Amendment to Restricted Stock Award Agreement between Seitel, Inc. and Kevin P. Callaghan (March 14, 2006)

Contract Categories: Human Resources › Compensation Agreements
Summary

Seitel, Inc. and Kevin P. Callaghan have amended their Restricted Stock Award Agreement, originally effective March 24, 2005. The amendment states that if Mr. Callaghan's employment ends due to certain reasons—such as termination by the company without cause, non-renewal of his employment agreement, resignation for good reason, death, or disability—his restricted shares will become fully vested immediately upon termination. This change clarifies and expands the circumstances under which Mr. Callaghan retains full rights to his awarded shares.

Read More Arrow
EX-10.9 4 ex10_9kcamend.htm _

Exhibit 10.9

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 Kevin P. Callaghan ("Grantee") effective March 24, 2005 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/ Robert D. Monson

Name:

Robert D. Monson

Title:

Chief Executive Officer and President

                                                                               Address:     Seitel, Inc.

                                                                                                  10811 S. Westview Circle Drive,

                                                                                                  Suite 100, Bldg. C

                                                                                                  Houston, TX 77043

                                                                                                  Facsimile:   ###-###-####

                                                                                                  Attention: Secretary

                                                                               GRANTEE:

Signature:

/s/ Kevin P. Callaghan

Printed Name:

Kevin P. Callaghan