Dawson Geophysical Company Profit Sharing Plan Description
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Profit Sharing Plans
Summary
Dawson Geophysical Company has a Profit Sharing Plan where it sets aside 5% of its monthly pretax net income during the fiscal year to be shared among employees, including executive officers, who contributed to the company's success. Employees hired by August 31st are eligible, and payments are made in mid-December. To receive a payment, employees must still be employed on the payment date. The amount each employee receives is determined by their length of service, annual salary, and position.
EX-10.1 2 d52042exv10w1.htm DESCRIPTION OF PROFIT SHARING PLAN exv10w1
Exhibit 10.1
Description of Profit Sharing Plan
Pursuant to the Profit Sharing Plan (the “Plan”), which is not a qualified plan under ERISA, Dawson Geophysical Company (the “Company”) accrues 5% of pretax net income each month during a fiscal year as a pool of funds to be allocated to all employees, including the Company’s executive officers, that contributed to the success of the fiscal year. Employees that were hired no later than August 31st of the fiscal year are included in the allocation of the funds that are paid mid-December. Participating employees must be employed with the Company on the date of payment in order to receive a payment under the Plan. The allocation of funds is based on a formula of period of service, annual salary and position.
