IO ION Geophysical Corporation New

Item 5.02.       Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 

 

On March 29, 2022, ION Geophysical Corporation (the “Company”) appointed Steven Bate, 59, its Chief Administrative Officer. In connection with such appointment, the Company entered into an Employment Agreement (the “Employment Agreement”) with Mr. Bate, which provides for a term of employment commencing on March 29, 2022 and ending on the earliest to occur of Mr. Bate’s death, resignation, or termination by the Company’s Board of Directors. As reflected in the Employment Agreement, Mr. Bate’s initial annual base salary as Chief Administrative Officer is $480,000. Mr. Bate will not be entitled to participate in the Company’s annual incentive compensation plan or any other bonus plan and shall not be eligible to receive equity award grants or any equivalents. The Employment Agreement also contains customary non-competition, non-solicitation, and confidentiality covenants. Furthermore, if Mr. Bate’s employment is terminated for any reason, the Company is obligated to pay or to provide Mr. Bate (or his estate, as applicable) a lump sum payment within thirty days following such termination equal to any base salary payable to Mr. Bate under the Employment Agreement accrued up to and including the date of the termination of employment, any employee benefits to which Mr. Bate is entitled upon termination of his employment, reimbursement for any unreimbursed business expenses incurred prior to the date of termination, and payment for accrued but unused vacation time. No severance for any such termination will be payable.

 

The foregoing summary description of the Employment Agreement is qualified in its entirety by reference to the full text of the agreement, filed as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.