As previously disclosed, on May 29, 2019, ION Geophysical Corporation (the “Company”) appointed Christopher T. Usher, 58, its President and Chief Executive Officer. In connection with such appointment, on January 27, 2020, the Company entered into an Employment Agreement (the “Employment Agreement”) with Mr. Usher, which provides for an initial term through August 31, 2021, with three two-year extensions through August 31, 2027, unless employment is terminated by either party on sixty (60) days advance written notice. As reflected in the Employment Agreement, Mr. Usher’s initial annual base salary as President and CEO is $525,000. Mr. Usher will be entitled to participate in the Company’s annual incentive plan with an initial target award level of 50%, subject to annual review by the Company’s board, and also participate in the Company’s then applicable long-term incentive plan. The Employment Agreement also contains customary non-competition, non-solicitation and confidentiality covenants. Furthermore, if Mr. Usher’s employment is terminated by the Company without Cause (as defined in the Employment Agreement) or by Mr. Usher for Good Reason (as defined in the Employment Agreement), Mr. Usher will be entitled to, among other things, a payment equal to two times his base salary, continued health insurance coverage, and full vesting of outstanding restricted stock awards, stock options and stock appreciation rights that would have vested within two (2) years of the termination date.

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.

Item 9.01 Financial Statements and Exhibits

ION GEOPHYSICAL CORP Exhibit
EX-10.1 2 exhibit101usheremploymenta.htm EXHIBIT 10.1 Exhibit   Exhibit 10.1EMPLOYMENT AGREEMENTThis Employment Agreement (this “Agreement”),…
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About ION Geophysical Corporation (NYSE:IO)

ION Geophysical Corporation is a technology focused company that provides geophysical technology, services and solutions to the global oil and gas industry. The Company offers services and products through four segments: Solutions, Systems, Software and Ocean Bottom Services (OBS). The Company’s Solutions segment provides over two service activities: Ventures group and Imaging Services group. The Company’s Systems segment’s products include Marine Acquisition Systems, Marine Positioning Systems and Geophones. The Company’s Software segment provides command and control software systems, related software and services for towed marine streamer, and seabed operations, as well as survey design. The Company, through OceanGeo B.V., offers an integrated OBS solution, which includes expert survey design, planning and optimization, superior data captured using multicomponent acquisition systems available to OceanGeo; data acquisition, and data processing, interpretation and reservoir services.