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MIND > SEC Filings for MIND > Form 8-K on 3-Jan-2014All Recent SEC Filings

Show all filings for MITCHAM INDUSTRIES INC



Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement.

On November 6, 2012, Mitcham Industries, Inc. (the "Company") entered into an Equipment Purchase Agreement - Unite with Sercel, Inc.(the "Agreement"). The Agreement was amended on June 13, 2013. In the Agreement, the Company agreed to purchase minimum quantities of Sercel's Unite cable-free recording system. In return, the Company was the exclusive authorized third party lessor for the Unite product through September 30, 2014.

In December 2013, the Company notified Sercel that due to market conditions the Company did not anticipate purchasing the minimum quantities specifed in the agreement. On December 27, 2013, Sercel delivered notice to the Company terminating the Agreement due to the failure of the Company to meet the minimum purchase requirements.

The Company does not expect the termination of the Agreement to have a material affect on its business or results of operations.

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