MIND TECHNOLOGY, INC — Director's Dealing 2011

Jul 12, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MITCHAM INDUSTRIES INC (MIND)
CIK: 0000926423
Period of Report: 2011-07-08

Reporting Person: MITCHAM BILLY F JR (Director, CEO & President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-07-08	MII Common Stock	M	80000	$5.00	Acquired	365375	Direct
2011-07-08	MII Common Stock	S	7946	$19.37	Disposed	357429	Direct
2011-07-11	MII Common Stock	S	1766	$18.78	Disposed	355663	Direct
2011-07-12	MII Common Stock	S	70288	$18.36	Disposed	285375	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-07-08	Option to Purchase Common Stock	$5.00	C	80000	Disposed	2011-07-18	MII Common Stock (80000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
MII Common Stock	3100	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.72 to $19.42, inclusive. The reporting person undertakes to provide to Mitcham Industries, Inc., any security holder of Mitcham Industries, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2) and (3) of this Form 4.

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.56 to $19.20, inclusive.

F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.14 to $18.66, inclusive.

F4: The shares are owned by Mr. Mitcham's spouse.

F5: Options vested 1/3 on July 18,2002, 1/3 on July 18, 2003 and 1/3 on July 18, 2004.