SEITEL, INC. Amendmentto Restricted Stock Award Agreement March 14,2006
Exhibit 10.7
SEITEL, INC.
Amendment to Restricted Stock Award Agreement
March 14, 2006
The Restricted Stock Award Agreement made and entered into by and between Seitel, Inc. (the "Company") and Robert D. Monson ("Grantee") effective December 15, 2004 is hereby amended as follows:
The first paragraph of Section 4(a) is hereby amended as follows:
4. Forfeiture.
(a) Termination of Service. Notwithstanding the provisions in Section 2 hereof, if the Grantee's employment with the Company is terminated: (i) by the Company without Cause (as defined below); (ii) on account of the Company's election to not extend the term of the Employment Agreement (as defined below); (iii) by the Grantee for Good Reason (as defined below); or (iv) on account of Grantee's death or Disability (as defined below) the Restricted Shares shall be 100% vested on the effective date of such termination of employment.
[Signature Page Follows]
IN WITNESS WHEREOF, effective as of March 14, 2006, the parties have caused this Agreement to be executed on March 14, 2006.
COMPANY:
SEITEL, INC.
| By: | /s/ Marcia H. Kendrick | |
| Name: | Marcia H. Kendrick | |
| Title: | Senior Vice President and Chief Accounting Officer |
Address: Seitel, Inc.
10811 S. Westview Circle Drive,
Suite 100, Bldg. C
Houston, TX 77043
Facsimile: (713) 881-8901
Attention: Secretary
GRANTEE:
| Signature: | /s/ Robert D. Monson | |
| Printed Name: | Robert D.Monson |
