Document:

exv10w8

 

EXHIBIT 10.8

MITCHAM INDUSTRIES, INC.

NONQUALIFIED STOCK OPTION AGREEMENT

(2000 STOCK OPTION PLAN)

     Mitcham Industries, Inc., a Texas corporation (the “Company”), has granted
to    (the “Optionee”), an option (“Option”) to purchase a total
of    shares of Common Stock (the “Shares”), at the price set forth below
and in all respects subject to the terms, definitions and provisions of the
Company’s 2000 Stock Option Plan (the “Plan’) adopted by the Company, the terms
of which are incorporated herein by reference. Capitalized terms used but not
defined in this Option shall have the same meanings as are given to them in the
Plan.

     1. Nature of Option. This Option is intended by the Company and the
Optionee to be a Nonqualified Stock Option that does not qualify for any
special tax benefits to the Optionee. This Option is not an Incentive Stock
Option and is not subject to Section 5(b) of the Plan.

     2. Exercise Price. The exercise price is    ($   ) for
each Share (the “Exercise Price”), which is at least 100% of the fair market
value (as defined in the Plan) of a share of Common Stock on the date of grant.

     3. Exercise of Option. This Option shall be exercisable as to 1/3 of the
Shares on each of the first, second and third anniversary dates of this Option,
subject to the provisions of Section 9 of the Plan and the provisions of this
Option.

     This Option is exercisable by written notice stating the election to
exercise the Option, the number of Shares in respect of which this Option is
being exercised, and such representations and agreements as to the holder’s
investment intent with respect to such Shares as may be required by the
Company. Such written notice shall be signed by the Optionee and shall be
delivered in person or by certified mail to the Secretary of the Company. The
written notice shall be accompanied by payment of the Exercise Price in full.
This Option shall be deemed exercised upon receipt by the Company of such
written notice accompanied by the Exercise Price.

     No Shares will be issued on the exercise of this Option unless such
issuance and such exercise complies with all relevant provisions of any
applicable law including, without limitation, the Securities Act of 1933, as
amended (the “Securities Act”), the Securities Exchange Act of 1934, as
amended, the rules and regulations promulgated thereunder, and the requirements
of any stock exchange upon which the Shares may then be listed, and shall be
further subject to approval of counsel for the Company with respect to such
compliance. Assuming such compliance, for income tax purposes, the Shares
shall be considered transferred to the Optionee on the date on which this
Option is exercised with respect to such Shares.

     4. Method of Payment. Payment of the exercise price shall be by any of
the following, or a combination thereof, at the election of the Board:

          (a) cash;

 

     (b) certified or cashier’s check; or

     (c) surrender of other shares of Common Stock of the Company
that (i) either have been owned by the Optionee for more than six
months on the date of surrender or were not acquired, directly or
indirectly, from the Company and (ii) have a fair market value on
the date of surrender equal to the aggregate Exercise Price of the
Shares as to which this Option is being exercised.

     5. Restrictions on Exercise. This Option may not be exercised: (a) until
the Plan has been approved by the shareholders of the Company or (b) if the
issuance of such Shares upon such exercise or the method or payment of
consideration for such Shares would constitute a violation of any applicable
federal or state securities or other law or regulation. As a condition to the
exercise of this Option, the Company may require the Optionee to make any
representation and warranty to the Company as may be required by any applicable
law or regulation.

     6. Termination of Status as an Employee or Non-Employee Director. In the
event of termination of the Optionee’s Continuous Status as an Employee or
Non-Employee Director, he may, but only for a period of time of no more than
three months after the date of such termination (but in no event later than the
date of expiration of the term of this Option as set forth in Section 11
below), exercise this Option to the extent that he was entitled to exercise it
as of the date of such termination. To the extent that he was not entitled to
exercise this Option at the date of such termination, or if he does not
exercise this Option within the time specified herein, this Option shall
terminate with respect to all Shares whether vested or unvested.

     7. Disability of the Optionee. Notwithstanding the provisions of Section
6 above, in the event of termination of the Optionee’s Continuous Status as an
Employee as a result of his total and permanent disability (as defined in
Section 22(e)(3) of the Code), he may, but only within 12 months from the date
of such termination (but in no event later than the date of expiration of the
term of this Option as set forth in Section 11 below), exercise this Option to
the extent he was entitled to exercise it at the date of such termination. To
the extent that he was not entitled to exercise this Option at the date of
termination, or if he does not exercise such Option (which he was entitled to
exercise) within the time specified herein, this Option shall terminate with
respect to all Shares whether vested or unvested.

     8. Death of the Optionee. If the Optionee dies:

     (a) during the term of this Option and while an Employee and
having been in Continuous Status as an Employee since the date of
grant of this Option, this Option may be exercised at any time
within 12 months after the date of death (but in no event later
than the date of expiration of the term of this Option as set
forth in Section 11 below), by the personal representative of the
Optionee’s estate or by a person who acquired the right to
exercise this Option by bequest or inheritance, but only to the
extent of the right to exercise that would have accrued had the
Optionee continued living and remained in Continuous Status as an
Employee 12 months after the date of death; or

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     (b) within 30 days after the termination of the Optionee’s
Continuous Status as an Employee, this Option may be exercised at
any time within 11 months after the date of death (but in no event
later than the date of expiration of the term of this Option as
set forth in Section 11 below), by the Optionee’s estate or by a
person who acquired the right to exercise this Option by bequest
or inheritance, but only to the extent of the right to exercise
that had accrued at the date of termination.

     9. Forfeitures. Notwithstanding any other provisions of this Option, if
an Optionee is convicted of or pleads guilty or nolo contendere to any felony
criminal offense or any civil offense involving either fraud or the
unauthorized closure of confidential information of the Company, the Committee
may then determine that all outstanding options of the Optionee that have not
been exercised are forfeited.

     10. Non-Transferability of Option. This Option may not be transferred in
any manner other than by will or by the laws of descent or distribution and may
be exercised during the lifetime of the Optionee only by the Optionee. The
terms of this Option shall be binding upon the executors, administrators,
heirs, successors and assigns of the Optionee.

     11. Term of Option. This Option may not be exercised more than 10 years
from the date of grant of this Option, and may be exercised during such term
only in accordance with the Plan and the terms of this Option.

DATE OF GRANT:                                       , 20                   .

	 	 	 
	

	 	MITCHAM INDUSTRIES, INC.
	 
	 	 
	

	 	By:
	 

	 	

	

	 	       Billy F. Mitcham, Jr., Chief Executive
Officer

3

 

     THE OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT
TO SECTION 3 HEREOF IS EARNED ONLY BY CONTINUING SERVICE AS AN EMPLOYEE OR A
NON-EMPLOYEE DIRECTOR AT THE WILL OF THE COMPANY (NOT THROUGH THE ACTS OF BEING
HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). IF THE
OPTIONEE IS AN EMPLOYEE, THE OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT
NOTHING IN THIS AGREEMENT, NOR IN THE COMPANY’S 2000 STOCK OPTION PLAN, WHICH
IS INCORPORATED HEREIN BY REFERENCE, SHALL CONFER UPON THE OPTIONEE ANY RIGHT
WITH RESPECT TO CONTINUATION OF EMPLOYMENT OR CONSULTANCY WITH THE COMPANY, NOR
SHALL IT INTERFERE IN ANY WAY WITH HIS RIGHT OR THE COMPANY’S RIGHT TO
TERMINATE HIS EMPLOYMENT AT ANY TIME, WITH OR WITHOUT CAUSE, UNLESS OTHERWISE
PROVIDED IN A WRITTEN AGREEMENT WITH THE COMPANY.

     The Optionee acknowledges receipt of a copy of the 2000 Stock Option Plan
and represents that he is familiar with the terms and provisions thereof, and
hereby accepts this Option subject to all of the terms and provisions thereof.
The Optionee has reviewed the 2000 Stock Option Plan and this Option in their
entirety and fully understands all provisions of this Option. The Optionee
hereby agrees to accept as binding, conclusive and final all decisions or
interpretations of the Board upon any questions arising under the 2000 Stock
Option Plan. The Optionee further agrees to notify the Company upon any change
in the residence address indicated below:

     Dated:                                       ,                    .

	 	 	 
	 

	 	

	 
	 	 
	

	 	Residence Address:
	 
	 	 
	 

	 	

	 	 	 
	 

	 	

4exv10w1

 

EXHIBIT 10.1

CORE LABORATORIES N.V.

1995 LONG-TERM INCENTIVE PLAN

(As Amended and Restated Effective as of May 29, 1997)

Restricted Share Award Program Agreement

     THIS AGREEMENT is made as of this 1st day of September, 2004 (the “Date of
Grant”), between Core Laboratories N.V., a Dutch limited liability company (the
“Company”), and       (“Participant”) in order to carry out the
purposes of the Core Laboratories N.V. 1995 Long-Term Incentive Plan, as
amended (the “Plan”), by issuing Participant unfunded and unsecured rights to
acquire shares of common stock of the Company, subject to certain restrictions,
and in consideration of the mutual agreements and other matters set forth
herein and in the Plan, the Company and Participant hereby agree as follows:

I.

Definitions

     1.1 Definitions. Wherever used in this Agreement, the following words and
phrases when capitalized will have the meanings ascribed below, unless the
context clearly indicates to the contrary, and all other capitalized terms used
in this Agreement, which are not defined in this Agreement, will have the
meanings set forth in the Plan.

	(1)	 	“Acceleration Event” means any of the following: (i) the occurrence of an
event that constitutes a Change in Control; (ii) the termination of
Participant’s Service by reason of death, Disability or a Termination Not
For Cause; (iii) the achievement of the Tier 1 Performance Target at any
time during the period beginning on the twenty-first Trading Day after the
first anniversary of the Date of Grant and ending on the third anniversary
of the Date of Grant; or (iv) the achievement of the Tier 2 Performance
Target at any time during the period beginning on the first Trading Day
after the third anniversary of the Date of Grant and ending on the fifth
anniversary of the Date of Grant.
	 
	(2)	 	“Agreement” means this Restricted Share Award Program Agreement between
Participant and the Company.
	 
	(3)	 	“Disability” means a determination by the Committee, based on a written
medical opinion (unless waived by the Committee as unnecessary), that
Participant is permanently incapable of continuing his usual and customary
employment with the Company or any Subsidiary for physical or mental
reasons.
	 
	(4)	 	“Employment Agreement” means that certain Employment Agreement (Restated
as of December 31, 2001) between Participant and the Company, as amended.
	 
	(5)	 	“Forfeiture Restrictions” means the Forfeiture Restrictions as set forth
in Section 3.1 herein.
	 
	(6)	 	“Market Value per Share” means, as of any specified date, the simple
average of the closing price of a Common Share (determined in the
principal securities market in the United States in which Common Shares
are traded) over the 20 most recent consecutive Trading Days ending on

 

 

	 	 	 the last Trading Day preceding the specified date, adjusted appropriately for
any stock splits, stock dividends, reverse stock splits, special dividends
or other similar matters as determined by the Committee occurring during
or with respect to any relevant measurement period.
	 
	(7)	 	“Restricted Shares” means the right to acquire Common Shares issued in
Participant’s name pursuant to this Agreement, subject to the Forfeiture
Restrictions, and as the context may require, any such Common Shares so
issued in Participant’s name.
	 
	(8)	 	“Service” means Participant’s status as an employee of the Company or a
Subsidiary or a corporation or parent or subsidiary of such corporation
assuming or substituting the Restricted Shares.
	 
	(9)	 	“Termination Not For Cause” means the termination of Participant’s
Service prior to the expiration of the term of the Employment Agreement
(i) by Participant for any reason whatsoever or (ii) by the Company for
any reason other than those encompassed by Sections 3.2(i), 3.2(ii),
3.2(iii), or 3.2(iv) of the Employment Agreement.
	 
	(10)	 	“Tier 1 Performance Target” means that the Market Value per Share has
been equal to or greater than $25.00 at any time during the period
beginning on the twenty-first Trading Day after the first anniversary of
the Date of Grant and ending on the third anniversary of the Date of
Grant. The $25.00 amount set forth in the preceding sentence shall be
appropriately adjusted for any stock splits, stock dividends, reverse
stock splits, special dividends or other similar matters as determined by
the Committee occurring after the Date of Grant.
	 
	(11)	 	“Tier 2 Performance Target” means that the Market Value per Share has
been equal to or greater than $29.00 at any time during the period
beginning on the first Trading Day after the third anniversary of the Date
of Grant and ending on the fifth anniversary of the Date of Grant. The
$29.00 amount set forth in the preceding sentence shall be appropriately
adjusted for any stock splits, stock dividends, reverse stock splits,
special dividends or other similar matters as determined by the Committee
occurring after the Date of Grant.
	 
	(12)	 	“Trading Day” means any day during which trading in securities generally
occurs in the principal securities market in the United States in which
Common Shares are traded.
	 
	(13)	 	“Vesting Start Date” means January 1, 2004.

          1.2 Number and Gender. Wherever appropriate herein, words used in the singular
will be considered to include the plural, and words used in the plural will be
considered to include the singular. The masculine gender, where appearing
herein, will be deemed to include the feminine gender where appropriate.

          1.3 Headings of Articles and Sections. The headings of Articles and Sections herein are included solely for
convenience. If there is any conflict between such headings and the text of
this Agreement, the text will control. All references to Articles, Sections,
and Paragraphs are to this document unless otherwise indicated.

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II.

Award of Restricted Shares

          2.1 Award of Restricted Shares. Effective as of the Date of Grant, the Company
awards to Participant the right to receive, after and to the extent the
Forfeiture Restrictions lapse,           Common Shares, subject to certain
restrictions and shall be herein referred to as the “Restricted Shares.” The
rights awarded to Participant pursuant to this Agreement are unsecured and
unfunded rights to receive the Restricted Shares, which rights shall be subject
to the terms, conditions, and restrictions set forth in this Agreement and the
Plan. Participant acknowledges receipt of a copy of the Plan, and agrees that
this award of Restricted Shares shall be subject to all of the terms and
provisions of the Plan, including future amendments thereto, if any, pursuant
to the terms thereof.

III.

Forfeiture Restrictions and Lapse of Forfeiture Restrictions

          3.1 Forfeiture Restrictions. The Restricted Shares may not be sold, assigned,
pledged, exchanged, hypothecated or otherwise transferred, encumbered or
disposed of to the extent then subject to the Forfeiture Restrictions, and in
the event of termination of Participant’s Service for any reason whatsoever
other than death, Disability or a Termination Not For Cause, Participant shall,
for no consideration, forfeit to the Company all Restricted Shares that are
then subject to the Forfeiture Restrictions. The prohibition against transfer
and the obligation to forfeit and surrender Restricted Shares to the Company
upon termination of Service (other than by reason of death, Disability or a
Termination Not for Cause) are herein referred to as the “Forfeiture
Restrictions.” The Forfeiture Restrictions shall be binding upon and
enforceable against any transferee of Restricted Shares.

          3.2 Lapse of Forfeiture Restrictions. Provided that Participant has been
continuously in Service from the Date of Grant through the lapse date described
in this sentence, the Forfeiture Restrictions shall lapse with respect to 100%
of the Restricted Shares on the seventh annual anniversary of the Vesting Start
Date. Notwithstanding the schedule described in the preceding sentence, except
to the extent previously forfeited under Section 3.1, the Forfeiture
Restrictions shall lapse as to all of the Restricted Shares then subject to the
Forfeiture Restrictions upon the occurrence of an Acceleration Event. In
addition, if Participant’s Service terminates for any reason whatsoever on the
date upon which a Change in Control occurs and Participant has been
continuously in Service from the Date of Grant until such termination, then an
Acceleration Event shall be deemed to occur upon such termination and the
Forfeiture Restrictions shall lapse as to all of the Restricted Shares then
subject to the Forfeiture Restrictions.

IV.

Certificates, Corporate Acts and Status of Stock

          4.1 Certificates. Restricted Shares shall not constitute issued and
outstanding shares of Common Shares until issued and delivered in accordance
with this Agreement and the Plan. Prior to the time the Restricted Shares are
issued and delivered, Participant will not have the right to vote any
Restricted Shares, to receive any dividends or distributions paid or
distributed on issued and outstanding shares of Common Shares or to exercise
any other rights, powers and privileges of a shareholder with respect to any
Restricted Shares. As soon as practicable after the Forfeiture Restrictions
lapse, and subject to the tax withholding referred to in Section 5.3, a
certificate evidencing the Restricted Shares

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shall be issued by the Company in
Participant’s name, pursuant to which Participant shall have all of the rights
of a shareholder of the Company with respect to the Restricted Shares. No
Restricted Shares may be sold, transferred, pledged, exchanged, hypothecated or
otherwise disposed of in any manner that violates the Forfeiture Restrictions
and any other provisions of this Agreement, and, until the date on which the
Forfeiture Restrictions lapse, any such attempted disposition shall be void.

          4.2 Corporate Acts. The existence of the Restricted Shares shall not affect in
any way the right or power of the Board or the shareholders of the Company to
make or authorize any adjustment, recapitalization, reorganization or other
change in the Company’s capital structure or its business, any merger or
consolidation of the Company, any issue of debt or equity securities, the
dissolution or liquidation of the Company or any sale, lease, exchange or other
disposition of all or any part of its assets or business or any other corporate
act or proceeding.

          4.3 Status of Stock. Participant agrees that the Restricted Shares issued
under this Agreement will not be sold or otherwise disposed of in any manner
which would constitute a violation of any applicable federal or state
securities laws. Participant agrees that (i) the Company may refuse to
register the Restricted Shares on the stock transfer records of the Company if
such proposed transfer would, in the opinion of counsel satisfactory to the
Company, constitute a violation of any applicable securities law, and (ii) the
Company may give related instructions to its transfer agent, if any, to stop
registration of the Restricted Shares. Participant also agrees that the
Company shall not be required to transfer on its books and records any shares
that have been transferred in violation of this Agreement.

V.

Miscellaneous

          5.1 Service Relationship. For purposes of this Agreement, any question as to
whether and when there has been a termination of Participant’s Service, and the
cause of such termination, shall be determined by the Committee, and its
determination will be final. Without limiting the scope of the preceding
sentence, it is expressly provided that Participant shall be considered to have
terminated Service at the time of the termination of the “Subsidiary” status
under the Plan of the entity or other organization that employs Participant.

          5.2 Notices. For purposes of this Agreement, notices and all other
communications provided for herein will be in writing and will be deemed to
have been duly given when personally delivered or (i) if Participant is outside
of the United States at the time of transmission of such notice, when sent by
courier, facsimile, or electronic mail, and (ii) if Participant is within the
United States at the time of transmission of such notice, when mailed by United
States registered or certified mail, return receipt requested, postage prepaid,
addressed to the Company at its principal executive office and to Participant
at the last address filed with the Company or to such other address as either
party may furnish to the other in writing in accordance herewith, except that
notices of changes of address will be effective only upon receipt.

          5.3 Withholding of Tax. To the extent that the receipt of the Restricted
Shares or the lapse of any Forfeiture Restriction results in compensation
income or wages to Participant for federal, state or local tax purposes,
Participant shall deliver to the Company at the time of such receipt or lapse,
as the case may be, such amount of money or Common Shares as the Company may
require to meet all obligations under applicable tax laws or regulations, and,
if Participant fails to do so, the Company is authorized to withhold or cause
to be withheld from any cash or stock remuneration then or thereafter

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payable to Participant any tax required to be withheld by reason of such resulting
compensation income or wages.

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

          5.5 Limitation of Rights. No provision of this Agreement shall be construed to
give Participant or any other person any interest in any fund or in any
specified asset or assets of the Company or a Subsidiary.

          5.6 Binding Effect. This Agreement shall be binding upon and inure to the
benefit of any successors to the Company and all persons lawfully claiming
under Participant.

          5.7 Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the state of Texas.

          IN WITNESS WHEREOF, the Company has caused this Agreement to be duly
executed by its officer thereunto duly authorized, and Participant has executed
this Agreement, all effective as of the Date of Grant.

	 	 	 	 	 
	 	CORE LABORATORIES N.V.

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

	 	 	 	 	 
	 	PARTICIPANT

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 

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