Document:

Exhibit 10.3

 

SECOND
AMENDMENT TO THE

EMPLOYMENT
AGREEMENT

OF

WILLIAM RESTREPO

 

           This Second Amendment to the Employment
Agreement of William Restrepo ("Second Amendment") is made and
entered into as of September 8, 2006 by and between SEITEL, INC., a Delaware
corporation (together with its successors and assigns, the
"Company"), and William Restrepo (the "Executive").

WITNESSETH

           WHEREAS, the Company and
Executive entered into an Employment Agreement as of July 14, 2005, which was
amended and restated October 19, 2005 ("Employment Agreement"); and

           WHEREAS, in accordance with Section 14 of the
Employment Agreement, the Company and Executive desire to amend the Employment
Agreement.

           NOW, THEREFORE, in consideration of the
premises and mutual covenants contained herein and for other good and valuable
consideration, the receipt of which is mutually acknowledged, the Company and
the Executive (each individually a "Party" and together the
"Parties") agree as follows:

           1.        Amendment.  Section 9(k) of
the Employment Agreement is hereby removed from the Employment Agreement in its
entirety, and the Parties shall have no further obligations or rights under
Section 9(k) the Employment Agreement.

           2.        Miscellaneous.  The
Agreement, as amended hereby, remains in full force and effect on the date hereof. 
This amendment may be executed in multiple counterparts, each of which shall be
deemed an original and all of which shall be deemed to constitute one and the
same instrument.  All questions concerning the validity, operation and
interpretation of this amendment and the performance of the obligations imposed
upon the parties hereunder shall be governed by the laws of the State of Texas,
without giving effect to conflict of law rules or principles, except as
preempted by applicable federal law.  This amendment shall be effective on and
as of the date first above written.  

           IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of September 8, 2006.

 

SEITEL, INC.                                                                THE
EXECUTIVE 

By:   /s/ Robert D. Monson                                                 By: 
/s/ William Restrepo     

       Robert D. Monson                                                
           William Restrepo               

       President and Chief Executive OfficerPLM Growrh Fund V AeroCal Sale agreement

    
      

    
                                                  
Exhibit
    10.1

    
      
        

      

    

     

    AIRCRAFT
      PURCHASE AGREEMENT

    (48112)

    

    This
      Aircraft Purchase Agreement (the “Agreement”)
      is
      entered into this 11th day of September 2006, between Aero California S.A.
      de C.V., a Mexican Corporation located at Arquiles Serdan 1995, La Paz, Baja
      California 23000, Mexico (“Aero
      California”),
      Interglobal, Inc., a Nevada corporation, located at 2533 North Carson Street,
      Suite 1747, Carson City, Nevada 98706 (“Buyer”; together Aero California the
“Buyer Parties”), and PLM Equipment Growth Fund V Liquidating Trust, a
      liquidating trust, located at 405 Lexington Avenue, New York, New York 10104
      (as
      successor in interest to PLM Equipment Growth Fund V) (“Seller”).

    

    WHEREAS,
      Buyer and Seller are parties to that certain Aircraft Lease Agreement (48112)
      dated as of August 1, 2000 (as supplemented and amended from time to time,
      the
“Lease
      (48112)”)
      with
      respect to one McDonnell Douglas model DC-9-32 Aircraft bearing serial number
      48112 and equipped with Pratt & Whitney model JT8D-15, hushkitted engines
      (“Aircraft
      48112”);
      

    

    WHEREAS,
      capitalized terms used in this Agreement and not defined herein shall have
      the
      meanings set forth in the Lease;

    

    WHEREAS,
      pursuant to that certain Aircraft Sublease Agreement dated August 11, 2000
      between Buyer as sublessor and Aero California as sublessee (“Sublease”), Aero
      California is currently in control of the Aircraft; 

    

    WHEREAS,
      Seller desires to sell and Buyer desires to purchase the Aircraft pursuant
      to
      the terms and conditions set forth in this Agreement;

    

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the parties hereby agree to the
      following:

    

    
      	
              1.

            	
              SALE
                AND PURCHASE OF THE
                AIRCRAFT

            

    

    

    1.1 Sale
      of the Aircraft.
      Seller
      shall sell to Buyer, and Buyer shall buy from Seller, the Aircraft upon the
      terms and the conditions of this Agreement. The sale shall be effective upon
      satisfaction of the conditions precedent set forth in Sections 2.2 and 2.3,
      below, the payment of the Purchase Price under Section 1.2, and the delivery
      of
      the items listed in Sections 2.2 and 2.3, below.

    

    1.2 Purchase
      Price and Deposit.
      The
      total purchase price for the Aircraft shall be US$300,000.00 (the "Purchase
      Price").
      The
      Purchase Price shall be funded to the law firm of McAfee and Taft, acting as
      escrow agent (“Agent”), prior to closing in accordance with that certain Escrow
      Agreement among Seller, the Buyer Parties and Agent dated as of the date hereof
      (the “Escrow Agreement”). At closing, Agent shall release the funds to Seller
      without further instruction of Buyer, and Agent shall date and thereafter
      release documents to both Seller and Buyer consistent with the terms of the
      Escrow Agreement. Seller and Buyer shall each be responsible for 50% of the
      fees
      and expenses of Agent pursuant to the Escrow Agreement.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    1.3 Taxes.
      The
      Buyer Parties shall be responsible for the payment of all sales, use, value
      added, personal property, and other taxes, duties, and charges of any kind
      imposed, levied, or assessed in connection with the sale of the Aircraft, other
      than taxes based on or measured by net or gross income of Seller or any taxes
      that relate to or arise out of any period prior to the effective date of the
      sale (“Taxes”). Buyer shall promptly pay to the appropriate taxing jurisdiction
      the amount of all Taxes, and shall send to Seller evidence of the payment of
      such Taxes or evidence of any exemptions to applicable Taxes.

    

    
      	
              2.

            	
              CLOSING
                AND DELIVERY

            

    

    

    2.1 Closing.
      The
      closing shall occur, subject to compliance by the parties of their respective
      obligations, at such time and location as the parties may agree on or prior
      to
      September 11, 2006 (the “Closing”).

    

    2.2 Seller’s
      Conditions Precedent.
      Seller’s obligation to sell and deliver the Aircraft to Buyer shall be subject
      to the satisfaction of each of the following conditions:

    

    (a) Seller
      shall have received from the Buyer Parties the Purchase Price, paid in
      full;

    

    (b) Buyer
      shall have confirmed to Seller the location of the Aircraft at the time of
      Closing and either paid any applicable taxes or provided Seller with any
      documentation that may be reasonably required by Seller with respect to any
      sales tax exemptions to be claimed by Buyer pursuant to Section 1.3, above;
      

    

    (c) Buyer
      shall have delivered to Agent an undated and executed Delivery and Acceptance
      Receipt in the form of Exhibit B to this Agreement as to the Aircraft to be
      dated by the Agent at Closing;

    

    (d) Buyer
      shall have delivered to Agent an undated and executed Lease Termination in
      the
      form of Exhibit C to this Agreement as to the Aircraft (the “Lease Termination”)
      to be dated by the Agent at Closing; and

    

    (e) Buyer
      and
      Aero California shall have delivered to Agent an undated and executed Sublease
      Termination in the form of Exhibit D to this Agreement as to the Aircraft (the
      “Sublease Termination”) to be dated by the Agent at Closing.

    

    2.3 Buyer’s
      Conditions Precedent.
      Buyer’s
      obligation to purchase and take delivery of the Aircraft from Seller shall
      be
      subject to satisfaction of each of the following conditions:

    

    (a) Seller
      shall have delivered to Agent an undated and executed Bill of Sale in the form
      attached hereto as Exhibit A to this Agreement as to the Aircraft to be dated
      by
      the Agent at Closing;

    

    
      
        
        

      

      
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    (b) Seller
      shall have delivered to Agent an undated and executed Lease Termination signed
      by Seller to be dated by the Agent at Closing; 

    

    (c)
       Seller
      shall have delivered to Agent an undated and executed Sublease Termination
      signed by Seller to be dated by the Agent at Closing; and

    

    (d)
       Seller
      shall have delivered to Agent an undated and executed complete Release of
      Guaranty in favor of Aero California’s parent corporation, CITS Transportes,
      S.A. de C.V. (“Guarantor”) in the form attached hereto as Exhibit E to this
      Agreement to be dated by the Agent at Closing.

    

    2.4
       Deliveries
      by Buyer and Seller.
      Prior
      to Closing, each of Buyer and Seller shall deliver the documents identified
      in
      Section 2.2 and 2.3 of this Agreement and as further specified in Exhibit B
      to
      the Escrow Agreement in the condition described thereon.

    

    2.5 Delivery
      Location; Risk of Loss.
      The
      costs of delivery shall be at Buyer’s expense. Buyer acknowledges that Buyer and
      Aero California are and will be in control of the Aircraft at Closing and are
      solely responsible for locating the Aircraft at a suitable delivery location
      acceptable to Seller and Buyer (the “Delivery
      Location”),
      and
      the costs thereof. Seller and Buyer agree to cooperate with each other to ensure
      that the sale and delivery of, and transfer of title to, the Aircraft is
      completed in a manner such that to minimize any taxes imposed with respect
      to
      sale of the Aircraft. Upon Closing (without waiver of Buyer’s obligations, as
“lessee” with respect to risk of loss to the Aircraft under the Lease, and
      without waiver of Aero California’s obligations, as “sublessee” with respect to
      risk of loss to the Aircraft under the Sublease), Buyer shall be deemed to
      have
      accepted and assumed all risk of loss with respect to the Aircraft subsequent
      thereto, and Buyer shall be responsible for all costs and expenses related
      to
      transportation of the Aircraft from the Delivery Location after
      Closing.

    

    2.6 Termination
      of Lease and Sublease.
      Upon
      satisfaction of the conditions precedent above and the Closing of the
      transactions hereunder, the Lease and Sublease shall be deemed terminated in
      accordance with the Lease Termination and the Sublease Termination. The parties
      acknowledge that Seller, as material consideration for such termination, shall
      have no obligation to return the security deposit paid by Lessee pursuant to
      Section 3.4 of the Lease, notwithstanding anything to the contrary in said
      Section.

    

    3. REPRESENTATIONS
      AND WARRANTIES OF AERO CALIFORNIA

    

    3.1 No
      Violation.
      Aero
      California has full authority to execute, deliver, and perform this Agreement,
      and the execution, delivery and performance of this Agreement will not violate
      any provision of law, any order of any court or any other agency of government,
      or provision of any indenture, agreement, document or other instrument to which
      Aero California is bound.

    

    
      
        
        

      

      
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    3.2 Valid
      and Binding Obligations.
      This
      Agreement constitutes the legal, valid and binding obligation of Aero
      California, enforceable against Aero California in accordance with its
      terms

    

    4. REPRESENTATIONS
      AND WARRANTIES OF SELLER

    

    4.1 No
      Violation.
      Seller
      has full authority to execute, deliver, and perform this Agreement, and the
      execution, delivery and performance of this Agreement will not violate any
      provision of law, any order of any court or any other agency of government,
      or
      provision of any indenture, agreement, document or other instrument to which
      Seller is bound.

    

    4.2 Valid
      and Binding Obligations.
      This
      Agreement constitutes the legal, valid and binding obligation of Seller,
      enforceable against Seller in accordance with its terms.

    

    
      	
              5.

            	
              REPRESENTATIONS
                AND WARRANTIES OF BUYER.

            

    

    

    5.1 No
      Violation.
      Buyer
      has full authority to execute, deliver and perform this Agreement and the
      execution, delivery and performance of this Agreement will not violate any
      provision of law, any order of any court or any other agency of government,
      or
      provision of any indenture, agreement, document or other instrument to which
      Buyer is bound. 

    

    5.2 Valid
      and Binding Obligations.
      This
      Agreement constitutes the legal, valid and binding obligation of Buyer,
      enforceable against Buyer in accordance with its terms.

    

    5.3 Condition
      of the Aircraft.
      The
      Aircraft shall be sold by Seller to Buyer “AS IS” and “WHERE IS,” as further
      described in Section 6.2 below and Buyer
      expressly agrees to take the Aircraft on such basis.
      Buyer
      has based decisions to buy the Aircraft on Aero California’s use under the Lease
      and the Buyer Parties’ own inspections and review, and Buyer has not relied on
      any representations or warranties of Seller or Seller’s agents except as
      expressly set forth in this Agreement. 

    

    6. ADDITIONAL
      WARRANTY TERMS. 

    

    6.1 Assignment
      of Warranties.
      To the
      extent that any manufacturers or other similar warranties are still in effect
      in
      respect of the Aircraft (other than warranties that by their terms are not
      assignable), Seller hereby assigns the same to Buyer, such assignment to be
      effective upon acceptance of the Aircraft as specified above.

    

    6.2 Disclaimer.
      THE
      AIRCRAFT SHALL BE SOLD, TRANSFERRED AND ASSIGNED IN ITS “AS IS, WHERE IS”
CONDITION AT THE TIME OF DELIVERY AND, WITH THE EXCEPTION OF THE REPRESENTATIONS
      AND WARRANTIES PROVIDED FOR IN SECTION 4 HEREOF AND IN THE BILL OF SALE
      DELIVERED HEREUNDER, SELLER MAKES NO WARRANTIES, GUARANTEES OR REPRESENATIONS
      OF
      ANY KIND, EITHER EXPRESS OR IMPLED, STATUTORY OR OTHERWISE, THAT SHALL SURVIVE
      DELIVERY OF THE AIRCRAFT OR OTHER ITEMS DELIVERED BY SELLER TO BUYER HEREUNDER.
      BUYER WAIVES, RELEASES AND RENOUNCES ALL WARRANTIES, OBLIGATIONS AND LIABILITIES
      OF SELLER, EXPRESS OR IMPLIED, ARISING BY LAW OR OTHERWISE WITH RESPECT TO
      ANY
      NONCONFORMANCE OR DEFECT IN THE AIRCRAFT, AIRCRAFT RECORDS OR OTHER THING
      DELIVERED OR ASSIGNED UNDER THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION,
      THE
      CONDITON OR AIRWORTHINESS THEREOF, THE EQUIPMENT THEREIN, DAMAGE THERETO, THE
      LOGS, MANUALS OR OTHER RECORDS THEREOF, THE LOCATION OF THE AIRCRAFT, ANY
      IMPLIED WARRANTY OF FITNESS OR MERCHANTABILITY, ANY LIABILITY ARISING FROM
      STRICT LIABILITY IN TORT, PRODUCTS LIABILITY, IMPLIED WARRANTY ARISING FROM
      COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE, OR LOSS OR USE,
      PROFIT OR OTHER CONSEQUENTIAL DAMAGES. 

    

    
      
        
        

      

      
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              7.

            	
              INDEMNIFICATION,
                RELEASE AND INSURANCE. 

            

    

    

    7.1 Indemnification
      by Buyer.
      The
      Buyer Parties jointly and severally agree to indemnify, reimburse, and hold
      harmless Seller from and against all claims, damages, losses, liabilities,
      demands, suits, judgments, causes of action, civil and criminal legal
      proceedings, penalties, fines, and other sanctions, and any reasonable attorney
      fees and other reasonable costs and expenses, (collectively, “Claims”), arising
      (a) from any breach by Buyer of any representation, warranty or covenant by
      Buyer under this Agreement (b) after the Closing in any manner out of the
      Buyer’s purchase, acceptance, ownership, possession, use, maintenance, or
      operation of the Aircraft. The Buyer waives and releases Seller from any
      existing or future claims in any way connected with injury to or death of the
      Buyer’s personnel, loss or damage of the Buyer’s property, or loss of use of any
      property, which may result from or arise in any manner out of the ownership
      (other than as set forth in Seller’s indemnity below and other than with respect
      to the quality of title conveyed to Buyer), condition, use or operation of
      the
      Aircraft or be caused by any defect in the Aircraft.

    

    7.2 Indemnification
      by Seller.
      Seller
      agrees to indemnify, reimburse, and hold harmless the Buyer Parties from and
      against all Claims, arising (a) from any breach by Seller of any representation,
      warranty or covenant by Seller under this Agreement, and (b) the ownership
      (but
      not the use) of the Aircraft arising prior to Closing, but specifically
      excluding any injury to or death of any person, and for any loss of, damage
      to,
      or destruction of any property whatsoever, in any manner, arising out of the
      possession, delivery, non-delivery, condition, maintenance, lease, disposition,
      operation or use of the Aircraft.

    

    7.3 Release
      by Buyer and Aero California.
      The
      Buyer Parties hereby release and forever discharge Seller from and against
      any
      and all claims, damages (whether direct, indirect, incidental, special or
      consequential), losses, charges, fees, liabilities, obligations, demands, suits,
      judgments, actions and other legal proceedings (whether civil or criminal),
      penalties, fines, sanctions, and any reasonable costs, expenses and attorneys'
      fees imposed on or asserted against Seller of any and every kind and nature
      except to the extent arising under this Agreement or under that certain Aircraft
      Purchase Agreement (47648 and 47666) between Buyer and Seller dated as of April
      1, 2005 (the “Other Purchase Agreement”).

    

    
      
        
        

      

      
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    7.4 Release
      by Seller.
      Seller
      hereby releases and forever discharges the Buyer Parties from and against any
      and all claims, damages (whether direct, indirect, incidental, special or
      consequential), losses, charges, fees, liabilities, obligations, demands, suits,
      judgments, actions and other legal proceedings (whether civil or criminal),
      penalties, fines, sanctions, and any reasonable costs, expenses and attorneys'
      fees imposed on or asserted against Buyer of any and every kind and nature
      except to the extent arising under this Agreement or the Other Purchase
      Agreement.

    

    7.5 Insurance.
      For a
      period of two years commencing on the Closing date, the Buyer Parties shall,
      at
      their sole expense, maintain or cause to be maintained with a reputable insurer
      in a leading insurance market aircraft third-party legal liability insurance
      covering Seller and Seller’s affiliated, parent, and subsidiary companies, and
      their respective officers, directors, shareholders, employees, agents,
      contractors, successors and assigns as additional insureds for a combined single
      limit in the amount of not less than the greater of (i) $300,000,000.00 for
      any
      one occurrence, and (ii) the amount of liability coverage applicable to the
      other aircraft owned, possessed, conditioned, maintained, disposed or leased
      by
      Buyer and all affiliates of Buyer of the same or similar type as the Aircraft.
      Such insurance shall waive any right of subrogation of the insurers against
      each
      additional insured and shall provide that, in the respective interest of each
      additional insured and such policy, the insurance shall not be invalidated
      by
      any action or inaction of Buyer or any third-party and shall insure the
      respective interest of the additional insureds, as they appear, regardless
      of
      any breach or violation of any warranty, declaration or condition contained
      in
      such policies by Buyer or any third-party. Such insurance shall be primary,
      without a right of contribution from any other insurance that is carried by
      any
      additional insured and shall expressly waive any right of the insureds to said
      offered counterclaim, whether by attachment or otherwise, in respect to any
      policies, endorsements or coverages described herein and which relate to any
      liability of any additional insureds. Buyer shall provide Seller with a
      certificate of insurance on or prior to the Closing date and upon Seller’s
      request at any time (but not more than once per year) prior to the second
      anniversary of the Closing date. In the event Buyer sells the Aircraft to any
      party other than an affiliated company, the Buyer Parties shall only be
      obligated to provide the insurance described in this Section to Seller to the
      extent that the subsequent purchaser or operator of the Aircraft provides such
      insurance for any one or more of the Buyer Parties.

    

    8. FURTHER
      ASSURANCES. The
      parties hereto agree to cooperate with each other, in the obtaining of necessary
      licenses, permits, registrations, deregistrations, terminations and
      authorization contemplated hereby or by the terms hereof, in the execution
      and
      filing of any documents or instruments required to give effect to this
      Agreement, in establishing, maintaining, and protecting the rights and remedies
      of each of the parties, and in carrying out the intent and purpose of this
      Agreement.

    

    
      
        
        

      

      
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              9.

            	
              GENERAL
                PROVISIONS

            

    

    

    9.1 Severance.
      If any
      one or more terms of this Agreement shall be adjudged invalid or unenforceable
      in any respect, such terms shall be severed from this Agreement and the
      remainder of this Agreement shall be valid and enforceable.

    

    9.2 Counterparts
      and Facsimile.
      This
      Agreement may be executed in two or more counterparts each of which shall be
      deemed to be an original, and all of which together shall constitute one and
      the
      same instrument. A facsimile of this Agreement and facsimile signature or any
      counterpart hereto will be deemed an original for all evidentiary and commercial
      law purposes; however, such provision shall not excuse the parties from delivery
      to Agent of originally-signed documents under this Agreement, including, this
      Agreement and all exhibits hereto.

    

    9.3 Modification.
      None of
      the terms and conditions of purchase herein set forth may be added to, modified,
      superseded or otherwise altered except by a written instrument signed by Seller
      and Buyer.

    

    9.4 Force
      Majeure.
      Seller
      shall be relieved of its obligations hereunder if the performance hereof is
      delayed or prevented or interrupted by any cause beyond its reasonable control,
      including, but not limited to, acts of God, public enemies, war, civil disorder,
      fire, flood, explosion, labor disputes or strikes, shortage of materials,
      failure of plant machinery, or any acts or orders of any governmental
      authority.

    

    9.5 Merger
      and Survival.
      This
      Agreement and the documents delivered pursuant hereto constitute the entire
      agreement and understanding between Aero California, Seller, and Buyer and
      supersede any prior agreement or understanding related to subject matter of
      this
      Agreement. Sections 2, 3, 4, 5, 6, 7, and 8 of this Agreement shall survive
      the execution and delivery of this Agreement and delivery of the
      Aircraft.

    

    9.6 Construction
      and Governing Law.
      This
      Agreement has been entered into and shall be governed and interpreted under
      the
      laws of the State of New York as applicable in all respects including matters
      of
      construction, validity, enforcement and performance, but not as to choice of
      law.

    

    9.7 Notices.
      Any
      notice required or permitted under this Agreement shall be in writing and
      delivered by certified mail to the respective parties at the addresses provided
      on the first page to this Agreement or such address as a party may specify
      from
      time to time pursuant to a valid written notice hereunder. 

    

    [Signature
      Page Follows]

    

    
      
        
           

          

        

        
        

      

      
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    IN
      WITNESS WHEREOF, the parties have executed this Aircraft Purchase Agreement
      on
      the date first written above. 

    

    
      	
              SELLER:

            	 	 	 	 	 	
              BUYER:

            	 

    

    PLM
      EQUIPMENT GROWTH FUND V  INTERGLOBAL,
      INC.

    LIQUIDATING
      TRUST     

    

    By: __________________   By: __________________

    

    Name: __________________   Name: __________________

    

    Title: __________________   Title: __________________

    

    

    AERO
      CALIFORNIA: 

    AERO
      CALIFORNIA S.A. DE C.V.

    

    By: __________________

    

    Name: __________________ 

     

    Title: __________________

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