Geospace Technologies Corporation Provides Further Information Relating to Officer Compensation

  Geospace Technologies Corporation Provides Further Information Relating to
  Officer Compensation

Business Wire

HOUSTON -- February 4, 2013

Geospace Technologies Corporation (NASDAQ: GEOS) today provided additional
information relating to its officer compensation packages set forth below.

Explanatory Note: This supplement to the Proxy Statement dated January 3, 2013
(the “Proxy Statement”) of Geospace Technologies Corporation (the “Company”)
is intended to correct and clarify information relating to the compensation
due to certain named executive officers in the event of their termination
described in the fourth full paragraph on page 28 of the Proxy Statement.

Under their employment agreements, if the employment of Mr. Thomas T.
McEntire, Mr. Walter R. Wheeler, or Mr. Robbin B. Adams had been terminated on
September 30, 2012, the terminated employee would have received the amount set
forth in the table on page 28 of the Proxy Statement plus any relocation and
indemnity payments to which he is entitled. However, Messrs. McEntire,
Wheeler, and Adams would not receive a gross-up for any applicable “excess
parachute payment” tax imposed by the Internal Revenue Code of 1986, as
amended, nor are they contractually entitled to costs and legal fees incurred
in connection with any dispute over their employment agreements. Only Mr.
Owens and Mr. Sheen are entitled to a gross-up and to such costs and legal
fees under their employment agreements.

Accordingly, the fourth full paragraph on page 28 of the Proxy Statement
should be replaced with the text below:

If the employment of any of Messrs. Owens, Sheen, McEntire, Wheeler or Adams
had been terminated on September 30, 2012, the terminated employee would have
received the amount set forth in the table below in a lump sum payment plus
any relocation and indemnity payments to which he is entitled. In the case of
Mr. Owens and Mr. Sheen, the terminated employee additionally would be
entitled to receive costs and legal fees incurred in connection with any
dispute over his employment agreement, and a gross-up for any applicable
“excess parachute payment” tax imposed by the Code.

Geospace Technologies Corporation designs and manufactures instruments and
equipment used by the oil and gas industry in the acquisition and processing
of seismic data as well as in reservoir characterization and monitoring
activities. The company also designs and manufactures non-seismic products,
including industrial products, offshore cables, thermal printing equipment and
film.

This press release includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other than
statements of historical fact included herein including statements regarding
potential future products and markets, our potential future revenues, future
financial position, business strategy, future expectations and other plans and
objectives for future operations, are forward-looking statements. We believe
our forward-looking statements are reasonable. However, they are based on
certain assumptions about our industry and our business that may in the future
prove to be inaccurate. Important factors that could cause actual results to
differ materially from our expectations include the level of seismic
exploration worldwide, which is influenced primarily by prevailing prices for
oil and gas, the extent to which our new products are accepted in the market,
the availability of competitive products that may be more technologically
advanced or otherwise preferable to our products, tensions in the Middle East
and other factors disclosed under the heading “Risk Factors” and elsewhere in
our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q,
which are on file with the Securities and Exchange Commission. Further, all
written and verbal forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by such
factors.

Contact:

Geospace Technologies Corporation
Gary D. Owens, 713-986-4444
Chairman, President and CEO
FAX: 713-986-4445
 
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