Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On June 16, 2023, Anthony Clark was appointed as Executive Vice President and
Chief Business Officer of Dawson Geophysical Company (the "Company"). Mr. Clark
was appointed President of Breckenridge Geophysical, LLC ("Breckenridge") in
August of 2018, and maintained that position until the seismic data acquisition
business of Breckenridge was acquired by the Company in March of 2023. For over
35 years prior to joining Breckenridge, Mr. Clark was President or Vice
President at various seismic companies with responsibilities ranging from
founding seismic departments, laying out multi-client surveys and raising
underwriting funds to support seismic acquisition surveys.
In connection with Mr. Clark's appointment, he entered into an employment
agreement with the Company, dated as of the date of his appointment (the
"Employment Agreement"). Pursuant to the terms of the Employment Agreement, Mr.
Clark will be paid an annual base salary of $340,000.00. In addition to the base
salary, Mr. Clark is also eligible (i) for an annual cash performance bonus
based on the satisfaction of certain performance metrics and (ii) to participate
in the employee benefits plans generally available to other senior executive
officers of the Company. The term of the Employment Agreement is two years from
the date of the Employment Agreement (the "Current Term"), provided that on each
anniversary date of the date of the Employment Agreement (the "Term Date"), the
Current Term will be automatically extended by one calendar year so that the
Current Term will be a rolling two-year period on each anniversary of the Term
Date unless terminated by the Company or Mr. Clark with proper notice.
In the event Mr. Clark is terminated without cause or for good reason (in each
case, as defined in the Employment Agreement), then Mr. Clark is entitled to (i)
severance payments in an amount equal to Mr. Clark's then-current base salary
that would have been payable if Mr. Clark had remained employed at the Company
for the remainder of the then applicable term, (ii) the automatic and full
vesting of all covered awards (as defined in the Employment Agreement), (iii) a
lump sum payment equal to the cost to Mr. Clark to extend his health benefits
for 18 months following the date of termination and (iv) a lump sum, prorated
payment equal to the performance bonus (as defined in the Employment Agreement)
that Mr. Clark was eligible to earn during the calendar year. In the event Mr.
Clark is terminated following a change of control (as defined in the Employment
Agreement), then the severance payments and other benefits provided in the event
Mr. Clark is terminated without cause or for good reason will be effectively
doubled, such that Mr. Clark would be entitled to an amount that is double his
then-current base salary, the cost to extend his health benefits for 18 months
and the prorated performance bonus.
The foregoing description does not purport to set forth the complete terms
thereof and is qualified in its entirety by reference to the Employment
Agreement attached hereto as Exhibit 10.1, which is incorporated by reference
herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
EXHIBIT
NUMBER DESCRIPTION
10.1* - Employment Agreement dated June 16, 2023 between Anthony
Clark and the Company.
104 - Cover Page Interactive Data File (formatted in Inline XBRL and
included as Exhibit 101).
* This filing excludes certain schedules and exhibits pursuant to Item
601(a)(5) of Regulation S-K, which the registrant agrees to furnish
supplementally to the Securities and Exchange Commission upon request by
the Commission; provided, however, that the registrant may request
confidential treatment pursuant to Rule 24b-2 of the Securities Exchange
Act of 1934, as amended, for any schedules or exhibits so furnished. The
omitted schedule contains certain performance metrics.
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