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<SEC-DOCUMENT>0001299933-06-005148.txt : 20060802
<SEC-HEADER>0001299933-06-005148.hdr.sgml : 20060802
<ACCEPTANCE-DATETIME>20060802171100
ACCESSION NUMBER:		0001299933-06-005148
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060727
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20060802
DATE AS OF CHANGE:		20060802

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MITCHAM INDUSTRIES INC
		CENTRAL INDEX KEY:			0000926423
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		IRS NUMBER:				760210849
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25142
		FILM NUMBER:		06998907

	BUSINESS ADDRESS:	
		STREET 1:		8141 SH 75 SOUTH
		STREET 2:		PO BOX 1175
		CITY:			HUNTSVILLE
		STATE:			TX
		ZIP:			77342
		BUSINESS PHONE:		9362912277

	MAIL ADDRESS:	
		STREET 1:		P O BOX 1175
		CITY:			HUNTSVILLE
		STATE:			TX
		ZIP:			77342
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_14130.htm
<DESCRIPTION>LIVE FILING
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<TITLE> Mitcham Industries, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	July 27, 2006
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	Mitcham Industries, Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Texas
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	000-25142
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	76-0210849
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	8141 SH 75 South, P.O. Box 1175, Huntsville, Texas
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	77342
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	936-291-2277
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<B>
	Item 1.01 Entry into a Material Definitive Agreement.
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(a)  On July 27, 2006, the Compensation Committee of the Board of Directors (the "Board") of Mitcham Industries, Inc. (the "Company") approved the award of stock options for the Company's non-employee directors.<br><br>All options awarded will vest over three years, with one-third of the options vesting each year on the anniversary date of the grant.  Peter Blum received options for 60,000 shares, John Schwalbe and R. Dean Lewis each received options for 30,000 shares.  The options are priced at $12.20.<br><br>(b) On July 27, 2006, upon approval of the Mitcham Industries, Inc. Stock Award Plan, Robert P. Capps, Executive Vice President and Chief Financial Officer of the Company, was awarded options for 80,000 shares. The options will vest over 4 years, with one-quarter of the options vesting each year on the anniversary date of the grant (June 27, 2006). The options are priced at $12.57, the closing price of the Company's common stock on June 27, 2006.
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<B>
	SIGNATURES
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	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 hereunto duly authorized.
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	Mitcham Industries, Inc.
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<I>
	August 2, 2006
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<I>
	By:
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<I>
	Robert P. Capps
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	Name: Robert P. Capps
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	Title: Executive Vice President and Chief Financial Officer
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