Document:

_

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_

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:
 (713) 881-8901

                                                                                                  Attention:
Secretary

                                                                               GRANTEE:

	
  Signature: 

  	

  	
  /s/ Kevin P. Callaghan

  
	
  Printed Name:

  	

  	
  Kevin P. Callaghan_

Exhibit 10.21

 

SEITEL, INC.

 

SUMMARY OF 2006 NON-EMPLOYEE DIRECTOR AND EXECUTIVE
OFFICER

COMPENSATION AND INCENTIVE ARRANGEMENTS

 

 

NON-EMPLOYEE DIRECTOR
COMPENSATION

For fiscal year 2006, non-employee directors
of Seitel, Inc. (the "Company") receive an annual fee of $30,000, annual
restricted stock awards of 25,000 (granted at the close of the first trading
date of the calendar year), $1,500 for each board meeting attended in person
and $500 for each board meeting attended by telephone conference, including
committee meetings attended.  In addition, the Chairman of the Board receives
$100,000 per year, the Lead Director, if any, receives
$1,500 per day when performing services on behalf of the Company, and annual
fees are paid to each committee chairman as follows: audit committee, $15,000;
compensation committee, $10,000; corporate governance and nominating committee
$7,500. All directors are entitled to reimbursement for their reasonable
out-of-pocket expenditures.

EXECUTIVE OFFICER
COMPENSATION

The Company has the following compensatory
arrangements with each of its executive officers for fiscal year 2006.

Base Salaries

	
   Name

   	
   Title

   	
   Base Salary

   
	
  Robert D. Monson

  	
  President and 

  Chief Executive Officer

   

  	
  $420,000

  
	
  Kevin P. Callaghan

  	
  Executive Vice President and Chief Operating Officer

   

  	
  $347,000

  
	
  Robert J. Simon

  	
  President -

  Seitel Data, Ltd.

   

  	
  $273,000

  
	
  Garis Smith

  	
  President - 

  Olympic Seismic, Ltd.

   

  	
  C $252,000(1)

  
	
  William J. Restrepo

  	
  Executive Vice President, Chief Financial Officer

  and Secretary

   

  	
  $252,000

  
	
  Marcia H. Kendrick

  	
  Senior Vice President, 

  Chief
  Accounting Officer and Treasurer

   

  	
  $210,000

  
	

  

  
	

  

  
	

  

  

                                

(1)   Represents Canadian dollars.

 

 

Incentive Plan for
2006

On February 9, 2006, based upon the
recommendation of its Compensation Committee, the Board of Directors of the
Company established the criteria to be used in determining cash bonuses and
certain incentive equity awards (the "Incentive Plan") for fiscal year 2006. 
The Company's named executive officers and certain other executives participate
in the Incentive Plan, which is operated under the Company's 2004 Stock Option
Plan (the "Plan").  The targets and financial performance measures established
under the Incentive Plan are described below.  The Compensation
Committee reserves the right to modify the targets and financial performance
measures at any time, or to grant cash bonuses or equity awards to executive
officers even if the performance goals are not met.  The cash bonuses and
Performance Equity Awards (defined below) are subject to increase or decrease of
up to 50% in the discretion of the Compensation Committee.  In order
to receive a cash bonus and incentive equity award, if any, the participants
must be employed by the Company on the date such cash bonuses and incentive
equity awards are paid; however, Messrs. Monson, Callaghan and Restrepo
may be eligible for a cash bonus payable after termination in accordance with
the terms of each of their written employment agreements.  The Company expects
to pay 2006 cash bonuses and Performance Equity Awards, if any, and Key
Executive Awards (defined below) in early 2007.  The Compensation Committee
reserves the right to modify the Incentive Plan for subsequent fiscal years.

Cash Bonuses

The Incentive Plan provides for a target cash
bonus for each participant based upon a percentage of the participant's base
salary, with the opportunity to earn anywhere from 0% to 200% of the target
cash bonus.  The targets, as a percentage of base salary, for the Company's
named executive officers are as follows:

Robert D. Monson, 

   President and Chief
Executive Officer                                                      90%

 

Kevin P. Callaghan, 

   Chief Operating Officer and Executive Vice President                              60%

 

Robert J. Simon, 

   President-Seitel Data, Ltd.                                                                      60%

 

Garis Smith

   President-Olympic Seismic, Ltd.                                                             45%

 

William J. Restrepo,

   Executive Vice President, Chief Financial Officer

   and Secretary                                                                                         50%

 

Marcia H. Kendrick, 

   Senior Vice President, Chief Accounting Officer,

   and Treasurer                                                                                         30%

The Compensation Committee established cash
margin, net of interest expense (80% weight) and client pre-funding percentage
(20% weight) as the financial performance measures under the Incentive Plan. 
Cash margin includes cash resales plus all other cash revenues other than from
data acquisitions, less cash selling, general and administrative expenses, and
cost of goods sold.  Cash resales result when the Company invoices customers
for purchases of licenses to data from the Company's library.  Other cash
revenues are primarily from the reproduction and delivery of seismic data. 
Client prefunding percentage is the average of all revenue pre-commitments for
each new survey as a percentage of the total cost of such survey.  Where the
level achieved under the financial performance measures falls between zero and
target level or target and maximum levels, the cash bonus is determined by
interpolation.

Incentive Equity Awards

The Incentive Plan includes two categories of
equity awards.  Robert D. Monson, Kevin P. Callaghan, Robert J. Simon, William
J. Restrepo, and Marcia H. Kendrick are the executives currently eligible for
the first category of equity award ("Key Executive Award(s)").  Unless modified
by the Compensation Committee, Key Executive Awards in 2006 will be made in
shares of restricted Common Stock in January of 2007 in the following dollar
amounts: Mr. Monson, $378,000; Mr. Callaghan, $208,200; Mr. Simon, $163,800;
Mr. Restrepo, $126,000; and Ms. Kendrick, $52,500.  The share amounts for these
2006 Key Executive Awards, will be calculated based on the average of closing
prices of the Common Stock on the last trading day of each month during 2006.

All participants in the Incentive Plan are
eligible for the second category of equity awards ("Performance Equity
Awards"), which will be made in shares of restricted Common Stock (except as
noted below) in a dollar amount equal to the participant's target percentage
multiplied by the participant's cash bonus amount.  Performance Equity Awards
will be made only if the participant meets the performance criteria to receive
a cash bonus as described above.  The share amounts for any 2006 Performance
Equity Awards, will be calculated based on the average of closing prices of the
Common Stock on the last trading day of each month during 2006.  The named
executive officers' target percentages for a Performance Equity Award are as
follows:

Robert D. Monson, 

   President and Chief Executive Officer                                                      90%

 

Kevin P. Callaghan, 

   Chief Operating Officer and Executive Vice President                              60%

 

Robert J. Simon, 

   President-Seitel Data,
Ltd.                                                                      60%

 

Garis Smith,

   President-Olympic Seismic, Ltd.                                                             50%(1)

 

William J. Restrepo,

   Executive Vice President, Chief Financial Officer

   and Secretary                                                                                         50%

 

Marcia H. Kendrick, 

   Senior Vice President, Chief Accounting Officer,

   and Treasurer                                                                                         50%

 

                                

(1)        Approximately 40% of Mr. Smith's future
Performance Equity Awards are expected to be made in shares of unrestricted
Common Stock.

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