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 distributed among employees, including executive officers, who have contributed to the company's success. To qualify, employees must have at least one year of service by the end of the fiscal year and still be employed at the time of payment, which occurs in mid-November. The amount each eligible employee receives is determined by their length of service, annual salary, and position.
EX-10.1 2 d60641exv10w1.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 have at least one year of service as of the end of the Company's fiscal year are included in the allocation of the funds that are paid mid-November. 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.
