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 Act of 1934
Date
of Report (date of earliest event report): February 22, 2010
(February 15, 2010)
GEOKINETICS
INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
(State
or other jurisdiction of
incorporation
or organization)
|
001-33460
(Commission
File Number)
|
94-1690082
(I.R.S.
Employer
Identification
Number)
|
1500
CityWest Blvd., Suite 800
Houston,
Texas 77042
(Address
of principal executive offices)
(713) 850-7600
(Registrant’s
telephone number, including area code)
N/A
(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 theregistrant under
any of the following provisions:
Written
communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
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.
On August 25,
2009, Geokinetics Inc. (the “Company” or “Geokinetics”) announced that Jim
White, previously the Company’s Executive Vice President – Business Development
& Technology, resigned from the Company effective February 15, 2010, to
pursue other interests.
On February
15, 2010, the Company and Mr. White entered into a release and severance
agreement that will provide Mr. White with severance in the amount of $475,000,
less normal payroll deductions, including income tax withholding and FICA in
twenty four (24) semi-monthly, or twenty six (26) bi-weekly payments, beginning
on February 15, 2010, and ending on January 31, 2011, unless forfeited and
terminated earlier. The Company shall also provide Mr. White with medical and
dental benefits coverage under COBRA for a period of twelve (12) months from
February 15, 2010. Further, the agreement provides that Mr. White shall not (i)
compete with the Company for a period of twelve (12) months and (ii) solicit the
Company’s employees for a period of twenty four (24) months.
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 thereunto duly
authorized.
GEOKINETICS
INC.
|
Date:
February 22, 2010
|
By:
|
/s/
Scott A. McCurdy
|
|
Scott
A. McCurdy, Vice President
and
Chief Financial Officer
|