Document:

exv10w1

 

Exhibit 10.1

DAWSON GEOPHYSICAL COMPANY

2006 STOCK AND PERFORMANCE INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

          This Restricted Stock Agreement (“Agreement”) between DAWSON GEOPHYSICAL COMPANY (the
“Company”) and                      (the “Participant”), an employee of the Company or one of its
Subsidiaries, regarding an award (“Award”) of
                     shares of Common Stock (as defined in the
Dawson Geophysical Company 2006 Stock and Performance Incentive Plan (the “Plan”), such Common
Stock comprising this Award referred to herein as “Restricted Stock”) awarded to the Participant on

                     (the “Award Date”), such number of shares subject to adjustment as provided in the
Plan, and further subject to the terms and conditions set forth herein.

     1. Relationship to Plan.

          This Award is subject to all of the terms, conditions and provisions of the Plan and
administrative interpretations thereunder, if any, which have been adopted by the Company’s
Compensation Committee (the “Committee”) and are in effect on the date hereof. Except as defined
herein, capitalized terms shall have the same meanings ascribed to them under the Plan. For
purposes of this Agreement:

     (a) “Cause” means:

     (i) unacceptable or inadequate performance as determined by the Company,
including but not limited to failure to perform the Participant’s job at a level or
in a manner acceptable to the Company;

     (ii) misconduct, dishonesty, acts detrimental or destructive to the Company or
any Subsidiary or to any employees or property of the Company or any Subsidiary; or

     (iii) violation of any policies of the Company.

     (b) “Change of Control” means

     (i) any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the
Securities Exchange Act of 1934) is or becomes a beneficial owner, directly or
indirectly, of securities of the Company representing twenty percent (20%) or more
of the total voting power of the Company’s then outstanding securities;

     (ii) the individuals who were members of the Board of Directors of the Company
(the “Board”) immediately prior to a meeting of the shareholders of the Company
involving a contest for the election of directors shall not constitute a majority of
the Board following such election unless a majority of the new members of the Board
were recommended or approved by majority vote of the members of the Board
immediately prior to such shareholder meeting;

 

 

     (iii) the Company shall have merged into or consolidated with another
corporation, or merged another corporation into the Company, on a basis whereby less
than fifty percent (50%) of the total voting power of the surviving corporation is
represented by shares held by former shareholders of the Company prior to such
merger or consolidation; or

     (iv) the Company shall have sold, transferred or exchanged all, or
substantially all, of its assets to another corporation or other entity or person.

     (c) “Disability” means illness or other incapacity which prevents the Participant from
continuing to perform the duties of his job for a period of more than three months.

     (d) “Employment” means employment with the Company or any of its Subsidiaries.

     (e) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     2. Vesting Schedule.

     (a) This Award shall vest in installments in accordance with the following schedule:

	 	 	 
	 	 	Additional Percentage of
	Date Vested 	 	Award Vested
	First anniversary of Award Date
	 	33 1/3%
	Second anniversary of Award Date
	 	33 1/3%
	Third anniversary of Award Date
	 	33 1/3%
	 
	 	100%

Shares of Restricted Stock shall vest as of any particular date only with respect to a whole
number of shares.

     (b) All shares of Restricted Stock subject to this Award shall vest, irrespective of
the limitations set forth in subparagraph (a) above, provided that the Participant has been
in continuous Employment since the Award Date, upon the occurrence of:

     (i) a Change of Control;

     (ii) the Participant’s termination of Employment due to death or Disability; or

     (iii) the Participant’s termination of Employment by the Company or a
Subsidiary for reasons other than Cause.

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     3. Forfeiture of Award.

          Except as provided in any other agreement between the Participant and the Company, if the
Participant’s Employment terminates other than by reason of Participant’s death, Disability, or
termination by the Company or a Subsidiary other than for Cause, all unvested Restricted Stock as
of the termination date shall be forfeited.

     4. Escrow of Shares.

          During the period of time between the Award Date and the earlier of the date the Restricted
Stock vests or is forfeited (the “Restriction Period”), the Restricted Stock shall be registered in
the name of the Participant and held in escrow by the Company, and the Participant agrees, upon the
Company’s written request, to provide a stock power endorsed by the Participant in blank. Any
certificate shall bear a legend as provided by the Company, conspicuously referring to the terms,
conditions and restrictions described in this Agreement. Upon termination of the Restriction
Period, a certificate representing such shares shall be delivered upon written request to the
Participant as promptly as is reasonably practicable following such termination.

     5. Dividends and Voting Rights.

          The Participant is entitled to receive all dividends and other distributions made with respect
to Restricted Stock registered in his name and is entitled to vote or execute proxies with respect
to such registered Restricted Stock, unless and until the Restricted Stock is forfeited.

     6. Delivery of Shares.

          The Company shall not be obligated to deliver any shares of Common Stock if counsel to the
Company determines that such sale or delivery would violate any applicable law or any rule or
regulation of any governmental authority or any rule or regulation of, or agreement of the Company
with, any securities exchange or association upon which the Common Stock is listed or quoted. The
Company shall in no event be obligated to take any affirmative action in order to cause the
delivery of shares of Common Stock to comply with any such law, rule, regulation or agreement.

     7. Notices.

          Unless the Company notifies the Participant in writing of a different procedure, any notice or
other communication to the Company with respect to this Award shall be in writing and shall be:

     (a) by registered or certified United States mail, postage prepaid, to Dawson
Geophysical Company, Attn: Corporate Secretary, 508 West Wall, Suite 800, Midland, Texas
79701; or

     (b) by hand delivery or otherwise to Dawson Geophysical Company, Attn: Corporate
Secretary, 508 West Wall, Suite 800, Midland, Texas 79701.

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          Any notices provided for in this Agreement or in the Plan shall be given in writing and shall
be deemed effectively delivered or given upon receipt or, in the case of notices delivered by the
Company to the Participant, five days after deposit in the United States mail, postage prepaid,
addressed to the Participant at the address specified at the end of this Agreement or at such other
address as the Participant hereafter designates by written notice to the Company.

     8. Assignment of Award.

          Except as otherwise permitted by the Committee, the Participant’s rights under the Plan and
this Agreement are personal; no assignment or transfer of the Participant’s rights under and
interest in this Award may be made by the Participant other than by will, by beneficiary
designation or by the laws of descent and distribution.

     9. Withholding.

          At the time of delivery or vesting of Restricted Stock, the amount of all federal, state and
other governmental withholding tax requirements imposed upon the Company with respect to the
delivery or vesting of such shares of Restricted Stock shall be remitted to the Company or
provisions to pay such withholding requirements shall have been made to the satisfaction of the
Committee. The Committee may make such provisions as it may deem appropriate for the withholding
of any taxes which it determines is required in connection with this Award. The Participant may
pay all or any portion of the taxes required to be withheld by the Company or paid by the
Participant in connection with the all or any portion of this Award by delivering cash, or by
electing to have the Company withhold shares of Common Stock, or by delivering previously owned
shares of Common Stock, having a Fair Market Value equal to the amount required to be withheld or
paid.

     10. Stock Certificates.

          Certificates representing the Common Stock issued pursuant to the Award will bear all legends
required by law and necessary or advisable to effectuate the provisions of the Plan and this Award.
The Company may place a “stop transfer” order against shares of the Common Stock issued pursuant
to this Award until all restrictions and conditions set forth in the Plan or this Agreement and in
the legends referred to in this Section 10 have been complied with.

     11. Successors and Assigns.

          This Agreement shall bind and inure to the benefit of and be enforceable by the Participant,
the Company and their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Participant may not assign any rights or
obligations under this Agreement except to the extent and in the manner expressly permitted herein.

     12. No Employment Guaranteed.

          No provision of this Agreement shall confer any right upon the Participant to continued
Employment with the Company or any Subsidiary.

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     13. Governing Law.

          This Agreement shall be governed by, construed, and enforced in accordance with the laws of
the State of Texas.

     14. Amendment.

          This Agreement cannot be modified, altered or amended except by an agreement, in writing,
signed by both the Company and the Participant.

	 	 	 	 	 	 	 
	 	 	 	 	DAWSON GEOPHYSICAL COMPANY
	 
	 	 	 	 	 	 
	Date:

	 	 	 	By: 	 	 
	 

	 	 
	 	 	 
	 

	 	 	 	Name:	 
	 

	 	 	 	Title:	 

          The Participant hereby accepts the foregoing Restricted Stock Agreement, subject to the terms
and provisions of the Plan and administrative interpretations thereof referred to above.

	 	 	 	 	 
	 

	 	 	 	PARTICIPANT:
	 
	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 
	 	 

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Exhibit 10.2

DAWSON GEOPHYSICAL COMPANY

2006 STOCK AND PERFORMANCE INCENTIVE PLAN

STOCK OPTION AGREEMENT

          This option agreement (“Option Agreement” or “Agreement”) executed between DAWSON GEOPHYSICAL
COMPANY (the “Company”), and                     (the “Participant”), an employee of the Company or one of
its Subsidiaries, regarding a right (the “Option”) awarded
to the Participant on                     
 (the “Grant Date”) to purchase from the Company up to but
not exceeding in the aggregate                     
shares of Common Stock (as defined in the Dawson Geophysical Company 2006 Stock and Performance
Incentive Plan (the “Plan”)) at
$___.___ per share (the “Exercise Price”), such number of shares and
such price per share being subject to adjustment as provided in the Plan, and further subject to
the terms and conditions set forth herein.

     1. Relationship to Plan.

          This Option is subject to all of the terms, conditions and provisions of the Plan and
administrative interpretations thereunder, if any, which have been adopted by the Company’s
Compensation Committee (“Committee”) and are in effect on the date hereof. Except as defined
herein, capitalized terms shall have the same meanings ascribed to them under the Plan. This
Option is intended to qualify as an “Incentive Stock Option” as defined in the Plan. To the extent
the relevant limits are exceeded or the requisite holding period requirements are not satisfied,
this Option shall be deemed a Nonqualified Stock Option (as defined in the Plan). For purposes of
this Option Agreement:

     (a) “Cause” means:

     (i) unacceptable or inadequate performance as determined by the Company,
including but not limited to failure to perform the Participant’s job at a level or
in a manner acceptable to the Company;

     (ii) misconduct, dishonesty, acts detrimental or destructive to the Company or
any Subsidiary or to any employees or property of the Company or any Subsidiary; or

     (iii) violation of any policies of the Company.

     (b) “Change of Control” means

     (i) any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the
Securities Exchange Act of 1934) is or becomes a beneficial owner, directly or
indirectly, of securities of the Company representing twenty percent (20%) or more
of the total voting power of the Company’s then outstanding securities;

     (ii) the individuals who were members of the Board of Directors of the Company
(the “Board”) immediately prior to a meeting of the shareholders of the Company
involving a contest for the election of directors shall not constitute a

 

 

majority of the Board following such election unless a majority of the new
members of the Board were recommended or approved by majority vote of members of the
Board immediately prior to such shareholder meeting;

     (iii) the Company shall have merged into or consolidated with another
corporation, or merged another corporation into the Company, on a basis whereby less
than fifty percent (50%) of the total voting power of the surviving corporation is
represented by shares held by former shareholders of the Company prior to such
merger or consolidation; or

     (iv) the Company shall have sold, transferred or exchanged all, or
substantially all, of its assets to another corporation or other entity or person.

     (c) “Disability” means illness or other incapacity which prevents the Participant from
continuing to perform the duties of his job for a period of more than three months.

     (d) “Employment” means employment with the Company or any of its Subsidiaries.

     (e) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     (f) “Option Shares” means the shares of Common Stock covered by this Option Agreement.

     2. Exercise Schedule.

     (a) This Option may be exercised in installments in accordance with the following
schedule:

	 	 	 	 
	 	 	Percentage of Option Shares
	Date Vested	 	Available for Purchase
	First anniversary of the Grant Date
	 	33 1/3%	 
	Second anniversary of the Grant Date
	 	66 2/3%	 
	Third Anniversary of the Grant Date
	 	100%	 

          The Participant must be in continuous Employment from the Grant Date through the date of
exercisability in order for the Option to become exercisable with respect to additional shares of
Common Stock on such date.

     (b) This Option shall become fully exercisable, irrespective of the limitations set
forth in subparagraph (a) above, provided that the Participant has been in continuous
Employment since the Grant Date, upon the occurrence of

     (i) a Change of Control;

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     (ii) the Participant’s termination of Employment due to death or Disability; or

     (iii) the Participant’s termination of Employment by the Company or a
Subsidiary for reasons other than Cause.

     (c) To the extent the Option becomes exercisable, such Option may be exercised in whole
or in part (at any time or from time to time, except as otherwise provided herein) until
expiration of the Option pursuant to the terms of this Agreement or the Plan.

     3. Termination of Option

          The Option hereby granted shall terminate and be of no force and effect with respect to any
shares of Common Stock not previously purchased by the Participant at the earliest time specified
below:

     (a) the tenth anniversary of the Grant Date;

     (b) if Participant’s Employment is terminated by the Company or a Subsidiary for Cause
at any time after the Grant Date, then the Option shall terminate immediately upon such
termination of Participant’s Employment;

     (c) if Participant’s Employment is terminated by the Company or a Subsidiary for any
reason other than death, Disability or Cause, then the Option shall terminate on the first
business day following the expiration of the 90-day period which began on the date of
termination of Participant’s Employment;

     (d) if Participant’s Employment is terminated due to (i) death at any time after the
Grant Date and while in Employment or within 60 days after termination of such Employment,
or (ii) Disability at any time after the Grant Date, then the Option shall terminate on the
first business day following the expiration of the one-year period which began on the date
of Participant’s death or Disability, as applicable.

          In any event in which the Option remains exercisable for a period of time following the date
of termination of Participant’s Employment, the Option may be exercised during such period of time
only to the extent it was exercisable as provided in Section 2 on such date of termination of
Participant’s Employment. The portion of the Option not exercisable upon termination of Employment
shall terminate and be of no force and effect upon the date of the Participant’s termination of
Employment.

     4. Exercise of Option

          Subject to the limitations set forth herein and in the Plan, this Option may be exercised by
written notice provided to the Company as set forth in Section 5. Such written notice shall (a)
state the number of shares of Common Stock with respect to which the Option is being exercised, (b)
be accompanied by cash or shares of Common Stock (not subject to limitations on transfer) or a
combination of cash and Common Stock payable to Dawson

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Geophysical Company in the full amount of the purchase price for any shares of Common Stock
being acquired and (c) be accompanied by cash or Common Stock in the full amount of all federal and
state withholding or other employment taxes applicable to the taxable income of such Participant
resulting from such exercise (or instructions to satisfy such withholding obligation by withholding
Option Shares in accordance with Section 8); provided, however, that any shares of Common Stock
delivered in payment of the option price that are or were the subject of an award under the Plan
must be shares that the Participant has owned for a period of at least six months prior to the date
of exercise. For the purpose of determining the amount, if any, of the purchase price satisfied by
payment in Common Stock, such Common Stock shall be valued at its Fair Market Value on the date of
exercise. The Committee may, in its sole discretion, arrange for the exercise of this Option
through a broker-assisted cashless exercise program.

          Notwithstanding anything to the contrary contained herein, the Participant agrees that he will
not exercise the option granted pursuant hereto, and the Company will not be obligated to issue any
option shares pursuant to this Option Agreement, if the exercise of the Option or the issuance of
such shares would constitute a violation by the Participant or by the Company of any provision of
any law or regulation of any governmental authority or any stock exchange or transaction quotation
system. The Participant agrees that, unless the options and shares covered by the Plan have been
registered pursuant to the Securities Act of 1933, as amended (the “Act”), the Company may, at its
election, require the Participant to give a representation in writing in form and substance
satisfactory to the Company to the effect that he is acquiring such shares for his own account for
investment and not with a view to, or for sale in connection with, the distribution of such shares
or any part thereof.

          If any law or regulation requires the Company to take any action with respect to the shares
specified in such notice, the time for delivery thereof, which would otherwise be as promptly as
possible, shall be postponed for the period of time necessary to take such action.

     5. Notices

          Notice of exercise of the Option must be made in the following manner, using such forms as the
Company may from time to time provide:

     (a) by registered or certified United States mail, postage prepaid, to Dawson
Geophysical Company, Attn: Corporate Secretary, 508 West Wall, Suite 800, Midland, Texas
79701, in which case the date of exercise shall be the date of mailing; or

     (b) by hand delivery or otherwise to Dawson Geophysical Company, Attn: Corporate
Secretary, 508 West Wall, Suite 800, Midland, Texas 79701, in which case the date of
exercise shall be the date when receipt is acknowledged by the Company.

          Notwithstanding the foregoing, in the event that the address of the Company is changed prior
to the date of any exercise of this Option, notice of exercise shall instead be made pursuant to
the foregoing provisions at the Company’s current address.

          Any other notices provided for in this Agreement or in the Plan shall be given in writing and
shall be deemed effectively delivered or given upon receipt or, in the case of notices delivered by
the Company to the Participant, five days after deposit in the United States mail,

4

 

postage prepaid, addressed to the Participant at the address specified at the end of this
Agreement or at such other address as the Participant hereafter designates by written notice to the
Company.

     6. Assignment of Option

          Except as otherwise permitted by the Committee, the Participant’s rights under the Plan and
this Agreement are personal; no assignment or transfer of the Participant’s rights under and
interest in this Award may be made by the Participant other than by will, by beneficiary
designation or by the laws of descent and distribution.

     7. Stock Certificates

          Certificates representing the Common Stock issued pursuant to the exercise of the Option will
bear all legends required by law and necessary or advisable to effectuate the provisions of the
Plan and this Option. The Company may place a “stop transfer” order against shares of the Common
Stock issued pursuant to the exercise of this Option until all restrictions and conditions set
forth in the Plan or this Agreement and in the legends referred to in this Section 7 have been
complied with.

     8. Withholding

          No certificates representing shares of Common Stock purchased hereunder shall be delivered to
or in respect of an Participant unless the amount of all federal, state and other governmental
withholding tax requirements imposed upon the Company with respect to the issuance of such shares
of Common Stock has been remitted to the Company or unless provisions to pay such withholding
requirements have been made to the satisfaction of the Committee. The Committee may make such
provisions as it may deem appropriate for the withholding of any taxes which it determines is
required in connection with this Option. The Participant may pay all or any portion of the taxes
required to be withheld by the Company or paid by the Participant in connection with the exercise
of all or any portion of this Option by delivering cash, or, with the Committee’s approval, by
electing to have the Company withhold shares of Common Stock, or by delivering previously owned
shares of Common Stock, having a Fair Market Value equal to the amount required to be withheld or
paid. The Participant may only request withholding Option Shares having a Fair Market Value equal
to the statutory minimum withholding amount. The Participant must make the foregoing election on
or before the date that the amount of tax to be withheld is determined.

     9. Shareholder Rights

          The Participant shall have no rights of a shareholder with respect to shares of Common Stock
subject to the Option unless and until such time as the Option has been exercised and ownership of
such shares of Common Stock has been transferred to the Participant.

     10. Successors and Assigns

          This Agreement shall bind and inure to the benefit of and be enforceable by the Participant,
the Company and their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Participant may not assign any rights

5

 

or obligations under this Agreement except to the extent and in the manner expressly permitted
herein.

     11. No Employment Guaranteed

          No provision of this Option Agreement shall confer any right upon the Participant to continued
employment with the Company or any Subsidiary.

     12. Governing Law

          This Option Agreement shall be governed by, construed and enforced in accordance with the laws
of the State of Texas.

     13. Amendment

          This Agreement cannot be modified, altered or amended except by an agreement, in writing,
signed by both the Company and the Participant.

	 	 	 	 	 	 	 
	 	 	 	 	DAWSON GEOPHYSICAL COMPANY
	 
	 	 	 	 	 	 
	Date:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 
	 

	 	 	 	Name:	 
	 

	 	 	 	Title:	 

          The Participant hereby accepts the foregoing Option Agreement, subject to the terms and
provisions of the Plan and administrative interpretations thereof referred to above.

	 	 	 	 	 
	 

	 	 	 	PARTICIPANT:
	 
	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 
	 	 

6

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