Document:

Exhibit
10.1

 

GEOKINETICS
INC.

 

 

August
15, 2007

 

 

Mr. David A. Johnson

P.O. Box 727

Simenton, Texas 77476

 

Dear Mr. Johnson:

 

                The
purpose of this letter is to set forth our agreement regarding the termination
of your employment and your resignation as the President, Chief Executive Officer
and an employee of Geokinetics Inc. (the “Company”) effective August 15, 2007.  Your employment is being terminated pursuant
to Section 4 of the Employment Relationship Letter Agreement, dated March 8,
2007 (the “Employment Agreement”), between the Company and yourself.  The Company shall pay to you any accrued but
unpaid base compensation within ten (10) days of the effective date of your
termination.

 

                In
accordance with the terms of the Employment Agreement, the following
termination settlement will be paid to you in accordance with the Company’s customary
payroll practices provided you comply with the provisions of your Employment
Agreement described in subparagraph (g) below, and the release, as set forth
below, of any and all claims that you might have or wish to assert against the
Company:

 

(a)                                  You will
receive a severance benefit equal to $58,333.33 per month for 24 months ($1,400,000.00)
beginning on September 1, 2007 and continuing through August 1, 2009;

(b)                                 During such
period, you and your family will be eligible to participate in the Company’s health
insurance and other benefit programs on the same terms at the Company’s expense,  as you are currently participating in
those programs;

(c)                                  During the
period beginning on the date of your acceptance of this proposal and ending on September
15, 2007, you will agree to perform such services as may be requested by the
President of the Company and as are appropriate in order to transition your
responsibilities to your successor;

(d)                                 The Company
will waive all restrictions on the 50,000 restricted shares of its Common
Stock, $.01 par value (“Common Stock”) which were awarded to you in accordance
with the terms of the Employment Agreement and will cause a certificate to be issued
to you for such restricted shares, less the number of shares required to
provide for the payment of appropriate withholding taxes;

(e)                                  The Company
will accelerate vesting of the 8,333 shares of Common Stock subject to your
outstanding stock option and will permit you to exercise the option in
accordance with its term until December 1, 2015;

(f)                                    You will be
reimbursed for all reasonable and necessary business expenses incurred by you
on behalf of the Company during the performance of services 

 

1

 

under
this letter agreement, with such reimbursement to be made in accordance with
the Company’s standard policies for such reimbursement;

(g)                                 If the Company
is contacted by a prospective employer for a reference, the Chairman of the
Board of Directors of the Company will respond to such contact and advise your
prospective employer that you satisfactorily completed your duties at the
Company; and

(h)                                 In accordance
with the terms of your Employment Agreement, (i) you acknowledge your prior agreement
and obligation not to compete in the seismic services industry for a period of
two years after the date hereof provided the payments described in subparagraph
(a) above are made, and your non-compete is restricted to areas where the
Company and its subsidiaries are operating at the date hereof, and (ii) you
agree to execute such additional non-disclosure and confidentiality agreements
with respect to the Company’s proprietary or confidential information as the
Company may reasonably request.  You
agree to return to the Company, within ten (10) days after the date of this
Letter Agreement, all documents, property and equipment, including your
computer, of the Company which are in your control.  During such ten-day period, you will delete
all personal files and information from your laptop computer.  After your computer is returned to the
Company, it will be preserved and made available to you, as necessary, so that
you may respond to questions from the Company during the six-month period after
the date of this Letter Agreement.

                You
may accept this proposal by executing and returning a signed copy of this
letter and Exhibit A hereto to the undersigned. 
Upon your execution, this shall form a binding letter agreement between you
and the Company (the “Letter Agreement”) subject, however, to your right of
revocation as specified in paragraph 2 below. 
If accepted, the following provisions shall apply.

 

1.                                       RELEASE.  In consideration for the termination
settlement described above, you agree (on behalf of yourself and anyone who may
now or hereafter have the right to claim or sue for or through you), your
descendants, heirs, executors, administrators, and assigns, promise never to
claim or sue or cause others to claim or sue the Released Parties (as hereafter
defined) for anything hereinafter defined as Released Claims and you hereby
forever release and discharge the Company, its affiliates and assigns together
with its past and present directors, officers, agents, insurers and employees
(collectively the “Released Parties”), of and from any and all claims, demands,
obligations, damages or liabilities of any kind whatsoever, at law, in equity,
or otherwise (collectively the “Released Claims”), whether known or unknown,
suspected or unsuspected, which you now own or hold or have ever owned or held
against the Released Parties.  The
Released Claims include all claims arising out of or in any way connected with
your employment, your termination of employment, or any other transactions, occurrences,
acts, or omissions, or any losses, damage, or injury whatsoever, whether known
or unknown, suspected or unsuspected, resulting from any act or omission of any
of the Released Parties, committed or omitted prior to the date of this
Release.  The Released Claims include,
without limitation, claims 

 

2

 

under Title VII of the Civil
Rights Act of 1964, 42 U.S.C. § 2000e; The Civil Rights Act of 1966, 42 U.S.C.
§ 1981; the Americans With Disabilities Act, 42 U.S.C. § 12101 et seq.; any
claim for severance pay, bonus, salary, sick leave, holiday pay, vacation pay,
life insurance, health or medical insurance, or any other fringe benefit,
compensation, or disability benefit; or any other federal, state, executive
order, or regulation regarding employment or termination of employment, or
common law of any state relating to torts, employment contracts, and employment
terminations before any state or federal court or administrative agency, civil
rights agency, or any other forum. This Release will not impair your right, if
any, to continued health care benefits coverage under COBRA, 29 U.S.C. §§
1161-68, to any vested rights under any retirement plan maintained by the
Company, or to any rights created under this Letter Agreement.

2.                                       Review and
Revocation.  You have twenty-one
(21) days to review and carefully consider this Letter Agreement before signing
it and you have an additional seven (7) days after signing and returning the
Letter Agreement to the undersigned to revoke this Letter Agreement.  During this twenty-one day period, you should
consult with an attorney of your choosing, at your expense, to review this
proposal.  If you wish to revoke this
Letter Agreement, you must deliver written notice of such revocation within
seven (7) days after signing and returning it to the undersigned. If you do not
sign and return the Letter Agreement within twenty-one (21) days after the date
hereof, or if you revoke the Letter Agreement in accordance with the foregoing,
the Letter Agreement will become null and void. 
The settlement pursuant to this letter will become effective seven (7)
days after you sign and return this letter to the undersigned unless you revoke
it within the seven-day period

3.                                       Successors and
Assigns. This Letter Agreement is binding on the Company and its successors
and on you and your heirs and representatives. Your rights and obligations
hereunder are personal and may not be assigned. 
In the event of your death prior to August 1, 2009, your severance
benefits will be payable to, and will inure to the benefit of, first, your
wife, and second, if she fails to survive you until September 1, 2009, your
estate and heirs.

4.                                       Governing Law
and Venue.  This Letter
Agreement shall be construed and enforced in accordance with the laws of the
State of Texas, without regard to principals of conflict of laws.  The parties agree that any dispute relating
to your employment, the termination thereof or any of the terms or conditions
of this Letter Agreement shall be resolved within the exclusive venue of a state
court in Harris County, Texas or the United States District Court of the
Southern District of Texas, Houston Division.

 

3

 

                If
you wish to accept the forgoing proposal and agree that its terms and shall be
binding  in accordance with the
provisions of this letter, please sign in the space provided below and return
it to the undersigned.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  GEOKINETICS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ William R. Ziegler

  	
   

  
	
   

  	
   

  	
  William R. Ziegler,

  
	
   

  	
   

  	
  Chairman of the Board of
  Directors

  

 

                I
hereby accept the foregoing proposal this the 15th day of August,
2007.

 

 

	
   

  	
  /s/ David A. Johnson

  	
   

  
	
   

  	
  David A. Johnson

  

 

4Exhibit
10.1

August 17, 2007

 

Mr. Mike Willis

Chairman & CEO

Westaff, Inc.

298 N. Wiget Lane

Walnut Creek, CA 94598

Dear Mike and others:

As announced at the Board Meeting on Wednesday,
August 15, I have tendered my resignation as a Westaff Director due to
personal reasons and not due to any disagreements with Westaff. My resignation
will be effective November 1, 2007.

	
  Sincerely,

  	
   

  
	
   

  	
   

  
	
  /s/ Jack D.
  Samuelson

  	
   

  
	
  Jack D.
  Samuelson

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