmental authority and related in any manner to LIBOR, and (ii) costs
incurred by Bank as a result of future supplemental, emergency or other changes
in the LIBOR Reserve Percentage, increases in assessment rates imposed by the
Federal Deposit Insurance Corporation, or similar requirements or costs imposed
by any domestic or foreign governmental authority or resulting from compliance
by Bank with any future request or directive (whether or not having the force of
law) from any central bank or other governmental authority and related in any
manner to LIBOR to the extent they are not included in the calculation of LIBOR.
In determining which of the foregoing are attributable to any LIBOR option
available to Borrower hereunder, any reasonable allocation made by Bank among
its operations shall be conclusive and binding upon Borrower.

     (d) Payment of Interest. Interest accrued on this Note shall be payable on
the LAST day of each MONTH, commencing SEPTEMBER 30, 2006.

     (e) Default Interest. From and after the maturity date of this Note, or
such earlier date as all principal owing hereunder becomes due and payable by
acceleration or otherwise, the outstanding principal balance of this Note shall
bear interest until paid in full at an increased rate per annum (computed on the
basis of a 360-day year, actual days elapsed) equal to 2% above the Prime Rate
in effect from time to time.

BORROWING AND REPAYMENT:

     (a) Borrowing and Repayment. Borrower may from time to time during the term
of this Note borrow, partially or wholly repay its outstanding borrowings, and
reborrow, subject to all of the limitations, terms and conditions of this Note
and of any document executed in connection with or governing this Note; provided
however, that the total outstanding borrowings under this Note shall not at any
time exceed the principal amount available at such time under the Line of Credit
as defined in and as set forth in the Credit Agreement (defined below). The
unpaid principal balance of this obligation at any time shall be the total
amounts advanced hereunder by the holder hereof less the amount of principal
payments made hereon by or for any Borrower, which balance may be endorsed
hereon from time to time by the holder. The outstanding principal balance of
this Note shall be due and payable in full on JUNE 30, 2009.

     (b) Advances. Advances hereunder, to the total amount of the principal sum
stated above, may be made by the holder at the oral or written request of (i)
DAVID P. CARLSON, JOSEPH P. SCHNEIDER, JAMES FONTAINE, KRIS JOHNSON, CHRISTINE
MOCKETT, NATE BAKER, KIRK LAYTON OR GREG INMAN, any one acting alone (or such
other individuals as the president or chief financial officer of Borrower shall
designate from time to time by written notice to Bank), who are authorized to
request advances and direct the disposition of any advances until written notice
of the revocation of such authority is received by the holder at the office
designated above, or (ii) any person, with respect to advances deposited to the
credit of any deposit account of Borrower that is maintained with Bank, which
advances, when so deposited, shall be conclusively presumed to have been made to
or for the benefit of each Borrower regardless of the fact that

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persons other than those authorized to request advances may have authority to
draw against such account. The holder shall have no obligation to determine
whether any person requesting an advance is or has been authorized by Borrower.

     (c) Application of Payments. Each payment made on this Note shall be
credited first, to any interest then due and second, to the outstanding
principal balance hereof. All payments credited to principal shall be applied
first, to the outstanding principal balance of this Note which bears interest
determined in relation to the Prime Rate, if any, and second, to the outstanding
principal balance of this Note which bears interest determined in relation to
LIBOR, with such payments applied in succession to the Fixed Rate Term advances
in order of their successive maturities from the payment date.

PREPAYMENT:

     (a) Prime Rate. Borrower may prepay principal on any portion of this Note
which bears interest determined in relation to the Prime Rate at any time, in
any amount and without any penalty or prepayment fee.

     (b) LIBOR. Borrower may prepay principal on any LIBOR-based advance which
bears interest determined in relation to LIBOR at any time and in the minimum
amount of $100,000.00; provided however, that if the outstanding principal
balance of such portion of this Note is less than said amount, the minimum
prepayment amount shall be the entire outstanding principal balance thereof. In
consideration of Bank providing this prepayment option to Borrower, or if any
such portion of this Note shall become due and payable at any time prior to the
last day of the Fixed Rate Term applicable thereto by acceleration or otherwise,
Borrower shall pay to Bank immediately upon demand a fee which is the sum of the
discounted differences for the period from the day of prepayment through the day
on which such Fixed Rate Term matures, calculated as follows for each such
month:

     (i)  Determine the amount of remaining interest which would have accrued on
          the amount prepaid at the interest rate applicable to such amount had
          it remained outstanding until the last day of the Fixed Rate Term
          applicable thereto.

     (ii) Subtract from the amount determined in (i) above the amount of
          interest which would have accrued for the period on the amount prepaid
          for the remaining term of such Fixed Rate Term at LIBOR in effect on
          the date of prepayment for new loans made for such term and in a
          principal amount equal to the amount prepaid.

     (iii) If the result obtained in (ii) for any month is greater than zero,
          discount that difference by LIBOR used in (ii) above.

Borrower acknowledges that prepayment of such amount may result in Bank
incurring additional costs, expenses and/or liabilities, and that it is
difficult to ascertain the full extent of such costs, expenses and/or
liabilities. Borrower, therefore, agrees to pay the above-described prepayment
fee and agrees that said amount represents a reasonable estimate of the
prepayment costs, expenses and/or liabilities of Bank. If Borrower fails to pay
any prepayment fee when due, the amount of such prepayment fee shall thereafter
bear interest until paid at a rate per annum 2.000% above the Prime Rate in
effect from time to time (computed on the basis of a 360-day

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year, actual days elapsed). Each change in the rate of interest on any such past
due prepayment fee shall become effective on the date each Prime Rate change is
announced within Bank.

EVENTS OF DEFAULT:

     This Note is made pursuant to and is subject to the terms and conditions of
that certain Amended and Restated Credit Agreement between Borrower and Bank
dated as of SEPTEMBER 8, 2006, as amended from time to time (the "Credit
Agreement"). Any default in the payment or performance of any obligation under
this Note, or any defined event of default under the Credit Agreement, shall
constitute an "Event of Default" under this Note.

MISCELLANEOUS:

     (a) Remedies. Upon the occurrence of any Event of Default, the holder of
this Note, at the holder's option, may declare all sums of principal and
interest outstanding hereunder to be immediately due and payable without
presentment, demand, notice of nonperformance, notice of protest, protest or
notice of dishonor, all of which are expressly waived by each Borrower, and the
obligation, if any, of the holder to extend any further credit hereunder shall
immediately cease and terminate. The non-prevailing party shall pay to the
prevailing party immediately upon demand the full amount of all payments,
advances, charges, costs and expenses, including reasonable attorneys' fees (to
include outside counsel fees and all allocated costs of in-house counsel),
expended or incurred by the non-prevailing party in connection with (a) the
enforcement of Bank's rights and/or the collection of any amounts which become
due to Bank under this Note, and (b) the prosecution or defense of any action in
any way related to this Note, including without limitation, any action for
declaratory relief, whether incurred at the trial or appellate level, in an
arbitration proceeding or otherwise, and including any of the foregoing incurred
in connection with any bankruptcy proceeding (including without limitation, any
adversary proceeding, contested matter or motion brought by Bank or any other
person) relating to any Borrower or Subsidiary (as the term is defined in the
Credit Agreement).

     (b) Obligations Joint and Several. Should more than one person or entity
sign this Note as a Borrower, the obligations of each such Borrower shall be
joint and several.

     (c) Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of Oregon.

UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY BANK AFTER
OCTOBER 3, 1989 CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR
PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER'S
RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY BANK TO BE
ENFORCEABLE.

This Note amends, replaces and supersedes the promissory note in the principal
amount of $30,000,000.00 dated as of October 1, 2005 executed by Borrower
pursuant to the Credit Agreement.

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     IN WITNESS WHEREOF, the undersigned has executed this Note as of the date
first written above.

LACROSSE FOOTWEAR, INC.

By: /s/ Joseph P. Schneider
    ---------------------------------
    Joseph P. Schneider
    President/Chief Executive Officer

By: /s/ David P. Carlson
    ---------------------------------
    David P. Carlson
    Executive Vice President/
    Chief Financial Officer

                                       -6-exv10w1

 

Exhibit 10.1

SEPARATION AGREEMENT AND RELEASE

     THIS AGREEMENT AND RELEASE is by and between Michael Pugh (“Mr. Pugh”), a resident of Spring,
Texas, and Mitcham Industries, Inc. (“Mitcham”), a Texas corporation, having its principal place of
business in Huntsville, Texas.

WITNESSETH:

     Mr. Pugh is presently Executive Vice President-Finance and Chief Financial Officer (“CFO”) for
Mitcham;

     Mr. Pugh is resigning his employment with Mitcham and all Mitcham subsidiaries effective June
23, 2006;

     Mr. Pugh and Mitcham desire to define their respective rights and obligations for the future
and avoid the expense, delay and uncertainty attendant to disputes, if any, which may arise from
Mr. Pugh’s employment or resignation of employment;

     Now, therefore, for and in consideration of the mutual covenants and promises hereinafter set
forth, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Mr. Pugh and Mitcham agree:

     1. Resignation. Mr. Pugh has resigned his employment and appointment as an officer
with Mitcham and its subsidiaries effective June 23, 2006 and Mitcham has accepted his
resignation. Mr. Pugh agrees and acknowledges that after June 23, 2006 he has no authority to and
will not act as an employee or officer of Mitcham or its subsidiaries.

     2. Salary and Benefits. In lieu of notice, Mitcham shall pay Mr. Pugh’s salary and
provide medical benefits according to the terms and conditions of its medical benefit plans until
June 30, 2006. Payments under this paragraph shall be made in accord with Mitcham’s regular
payroll practice with customary withholding for taxes and applicable deductions. Mr. Pugh
acknowledges that such payments are in full satisfaction of all wages, benefits, and the
compensation owed by Mitcham to Mr. Pugh for employment or service with Mitcham or its
subsidiaries.

     3. Separation Benefits. Mitcham thereafter agrees to continue to pay Mr. Pugh an
amount equal to his current base salary ($13,333.32 per month) for a period of three months in
accord with Mitcham’s regular practice and with customary withholding for taxes and applicable
deductions. During the period of salary continuation, and provided Mr. Pugh elects continuation
coverage, Mr. Pugh shall continue to participate in Mitcham’s medical plan on the same terms as
applicable to such participation for active employees. Mitcham reserves the right to amend,
change or terminate the medical plan at its discretion. In the event of Mr. Pugh’s material
breach of this Agreement, Mr. Pugh shall repay all amounts paid by Mitcham within ten (10) days
upon receiving a written demand from Mitcham.

 

 

     4. Stock Options. Mitcham agrees to accelerate vesting of all options granted March
31, 2006 (which the parties agree are options for 5,000 shares) to vest fully such options as of
the effective date of his resignation. Pugh’s vested stock options, including the options vested
as of the effective date of resignation and which the parties agree are options for 25,000 shares,
shall be exercised in accordance with the terms and conditions of the (i) Amended and Restated
1998 Stock Awards Plan of Mitcham Industries, Inc., (ii) Mitcham Industries, Inc. Incentive Stock
Option Agreement (1998) Stock Awards Plan), (iii) Mitcham Industries, Inc. 2000 Stock Option Plan,
and (iv) Mitcham Industries, Inc. Incentive Stock Option Agreement, as applicable to such vested
options, based on his date of termination, June 23, 2006; provided, however, with respect to the
stock options grant for 5,000 shares granted March 31, 2006 for which vesting has been accelerated
according to this section, Mitcham shall cause the applicable plan and agreement to be amended to
provide that Mr. Pugh shall have until December 31, 2006 to exercise these options for 5,000
shares. Such amendment shall not change the exercise date as to Mr. Pugh’s stock options for
20,000 shares granted December 8, 2004. Mr. Pugh shall have no further rights to any Award as
such term is defined in such Plans and Agreements.

     5. Restricted Stock. Mitcham agrees as to all Restricted Stock subject to Forfeiture
Restrictions as of June 23, 2006 (which the parties agree are 500 Restricted Shares), that such
restrictions shall expire as of the date of resignation.

     6. Prior Rights and Obligations. This Agreement and Release otherwise extinguishes
all rights, if any, which Mr. Pugh may have, and obligations, if any, which Mitcham may have,
contractual or otherwise, relating to the employment or termination of employment of Mr. Pugh with
Mitcham.

     7. Mitcham Assets. Mr. Pugh hereby represents and warrants that he has no claim or
right, title or interest in any property owned by Mitcham including without limitation the
property designated on Mitcham’s books as the property or assets of Mitcham and that he will
deliver to Mitcham on or before the effective date of his termination to Mitcham all Mitcham
property including without limitation Company credit cards and computer and electronic devices
which were in his possession, custody or control.

     8. Proprietary and Confidential Information. In accordance with Mr. Pugh’s existing
and continuing obligations, Mr. Pugh agrees and acknowledges that the various Mitcham Entities
have developed and own valuable “Proprietary and Confidential Information” which constitutes
valuable and unique property including, without limitation, concepts, ideas, plans, strategies,
analyses, surveys, research and development materials, and proprietary information related to the
past, present or anticipated business of the various Mitcham Parties. Except as required by law,
Mr. Pugh agrees that he will not at any time disclose to others, permit to be disclosed, use,
permit to be used, copy or permit to be copied, any such Proprietary and Confidential Information
(whether or not developed by Mr. Pugh or developed by others under his direction or while employed
with or assisting Mitcham) without Mitcham’s prior written consent. Mr. Pugh further agrees to
maintain in confidence any Proprietary and Confidential Information of third parties received or
of which he has knowledge as a result of his employment. Mr. Pugh agrees that in the event of an
actual breach by Mr. Pugh of the provisions of this paragraph, Mitcham shall be entitled to inform
all potential or new

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employers of this Agreement and that such breach shall cause Mitcham immediate and
irreparable harm for which damages will not be adequate.

     9. Documents. Mr. Pugh represents, warrants, and agrees that he will leave in his
office or has delivered to Mitcham all analysis, computer files, correspondence, data or
information, memoranda, models, notes, research in any form, records, or other documents,
including charts and drawings, and all copies thereof, made, composed or received by Mr. Pugh,
solely or jointly with others, and which are or were in Mr. Pugh’s possession, custody or control
and which are related in any manner to the past, present or anticipated business of Mitcham upon
termination of his employment. In this regard, Mr. Pugh hereby grants and conveys to Mitcham all
right, title and interest in and to, including without limitation, the right to possess, print,
copy, and sell or otherwise dispose of, any data, drawings, information, papers, photographs,
records, reports, summaries, or other documents in writing, and copies, abstracts or summaries
thereof, which may have been prepared by Mr. Pugh or under his direction or which may have come
into his possession in any way during the term of his employment with Mitcham which relate in any
manner to past, present or anticipated business of Mitcham.

     10. Cooperation. Mr. Pugh shall cooperate with and assist Mitcham to the extent
required by Mitcham in all matters, including without limitation, matters relating to his
employment or the winding up of his pending work and the orderly transfer of any pending work as
designated by Mitcham. This obligation shall include, without limitation, assisting Mitcham and
its counsel in preparing and defending against any claims which have been or may be brought
against any Mitcham entity or responding to any inquiry by any person or governmental agency.
Mitcham’s requests for Mr. Pugh’s cooperation shall be commercially reasonable and Mr. Pugh agrees
that he shall be commercially reasonable in providing such cooperation, taking into account the
needs of Mitcham and the position he may have with another employer at the time such cooperation
is required. Mr. Pugh shall take such further action and execute documents as may be reasonably
necessary or appropriate in order to carry out the provisions and purposes of this Agreement

     11. No Solicitation. Mr. Pugh agrees for a period of one year from the effective
date of this Agreement not to encourage, induce or solicit, directly or indirectly, or in concert
with others, any Mitcham employee to terminate their relationship with Mitcham.

     12. Expenses. Mr. Pugh agrees that he has submitted or will submit within five days
all actual, reasonable and customary expenses incurred by him in the course of his employment,
which Mitcham shall reimburse in accordance with Mitcham’s expense reimbursement policy.

     13. Mr. Pugh’s Representation. Mr. Pugh represents, warrants and agrees that he has
not filed any claims, appeals, complaints, charges or lawsuits against Mitcham, its subsidiary
companies or their respective owners, directors, officers, employees, agents and representatives
(such entities and individuals being collectively, including Mitcham, the “Mitcham Parties”) with
any governmental agency or court and that he will not file or accept benefit from any claim,
complaint or petition filed with any court by him or on his behalf at any time hereafter as to
those claims released herein; provided, however, this shall not limit Mr. Pugh from filing

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an action for the sole purpose of enforcing his rights under this Agreement. Further, Mr.
Pugh represents and warrants that to his knowledge (i) no other person or entity has any interest
or assignment in claims or causes of action, if any, he may have against any Mitcham Party and
which he now releases in their entirety; (ii) there has been no act, event, or omission by any
Mitcham Party which is unlawful or violates any governmental rule or regulation or any rule or
regulation of any stock exchange (including the NASDAQ stock market), (iii) he has not committed,
during his employment with Mitcham or any Mitcham subsidiary, any act which is unlawful or which
violates any governmental rule or regulation or any rule or regulation of any stock exchange
(including the NASDAQ stock market), (iv) he has not been requested by or requested any Mitcham
Party to commit any unlawful act or violate any governmental rule or regulation or any rule or
regulation of any stock exchange (including the NASDAQ stock market), and (v) neither he nor any
other person employed by or contracting with any Mitcham Party has been subjected to any adverse
action because any such person refused to commit any unlawful act or violate any governmental rule
or regulation or any rule or regulation of any stock exchange (including the NASDAQ stock market).

     14. Release. Mr. Pugh agrees to release, acquit and discharge and does hereby
release, acquit and discharge Mitcham and all other Mitcham Parties, collectively and
individually, from any and all claims and from any and all causes of action against any of the
Mitcham Parties, of any kind or character, whether now known or not known, he may have against any
such Mitcham Party, in their corporate, individual and representative capacities, including, but
not limited to, any claim for benefits, bonuses, compensation, costs, damages, expenses,
remuneration, salary, or wages; and further including but not limited to all claims or causes of
action arising from his employment, termination of employment, or any alleged unlawful employment
practices, including claims under the Age Discrimination in Employment Act or Texas Commission on
Human Rights Act, and any and all claims or causes of action arising under any other federal,
state or local laws; except that the parties agree that Mr. Pugh’s release, acquittal and
discharge shall not relieve Mitcham from its obligations under this Agreement. This release also
applies to any claims brought by any person or agency or class action under which Mr. Pugh may
have a right or benefit.

     15. ADEA Rights. Mr. Pugh acknowledges and agrees:

     (a) that he has had at least twenty-one (21) days to consider this Agreement
and Release before accepting;

     (b) that he has been advised in writing to consult with an attorney regarding
the terms of this Agreement and Release before accepting;

     (c) that, if he accepts this Agreement and Release, that he has seven days
following the execution of this Agreement and Release to revoke this Agreement and
Release.

     (d) that this Agreement and Release shall not become effective or enforceable
until the revocation period has expired;

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     (e) that he is receiving, pursuant to this Agreement and Release, consideration
in addition to anything of value to which he is already entitled; and

     (f) that he does not waive any claims or rights that may arise after the date
he executes this Agreement and Release.

     16. No Derogatory Comments. Mr. Pugh acknowledges and agrees that he has no
knowledge of any act or omission by any Mitcham Party which would credibly give rise to any
derogatory comment and, therefore, agrees to refrain from making public or private comments
relating to any Mitcham Party, corporate or individual, which are derogatory or which may tend to
injure any such party in its or their business, public or private affairs.

     17. No Admissions. The parties expressly understand and agree that the terms of this
Agreement and Release are contractual and not merely recitals and that the agreements herein and
consideration paid are to compromise doubtful and disputed claims, avoid litigation, and buy
peace, and that no statement or consideration given shall be construed as an admission of any
claim by either party, such admissions being expressly denied.

     18. Enforcement of Agreement and Release. No waiver or non-action with respect to
any breach by the other party of any provision of this Agreement and Release, nor the waiver or
non-action with respect to any breach of the provisions of similar agreements with other employees
shall be construed to be a waiver of any succeeding breach of such provision, or as a waiver of
the provision itself. Should any provision of this Agreement and Release be held to be invalid or
wholly or partially unenforceable, such holdings shall not invalidate or void the remainder of
this Agreement and Release, and those portions held to be invalid or unenforceable shall be
revised and reduced in scope so as to be valid and enforceable, or, if such is not possible, then
such portion shall be deemed to have been wholly excluded with the same force and effect as if
they had never been included herein.

     19. Choice of Law. This Agreement shall be governed by and construed and enforced,
in all respects, in accordance with the law of the State of Texas without regard to conflict of
law principles unless preempted by federal law, in which case federal law shall govern.

     20. Merger. This Agreement and Release supersedes, replaces and merges all previous
agreements and discussions relating to the same or similar subject matters between Mr. Pugh and
Mitcham and constitutes the entire agreement between Mr. Pugh and Mitcham with respect to the
subject matter of this Agreement. This Agreement may not be changed or terminated orally, and no
change, termination or waiver of this Agreement or any of the provisions herein contained shall be
binding unless made in writing and signed by all parties, and in the case of Mitcham, by an
authorized executive officer.

     21. Confidentiality. Mr. Pugh agrees that he has not disclosed and will not disclose
the terms of this Agreement or the consideration received from Mitcham to any other person, except
his attorney or financial advisors and only on the condition that they keep such information
strictly confidential; provided, however, that the foregoing obligation of

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confidence shall not apply to information that is required to be disclosed as a result of any
applicable law, rule or regulation of any governmental authority or any court.

     22. Agreement and Release Voluntary. Mr. Pugh acknowledges and agrees that he has
carefully read this Agreement and understands that, except as expressly reserved herein, it is a
release of all claims, known and unknown, past or present. He further agrees that he has entered
into this Agreement for the above stated consideration. He warrants that he is fully competent to
execute this Agreement and Release which he understands to be contractual. He further
acknowledges that he executes this Agreement and Release of his own free will, after having a
reasonable period of time to review, study and deliberate regarding its meaning and effect, and
after being advised to consult an attorney, and without reliance on any representation of any kind
or character not expressly set forth herein. Finally, he executes this Agreement fully knowing
its effect and voluntarily for the consideration stated above.

     23. Headings. The section headings contained herein are for the purpose of
convenience only and are not intended to define or limit the contents of such sections.

     24. Notices. Any notices required or permitted to be given under this Agreement and
Release shall be properly made if delivered in the case of Mitcham to:

Mitcham Industries, Inc.

8141 SH Hwy. 75 S.

P. O. Box 1175

Huntsville, TX 77340

Attention: Billy F. Mitcham, Jr.

and in the case of Mr. Pugh to:

8114 Vintage Creek Drive

Spring, TX 77379

     IN WITNESS WHEREOF, the parties have caused this Agreement and Release to be executed in
multiple counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument, at Huntsville, Texas, to be effective on execution by the
parties.

	 	 	 
	August 22, 2006

	 	/s/ Michael Pugh
	Date

	 	MICHAEL PUGH
	 
	 	 
	 

	 	MITCHAM INDUSTRIES, INC.
	August 23, 2006

	 	By /s/ Billy F. Mitcham, Jr.
	Date
	 	 

-6-

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