Document:

exv10w6

Exhibit 10.6

MISTRAS GROUP, INC.

2009 LONG-TERM INCENTIVE PLAN

ARTICLE 1

GENERAL

     1.1 Purpose. The purpose of the Plan is to provide a flexible vehicle for offering
equity-based and other incentive opportunities designed to attract, motivate and retain eligible
employees, directors and other eligible persons who contribute to the success of the Company and
its Subsidiaries and thereby enhance shareholder value.

     1.2 Eligibility. Awards may be granted under the plan to any present or future
director, officer, employee, consultant or adviser of or to the Company or any of its Subsidiaries.

     1.3 Duration of Plan. The Plan shall be effective upon the date of its adoption by the
Board, subject to shareholder approval. Unless terminated sooner, the Plan will terminate upon the
tenth anniversary of the date of its adoption by the Board. Any Awards outstanding when the Plan
terminates will remain outstanding in accordance with their terms. No new Awards may be made after
the termination of the Plan.

ARTICLE 2

DEFINITIONS

     As used herein, the following terms shall have the meanings set forth below.

     2.1 “Award” means a Company stock option or stock appreciation right (SAR) granted under
Article 5, a restricted stock or restricted stock unit (RSU) granted under Article 6, a performance
unit award granted under Article 7, any other stock based award granted under Section 8.1, and any
performance based cash incentive award granted under Section 8.2.

     2.2 “Beneficiary” means a person or entity (including, without limitation, a trust or estate)
designated in writing by a Participant to succeed to the Participant’s Awards under the Plan,
subject to the provisions hereof and of the applicable Award agreement, upon the Participant’s
death. A Participant may designate a Beneficiary by delivering a written beneficiary designation to
the Committee (or its designee) in such form and in such manner as the Committee (or its designee)
may prescribe. Each Beneficiary designation duly filed with the Committee (or its designee) will
have the effect of superseding and revoking any prior Beneficiary designation. If a Participant
does not designate a Beneficiary or if no designated Beneficiary survives the Participant, then the
Participant’s Beneficiary will be deemed to be his or her estate.

     2.3 “Board” means the Board of Directors of the Company.

     2.4 “Code” means the Internal Revenue Code of 1986, as amended.

     2.5 “Committee” means the Compensation Committee of the Board.

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     2.6 “Company” means Mistras Group, Inc., a Delaware corporation, and any successor thereto.

     2.7 “Participant” means any person who has been selected to receive an Award under the Plan or
who holds an outstanding Award under the Plan.

     2.8 “Performance-Based Exception” means the performance-based exception from the tax
deductibility limitation imposed by Code Section 162(m), as set forth in Code Section 162(m)(4)(C).

     2.9 “Plan” means the Mistras Group, Inc. 2009 Long Term Incentive Plan, as it is set forth
herein and as it may be amended from time to time.

     2.10 “Share” means a share of common stock of the Company.

     2.11 “Subsidiary” means (a) a corporation or other entity in an unbroken chain of corporations
or other entities at least 50% of the total value or voting power of the equity securities of which
is owned by the Company or by any other corporation or other entity in the chain, and (b) any other
corporation or entity in which the Company has a 20% controlling interest, directly or indirectly,
as may be designated by the Committee pursuant to the criteria set forth in Section
1.409A-1(b)(5)(iii)(E).

ARTICLE 3

ADMINISTRATION

     3.1 General. Except as otherwise determined by the Board in its discretion, the Plan
shall be administered by the Committee.

     3.2 Authority of the Committee. Subject to the provisions of the Plan, the Committee,
acting in its discretion, may select the persons to whom Awards will be made, prescribe the terms
and conditions of each Award and make amendments thereto, construe, interpret and apply the
provisions of the Plan and of any Award agreement, and make any and all determinations and take any
and all other actions as it deems necessary or desirable in order to carry out the terms of the
Plan. In exercising its responsibilities under the Plan, the Committee may obtain at the Company’s
expense such advice, guidance and other assistance from outside compensation consultants and other
professional advisers as it deems appropriate.

     3.3 Delegation of Authority. Subject to the requirements of applicable law, the
Committee may delegate to any person or group or subcommittee of persons (who may, but need not be
members of the Committee) such Plan-related functions within the scope of its responsibility, power
and authority as it deems appropriate. Without limiting the foregoing, the Committee may delegate
to the Chief Executive Officer of the Company annual discretion to grant Awards to Employees for up
to 228,632 Shares, and may delegate administrative duties to such person or persons as it deems
appropriate. The Committee may not delegate its authority with respect to (a) non-ministerial
actions with respect to individuals who are subject to the reporting requirements of Section 16(a)
of the Exchange Act; (b) non-ministerial actions with respect to Awards that are intended to
qualify for the Performance-Based Exception; and (c)

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certifying the satisfaction of performance goals and other material terms attributable to
Awards intended to qualify for the Performance-Based Exception.

     3.4 Decisions Binding. All determinations and decisions made by the Committee pursuant
to the Plan shall be final, conclusive, and binding on all persons.

     3.5 Indemnification. The Company shall indemnify and hold harmless each member of the
Committee and the Board and any employee or director of the Company or any Subsidiary to whom any
duty or power relating to the administration or interpretation of the Plan is delegated from and
against any loss, cost, liability (including any sum paid in settlement of a claim with the
approval of the Board), damage and expense (including reasonable legal and other expenses incident
thereto) arising out of or incurred in connection with the Plan, unless and except to the extent
attributable to such person’s fraud or willful misconduct.

ARTICLE 4

SHARES SUBJECT TO THE PLAN;

INDIVIDUAL AWARD LIMITS

     4.1 Number of Shares Issuable under the Plan. The Company may issue an aggregate of
2,286,318 Shares under the Plan, exclusive of Shares covered by the unexercised portion of an Award
that terminates, expires, is canceled or is settled in cash, Shares forfeited or repurchased under
the Plan, and Shares withheld or surrendered in order to pay the exercise or purchase price under
an Award or to satisfy the tax withholding obligations associated with the exercise, vesting or
settlement of an Award. Shares issued under the Plan may be either authorized and unissued Shares,
or authorized and issued Shares held in the Company’s treasury, or any combination of the
foregoing.

     4.2 Individual Award Limitations. No more than 1,143,159 Shares may be issued pursuant
to Awards granted in a single calendar year to any individual Participant.

ARTICLE 5

STOCK OPTIONS;

STOCK APPRECIATION RIGHTS

     5.1 Grant of Company Stock Options. Company stock options granted under the Plan will
have such vesting and other terms and conditions as the Committee, acting in its discretion in
accordance with the Plan, may determine, either at the time the option is granted or, if the
holder’s rights are not adversely affected, at any subsequent time. Each Company stock option will
be deemed NOT to be an “incentive stock option” (within the meaning of Section 422 of the Code)
unless and except to the extent it is specifically designated by the Committee as an “incentive
stock option” at the time the option is granted. In accordance with Section 422(d) of the Code, an
option that is otherwise intended to be an “incentive stock option” will be treated as an option
that is not an “incentive stock option” to the extent that the aggregate fair market value of the
Shares with respect to which options (under this Plan or under any other incentive stock option
plan of the Company or any Subsidiary) are exercisable for the first time in any calendar year
exceeds $100,000. If a Company stock option is designated as an “incentive stock option” and if
part or all of the option does not qualify as an “incentive stock option,” then the option, or

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the portion of the option that does not so qualify, as the case may be, will nevertheless
remain outstanding as if such designation had not been made.

     5.2 Option Exercise Price; Fair Market Value. The purchase price per Share under each
Company stock option may not be less than the fair market value per Share on the date the Option is
granted. For the purposes of the Plan, the fair market value per Share on any relevant date shall
be determined as follows: (a) if the Shares are not admitted to trading on a national securities
exchange on such date, the value determined by the Committee acting in its discretion in accordance
with the requirements of applicable tax law, or (b) if the Shares are admitted to trading on a
national securities exchange on such date, (1) the closing price per Share on such date on the
principal securities exchange on which the Shares are traded or, if no Shares are traded on that
date, the closing price per Share on the next preceding date on which Shares are traded, or (2) the
value determined under such other method or convention as the Committee, acting in a consistent
manner in accordance with the Plan and applicable tax law, may prescribe. Notwithstanding the
foregoing, the fair market value per Share on the date of the initial public offering of Shares
shall be deemed to be the initial public offering price per Share.

     5.3 Grant of Stock Appreciation Rights. The Committee may grant stock appreciation
rights (“SARs”), either alone or in connection with the grant of a Company stock option, upon such
vesting and other terms and conditions as the Committee, acting in its discretion in accordance
with the Plan, may determine, either at the time the SARs are granted or, if a Participant’s rights
are not adversely affected, at any subsequent time. Upon exercise, the holder of an SAR shall be
entitled to receive cash and/or a number of whole Shares having a fair market value equal to the
product of X and Y, where—

X = the number of whole Shares as to which the SAR is being
exercised, and

Y = the excess of (i) the fair market value per Share on the date of
exercise over (ii) the fair market value per Share on the date the
SAR is granted (or such greater base value as the Committee may
prescribe at the time the SAR is granted).

     5.4 Re-Pricing Prohibited. Company stock options and SARs granted under the Plan may
not be re-priced in the absence of shareholder approval. In no event may an option or SAR be
re-priced if such re-pricing would cause the option or SAR to become covered by Section 409A of
the Code.

     5.5 Duration of Company Stock Options and SARs. The Committee may establish such
exercise, forfeiture and other conditions applicable to a Company stock option or SAR following the
termination of a Participant’s employment or other service with the Company and its Subsidiaries as
the Committee deems appropriate on a grant-by-grant basis. Unless sooner terminated in accordance
with its terms, a Company stock option or SAR granted under the Plan will automatically expire on
the tenth anniversary of the date the option or SAR is granted.

     5.6 Exercise of Company Stock Options. A Company stock option that is exercisable may
be exercised by transmitting to the Secretary of the Company (or other person designated for this
purpose by the Committee) a written notice identifying the option that is being exercised

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and specifying the number of whole Shares to be purchased pursuant to that option, together
with payment in full of the exercise price and the withholding taxes, if any, that are payable in
connection with the exercise (unless and except to the extent that other arrangements satisfactory
to the Company have been made for the satisfaction of such withholding taxes). The exercise price
may be paid in cash or in any other manner the Committee, in its discretion, may permit, including,
without limitation, (a) by the delivery of previously-owned Shares and/or withholding Shares
otherwise issuable in respect of such exercise, (b) by a combination of a cash payment and delivery
of previously-owned Shares and/or withholding of Shares pursuant to (a) above, or (c) pursuant to a
cashless exercise program established and made available through a registered broker-dealer in
accordance with the Federal Reserve Board’s Regulation T and other applicable law. Any Shares
transferred to the Company (or withheld upon exercise) in connection with the exercise of an option
shall be valued at fair market value for purposes of determining the extent to which the exercise
price (and/or related tax withholding obligation) is satisfied.

     5.7 Exercise of SARs. An outstanding and exercisable SAR may be exercised by
transmitting to the Secretary of the Company (or other person designated for this purpose by the
Committee) a written notice identifying the SAR that is being exercised and specifying the number
of Shares as to which the SAR is being exercised, together with payment in full of the withholding
taxes due in connection with the exercise, unless and except to the extent that other arrangements
satisfactory to the Company have been made for such payment. The Committee may impose such
additional or different conditions for exercise of an SAR as it deems appropriate. No fractional
Shares will be issued in connection with the exercise of an SAR.

     5.8 Non-Transferability. Except as otherwise provided herein or permitted by the
Committee, acting in its discretion, no Company stock option or SAR shall be assignable or
transferable except upon the Participant’s death to his or her Beneficiary, and, during a
Participant’s lifetime, a Company stock option or SAR may be exercised only by the Participant or
the Participant’s guardian or legal representative.

     5.9 Rights as a Shareholder. The person shall not have the rights of a shareholder
with respect to any Shares covered by a Company stock option or SAR unless and until the option or
SAR, as the case may be, has been duly and validly exercised and such Shares have been issued to
such person (either in certificated or book entry form).

ARTICLE 6

RESTRICTED STOCK;

RSU AWARDS

     6.1 Grant of Restricted Shares and RSUs. Subject to the Plan, the Committee may grant
restricted stock awards pursuant to which the Shares covered by the Awards will be issued in the
name of the recipients at the time the Awards are made, and RSU awards pursuant to which the
recipients may earn the right to receive Shares in the future. Shares covered by a restricted stock
award and the right to receive Shares under an RSU award will be subject to such forfeiture
conditions, transfer restrictions, other restrictions and/or conditions, if any, as the Committee
may impose, which conditions and restrictions may lapse separately or concomitantly, at such times,
under such circumstances (including based on achievement of performance goals and/or future service
requirements), in such installments or otherwise and

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under such other circumstances as the Committee may prescribe at the date of grant or, if the
holder’s rights are not adversely affected, thereafter.

     6.2 Minimum Purchase Price for Shares. Unless the Committee, acting in accordance with
applicable law, determines otherwise, the purchase price payable for Shares issued pursuant to a
restricted stock award or an RSU award must be at least equal to the par value of the Shares.

     6.3 Restricted Shares. Shares issued pursuant to a restricted stock award may be
evidenced by book entries on the Company’s stock transfer records pending satisfaction of the
applicable vesting conditions. If a stock certificate for restricted Shares is issued, the
certificate will bear an appropriate legend to reflect the nature of the conditions and
restrictions applicable to the restricted Shares. The Committee may require that such certificates
bear an appropriate legend referring to the terms, conditions and restrictions applicable to the
restricted Shares, that the Company retain physical possession of the certificates, and that the
Participant deliver a stock power to the Company, endorsed in blank, in order to facilitate the
transfer back to the Company of restricted Shares that are forfeited. Except to the extent
restricted under the terms of the Plan or any applicable Award agreement, a Participant who holds
restricted Shares shall have all of the rights of a shareholder with respect to said Shares,
including the right to vote the Shares and the right to receive dividends thereon (subject to any
mandatory reinvestment, forfeiture condition or other requirements as the Committee may prescribe).

     6.4 Shares Covered by RSU Awards. No Shares will be issued pursuant to an RSU Award
(a) unless, in accordance with its terms, the Award will be settled in the form of Shares, and (b)
until all of the conditions of the Award for the issuance of such Shares have been fully satisfied.
The holder of an RSU Award shall have no rights as a shareholder with respect to Shares covered by
the Award unless and until the Award vests and the Shares are issued; provided, however, that the
Committee may provide that such holder will receive dividend equivalents (in the form of cash or
Shares) equal to the dividends that would have been payable with respect to the Shares covered by
the Award if such Shares were outstanding, upon such terms and subject to such vesting and other
conditions as the Committee may prescribe, including, without limitation, conditions required in
order to comply with the applicable distribution timing and other requirements of Section 409A of
the Code.

     6.5 Non-Transferability. Except as otherwise contemplated with respect to deceased
Participants or as otherwise permitted by the Committee, acting in its discretion, no restricted
stock Award, RSU Award or restricted Shares outstanding pursuant to a restricted stock Award may be
sold, assigned, transferred, disposed of, pledged or otherwise hypothecated other than to the
Company or its designee in accordance with the terms of the Award or of the Plan, and any attempt
to do so shall be null and void and, unless the Committee determines otherwise, shall result in the
immediate forfeiture of the Award or the restricted Shares, as the case may be.

     6.6 Termination of Service Before Vesting; Forfeiture. Unless otherwise specified in
the Award agreement or otherwise subsequently determined by the Committee, unvested restricted
stock awards and deferred stock awards and restricted Shares will be forfeited and canceled upon a
Participant’s termination of employment or other service with the Company and its Subsidiaries. If
restricted Shares are forfeited, any certificate representing such shares or book entry for such
Shares will be canceled on the books and records of the Company, subject, in the

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case of restricted Shares, to any right the holder may have pursuant to the terms of the Award
to receive from the Company an amount equal to any cash purchase price previously paid for such
Shares.

     6.7 Special Tax Rules for Settlement of Deferred Stock Awards. Each deferred stock
award may provide that settlement of the Award, in the form of Shares or cash, will occur on any
date from the date the Award becomes vested until the 15th day of the third month
following the calendar year in which the Award becomes vested, or at such other time and in such
other manner as to avoid being covered by Section 409A of the Code. Alternatively, the Award may
that, if the Award becomes vested, settlement will be deferred until at a later date or the
occurrence of a subsequent event, provided that the deferral election(s) and designated settlement
date(s) or event(s) applicable to the Award, as well as the Award agreement itself, satisfy the
election, distribution timing and documentation requirements of Section 409A of the Code.

     6.8 Issuance of Vested Shares. The holder of a restricted stock award and, to the
extent settled in the form of Shares, the holder of a deferred stock award that becomes vested and
payable will be entitled to receive Shares (in certificated or book entry form) free and clear of
conditions and restrictions (except as may be imposed in accordance with the terms of the Award or
in order to comply with applicable law), subject, however, to the payment or satisfaction of
applicable withholding taxes. The delivery of vested Shares covered by a deferred stock award may
be deferred if and to the extent permitted by Section 6.7 (relating to compliance with Section 409A
of the Code) and the terms of the applicable Award.

ARTICLE 7

PERFORMANCE UNIT AWARDS

     7.1 Grant of Performance Units. Subject to the Plan, the Committee may grant
performance unit awards, with each performance unit representing the right to receive a cash
payment equal to the fair market value (determined by the Committee in accordance with Section 5.2)
of one Share, subject to such performance-based vesting and other terms and conditions as the
Committee may prescribe.

     7.2 Settlement of Performance Units. Unless the Committee determines otherwise at the
time a performance unit award is granted, settlement of the performance units covered by the Award
shall be made in a single lump sum cash payment as soon as practicable after the close of the
applicable performance period or the satisfaction of the applicable performance goal(s), but in no
event later than the 15th day of the third month of the calendar year following the
calendar year in which the performance units become vested. Any different settlement method or
settlement date must satisfy the distribution timing and form of payment requirements of Section
409A of the Code.

     7.3 Rights as a Shareholder. No person will have any rights as a shareholder with
respect to Shares covered by a performance unit award unless and until the Award becomes vested and
the Shares are issued to such person. At the discretion of the Committee, the holder of a
performance unit award may be entitled to receive dividend equivalents (in the form of cash or
Shares) equal to the dividends that would have been payable with respect to the Shares covered by
the Award if such Shares were outstanding, upon such terms and subject to such vesting and

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other conditions as the Committee may prescribe, including, without limitation, conditions
required in order to comply with the applicable distribution timing and other requirements of
Section 409A of the Code.

ARTICLE 8

OTHER AWARDS

     8.1 Other Stock-Based Awards. Subject to applicable law, the Committee, acting in its
discretion, may grant such other forms of Award denominated or payable in, valued in whole or in
part by reference to, or otherwise based on or related to, Shares or factors that may influence the
value of the Shares, as the Committee may deems appropriate, including, without limitation, stock
bonuses, dividend equivalents (either alone or in conjunction with other Awards), convertible or
exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights
for Shares, and Share-based Awards designed to comply with or take advantage of applicable laws
outside of the United States. All such other stock based Awards will be made upon such terms and
conditions as the Committee may prescribe. In addition, cash incentive Awards, including annual
incentive Awards and long-term incentive Awards, denominated and settled in cash, may be granted
under this Section, which Awards may be earned at such times, under such circumstances (including
based on achievement of performance goals and/or future service requirements), in such installments
or otherwise and under such other circumstances as the committee may determine at the date of grant
or thereafter.

     8.2 Cash Incentive Awards. The Committee may make annual and/or long-term incentive
Awards under the Plan pursuant to which a Participant may earn the right to receive a cash payment
conditioned upon the achievement of specified performance objectives established by the Committee
and communicated to the Participant within 90 days after the beginning of the applicable
performance period or before 25% of the applicable performance period has elapsed. No Participant
may earn a cash incentive Award under this Section 8.2 for any calendar year in excess of an amount
equal to the lesser of (a) $5,000,000, or (b) four (4) times the Participant’s annual salary for
such calendar year. Any cash incentive Awards earned by a Participant under the Plan will be
payable in the form of a single sum cash payment at or as soon as practicable after the expiration
of the applicable performance period or the satisfaction of the applicable performance vesting
conditions, but in no event later than the 15th day of the third month of the year
following the calendar year in which such performance period ends or such performance vesting
conditions are satisfied. Notwithstanding the foregoing, the Committee may require or permit the
deferred payment and/or installment payout of all or part of any such cash incentive Award if (and
only if) the terms and conditions applicable to such deferred or installment payout comply with the
distribution election and distribution timing requirements of Section 409A of the Code.

ARTICLE 9

AWARD AGREEMENTS

     9.1 General. Each Award made under the Plan shall be evidenced by an agreement entered
into by the Company and the Participant or another instrument prepared by the Company in lieu of
such an agreement, setting forth the terms and conditions applicable to the Award, which may be in
hard copy, electronic or such other form as the Company may permit.

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     9.2 Restrictions on Transfer. Subject to the provisions of the Plan, each Award
agreement shall set forth such restrictions on the transferability of the Award and on the
transferability of Shares acquired pursuant to the Award as the Committee may prescribe, including,
without limitation, restrictions under applicable securities laws, under the requirements of any
stock exchange or market upon which the Shares are then listed and/or then traded, and under any
blue sky or state securities laws applicable to such Shares.

     9.3 Uniformity Not Required. The provisions of the Award agreements need not be
uniform among all Awards, among all Awards of the same type, among all Awards granted to the same
Participant, or among all Awards granted at the same time.

ARTICLE 10

PERFORMANCE MEASURES

     10.1 Performance Criteria. Unless and until the Company’s shareholders approve a
change in the general performance measures set forth in this Article, the measures that may be used
to determine the degree of payout and/or vesting with respect to Awards that are designed to
qualify for the Performance-Based Exception shall be chosen from among the following, in a manner
that is consistent with the requirements of Section 1.162-27(e)(2) of the Treasury Regulations
(relating to the performance goal requirement of Section 162(m) of the Code):

          (a) Income measures (including, but not limited to, gross profit, operating income, earnings
before or after taxes, or earnings per share);

          (b) Return measures (including, but not limited to, return on assets, investment, equity, or
sales);

          (c) Cash flow return on investments, which equals net cash flows divided by owners equity;

          (d) Earnings per common share;

          (e) Gross revenues;

          (f) Debt measures (including, without limitation, debt multiples);

          (g) Marked value added;

          (h) Economic value added; and

          (i) Share price (including, but not limited to, growth measures and total shareholder return).

     10.2 Permitted Discretion. The Committee shall have the discretion to adjust the
determinations of the degree of attainment of the pre-established performance goals; provided that
Awards that are designed to qualify for the Performance-Based Exception may not be adjusted upward
(although the Committee shall retain the discretion to adjust such Awards downward).

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     10.3 Certification. In the case of any Award that is granted subject to the condition
that a specified performance measure be achieved, no amount shall be payable pursuant to the Award
unless and until the Committee certifies in writing that the performance measure has been achieved.
For this purpose, approved minutes of the Committee meeting at which the certification is made
shall be treated as a written certification. No such certification is required, however, in the
case of an Award that is based solely on an increase in the value of a Share from the date such
Award was made.

ARTICLE 11

CAPITAL CHANGES; SALE EVENTS

     11.1 Adjustments in Authorized Shares. In the event of a stock split, reverse stock
split, split-up, spin-off, stock dividend, recapitalization, consolidation of shares or similar
capital change, the Committee shall make such adjustments to the number and class of shares that
may be issued under the Plan pursuant to Section 4.1, the number and class of Shares that may be
issued pursuant to annual Awards granted to any Participant pursuant to Section 4.2, the number,
class and/or purchase or base price of Shares subject to outstanding Awards, as the Committee, in
its discretion, deems appropriate and equitable in order to prevent dilution or enlargement of the
benefits available under the Plan and of the rights of Participants or to otherwise comport with
the intent and purposes of the Plan; provided that the number of Shares subject to any Award shall
always be a whole number. The Committee shall also make equitable or proportionate adjustments in
the number of shares subject to outstanding Awards and the exercise price and the terms of
outstanding Awards to take into consideration cash dividends paid other than in the ordinary course
or any other extraordinary corporate event, as the Committee, in its discretion, deems appropriate
and equitable. Any determination or adjustment made by the Committee under this Section shall be
binding and conclusive on all persons.

     11.2 Effect of Sale Event. If a “Sale Event” (within the meaning of Section 11.5)
occurs, then, except as otherwise specifically provided by the applicable Award agreement (or any
other applicable agreement approved by the Committee and made by the Company or a Subsidiary with
the Participant to whom an Award was granted) each Award outstanding under the Plan immediately
prior to the Sale Event will be either assumed and continued in accordance with Section 11.3 or
terminated in accordance with Section 11.4.

     11.3 Adjustment and Continuation of Award. Subject to Section 11.3, if a “Sale Event”
occurs, the parties to the Sale Event may agree that any Company stock option, SAR, restricted
stock deferred stock or other Award outstanding under the Plan immediately prior to the Sale Event
shall, at the effective time of the Sale Event, be assumed and continued on substantially the same
vesting and other terms and conditions as a like Award with respect to shares of common stock of
the successor or acquiring company (or a parent company). If a Company stock option or SAR is
assumed, the number of shares and exercise or base price per share covered by the assumed Award
will be adjusted in accordance with the principles set forth in Sections 1.424-1(a)(5) and
1.409A-1(b)(5)(v)(D) of the Treasury Regulations. If a restricted stock, deferred stock or other
Award is assumed, the number of shares covered by the assumed Award will be a whole number that
reflects the exchange ratio or value of the transaction consideration applicable with respect to
holders of Shares in connection with the Sale Event. Notwithstanding the foregoing, if a
Participant’s employment or other service is terminated by the Company or a

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successor or acquiring company (or any of its or their affiliates) for reasons other than
“cause” within two years after the Sale Event, any then outstanding assumed Awards held by such
terminated Participant shall immediately become fully vested and exercisable or payable, as the
case may be. For this purpose, the term “cause” means (a) a willful failure to substantially
perform the duties and responsibilities of a Participant’s employment or other service (for reasons
other than physical or mental illness) after reasonable notice thereof to the Participant; (b) a
Participant’s misconduct that causes or is reasonably likely to cause material harm to the business
or reputation of the Company or any successor or acquiring company (or any of their respective
affiliates) or that prevents or materially interferes with ability of the Participant to carry out
the carry out the duties and responsibilities of the Participant’s employment or other service; (c)
a Participant’s conviction of, or entering into a plea of nolo contendere to, a felony; or (d) the
material breach by a Participant of any material written restrictive covenant or agreement made by
the Participant with the Company or any successor or acquiring company (or any of their respective
affiliates).

     11.4 Termination of Award. Subject to Section 11.2, any Award outstanding under the
Plan immediately prior to a Sale Event that is not assumed pursuant to the preceding section will
be terminated at the effective time of the Sale Event. If the terminated Award is a restricted
stock Award, then the restricted Shares covered by the Award immediately prior to the effective
time of the Sale Event will become fully vested and will participate in the Sale Event on the same
basis as other outstanding Shares. If the terminated Award is in a form other than a restricted
stock Award, then the holder of the terminated Award will be entitled to receive at the effective
time of the Sale Event a single sum payment equal to the excess, if any, of the transaction value
of the Shares that are then covered by the Award over the aggregate exercise or base price (in the
case of a Company stock option or SAR) or other purchase price or threshold value (if any, in the
case of any other form of Award) for or with respect to such Shares, in each case as if the Award
had been fully vested immediately prior to the Sale Event. No consideration will be payable in
respect of the termination of a Company stock option or SAR with an exercise or base price per
Share that is not more than the transaction value per Share. The amount payable with respect to the
termination of an outstanding Award pursuant to this section will be paid in cash, unless the
parties to the Sale Event agree that some or all of such amount will be payable in the form of
freely tradable shares of common stock of the successor or acquiring company (or a parent company).

     11.5 Definition of Sale Event. For the purposes of the Plan, a “Sale Event” will be
deemed to have occurred if (a) any person (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Securities Exchange Act of 1934, as amended (“Exchange Act”)), other than the Company, Mr.
Sotirios Vahaviolos, any employee benefit plan of the Company, any entity owned directly or
indirectly by the shareholders of the Company in substantially the same proportion as their
ownership of stock of the Company or any person who becomes a beneficial owner directly or
indirectly of securities of the Company pursuant to a transaction described in (b) below, becomes
the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
securities of the Company (not including in the securities beneficially owned by such person any
securities acquired directly from the Company or its affiliates) representing 40% or more of the
combined voting power of the Company’s then outstanding voting securities; or (b) there shall have
been consummated a consolidation, merger or reorganization of the Company, unless (1) the
stockholders of the Company immediately before such consolidation, merger or

- 11 -

 

reorganization own, directly or indirectly, at least a majority of the combined voting power
of the outstanding voting securities of the corporation or other entity resulting from such
consolidation, merger or reorganization, (2) individuals who were members of the Board immediately
prior to the execution of the agreement providing for such consolidation, merger or reorganization
constitute a majority of the board of directors of the surviving corporation or of a corporation
directly or indirectly beneficially owning a majority of the voting securities of the surviving
corporation, and (3) no person beneficially owns more than 50% of the combined voting power of the
then outstanding voting securities of the surviving corporation (other than a person who is (A) the
Company or a subsidiary of the Company, (B) an employee benefit plan maintained by the Company, the
surviving corporation or any subsidiary, or (C) the beneficial owner of 50% or more of the combined
voting power of the outstanding voting securities of the Company immediately prior to such
consolidation, merger or reorganization); or (c) the stockholders of the Company approve the
complete liquidation or dissolution of the Company, or a sale or other disposition of all or
substantially all of the assets of the Company (other than to an entity described in (b) above).

     11.6 Non-employee Director Awards. With respect to Awards granted to a non-employee
director that are assumed or substituted for in connection with a Sale Event, if on the date of or
following such assumption or substitution the Participant’s status as a director or a director of
the successor corporation, as applicable, is terminated for any reason, then the Participant will
fully vest in and have the right to exercise Options and/or Stock Appreciation Rights as to all of
the Shares underlying such Award, including those Shares which would not otherwise be vested or
exercisable, all restrictions on Restricted Stock and RSUs will lapse, and, with respect to
Performance Units and Performance Shares, all performance goals or other vesting criteria will be
deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions
met.

     11.7 No Fractional Shares. In the event of any adjustment in the number of shares
covered by any Award pursuant to the provisions hereof, any fractional shares resulting from such
adjustment shall be disregarded, and each converted Award shall cover only the number of full
shares resulting from the adjustment.

     11.8  Determination of Board to be Final. All adjustments under this Article shall be
made by the Board as constituted immediately prior to the Change in Control, and its determination
as to what adjustments shall be made, and the extent thereof, shall be binding and conclusive.

     11.9 Section 409A. Notwithstanding any provision of the Plan to the contrary, to the
extent an Award shall be deemed to be vested or restrictions lapse, expire or terminate upon the
occurrence of a Change in Control and such Change in Control does not constitute a “change in the
ownership or effective control” or a “change in the ownership or a substantial portion of the
assets” of the Company within the meaning of Code Section 409A(a)(2)(A)(v), then even though such
Award may be deemed to be vested or restrictions lapse, expire or terminate upon the occurrence of
the Change in Control, settlement will be delayed, to the extent necessary to comply with the
provisions of Code Section 409A.

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ARTICLE 12

AMENDMENT AND TERMINATION

     12.1 Amendment and Termination. Subject to the terms of the Plan, the Board may at any
time and from time to time, alter, amend, suspend, or terminate the Plan in whole or in part;
provided that, unless the Committee specifically provides otherwise, any revision or amendment that
would increase the number of Shares issuable under the Plan (other than an increase made in
accordance with Section 11.1) or that would otherwise cause the Plan to fail to comply with any
requirement of applicable law, regulation, listing requirement or rule if such amendment were not
approved by the shareholders of the Company, shall not be effective unless and until shareholder
approval is obtained.

     12.2 Outstanding Awards. Notwithstanding any other provision of the Plan to the
contrary, no termination, amendment, or modification of the Plan shall cause any then outstanding
Award to be forfeited or altered in a way that adversely affects a Participant without the consent
of the Participant.

ARTICLE 13

TAX WITHHOLDING

     13.1 Tax Withholding. The Company’s obligation to make payments or issue unrestricted
Shares in connection with any Award shall be subject to and conditioned upon the satisfaction by
the holder of applicable tax withholding obligations. The Company and its Subsidiaries may require
a Participant to remit an amount sufficient to satisfy applicable withholding taxes or deduct or
withhold such amount from any payments otherwise owed the Participant (whether or not under the
Plan).

     13.2 Withholding of Shares. The Committee, acting in its discretion, may allow a
Participant to elect to satisfy such withholding tax obligation in whole or in part by having the
Company withhold Shares that would otherwise be issued (or by returning Shares that have been
issued) to the Participant with an aggregate fair market value (as of the date the withholding is
effected) that is not greater than the minimum amount of such statutory tax withholding obligation.

ARTICLE 14

MISCELLANEOUS

     14.1 Successors. All obligations of the Company with respect to Awards granted under
the Plan shall be binding on any successor to the Company, whether the existence of such successor
is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business and/or assets of the Company.

     14.2 Legal Construction. If any provision of the Plan shall be held illegal or invalid
for any reason, such illegality or invalidity shall not affect the remaining parts of the Plan, and
the Plan shall be construed and enforced as if the illegal or invalid provision had not been
included.

- 13 -

 

     14.3 Requirements of Law. The granting of Awards and the issuance of Shares under the
Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required.

     14.4 Provisions for Foreign Participants. The Board may modify Awards granted to
Participants who are foreign nationals or employed outside the United States or establish sub-plans
or procedures under the Plan to recognize differences in laws, rules, regulations or customs of
foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters.

     14.5 Limitation of Rights. The Plan shall not interfere with or limit in any way the
right of the Company or of any Subsidiary to terminate any person’s employment or other service at
any time, and the Plan shall not confer upon any person the right to continue in the employ or
other service of the Company or any Subsidiary. No employee, director or other person shall have
any right to be selected to receive an Award or, having been so selected, to be selected to receive
a future Award.

     14.6 Decisions and Determinations Final. All decisions and determinations made by the
Board pursuant to the provisions hereof and, except to the extent rights or powers under the Plan
are reserved specifically to the discretion of the Board, all decisions and determinations of the
Committee, shall be final, binding and conclusive on all persons.

     14.7 Section 409A Compliance. Notwithstanding any other provisions of the Plan or any
Award agreement, no Award shall be granted, deferred, accelerated, extended, settled or modified in
a manner that would result in the imposition of an additional tax under Section 409A of the Code.
If the Committee reasonably determines that, as a result of Section 409A of the Code, the exercise
or settlement of an Award may not be made at the time contemplated by the terms of the Plan or the
relevant Award agreement, as the case may be, without causing the imposition of additional tax
under Section 409A of the Code, the Committee may take such actions as it determines are necessary
or appropriate in order to comply with, or exempt the Award from coverage by Section 409A of the
Code, which action may include, without limitation, delaying payment to a Participant who is a
“specified employee” within the meaning of Section 409A of the Code until the first day following
the six-month period beginning on the date of the Participant’s termination of employment or other
service with the Company and its Subsidiaries (or the Participant’s earlier death). Neither the
Company, the Committee nor any employee, director or representative of the Company or of any of its
affiliates shall have any liability to any Participants with respect to this section.

     14.8 Governing Law. The Plan and all Award agreements shall be construed in accordance
with and governed by the laws of the State of Delaware (without regard to the legislative or
judicial conflict of laws rules of any state).

- 14 -exv10w7

Exhibit 10.7

MISTRAS GROUP, INC.

STOCK OPTION AGREEMENT

     AGREEMENT made as of the                      day of                                       
  , 20                    , by and between MISTRAS GROUP, INC.
(the “Company”), and                                          (the “Participant”).

     1. Grant of Option. In accordance with the Mistras Group, Inc. 2009 Long-Term
Incentive Plan (the “Plan”), the Company grants to the Participant an option to purchase up to
                    
shares of the Company’s common stock (the “Common Stock”) upon the terms and conditions
set forth in this Agreement and the Plan. Capitalized terms that are used but not defined in this
Agreement shall have the meanings ascribed to them by the Plan.

     2. Incentive Stock Option Status. The Option is [not] intended to be treated
as an “incentive stock option” within the meaning of Section Section 422 of the Internal Revenue
Code of 1986.

     3. Option Term. Unless terminated sooner in accordance with this Agreement or the
Plan, the Option shall expire if and to the extent it is not exercised within ten years from the
date hereof.

     4. Vesting of Option. Except as otherwise provided herein or the Plan, the Option
shall vest [ ]%                      commencing on the first anniversary of the date hereof and the
remaining [ ]% of the Shares subject to the Option shall vest in 36 equal monthly installments
thereafter, subject to the Participant’s continuous employment or other service with the Company or
a Subsidiary on the applicable vesting date.

     5. Termination of Employment. Unless the Committee, acting in its sole and absolute
discretion, determines otherwise, upon the termination of the Participant’s employment and other
service with the Company and its Subsidiaries (“Termination of Employment”):

          (a) that portion of the Option that is not then vested and exercisable will immediately
terminate; and

          (b) that portion of the Option that is then vested and exercisable will terminate (1) 90 days
following the Termination of Employment if the Participant’s employment or other service is
terminated for any reason other than death, “Disability” (as defined below) or “Cause” (as defined
in the Plan), (2) one year following the Termination of Employment if the Participant’s employment
or other service is terminated by reason of the Participant’s death or Disability, and (3)
immediately upon Termination of Employment if the Participant’s employment is terminated by the
Company or a Subsidiary for Cause. For the purpose hereof, the Participant’s employment will be
deemed to be terminated due to “Disability” if such employment is terminated by the Company or a
Subsidiary by reason of the Participant’s being unable to perform the duties of the Participant’s
employment by reason of a physical or mental illness or injury that is expected to result in death
or to last indefinitely, as determined by a duly licensed physician selected by the Company.

Notwithstanding the provisions of this Section, in no event may the Option be exercised after the
expiration of its stated term or before it become vested and exercisable.

- 1 -

 

     6. Exercise Procedures. If and to the extent the Option is vested and exercisable, it
may be exercised by transmitting to the Secretary of the Company (or other person designated by the
Committee) (a) a written notice specifying the number of whole shares to be purchased pursuant to
the exercise of the Option, (b) payment in full of the exercise price and the withholding taxes due
in connection with the exercise, unless and except to the extent that other arrangements
satisfactory to the Committee, in its sole and absolute discretion, have been made for such
payments, and (c) such other documents or information as the Committee may prescribe in connection
with the administration of the Plan. The exercise price may be paid in cash or in any other manner
the Committee, in its discretion, may permit, including, without limitation, (a) by the delivery of
previously-owned Shares, (b) by a combination of a cash payment and delivery of previously-owned
Shares, or (c) pursuant to a cashless exercise program established and made available through a
registered broker-dealer in accordance with the Federal Reserve Board’s Regulation T and other
applicable law.

     7. Nontransferability. Except as otherwise permitted by the Committee in accordance
with the Plan, the Option is not assignable or transferable other than to a beneficiary designated
to receive the Option upon the Participant’s death or by will or the laws of descent and
distribution, and the Option shall be exercisable during the lifetime of the Participant only by
the Participant (or, in the event of the Participant’s incapacity, the Participant’s legal
representative or guardian). Any attempt by the Participant or any other person claiming against,
through or under the Participant to cause the Option or any part of it to be transferred or
assigned in any manner and for any purpose not permitted hereunder or under the Plan shall be null
and void and without effect upon the Company, the Participant or any other person.

     8. Rights as a Stockholder. No shares of Common Stock shall be sold, issued or
delivered hereunder until full payment for such shares has been made (including, for this purpose,
satisfaction of the applicable withholding tax). The Participant shall have no rights as a
stockholder with respect to any shares covered by the Option unless and until the Option is
exercised and the shares covered by the exercise of the Option are issued in the name of the
Participant. Except as otherwise specified, no adjustment shall be made for dividends or
distributions of other rights for which the record date is prior to the date such shares are
issued.

     9. Provisions of the Plan Control. This Agreement is subject to all the terms,
conditions and provisions of the Plan and to such rules, regulations and interpretations as may be
established or made by the Committee acting within the scope of its authority and responsibility
under the Plan. The Participant acknowledges receipt of a copy of the Plan prior to execution of
this Agreement. The applicable provisions of the Plan shall govern in any situation where this
Agreement is silent or where the applicable provisions of this Agreement are contrary to or not
reconcilable with such Plan provisions.

     10. No Employment Rights. Nothing contained herein or in the Plan shall confer upon
the Participant any right with respect to the continuation of the Participant’s employment or other
service with the Company or a Subsidiary or interfere in any way with the right of the Company and
its Subsidiaries at any time to terminate such employment or other service or to increase or
decrease, or otherwise adjust, the Participant’s compensation and any other terms and conditions of
the Participant’s employment or other service.

- 2 -

 

     11. Withholding. The Company’s obligation to issue shares of Common Stock pursuant to
the exercise of the Option shall be subject to and conditioned upon the satisfaction by the
Participant of applicable tax withholding obligations. The Company and its Subsidiaries may require
the Participant to remit an amount sufficient to satisfy applicable withholding taxes or deduct or
withhold such amount from any payments otherwise owed the Participant (whether or not under this
Agreement or the Plan). The Participant expressly authorizes the Company to deduct from any
compensation or any other payment of any kind due to the Participant, including withholding the
issuance of shares of Common Stock, the amount of any federal, state, local or foreign taxes
required by law to be withheld as a result of the exercise of the Option; provided, however, that
the value of the shares withheld may not exceed the statutory minimum withholding amount required
by law.

     12. Committee Authority. The Committee under the Plan shall have complete discretion
in the exercise of its rights, powers, and duties under this Agreement. Any interpretation or
construction of any provision of, and the determination of any question arising under, this
Agreement shall be made by the Committee in its discretion and such exercise shall be final,
conclusive, and binding. The Committee may designate any individual or individuals to perform any
of its functions hereunder.

     13. Successors. This Agreement shall be binding upon, and inure to the benefit of, any
successor or successors of the Company, the Participant and any beneficiary of the Participant.

     14. Entire Agreement. This Agreement constitutes the entire agreement between the
parties with respect to the subject matter hereof and may not be amended, except as provided in the
Plan, other than by a written instrument executed by the parties hereto.

     15. Governing Law. All rights and obligations under this Agreement and the Plan shall
be governed by and construed in accordance with the laws of the State of Delaware, without regard
to its principles of conflict of laws.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	MISTRAS GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Participant	 	 

- 3 -

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