DWSN Dawson Geophysical Company

Amendment to Credit Facility

On September 30, 2021, Dawson Geophysical Company (the “Company”) entered into a Second Loan Modification Agreement (the “Second Modification”) to the Loan and Security Agreement (as amended by (i) that certain Loan Modification Agreement dated as of September 30, 2020 and (ii) the Second Modification, the “Loan Agreement”) for the purpose of (a) amending and extending the maturity of the Company’s line of credit with its lender, Dominion Bank, a Texas state bank (the “Lender”), by one year and (b) amending the Company’s obligation to maintain a certain tangible net worth. The Loan Agreement continues to provide for a secured revolving credit facility (the “Revolving Credit Facility”) in an amount up to the lesser of (i) $15,000,000 or (ii) a sum equal to (a) 80% of the Company’s eligible accounts receivable plus (b) 100% of the amount on deposit with the Lender in the Company’s collateral account, including a certificate of deposit for $5,000,000. As of September 30, 2021, the Company has not borrowed any amounts under the Revolving Credit Facility.

The Revolving Credit Facility now matures on September 30, 2022, which date was extended in the Second Modification from a previous maturity of September 30, 2021. Additionally, the Company is now obligated under the Loan Agreement to maintain, as of the end of each calendar quarter, a tangible net worth of not less than $55,000,000, which amount was modified by the Second Modification from a previous tangible net worth requirement of not less than $75,000,000. The remaining terms and conditions of the Loan Agreement generally continue in the form existing prior to the Second Modification.

The foregoing description of the Second Modification is qualified in its entirety by reference to the full text of the Second Modification, which is filed as Exhibit 10.1 to this Current Report and is incorporated by reference herein.