SEC Contract Filing

Filing Date: 2020-04-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2016322d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 10.3</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April 15, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephen C. Jumper</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">508 West Wall, Suite&nbsp;800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Midland, Texas 79701</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Jumper:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reference is made to that certain Employment Agreement, as amended
from time to time, between you (the &ldquo;<B>Executive</B>&rdquo; or &ldquo;<B>you</B>&rdquo;) and Dawson Geophysical Company,
a Texas corporation (formerly known as TGC Industries,&nbsp;Inc.) (the &ldquo;<B>Company</B>&rdquo;), dated as of October&nbsp;8,
2014 and with an Effective Date of February&nbsp;11, 2015 (the &ldquo;<B>Employment Agreement</B>&rdquo;).&nbsp; Capitalized terms
not otherwise defined herein shall have the meanings ascribed thereto in the Employment Agreement, as amended hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This letter agreement (this &ldquo;<B>Letter Agreement</B>&rdquo;)
sets forth the agreement between the Executive and the Company (collectively, the &ldquo;<B>Parties</B>&rdquo;) concerning the
amendment, effective as of April 15, 2020, of certain provisions of the Employment Agreement as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><B>(1)</B></TD><TD>The Parties agree that, subject to the other provisions of the Employment Agreement, (i) the current Term of the Employment
Agreement extends until the close of business on February&nbsp;11, 2023 (the &ldquo;<B>Current Term</B>&rdquo;), and (ii) such
Term shall not be renewed or extended beyond the Current Term, it being understood that, to the extent applicable, the Executive&rsquo;s
employment with the Company shall not automatically expire at the close of the Current Term.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><B>(2)</B></TD><TD>The Parties agree that, for all times throughout the Adjustment Period (as such term is defined below), the Executive&rsquo;s
Base Salary shall be (i) reduced from an annualized rate of $600,000 (the &ldquo;<B>Original Salary Rate</B>&rdquo;) to an annualized
rate of $466,250 (the &ldquo;<B>Modified Salary Rate</B>&rdquo;), and (ii) paid to the extent earned and payable in accordance
with the Company&rsquo;s usual payroll practices (and subject to annual review by the Company and adjustment in the Board&rsquo;s
sole discretion).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><B>(3)</B></TD><TD>The Parties agree that, subject to the other provisions of the Employment Agreement, in the event the Executive shall, during
the Adjustment Period, incur a termination of employment and become entitled to the severance payments described in clause (i)
of Section 6(b)(ii) or Section 6(b)(iii) of the Employment Agreement (a &ldquo;<B>Qualifying Termination</B>&rdquo;) (i) the &ldquo;then-current
Base Salary&rdquo; that is used for determining the severance benefit under such Sections shall be based on the Original Salary
Rate, and (ii) the &ldquo;applicable Term&rdquo; that is used as the period during which such severance benefit is payable shall
be based on the remainder of the Current Term or twelve (12) months, whichever is longer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><B>(4)</B></TD><TD>The Parties agree that, subject to the Executive&rsquo;s continuous employment until the earlier of the close of the Current
Term or a Qualifying Termination, a retention payment not to exceed $385,082 (which is intended to represent the aggregate reductions
to the Executive&rsquo;s Base Salary during the Adjustment Period due to the payment thereof at the Modified Salary Rate), less
all applicable tax withholdings and deductions, shall be paid to the Executive in a lump sum within thirty (30) days following
such close of the Current Term or Qualifying Termination, as the case may be, it being understood