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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of report (date of earliest event reported): May 5, 2016

DAWSON GEOPHYSICAL COMPANY
(Exact name of Registrant as specified in its charter)

TEXAS
(State of incorporation or organization)
  001-32472
(Commission file number)
  74-2095844
(I.R.S. employer identification number)

508 West Wall, Suite 800
Midland, Texas 79701
(Address of principal executive offices) (Zip Code)

(432) 684-3000
(Registrant's telephone number, including area code)


(Former name or former address, if changed since last report)

        Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


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

        Christina W. Hagan, Executive Vice President, Secretary, and Chief Accounting Officer of Dawson Geophysical Company (the "Company"), has notified the Company that she intends to retire from her positions as an officer of the Company, effective at the close of business on May 5, 2016. Ms. Hagan's responsibilities will be transitioned to James K. Brata, the Executive Vice President, Chief Financial Officer and Treasurer of the Company. Mr. Brata will succeed Ms. Hagan as the Secretary of the Company effective at the close of business on May 5, 2016.

        In connection with Ms. Hagan's retirement, the Company and Ms. Hagan have entered into a letter agreement (the "Amendment") to amend Ms. Hagan's existing employment agreement. Under the terms of the Amendment, Ms. Hagan will remain an employee of the Company until May 13, 2016, at which time she will retire. Under the terms of the Amendment, following her retirement, Ms. Hagan will continue to receive payments equal to her current base salary as well as continuation of her current group health plan benefits, in each case through December 31, 2016. Ms. Hagan will also receive accelerated vesting of certain of her previously disclosed unvested restricted stock unit awards. The Amendment also provides that Ms. Hagan's vested stock options will continue to be exercisable by Ms. Hagan following her retirement at any time prior to their expiration on December 2, 2018. The foregoing description of the Amendment does not purport to set forth the complete terms thereof and is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.

Item 5.07.    Submission of Matters to a Vote of Security Holders.

        The Annual Meeting of Shareholders of the Company was held on May 5, 2016. The following proposals were adopted by the margins indicated:

1.     Proposal to elect a Board of Directors to hold office until the next annual meeting of shareholders and until their successors are elected and qualified.

 
  Number of Shares  
Director Name
  For   Withheld   Broker
Non-Votes
 

William J. Barrett

    12,984,537     1,206,662     4,809,468  

Craig W. Cooper

   
13,079,034
   
1,112,165
   
4,809,468
 

Gary M. Hoover, Ph.D. 

   
13,117,707
   
1,073,492
   
4,809,468
 

Stephen C. Jumper

   
13,010,180
   
1,181,019
   
4,809,468
 

Allen T. McInnes, Ph.D. 

   
7,318,954
   
6,872,245
   
4,809,468
 

Ted R. North

   
13,117,375
   
1,073,824
   
4,809,468
 

Mark A. Vander Ploeg

   
13,084,091
   
1,107,108
   
4,809,468
 

Wayne A. Whitener

   
13,021,106
   
1,170,093
   
4,809,468
 

2.     Proposal to ratify the appointment of RSM US LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2016.

 
  Number of Shares  

For

    15,903,350  

Against

   
50,197
 

Abstain

   
3,047,120
 

3.     Proposal to approve the Company's 2016 Stock and Performance Incentive Plan.

 
  Number of Shares  

For

    12,968,367  

Against

   
730,262
 

Abstain

   
492,570
 

Broker Non-Votes

   
4,809,468
 

4.     Proposal to approve, on an advisory basis, the executive compensation of the named executive officers.

 
  Number of Shares  

For

    11,643,979  

Against

   
2,517,637
 

Abstain

   
29,583
 

Broker Non-Votes

   
4,809,468
 

Item 9.01.    Financial Statements and Exhibits.

 
  EXHIBIT NUMBER   DESCRIPTION
      10.1  

Letter Agreement, dated May 5, 2016, between the Company and Christina W. Hagan.

      10.2  

Dawson Geophysical Company 2016 Stock and Performance Incentive Plan.



SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

    DAWSON GEOPHYSICAL COMPANY

Date: May 5, 2016

 

By:

 

/s/ STEPHEN C. JUMPER

Stephen C. Jumper
President and Chief Executive Officer


INDEX TO EXHIBITS

 
  EXHIBIT NUMBER   DESCRIPTION
      10.1  

Letter Agreement, dated May 5, 2016, between the Company and Christina W. Hagan.

      10.2  

Dawson Geophysical Company 2016 Stock and Performance Incentive Plan.




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SIGNATURES
INDEX TO EXHIBITS

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Exhibit 10.1

May 5, 2016

Christina W. Hagan
508 West Wall, Suite 800
Midland, Texas 79701

Ms. Hagan:

        Reference is made to the Employment Agreement between Dawson Geophysical Company, a Texas corporation (the "Company"), and you (the "Executive" or "you"), dated as of October 8, 2014 and with an effective date of February 11, 2015, as amended by that certain Letter Agreement between the Company and you, dated as of February 15, 2016 (the "Employment Agreement"). Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Employment Agreement, as amended hereby.

        This letter agreement (this "Letter Agreement") sets forth the Executive's and the Company's agreement concerning the amendment of certain provisions of the Employment Agreement as follows and is effective as of the Executive's retirement and termination of employment with the Company on or around May 13, 2016 pursuant to that certain letter of resignation submitted by the Executive to the Company, dated as of May 4, 2016 (the "Letter of Resignation"):

(1)
The Executive and the Company agree that the Company shall (a) pay the Executive the Base Salary that is in effect immediately prior to May 5, 2016 through December 31, 2016, payable in accordance with the Company's usual payroll practices, and (b) continue to provide coverage to the Executive equal to the Executive's then-current group health plan benefits under COBRA through December 31, 2016.

(2)
The Executive and the Company agree that the Executive's termination of employment pursuant to the Letter of Resignation shall not result in the forfeiture, cancellation or expiration of the 17,600 stock options granted to the Executive on December 2, 2008 at an option exercise price of $10.74, and that such options shall expire on December 2, 2018 and remain exercisable by the Executive prior to such expiration date.

(3)
The Executive and the Company agree that, as of the close of business on the date prior to the date of the Executive's termination of employment pursuant to the Letter of Resignation, the following Covered Awards granted to the Executive shall be fully vested and any restrictions applicable shall lapse (regardless of the otherwise applicable vesting or exercise schedules or performance goals provided for under the applicable award agreement); provided that all other equity awards held by the Executive, other than the stock options described in paragraph 2 above, shall be forfeited upon the Executive's termination of employment pursuant to the Letter of Resignation:

Type of Award
  Grant Date   Number of Units  

Restricted Stock Units

  December 4, 2013     4,128  

Restricted Stock Units

  December 5, 2014     11,045  

Restricted Stock Units

  February 15, 2016     7,166  

        This Letter Agreement embodies the entire agreement between the Company and the Executive with respect to the amendment of the Employment Agreement in connection with the Executive's termination of employment pursuant to the Letter of Resignation. In the event of any conflict or inconsistency between the provisions of the Employment Agreement and this Letter Agreement, the provisions of this Letter Agreement shall prevail. Except as specifically modified and amended by this Letter Agreement, all of the terms, provisions, requirements and specifications contained in the Employment Agreement remain in full force and effect. This Letter Agreement may be executed in counterparts (including those transmitted by facsimile), each of which shall be deemed an original and all of which taken together shall constitute one and the same document.


        THE EXECUTIVE ACKNOWLEDGES THAT SHE HAS CAREFULLY READ THIS LETTER AGREEMENT AND THE EMPLOYMENT AGREEMENT, HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL OF THE EXECUTIVE'S CHOOSING TO THE EXTENT THE EXECUTIVE DESIRES LEGAL ADVICE REGARDING THE SAME, AND UNDERSTANDS AND AGREES TO ALL OF THE PROVISIONS HEREIN (AND THE PROVISIONS OF THE EMPLOYMENT AGREEMENT AS AMENDED BY THIS LETTER AGREEMENT).

        THIS LETTER AGREEMENT SHALL BE INTERPRETED AND ENFORCED IN CONFORMITY WITH THE LAW OF THE STATE OF TEXAS, WITHOUT REGARD TO ANY CONFLICTS OF LAW PROVISION THEREOF THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. VENUE OF ANY LEGAL ACTION ARISING FROM OR RELATING TO THIS LETTER AGREEMENT SHALL BE IN MIDLAND COUNTY, TEXAS. FOR THE AVOIDANCE OF DOUBT, THE PROVISIONS OF SECTION 11 OF THE EMPLOYMENT AGREEMENT SHALL APPLY TO THIS LETTER AGREEMENT IN ALL RESPECTS.

        [Remainder of Page Intentionally Left Blank]


        Please sign in the space provided below to evidence your agreement with the terms of this Letter Agreement and acknowledgment that your obligations hereunder are valid, binding, and enforceable obligations.

        DAWSON GEOPHYSICAL COMPANY

 

 

 

 

By:

 

/s/ STEPHEN C. JUMPER

        Name:   Stephen C. Jumper
        Title:   President and CEO

AGREED TO AND ACKNOWLEDGED:

 

 

 

 

THE EXECUTIVE

 

 

 

 

/s/ CHRISTINA W. HAGAN


 

 

 

 
Name:   Christina W. Hagan        
Title:   Employee        



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Exhibit 10.2


DAWSON GEOPHYSICAL COMPANY
2016 STOCK AND PERFORMANCE INCENTIVE PLAN



Table of Contents

 
  Page  

ARTICLE I    Introduction

    1  

ARTICLE II    Objectives

   
1
 

ARTICLE III    Definitions

   
1
 

Section 3.1    Definitions

    1  

ARTICLE IV    Eligibility

   
4
 

Section 4.1    Employees

    4  

Section 4.2    Directors

    4  

Section 4.3    Consultants

    4  

ARTICLE V    Common Stock Available for Awards

   
5
 

Section 5.1    Award Limitations

    5  

Section 5.2    Unissued Awards

    5  

ARTICLE VI    Administration. 

   
5
 

Section 6.1    Administration by the Committee

    5  

Section 6.2    Liability of the Committee

    6  

Section 6.3    Authority of the Board

    6  

Section 6.4    Delegation of Authority

    6  

ARTICLE VII    Employee Awards and Consultant Awards

   
7
 

Section 7.1    Employee Awards

    7  

Section 7.2    Limitations

    10  

Section 7.3    Consultant Awards

    10  

ARTICLE VIII    Director Awards

   
10
 

Section 8.1    Grant of Director Awards

    10  

Section 8.2    Options

    10  

Section 8.3    Stock Appreciation Rights

    10  

Section 8.4    Stock Awards

    11  

Section 8.5    Performance Awards

    11  

Section 8.6    Limitations

    11  

ARTICLE IX    Change of Control

   
11
 

Section 9.1    Acceleration of Vesting

    11  

Section 9.2    Exercise Period for Options and SARs

    11  

ARTICLE X    Non-United States Participants

   
12
 

ARTICLE XI    Payment of Awards

   
12
 

Section 11.1    General

    12  

Section 11.2    Dividends; Dividend Equivalents

    12  

Section 11.3    Cash-out of Awards

    12  

ARTICLE XII    Option Exercise

   
12
 

ARTICLE XIII    Taxes

   
13
 

ARTICLE XIV    Amendment, Modification, Suspension, or Termination of the Plan

   
13
 

ARTICLE XV    Assignability

   
13
 

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  Page  

ARTICLE XVI    Adjustments

    13  

Section 16.1    Adjustments in General

    13  

Section 16.2    Proportionate Adjustments

    14  

ARTICLE XVII    Restrictions

   
14
 

ARTICLE XVIII    Unfunded Plan

   
15
 

ARTICLE XIX    Right to Employment or Service

   
15
 

ARTICLE XX    Successors

   
15
 

ARTICLE XXI    Governing Law

   
15
 

ARTICLE XXII    Headings and Usage

   
15
 

ARTICLE XXIII    Severability

   
16
 

ARTICLE XXIV    Clawback

   
16
 

ARTICLE XXV    Section 409A

   
16
 

ARTICLE XXVI    Effectiveness and Term

   
16
 

ii



ARTICLE I
INTRODUCTION

        Effective as of March 1, 2016, the Board of Directors (the "Board") of Dawson Geophysical Company, a Texas corporation (the "Company") adopted the Dawson Geophysical Company 2016 Stock and Performance Incentive Plan (the "Plan") in order to reward certain corporate employees, consultants and nonemployee directors of the Company and its Subsidiaries by providing for certain cash benefits and by enabling such persons to acquire shares of Common Stock of the Company.


ARTICLE II
OBJECTIVES

        The purpose of the Plan is to further the interests of the Company, its Subsidiaries and its shareholders by providing incentives in the form of Awards to certain employees, consultants and nonemployee directors who can contribute materially to the success of the Company and its Subsidiaries. Such Awards are intended to recognize and reward outstanding performance and individual contributions and give Participants in the Plan an interest in the Company that is intended to be parallel to that of the shareholders in order to enhance the proprietary and personal interest of such Participants in the Company's success and progress. The Plan is also intended to enable the Company and its Subsidiaries to attract and retain such employees, consultants and nonemployee directors.


ARTICLE III
DEFINITIONS

        Section 3.1    Definitions.    As used herein, the terms set forth below shall have the following meanings:

        "Award" means an Employee Award, a Director Award or a Consultant Award.

        "Award Agreement" means one or more Employee Award Agreement, Director Award Agreement or Consultant Award Agreement.

        "Board" means the Board of Directors of the Company.

        "Cash Award" means an Award denominated in cash.

        "Change of Control" means, except as otherwise reflected in an Award Agreement, one or more of the following events, under which:

1


        "Code" means the Internal Revenue Code of 1986, as amended from time to time.

        "Committee" means the Compensation Committee of the Board or such other committee of the Board as is designated by the Board to administer the Plan; provided that, unless otherwise determined by the Board, the Committee shall consist solely of two (2) or more Directors, each of whom shall be a "nonemployee director" within the meaning of Rule 16b-3(b)(3) under section 16 of the Exchange Act and an "outside director" within the meaning of Treasury Regulation § 1.162-27 under section 162(m) of the Code (except to the extent administration of the Plan by "outside directors" is not then required in order to qualify for tax deductibility under section 162(m) of the Code).

        "Common Stock" means Dawson Geophysical Company common stock, par value $0.01 per share.

        "Company" means Dawson Geophysical Company, a Texas corporation.

        "Consultant" means a person other than an Employee or a Nonemployee Director providing bona fide services to the Company or any of its Subsidiaries in a consultant, advisor, or similar capacity, as applicable; provided that, such person is a natural person and that such services are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for any securities of the Company.

        "Consultant Award" means the grant of any Nonqualified Stock Option, SAR, Stock Award, Cash Award or Performance Award, whether granted singly, in combination, or in tandem, to a Consultant pursuant to such applicable terms, conditions and limitations as may be established in order to fulfill the objectives of the Plan.

        "Consultant Award Agreement" means one or more agreements between the Company and a Consultant setting forth the terms, conditions and limitations applicable to a Consultant Award.

        "Director" means an individual serving as a member of the Board.

        "Director Award" means the grant of any Nonqualified Stock Option, SAR, Stock Award, Cash Award, or Performance Award, whether granted singly, in combination, or in tandem, to a Participant who is a Nonemployee Director pursuant to such applicable terms, conditions and limitations as may be established in order to fulfill the objectives of the Plan.

        "Director Award Agreement" means one or more agreements between the Company and a Nonemployee Director setting forth the terms, conditions and limitations applicable to a Director Award.

        "Dividend Equivalents" means, with respect to a Restricted Stock Unit Award, a right to receive with respect to each share of Common Stock subject to the Award an amount in cash, shares of Common Stock and/or Restricted Stock Units, as determined by the Committee in its sole discretion, equal in value to the dividends and other distributions made by the Company with respect to a share of Common Stock during the period such Award is outstanding.

        "Effective Date" means the date in 2016 on which the shareholders of the Company approve of the Plan.

        "Employee" means (a) an employee of the Company or any of its Subsidiaries; and (b) an individual who has agreed to become such an employee of the Company or any of its Subsidiaries and is expected to become such an employee within the following six (6) months.

2


        "Employee Award" means the grant of any Option, SAR, Stock Award, Cash Award or Performance Award, whether granted singly, in combination, or in tandem, to an Employee pursuant to such applicable terms, conditions and limitations (including treatment as a Performance Award) as may be established in order to fulfill the objectives of the Plan.

        "Employee Award Agreement" means one or more agreements between the Company and an Employee setting forth the terms, conditions and limitations applicable to an Employee Award.

        "Exchange Act" means the Securities Exchange Act of 1934, as amended.

        "Fair Market Value" of a share of Common Stock means, as of a particular date:

        "Grant Date" means the date an Award is granted to a Participant pursuant to the Plan. The Grant Date for a substituted Award is the grant date of the original Award.

        "Grant Price" means the price at which a Participant may exercise his or her right to receive cash or Common Stock, as applicable, under the terms of an Option or SAR Award.

        "Incentive Stock Option" means an Option that is intended to comply with the requirements set forth in section 422 of the Code.

        "Nonemployee Director" means an individual serving as a member of the Board who is not an Employee.

        "Nonqualified Stock Option" means an Option that is not an Incentive Stock Option.

        "Option" means a right to purchase a specified number of shares of Common Stock at the specified Grant Price with respect to such shares, which right may be an Incentive Stock Option or a Nonqualified Stock Option.

        "Participant" means an Employee, Director or Consultant to whom an Award has been granted under the Plan.

3


        "Performance Award" means an Award made pursuant to the Plan that is subject to the attainment of one or more Performance Goals.

        "Performance Goal" means one or more organizational or individual standards under Section 7.1(e)(ii)(B) below.

        "Plan" means the Dawson Geophysical Company 2016 Stock and Performance Incentive Plan, as such Plan may be amended from time to time.

        "Reload" means the automatic grant of a new Option or SAR upon the exercise of an existing Option or SAR.

        "Restricted Stock" means any shares of Common Stock that are restricted or subject to forfeiture provisions.

        "Restricted Stock Unit" means a Stock Unit that is restricted or subject to forfeiture provisions.

        "Restricted Stock Unit Award" means an award of Restricted Stock Units.

        "Restriction Period" means a period of time beginning as of the Grant Date of an Award of Restricted Stock or Restricted Stock Units and ending as of the date upon which the Common Stock subject to such Award is no longer restricted or subject to forfeiture provisions.

        "Stock Appreciation Right" or "SAR" means a right to receive a payment, in cash or in Common Stock (as determined by the Committee), equal to the excess of the Fair Market Value of a specified number of shares of Common Stock on the date the right is exercised over the Grant Price with respect to such shares.

        "Stock Award" means an Award in the form of shares of Common Stock or Stock Units, including an award of Restricted Stock or Restricted Stock Units.

        "Stock Based Award Limitations" means the limitations set forth in Section 7.2(a) and Section 7.2(b) below.

        "Stock Unit" means a unit evidencing the right to receive in specified circumstances one share of Common Stock or equivalent value (as determined by the Committee).

        "Subsidiary" means in the case of a corporation, any corporation of which the Company directly or indirectly owns shares representing fifty percent (50%) or more of the combined voting power of the shares of all classes or series of capital stock of such corporation which have the right to vote generally on matters submitted to a vote of the shareholders of such corporation, in the case of a partnership or other business entity not organized as a corporation, any such business entity of which the Company directly or indirectly owns fifty percent (50%) or more of the voting, capital or profits interests (whether in the form of partnership interests, membership interests or otherwise), and any other corporation, partnership or other entity that is a "subsidiary" of the Company within the meaning of Rule 405 promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended.


ARTICLE IV
ELIGIBILITY

        Section 4.1    Employees.    All Employees are eligible for the grant of Employee Awards under the Plan in the discretion of the Committee.

        Section 4.2    Directors.    All Nonemployee Directors are eligible for the grant of Director Awards under the Plan in the discretion of the Board.

        Section 4.3    Consultants.    All Consultants are eligible for the grant of Consultant Awards under the Plan in the discretion of the Committee.

4



ARTICLE V
COMMON STOCK AVAILABLE FOR AWARDS

        Section 5.1    Award Limitations.    Subject to the provisions of ARTICLE XVI hereof, the total number of shares of Common Stock reserved and available for issuance in connection with Awards under the Plan shall be 1,000,000 shares, all of which may be available for the issuance of Awards of Incentive Stock Options. No Award shall be granted if it shall result in the aggregate number of shares of Common Stock issued under the Plan plus the number of shares of Common Stock covered by or subject to Awards then outstanding under the Plan (after giving effect to the grant of the Award in question) to exceed the number of shares described in the preceding sentence. The shares of Common Stock to be delivered under the Plan shall be made available from (a) authorized but unissued shares of Common Stock; (b) shares of Common Stock held in the treasury of the Company; or (c) previously issued shares of Common Stock reacquired by the Company, including Common Stock purchased on the open market.

        Section 5.2    Unissued Awards.    


ARTICLE VI
ADMINISTRATION.

        Section 6.1    Administration by the Committee.    

5


        Section 6.2    Liability of the Committee.    No member of the Committee shall be liable for anything done or omitted to be done by him or her, by any member of the Committee or by any officer or employee of the Company in connection with the performance of any duties under the Plan, except for his or her own willful misconduct or as expressly provided by statute.

        Section 6.3    Authority of the Board.    The Board shall have the same rights, powers, duties, and authority in connection with the administration of the Plan with respect to Director Awards as the Committee retains with respect to Employee Awards and Consultant Awards.

        Section 6.4    Delegation of Authority.    The Committee may delegate its duties under the Plan (including, but not limited to, the authority to grant Awards) to such officers or employees of the Company or its Subsidiaries or such other agents as it may appoint from time to time; provided that, the Committee may not delegate its duties where such delegation would violate state corporate law, or with respect to making Awards to, or otherwise with respect to Awards granted to, individuals who are subject to

6


section 16(b) of the Exchange Act or who are Employees receiving Awards that are intended to constitute "performance-based compensation" within the meaning of section 162(m) of the Code.


ARTICLE VII
EMPLOYEE AWARDS AND CONSULTANT AWARDS

        Section 7.1    Employee Awards.    The Committee shall determine the type or types of Employee Awards to be made under the Plan and shall designate from time to time the Employees who are to be the recipients of such Awards. Each Employee Award may, in the discretion of the Committee, be embodied in an Employee Award Agreement, which shall contain such terms, conditions and limitations as shall be determined by the Committee in its sole discretion and, if required by the Committee, shall be signed by the Participant to whom the Employee Award is granted and/or signed for and on behalf of the Company. Employee Awards may consist of those Awards listed in this ARTICLE VII and may be granted singly, in combination or in tandem. Employee Awards may also be granted in combination or in tandem with, in replacement of (subject to the last sentence of ARTICLE XIV), or as alternatives to, grants or rights under the Plan or any other employee plan of the Company or any of its Subsidiaries, including the plan of any acquired entity. All or part of an Employee Award may be subject to conditions established by the Committee, which may include, but are not limited to, continuous service with the Company and its Subsidiaries, achievement of specific business objectives, items referenced in Section 7.1(e)(ii)(B) below, and other comparable measurements of performance. Upon the termination of employment by a Participant who is an Employee, any unexercised, deferred, unvested, or unpaid Employee Awards shall be treated as set forth in the applicable Employee Award Agreement or as otherwise specified by the Committee.

7


8


9


        Section 7.2    Limitations.    Notwithstanding anything to the contrary contained in the Plan, the following limitations shall apply to any Employee Awards made hereunder:

        Section 7.3    Consultant Awards.    Subject to the limitations described in this ARTICLE VII, the Committee shall have the sole responsibility and authority to determine the type or types of Consultant Awards to be made under the Plan and the terms, conditions and limitations applicable to such Awards.


ARTICLE VIII
DIRECTOR AWARDS

        Section 8.1    Grant of Director Awards.    The Board may grant Director Awards to Nonemployee Directors from time to time in accordance with this ARTICLE VIII. Director Awards may consist of those Awards listed in this ARTICLE VIII and may be granted singly, in combination, or in tandem. Each Director Award may, in the discretion of the Board, be embodied in a Director Award Agreement, which shall contain such terms, conditions and limitations as shall be determined by the Board in its sole discretion and, if required by the Board, shall be signed by the Participant to whom the Director Award is granted and/or signed for and on behalf of the Company.

        Section 8.2    Options.    A Director Award may be in the form of an Option; provided that, Options granted as Director Awards shall not be Incentive Stock Options. The Grant Price of an Option shall be not less than the Fair Market Value of the Common Stock subject to such Option on the Grant Date. In no event shall the term of the Option extend more than ten (10) years after the Grant Date. Options may not include provisions that Reload the Option upon exercise. Similarly, Options may not be repriced or otherwise modified in any way that would constitute a reduction in the Grant Price associated with such Options, except in connection with an event described in ARTICLE XVI. Subject to the foregoing provisions, the terms, conditions and limitations applicable to any Options awarded to Nonemployee Directors pursuant to this ARTICLE VIII, including the Grant Price, the term of the Options, the number of shares subject to the Option and the date or dates upon which they become exercisable, shall be determined by the Board.

        Section 8.3    Stock Appreciation Rights.    A Director Award may be in the form of an SAR. On the Grant Date, the Grant Price of an SAR shall be not less than the Fair Market Value of the Common Stock subject to such SAR. The holder of a tandem SAR may elect to exercise either the Option or the SAR, but not both. The exercise period for an SAR shall extend no more than ten (10) years after the Grant Date. SARs may not include provisions that Reload the SAR upon exercise. Similarly, SARs may not be repriced or otherwise modified in any way that would constitute a reduction in the Grant Price associated with such SARs, except in connection with an event described in ARTICLE XVI. Subject to the foregoing provisions, the terms, conditions and limitations applicable to any SARs awarded to Nonemployee Directors pursuant to the Plan, including the Grant Price, the term of any SARs, and the date or dates upon which they become exercisable, shall be determined by the Board.

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        Section 8.4    Stock Awards.    A Director Award may be in the form of a Stock Award. Any terms, conditions and limitations applicable to any Stock Awards granted to a Nonemployee Director pursuant to the Plan, including but not limited to rights to Dividend Equivalents, shall be determined by the Board.

        Section 8.4    Cash Awards.    A Director Award may be in the form of a Cash Award. Any terms, conditions and limitations applicable to any Cash Awards granted to a Nonemployee Director pursuant to the Plan shall be determined by the Board.

        Section 8.5    Performance Awards.    Without limiting the type or number of Director Awards that may be made under the other provisions of the Plan, a Director Award may be in the form of a Performance Award. Any additional terms, conditions and limitations applicable to any Performance Awards granted to a Nonemployee Director pursuant to the Plan shall be determined by the Board. The Board shall set Performance Goals in its discretion which, depending on the extent to which they are met, will determine the value and/or amount of Performance Awards that will be paid out to the Nonemployee Director.

        Section 8.6    Limitations.    Notwithstanding anything to the contrary contained in the Plan the following limitations shall apply to any Director Awards made hereunder:


ARTICLE IX
CHANGE OF CONTROL

        Section 9.1    Acceleration of Vesting.    Upon a Change of Control and except as otherwise provided in an Award Agreement, the Committee, acting in its sole discretion without the consent or approval of any Participant, shall affect one or more of the following alternatives, which may vary among individual Participants and which may vary among Awards held by any individual Participant: (a) provide for the substitution of a new Award or other arrangement (which, if applicable, may be exercisable for such property or stock as the Committee determines) for an Award or the assumption of the Award, regardless of whether in a transaction to which section 424(a) of the Code applies; (b) provide for acceleration of the vesting and exercisability of, or lapse of restrictions, in whole or in part, with respect to, the Award and, if the transaction is a cash merger, provide for the termination of any portion of the Award that remains unexercised at the time of such transaction; or (c) cancel any such Award and deliver to the Participant cash in an amount that the Committee shall determine in its sole discretion is equal to the fair market value of such Award on the date of such event, which in the case of Options or Stock Appreciation Rights shall be the excess of the Fair Market Value of Shares on such date over the Grant Price of such Award.

        Section 9.2    Exercise Period for Options and SARs.    In the event of a Change of Control, outstanding Options and SARs shall remain exercisable under clause (b) of Section 9.1 until the earlier of (a) the expiration of the term of the Award; or (b) if the Participant should die before the expiration of the term of the Award, until the earlier of (i) the expiration of the term of the Award or (ii) two (2) years following the date of the Participant's death.

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ARTICLE X
NON-UNITED STATES PARTICIPANTS

        The Committee may grant Awards to persons outside the United States under such terms and conditions as, in the judgment of the Committee, may be necessary or advisable to comply with the laws of the applicable foreign jurisdictions and, to that end, may establish sub-plans, modified Option exercise procedures and other terms and procedures. Notwithstanding the above, no actions may be taken by the Committee, and no Awards shall be granted, that would violate the Exchange Act, the Code, any securities law, any governing statute, or any other applicable law.


ARTICLE XI
PAYMENT OF AWARDS

        Section 11.1    General.    Payment made to a Participant pursuant to an Award may be made in the form of cash or Common Stock, or a combination thereof.

        Section 11.2    Dividends; Dividend Equivalents.    Rights to dividends or Dividend Equivalents may, as applicable, be extended to and made part of any Stock Award, subject to such terms, conditions and restrictions as the Committee may establish, including such terms, conditions and restrictions as may be necessary to ensure that the Stock Awards do not provide for the deferral of compensation within the meaning of, or otherwise violate, section 409A of the Code; provided that, no such dividends or Dividend Equivalents shall be paid with respect to unvested Performance Awards. The Committee may also establish rules and procedures for the crediting of interest on deferred cash payments, dividends or Dividend Equivalents. Dividends and/or Dividend Equivalents shall not be made part of any Options or SARs.

        Section 11.3    Cash-out of Awards.    At the discretion of the Committee, an Award that is an Option or SAR may be settled by a cash payment equal to the difference between the Fair Market Value per share of Common Stock on the date of exercise and the Grant Price of the Award, multiplied by the number of shares with respect to which the Award is exercised. With respect to all Awards other than Options or SARs, at the discretion of the Board or the Committee, as applicable, such Awards may be settled by a cash payment in an amount that the Board or the Committee, as applicable, shall determine in its sole discretion is equal to the fair market value of such Awards.


ARTICLE XII
OPTION EXERCISE

        The price at which shares of Common Stock may be purchased under an Option shall be paid in full at the time of exercise in cash or, if permitted by the Committee and elected by the Participant, the Participant may purchase such shares by means of the Company withholding shares of Common Stock otherwise deliverable on exercise of the Award or tendering Common Stock or surrendering another Award, including Restricted Stock, valued at Fair Market Value on the date of exercise, or any combination thereof. The Committee, in its sole discretion, shall determine acceptable methods for Participants to tender Common Stock or other Awards. The Committee may provide for procedures to permit the exercise or purchase of such Awards by use of the proceeds to be received from the sale of Common Stock issuable pursuant to an Award (including cashless exercise procedures approved by the Committee involving a broker or dealer approved by the Committee). Unless otherwise provided in the applicable Award Agreement, in the event shares of Restricted Stock are tendered as consideration for the exercise of an Option, a number of the shares issued upon the exercise of the Option, equal to the number of shares of Restricted Stock used as consideration therefore, shall be subject to the same restrictions as the Restricted Stock so submitted as well as any additional restrictions that may be imposed by the Committee. The Committee may adopt additional rules and procedures regarding the exercise of Options from time to time; provided that, such rules and procedures are not inconsistent with the provisions of this ARTICLE XII.

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ARTICLE XIII
TAXES

        The Company or its designated third party administrator shall have the right to deduct applicable taxes from any Award payment and withhold, at the time of delivery or vesting of cash or shares of Common Stock under the Plan, an appropriate amount of cash or number of shares of Common Stock or a combination thereof for payment of taxes or other amounts required by law or to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for withholding of such taxes. The Committee may also permit withholding to be satisfied by the transfer to the Company of shares of Common Stock theretofore owned by the holder of the Employee Award with respect to which withholding is required. If shares of Common Stock are used to satisfy tax withholding, such shares shall be valued based on the Fair Market Value when the tax withholding is required to be made. The Committee may provide for loans, to the extent not otherwise prohibited by law, on either a short-term or demand basis, from the Company to a Participant who is an Employee or Consultant to permit the payment of taxes subject to and required by law.


ARTICLE XIV
AMENDMENT, MODIFICATION, SUSPENSION, OR TERMINATION OF THE PLAN

        The Board may amend, modify, suspend, or terminate the Plan for the purpose of meeting or addressing any changes in legal requirements or for any other purpose permitted by law, except that: (a) no amendment or alteration that would materially and adversely affect the rights of any Participant under any Award previously granted to such Participant shall be made without the consent of such Participant; and (b) no amendment or alteration shall be effective prior to its approval by the shareholders of the Company to the extent such approval is required by applicable legal requirements or the applicable requirements of the securities exchange on which the Company's Common Stock is listed.


ARTICLE XV
ASSIGNABILITY

        Unless otherwise determined by the Committee and provided in the Award Agreement or the terms of the Award, no Award or any other benefit under the Plan shall be assignable or otherwise transferable except by will, by beneficiary designation, or by the laws of descent and distribution or pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder. In the event that a beneficiary designation conflicts with an assignment by will or the laws of descent and distribution, the beneficiary designation will prevail. The Committee may prescribe and include in applicable Award Agreements or the terms of the Awards other restrictions on transfer. Any attempted assignment of an Award or any other benefit under the Plan in violation of this ARTICLE XV shall be null and void.


ARTICLE XVI
ADJUSTMENTS

        Section 16.1    Adjustments in General.    The existence of outstanding Awards shall not affect in any manner the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the capital stock of the Company or its business or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stock (whether or not such issue is prior to, on a parity with or junior to the existing Common Stock) or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding of any kind, whether or not of a character similar to that of the acts or proceedings enumerated above.

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        Section 16.2    Proportionate Adjustments    


ARTICLE XVII
RESTRICTIONS

        No Common Stock or other form of payment shall be issued with respect to any Award unless the Company shall be satisfied based on the advice of its counsel that such issuance will be in compliance with applicable federal and state securities laws. Certificates evidencing shares of Common Stock delivered under the Plan (to the extent that such shares are so evidenced) may be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other

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requirements of the Securities and Exchange Commission, any securities exchange or transaction reporting system upon which the Common Stock is then listed or to which it is admitted for quotation and any applicable federal or state securities law. The Committee may cause a legend or legends to be placed upon such certificates (if any) to make appropriate reference to such restrictions.


ARTICLE XVIII
UNFUNDED PLAN

        The Plan shall be unfunded. Although bookkeeping accounts may be established with respect to Participants under the Plan, any such accounts shall be used merely as a bookkeeping convenience, including bookkeeping accounts established by a third party administrator retained by the Company to administer the Plan. The Company shall not be required to segregate any assets for purposes of the Plan or Awards hereunder, nor shall the Company, the Board or the Committee be deemed to be a trustee of any benefit to be granted under the Plan. Any liability or obligation of the Company to any Participant with respect to an Award under the Plan shall be based solely upon any contractual obligations that may be created by the Plan and any Award Agreement or the terms of the Award, and no such liability or obligation of the Company shall be deemed to be secured by any pledge or other encumbrance on any property of the Company. Neither the Company nor the Board nor the Committee shall be required to give any security or bond for the performance of any obligation that may be created by the Plan.


ARTICLE XIX
RIGHT TO EMPLOYMENT OR SERVICE

        Nothing in the Plan or an Award Agreement shall interfere with or limit in any way the right of the Company or its Subsidiaries to terminate any Participant's employment or other service relationship at any time, or confer upon any Participant any right to continue in the capacity in which he or she is employed or otherwise serves the Company or its Subsidiaries.


ARTICLE XX
SUCCESSORS

        All obligations of the Company under the Plan with respect to Awards granted hereunder 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.


ARTICLE XXI
GOVERNING LAW

        The Plan and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by mandatory provisions of the Code or the securities laws of the United States, shall be governed by and construed in accordance with the laws of the State of Texas.


ARTICLE XXII
HEADINGS AND USAGE

        The headings in the Plan are inserted for convenience of reference only and shall not affect the meaning or interpretation of the Plan. Words used in the Plan in the singular shall include the plural and vice versa, and words of one gender shall be construed to include the other gender and the neuter, in each case as the context requires.

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ARTICLE XXIII
SEVERABILITY

        If any provision of the Plan is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and the Plan shall be construed and enforced as if the illegal or invalid provision had never been included herein. If any of the terms or provisions of the Plan or any Award Agreement conflict with the requirements of Rule 16b-3 under the Exchange Act (as those terms or provisions are applied to Participants who are subject to section 16(b) of the Exchange Act) or section 422 of the Code (with respect to Incentive Stock Options), then those conflicting terms or provisions shall be deemed inoperative to the extent they so conflict with the requirements of Rule 16b-3 (unless the Board or the Committee, as appropriate, has expressly determined that the Plan or such Award should not comply with Rule 16b-3) or section 422 of the Code. With respect to Incentive Stock Options, if the Plan does not contain any provision required to be included herein under section 422 of the Code, that provision shall be deemed to be incorporated herein with the same force and effect as if that provision had been set out at length herein; provided that, to the extent any Option that is intended to qualify as an Incentive Stock Option cannot so qualify, that Option (to that extent) shall be deemed as a Nonqualified Stock Option not subject to section 422 of the Code for all purposes of the Plan.


ARTICLE XXIV
CLAWBACK

        Notwithstanding any other provisions in the Plan, any Award shall be subject to recovery or clawback by the Company under any clawback policy adopted by the Company whether before or after the date of grant of the Award.


ARTICLE XXV
SECTION 409A

        Awards made under the Plan are intended to comply with or be exempt from section 409A of the Code, and ambiguous provisions hereof, if any, shall be construed and interpreted in a manner consistent with such intent.

        Unless the Committee provides otherwise in an Award Agreement, each Restricted Stock Unit Award or Cash Award (or portion thereof if the Award is subject to a vesting schedule) shall be settled no later than the 15th day of the third month after the end of the first calendar year in which the Award (or such portion thereof) is no longer subject to a "substantial risk of forfeiture" within the meaning of section 409A of the Code. If the Committee determines that a Restricted Stock Unit Award or Cash Award is intended to be subject to section 409A of the Code, the applicable Award Agreement shall include terms that are designed to satisfy the requirements of section 409A of the Code.

        If a Participant is identified by the Company as a "specified employee" within the meaning of section 409A(a)(2)(B)(i) of the Code on the date on which the Participant has a "separation from service" (other than due to death) within the meaning of Treasury Regulation § 1.409A 1(h), any Award payable or settled on account of a separation from service that is deferred compensation subject to section 409A of the Code shall be paid or settled on the earliest of (a) the first business day following the expiration of six (6) months from the Participant's separation from service; (b) the date of the Participant's death; or (c) such earlier date as complies with the requirements of section 409A of the Code.


ARTICLE XXVI
EFFECTIVENESS AND TERM

        The Plan, as approved by the Board on March 1, 2016, shall be effective as of the Effective Date. The Plan shall continue in effect for a term of ten (10) years commencing on the Effective Date, unless earlier

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terminated by action of the Board, and no further Awards may be granted under the Plan after the tenth (10th) anniversary of the Effective Date or, if earlier, termination by action of the Board, except as to Awards then outstanding under the Plan. Such outstanding Awards shall remain in effect until they have been exercised or terminated, or have expired.

        Notwithstanding the foregoing, the adoption of the Plan is expressly conditioned upon the approval by the holders of a majority of shares of Common Stock present, or represented, and entitled to vote at a meeting of the Company's shareholders at the Company's 2016 annual shareholders' meeting to be held on May 5, 2016, or any adjournment or postponement thereof. If the shareholders of the Company should fail to so approve the Plan on such date, the Plan shall not be of any force or effect.

        The Plan is the successor to the Amended and Restated Dawson Geophysical Company 2006 Stock and Performance Incentive Plan, effective as of February 11, 2015 (the "Legacy Dawson Plan") and the Amended and Restated 2006 Stock Awards Plan of Dawson Geophysical Company (formerly known as the 2006 Stock Awards Plan of TGC Industries, Inc.), effective as of February 11, 2015 (the "Legacy TGC Plan"). After the Effective Date and assuming the shareholders approve the Plan, no new Awards may be granted under the Legacy Dawson Plan or the Legacy TGC Plan (the Legacy TGC Plan terminates pursuant to its terms on March 29, 2016). Awards granted pursuant to the Legacy Dawson Plan and the Legacy TGC Plan shall continue to be administered in accordance with the terms of the Legacy Dawson Plan and the Legacy TGC Plan, as applicable, provided that the Committee or its delegates responsible for administering this Plan shall constitute the Committee or its delegates under the Legacy Dawson Plan and the Legacy TGC Plan, as applicable.

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QuickLinks

DAWSON GEOPHYSICAL COMPANY 2016 STOCK AND PERFORMANCE INCENTIVE PLAN
Table of Contents
ARTICLE I INTRODUCTION
ARTICLE II OBJECTIVES
ARTICLE III DEFINITIONS
ARTICLE IV ELIGIBILITY
ARTICLE V COMMON STOCK AVAILABLE FOR AWARDS
ARTICLE VI ADMINISTRATION.
ARTICLE VII EMPLOYEE AWARDS AND CONSULTANT AWARDS
ARTICLE VIII DIRECTOR AWARDS
ARTICLE IX CHANGE OF CONTROL
ARTICLE X NON-UNITED STATES PARTICIPANTS
ARTICLE XI PAYMENT OF AWARDS
ARTICLE XII OPTION EXERCISE
ARTICLE XIII TAXES
ARTICLE XIV AMENDMENT, MODIFICATION, SUSPENSION, OR TERMINATION OF THE PLAN
ARTICLE XV ASSIGNABILITY
ARTICLE XVI ADJUSTMENTS
ARTICLE XVII RESTRICTIONS
ARTICLE XVIII UNFUNDED PLAN
ARTICLE XIX RIGHT TO EMPLOYMENT OR SERVICE
ARTICLE XX SUCCESSORS
ARTICLE XXI GOVERNING LAW
ARTICLE XXII HEADINGS AND USAGE
ARTICLE XXIII SEVERABILITY
ARTICLE XXIV CLAWBACK
ARTICLE XXV SECTION 409A
ARTICLE XXVI EFFECTIVENESS AND TERM