Document:

2007 Non-Qualified Stock Option Plan

 Exhibit 10.11 
 SEITEL HOLDINGS, INC. 
 2007 NON-QUALIFIED STOCK OPTION PLAN 
 EFFECTIVE FEBRUARY 14, 2007 
 1.
Purpose of Plan. This 2007 Non-Qualified Stock Option Plan (the “Plan”) of Seitel Holdings, Inc., a Delaware corporation (the “Company”), is designed to provide incentives to such present and future Employees
of the Company or its Subsidiaries, as may be selected in the sole discretion of the Committee, through the grant of Options by the Company to Participants. This Plan is intended to advance the best interests of the Company by providing those
persons who have a substantial responsibility for its management and growth with additional incentives by allowing them to acquire an ownership interest in the Company and thereby encouraging them to contribute to the success of the Company and to
continue to provide services to or remain employed by the Company and its Subsidiaries (as the case may be). The availability and offering of Options under the Plan also increases the Company’s ability to attract and retain individuals of
exceptional managerial talent upon whom, in large measure, the sustained progress, growth and profitability of the Company depends. All options granted under the Plan are intended to qualify for an exemption (the “Exemption”) from
the registration requirements under the Securities Act, pursuant to Rule 701 of the Securities Act. In the event that any provision of the Plan would cause any option granted under the Plan to not qualify for the Exemption, the Plan shall be deemed
automatically amended to the extent necessary to cause all Options granted under the Plan to qualify for the Exemption. 
 2.
Definitions. Certain terms used in this Plan have the meanings set forth below: 
 “Agreement”
means the agreement between the Company and a Participant pursuant to which an Option is granted and which specifies the terms and conditions of that Option, including the vesting requirements applicable to that Option. All Options granted under the
Plan shall be evidenced by Agreements. 
 “Approved Sale” shall have the meaning ascribed to such term in the
Securities Holders Agreement. 
 “Board” means the Company’s board of directors. 
 “Cause” shall have the meaning ascribed to such term in the applicable Employment Agreement, or if none, the Securities
Holders Agreement. 
 “Common Stock” means the Company’s Common Stock, par value $0.001 per share.

 “Code” means the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, as
the same may be amended from time to time and any successor statute. 
 “Committee” means the Board or a
committee of the Board designated to administer the Plan. Upon the consummation of a Public Offering the Committee shall be composed of two or more directors appointed by the Board, each of whom shall be a “non-employee director” as
defined in Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the “1934 Act”), and an “outside director” as defined in Section 162(m) of the Code. 
  

 “Disability” has the meaning set forth in the applicable Employment
Agreement between the Participant and the Company, or if none, the Securities Holders Agreement. 
 “Employee” means a senior executive employee of the Company and/or any of its Subsidiaries listed on Schedule A hereto. Notwithstanding the foregoing, the Board may, in its sole discretion, designate such other employees of
the Company as Employees for purposes of participation in the Plan. 
 “Employment Agreement” means the
employment agreement by and between a Participant and the Company and/or any of its Subsidiaries or Affiliates as appropriate, as in effect from time to time. 
 “Employment Termination Date” means the first date on which a Participant is no longer employed by the Company or its
Subsidiaries for any reason. 
 “Fair Market Value” of the Option Shares shall mean the fair market value of
the Option Shares as determined in good faith by the Committee. 
 “Investor” means ValueAct Capital Master
Fund, L.P., a British Virgin Islands limited partnership, or any Successor thereto. 
 “Non-Qualified Stock
Option” means an option which is not intended to constitute an “Incentive Stock Option” within the meaning of Section 422 of the Code. 
 “Option” means a Non-Qualified Stock Option to purchase Common Stock of the Company granted pursuant to the Plan which
has an exercise price no less than the Fair Market Value of the underlying Common Stock on the date of grant and has a term of no more than ten years. 
 “Participant” means an Employee who is granted an Option hereunder. 
 “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint share company, a trust, a joint venture, an unincorporated organization and a governmental entity or any
department, agency or political subdivision thereof. 
 “Public Offering” shall have the meaning ascribed to
such term in the Securities Holders Agreement. 
 “Securities Act” means the Securities Act of 1933, as
amended, and any successor statute thereto. 
 “Securities Holders Agreement” means the Securities Holders
Agreement by and among Seitel Holdings, LLC, Valueact Capital Master Fund, L.P., and the Management Investors identified therein, dated January 8, 2007, as amended from time to time. 
 “Subsidiary” means any corporation (other than the Company), partnership, joint venture or other business entity of which
50% or more of the outstanding voting power is owned, directly or indirectly, by the Company. 
 “Successor”
means: (i) a “Permitted Transferee” as defined in the Securities Holders Agreement, (ii) the legal representative of the estate of a deceased Participant or (iii) the Person or Persons who shall acquire the right to exercise
an Option by bequest or inheritance or other transfer or by reason of the death of the Participant or (iv) Persons who shall acquire the right to 

  

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exercise an Option on behalf of the Participant as the result of a determination by a court or other governmental agency of the incapacity of the
Participant. 
 Capitalized terms used in this Plan and not defined herein shall have the meanings ascribed thereto in the Securities Holders
Agreement. 
 3. Administration of the Plan. 
 3.1. The Plan shall be administered by the Committee, which shall have full power to interpret and administer the Plan and full authority to act in selecting the Employees to whom Options will be granted, in executing
Agreements with Participants under the Plan, in determining whether, and to what extent, Options may be transferable by the Participant in accordance with the Securities Holders Agreement, in determining the amount of Options to be granted to each
such Employee, and in determining the terms and conditions of Options granted under the Plan. 
 3.2. Subject to the other terms of the Plan,
the Committee shall, in its discretion as reflected by the terms of the applicable Option Agreement: (i) determine from time to time those eligible Employees to whom Options are to be granted and the number of shares subject to each such
Option; (ii) determine the time or times when and the manner and condition in which each Option shall vest or become exercisable and the duration of such exercise period, if applicable; and (iii) determine or impose other conditions to the
receipt of Common Stock subject to the Option under the Plan as it may deem appropriate. 
 3.3. The Committee may condition the vesting or
exercise of an Option upon: (i) the Employee’s continued service over a period of time with the Company or its Subsidiaries, or (ii) any combination of the above conditions, as specified in the Agreement. If the specified conditions
are not attained, the Participant shall forfeit the portion of the Option with respect to which those conditions are not attained, and the underlying Common Stock shall be forfeited to the Company. 
 3.4. The Committee shall have the power to adopt regulations for carrying out the Plan and to make changes to such regulations as it shall, from time to
time, deem advisable. Any interpretation by the Committee of the terms and provisions of the Plan and the administration thereof, and all actions taken by the Committee, shall be final and binding on Participants and Successors, if applicable.

 4. Shares of Common Stock Subject to the Plan. 
 4.1. Subject to adjustment as provided in Section 6 hereof, 92,898 shares (equal to 8.5% of the Company’s Common Stock on a fully diluted basis on the date this Plan is adopted by the Board) shall be
available for Option grants under the Plan. 
 4.2. Any shares issued by the Company through the assumption or substitution of outstanding
grants from an acquired company shall not reduce the shares available for Options under the Plan. Any shares issued hereunder may consist, in whole or in part, of authorized and unissued shares or treasury shares. If any shares subject to an Option
granted hereunder are forfeited or such Option otherwise terminates, the shares subject to such Option, to the extent of any such forfeiture or termination, shall again be available for Options under the Plan. 
  

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 5. Listing, Registration and Compliance with Laws and Regulations. Each Option shall be subject
to the requirement that if at any time the Committee shall determine, in its discretion, that the listing, registration or qualification of the shares subject to the Option upon any securities exchange or under any federal, state or foreign
securities or other law or regulation, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to or in connection with the granting of such Option or the issue or purchase of shares thereunder, no
such Option may be exercised or paid in shares of Common Stock in whole or in part unless such listing, registration, qualification, consent or approval (a “Required Listing”) shall have been effected or obtained, and the
Participant of each such Option will supply the Company with such certificates, representations and information as the Company shall request which are reasonably necessary or desirable in order for the Company to obtain such Required Listing, and
shall otherwise cooperate with the Company in obtaining such Required Listing. The Company agrees to use commercially reasonable efforts to effect or obtain any Required Listing. 
 6. Adjustment for Change in Common Stock. In the event of a reorganization, recapitalization, stock split, stock dividend, combination of
shares, merger, consolidation or other change in Common Stock (or Common Stock generally), the Committee shall make appropriate changes in the number and type of shares authorized by this Plan, the number and type of shares covered by outstanding
Options and the prices specified therein. 
 7. Taxes. The Company shall be entitled, if necessary or desirable, to withhold
(or secure payment from the Participant in lieu of withholding) the amount of any withholding or other tax due from the Company with respect to any amount payable and/or shares issuable under this Plan, and the Company may defer such payment or
issuance unless indemnified to the Board’s satisfaction. In any event, each Participant shall be required to indemnify the Company and hold it harmless for any and all withholding and similar tax obligations arising as a result of the grant or
exercise of Options hereunder or the issuance of any Common Stock upon exercise of the Options. 
 8. Termination and
Amendment. The Committee at any time may suspend or terminate this Plan and make such additions or amendments as it deems advisable under this Plan (except that it may not extend the term of this Plan); provided that, subject to the other
provisions hereof, the Committee may not change any of the terms of a Participant’s Agreement in a manner which would have a material adverse effect on the Participant without such Participant’s consent. Notwithstanding the foregoing, any
amendment to the Securities Holders Agreement that affects a provision contained herein shall be deemed to be an amendment to the Plan. To the extent any such amendment to the Securities Holders Agreement affects the terms of a Participant’s
Agreement, the Participant and any Successor shall be deemed to have consented to that amendment. No Options shall be granted or Common Stock issued hereunder after January 30, 2017. 
 9. Participant Acknowledgments. In connection with the grant of any Option and/or the issuance of any Common Stock pursuant to this Plan, each
Participant acknowledges and agrees, that as a condition to any such grant or issuance: 
 9.1. The Company will have no duty or
obligation to disclose to any Participant, and no Participant will have any right to be advised of, any material information regarding the Company or its Subsidiaries at any time prior to, upon or in connection with the 

  

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Company’s exercise of any repurchase rights in the Securities Holders Agreement, with respect to any Option or Common Stock acquired upon the exercise
of an Option. 
 9.2. Such Participant will have consulted, or will have had an opportunity to consult with, independent legal counsel
regarding his or her rights and obligations under this Plan and any written agreement evidencing any grant of any Option or the issuance of any Common Stock and he or she fully understands the terms and conditions contained herein and therein.

 9.3. Each Participant shall acknowledge the restrictive covenants contained in his or her Employment Agreement and/or the Securities
Holders Agreement. 
 10. Application of Securities Holders Agreement; Restrictions on Transfer. 
 10.1. Each Participant and his Permitted Transferees shall be required to join the Securities Holders Agreement and agree to be subject to its terms upon
receipt of an Option and/or exercise of an Option granted hereunder. 
 10.2. Except as provided below, Options may not be pledged, assigned
or transferred for any reason during the Participant’s lifetime, and any attempt to do so shall be void and the relevant Option shall be forfeited. The Committee may grant Options that are transferable by the Participant during his lifetime,
but such Options shall be transferable only to the extent specifically provided in an agreement entered into with the Participant and subject to the Securities Holders Agreement. The transferee of the Participant shall, in all cases, be subject to
the Plan, the Securities Holders Agreement and the provisions of the Agreement between the Company and the Participant. 
 10.3. An Employee,
or if applicable a Successor, who receives an Option shall be bound by the Securities Holders Agreement to the same extent as would a “Management Investor”, as that term is defined in the Securities Holders Agreement, and all Common Stock
acquired hereunder shall be an “Incentive Security” within the meaning of the Securities Holders Agreement. Accordingly, any Option or Common Stock acquired upon the exercise of an Option shall be held, transferred, sold or otherwise
disposed of only in accordance with the Securities Holders Agreement. Without limiting the generality of the foregoing, each Participant and any Successor shall comply with the provisions set forth in the Securities Holders Agreement with regard to
an Approved Sale, as well as be bound by any transfer restrictions, restrictive covenants and other obligations delineated in the Securities Holders Agreement. Any rights of a “Management Investor” under the Securities Holders Agreement
will be available to a Participant or Successor only in respect of any portion of an Option which is then vested. In addition, and notwithstanding anything to the contrary herein, any Option will, regardless of whether Common Stock subject to such
Option is subject to restrictions or conditions or whether such shares or stock are vested under the applicable terms of the Plan or Agreement, be subject to the Repurchase Option of the Company upon any termination of the Employee’s employment
with the Company or any Subsidiary in accordance with the terms of the Securities Holders Agreement. 
  

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 11. Approved Sale, Public Offering or Other Corporate Transaction 
 11.1. Notwithstanding any provision in this Plan to the contrary and unless otherwise provided in the applicable Participant’s Agreement, in the
event (a) of an Approved Sale, (b) of a Public Offering, (c) a “change in control” as defined in the applicable Participant’s Agreement or determined by the Committee in its sole discretion (each, a
“Transaction”), the Committee may, in its sole discretion: 
 11.1.1. accelerate the exercisability of all or
a portion of Options to the extent the Committee deems appropriate, 
 11.1.2. cancel all outstanding vested Options in
exchange for a cash payment in an amount equal to the excess, if any, of the Fair Market Value of the Common Stock underlying the unexercised portion of the Option as of the date of the Transaction over the exercise price of such portion,

 11.1.3. terminate all Options immediately prior to the Transaction, provided that the Company provide the Participant an
opportunity to exercise the Option within a specified period following the Participant’s receipt of a written notice of such Transaction and of the Company’s intention to terminate the Option prior to such Transaction, or 
 11.1.4. require the successor corporation, following a Transaction if the Company does not survive such Transaction, to assume all
outstanding Options or to substitute such Options with Options involving the common stock of such successor corporation on terms and conditions necessary to preserve the rights of Participants. 
 12. Severability. Whenever possible, each provision of this Plan will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Plan is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other
provision or any other jurisdiction, but this Plan will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
 13. Remedies. Each of the Company and any Participant will be entitled to enforce its rights under this Plan specifically, to recover damages
and costs (including reasonable attorneys’ fees) caused by any breach of any provision of this Plan and to exercise all other rights existing in its favor. Each Participant and the Company acknowledges and agrees that money damages may not be
an adequate remedy for any breach of the provisions of this Plan and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other
injunctive relief in order to enforce or prevent any violations of the provisions of this Plan. 
 14. Business Days. If any
time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or holiday in the state in which the Company’s chief executive office is located, the time period shall be automatically extended to the
business day immediately following such Saturday, Sunday or holiday. 
  

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 15. Governing Law. All issues concerning this Plan will be governed by and construed in
accordance with the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision of rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the law of any
jurisdiction other than the State of Delaware. Each of the Company and each Participant waives the necessity for personal service of any and all process upon it and consents that all such service of process may be made by registered or certified
mail (return receipt requested) or an overnight courier with delivery confirmation, in each case directed to such party in accordance with the notice requirements set forth in this Plan, and service so made will be deemed to be completed on the date
of actual receipt. Each of the Company and each Participant consents to service of process as aforesaid. Nothing in this Plan will prohibit personal service in lieu of the service by certified or registered mail or an overnight courier with delivery
confirmation contemplated herein. 
 16. Notices. Any notice required or permitted under this Plan or any agreement executed
and delivered in connection with this Plan shall be in writing and shall be either delivered by reputable overnight courier with delivery confirmation, personally delivered, or certified or registered mail, return receipt requested, to any
Participant at the address indicated in the Company’s records for such Person, and to the Company at the address below indicated: 
 Notices to the Company: 
 Seitel Holdings, Inc. 
 c/o ValueAct Capital Master Fund, L.P. 
 435 Pacific Avenue, 4th Floor 
 San Francisco, CA 94133 
 Attention: Allison Bennington, General Counsel 
 or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party. Any notice under this Plan shall be deemed to have been given
when so delivered or mailed. 
  

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 SCHEDULE A 
 Employees eligible to participate in the Plan as of the date hereof: 
 Robert Monson 
 Kevin Callaghan 
 William Restrepo 
 Robert Simon 
 Marcia Kendrick 
 Randy Sides 
 Richard Kelvin 
 Garis Smith 
 Eddie Pharr 
 Bill Leakey 
 Mark Sweeney 
 Steve Sahinen 
 Jude Affonso 
 Chynna Williams 
 Michael West 
 Donna Anderson 
  

 - 8 -Form of Stock Option Agreement

 Exhibit 10.12 
 SEITEL HOLDINGS, INC. 
 STOCK OPTION AGREEMENT 
 THIS STOCK OPTION AGREEMENT (this “Agreement”) is entered into as of , between Seitel Holdings, Inc., a Delaware corporation (the
“Company”), and (“Participant”). 
 Pursuant to the Company’s 2007 Non-Qualified Stock Option Plan
(the “Plan”), a copy of which is attached hereto as Exhibit A, the administrative committee of the Plan (the “Committee”) hereby grants the Participant an Option to acquire shares of the Company’s common
stock, par value $.001 per share (the “Common Stock), subject to the terms and conditions provided herein and the applicable terms of the Plan and Securities Holders Agreement, 
 Certain provisions of this Agreement are intended for the benefit of, and shall be enforceable by, Investor (as defined in the Plan”). In the event
a provision of this Agreement is inconsistent or conflicts with the provisions of the Plan, the provisions of the Plan will govern and prevail. 
 NOW THEREFORE, the parties hereto agree as follows: 
 1. Plan Acknowledgement. Each of the undersigned agree that this
Agreement has been executed and delivered, and the Option has been granted hereunder, in connection with and as a part of the compensation and incentive arrangements between the Company and Participant and, except as otherwise specified herein,
pursuant to, and subject to each of the terms and conditions of the Plan and the Securities Holders Agreement, and the Participant agrees to be bound by, and comply with, the terms of the Plan and the Securities Holders Agreement. Capitalized terms
used in this Agreement and not defined shall have the meanings ascribed thereto in the Plan or , if no meaning is ascribed thereto in the Plan, the meaning ascribed thereto in the Securities Holders Agreement. 
 2. Option Grant. 
 (a)
The Company hereby grants to Participant, pursuant to the Plan, an Option to purchase up to 706 shares of Common Stock, at an exercise price per share of $389.42 (the “Per Share Exercise Price”), effective as of the date of this
Agreement (the “Grant Date”). The Option will expire on the close of business on the tenth anniversary of the date of this Agreement, subject to earlier expiration as provided herein or in the Plan. The Option is a non-qualified
stock option and is not intended to be an “incentive stock option” within the meaning of Section 422 of the Code. 
 (b) Early Expiration of Options. Except as provided below in Section 3 or in an employment agreement between the Participant and the Company, any portion of the Option granted hereunder that has not vested and become exercisable
as of the Employment Termination Date shall expire and be forfeited on such date and may not be exercised under any circumstance. Any portion of the Option granted hereunder that has vested and become exercisable as of the Employment Termination
Date shall also expire and be forfeited on the earlier of (i) 45 days after the Employment Termination Date (provided that such period shall be extended to six (6) months after Participant’s termination, in the event
Participant’s termination 

 
is due to death or Disability) and (ii) the close of business on the tenth anniversary of the date of this Agreement. Notwithstanding any provision in
this Agreement to the contrary if Participant is discharged for Cause, all of Participant’s Options not previously exercised shall expire and be forfeited whether exercisable or not. 
 (c) Procedure for Exercise. At any time after all or any portion of the Option granted hereunder has become vested and exercisable
with respect to any shares of Common Stock subject thereto and prior to the close of business on the tenth anniversary of the date of this Agreement (except as provided for in Section 2(b) above), the Participant may exercise all or any
portion of the Option granted hereunder with respect to Common Stock underlying such Option to the extent vested pursuant to Section 3 below by delivering written notice of exercise to the Company, together with (i) a written
acknowledgment that Participant has read and has been afforded an opportunity to ask questions of the management of the Company regarding all financial and other information provided to Participant regarding the Company and its Subsidiaries
(ii) payment in full (A) by delivery of a cashier’s, personal or certified check or wire transfer of immediately available funds to the Company, in the amount equal, to the number of shares of Common Stock to be acquired multiplied by
the Per Share Exercise Price (the “Total Exercise Price’), or (B) if permitted by the Company, by (I) reducing the number of shares of Common Stock to be issued upon exercise by a number of shares of Common Stock with a
Fair Market Value equal to the Total Exercise Price, or (II) with shares previously owned by the Executive with a Fair Market Value equal to the Total Exercise Price, and (iii) a joinder to the Securities Holders Agreement satisfactory in form
and content to the Committee. 
 (d) Securities Laws Restrictions. Participant represents that when Participant
exercises any portion of the Option, Participant will be purchasing the Common Stock subject thereto for Participant’s own account and not on behalf of others. Participant understands and acknowledges that federal, state and foreign securities
laws govern and restrict Participant’s right to offer, sell or otherwise dispose of any portion of the Option or Common Stock subject thereto unless Participant’s offer, sale or other disposition thereof is registered under the Securities
Act and federal, state and foreign securities laws or, in the opinion of the Company’s counsel, such offer, sale or other disposition is exempt from registration thereunder. Participant agrees that Participant will not offer, sell or otherwise
dispose of any Common Stock in any manner which would: (i) require the Company to file any registration statement (or similar filing under applicable securities law) with the Securities and Exchange Commission or to amend or supplement any such
filing or (ii) violate or cause the Company to violate the Securities Act, the rules and regulations promulgated thereunder or any other applicable securities law. Participant further understands that the certificates for any Common Stock which
Participant purchases upon exercise of the Option shall bear the legend set forth in the Securities Holders Agreement or such other legends as the Company deems necessary or desirable in connection with the Securities Act or other rules, regulations
or laws. 
 (e) Limited Transferability of the Options; Joinder to Securities Agreement. The Options granted hereunder
are personal to Participant and are not transferable by Participant except as provided in the Securities Holders Agreement. Participant agrees to exercise a joinder to the Securities Holders Agreement, and to be bound by the terms and conditions
contained therein. Participant acknowledges and agrees that the Option shall be treated as “Incentive Securities” under the applicable provisions of the Securities Holders Agreement. Participant 

  

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acknowledges and agrees that the Option and any Common Stock acquired upon the exercise thereof, and any right or interest therein, may not be sold,
transferred, gifted, donated, pledged, hypothecated, disposed of or assigned by Participant except as expressly provided in the Securities Holders Agreement. Participant further acknowledges and agrees that the Option and any right or interest
therein, may not be sold, assigned, transferred, gifted, donated, pledged, hypothecated or disposed of, except that Participant will be required to sell or otherwise dispose of such Option in accordance with the Securities Holders Agreement.

 3. Exercisability. The Option shall become vested and exercisable in accordance with the provisions of this Section 3. That
portion of the Option which has become vested as of the date of determination are referred to herein as “Vested Options,” and the remainder of the Option is referred to herein as “Unvested Options.” Participant may
only exercise that portion of the Option that is Vested Options. 
 (a) 25% of the Option shall vest on the each anniversary
of the Grant Date, until the Option is fully vested on the fourth anniversary of the Grant Date. 
 (b) Upon (i) an
Approved Sale, or (ii) if a Change in Control occurs, all of Participant’s Unvested Options shall vest, if as of the date of such Approved Sale or a Change in Control, the Participant is, and has been continuously, employed by the Company
or any of its Subsidiaries. 
 (c) Notwithstanding anything herein to the contrary, if the Participant is terminated by the
Company without Cause, the Option shall become 100% vested as of the date of such termination without Cause. 
 (d) For
purposes of this Section 3, the following terms shall have the following meanings: 
 “Change in Control” means the occurrence
of any of the following events: 
 (i) any “person” or “group” (as such terms are used in Sections 13(d)
and 14(d) of the Exchange Act), other than one or more Existing Stockholders, is or becomes the Beneficial Owner of Voting Stock representing more than 50% of the voting power of the total outstanding Voting Stock of the Company; 
 (ii) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board (together with any
new directors whose election to such Board or whose nomination for election by the stockholders of the Company was approved by a vote of the majority of the directors of the Company then still in office who were either directors at the beginning of
such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of the Company; 
 (iii) (a) all or substantially all of the assets of the assets of the Company and its subsidiaries taken as a whole are sold or otherwise
transferred to any Person other than a wholly-owned subsidiary of the Company or one or more Existing Stockholders or (b) the Company consolidates or merges with or into another Person or any Person consolidates 

  

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or merges with or into the Company, in either case under this clause (iii)(b), in one transaction or a series of related transactions in which immediately
after the consummation thereof Persons beneficially owning (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, Voting Stock representing in the aggregate a majority of the total voting power of the Voting Stock of
the Company immediately prior to such consummation do not beneficially own (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, Voting Stock representing a majority of the total voting power of the Voting Stock of
the Company or the surviving or transferee Person; or 
 (iv) the Company shall adopt a plan of liquidation or dissolution or
any such plan shall be approved by the stockholders of the Company. 
 For purposes of this definition, (i) a Person shall not be deemed to have
beneficial ownership of securities subject to a stock purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement and (ii) any holding company whose only significant asset
is equity interests of the Company shall not itself by considered a “person” or “group” for purposes of clause (i) or (ii) above. 
 “Existing Stockholders” means any of (a) the Company, ValueAct Capital Master Fund, L.P., ValueAct Capital Partners, L.P., ValueAct Capital Partners II, L.P., ValueAct Capital International, Ltd. and
its successor ValueAct Capital International I, L.P., ValueAct Capital International II, L.P., VA Partners, LLC, ValueAct Capital Management, LLC or any of their respective Affiliates (collectively, the “ValueAct Entities”), (b) any
present or former managing director, director, general partner, member, limited partner, officer, stockholder or employee of any ValueAct Entity, (c) any present or former officers and directors of the Company, and (d) any (x) spouse,
lineal descendant (in each case, natural or adopted), siblings, or ancestors of any Person, who is an individual, in clause (b) and (c) above, and (y) any estate or trust, the beneficiaries of which, or corporation, partnership,
limited liability corporation or other entity, the stockholders, partners, members, owners or Persons holding a controlling interest of which, consist of one or more Persons referred to in the immediately preceding clause (x). 
 “Voting Stock” with respect to any Person, means securities of any class of equity interests of such Person entitling the holders thereof
(whether at all times or for only so long as no senior class of stock or other relevant equity interest has voting power by reason of any contingency) to vote in the election of members of the Board of Directors of such Person. 
 4. Participant’s Representations. Participant hereby represents and warrants to the Company that (i) the execution, delivery and
performance of this Agreement by Participant does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Participant is a party or by which Participant is
bound, (ii) Participant is not a party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or entity (other than the Company and/or one of its Subsidiaries) and (iii) upon the
execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Participant, enforceable in accordance with its terms. Participant hereby acknowledges and represents that Participant has consulted
with (or has had an opportunity to consult with) independent legal counsel regarding Participant’s rights and obligations under this Agreement (including, without limitation, the Plan) and that Participant fully understands the terms and
conditions contained herein and therein. 
  

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 5. Repurchase Rights. If a Participant is no longer employed by the Company or its Subsidiaries
for any reason, the Option and any Common Stock acquired by exercise thereof (whether held by such Participant or one or more transferees, other than the Company or Investor) will be subject to repurchase in accordance with the terms of the
Securities Holders Agreement. 
 6. Rights of Participants. Nothing in this Agreement shall interfere with or limit in any way the
right of the Company to terminate Participant’s employment at any time (with or without Cause), nor confer upon Participant any right to continue in the employ of the Company for any period of time or to continue Participant’s present (or
any other) rate of compensation, and in the event of Participant’s termination of employment (including, but not limited to, termination by the Company without Cause), any portion of Participant’s Option that was not previously vested and
exercisable shall expire and be forfeited, except as otherwise provided herein or in an employment agreement between the Participant and the Company. Nothing in this Agreement shall confer upon Participant any right to be selected again as a Plan
participant, and nothing in the Plan or this Agreement shall provide for any adjustment to the number of shares of Common Stock subject to Participant’s Option upon the occurrence of subsequent events except as provided in Section 8 below.

 7. Withholding of Taxes. The Company shall be entitled, if necessary or desirable, to withhold in cash or shares of Common Stock
from Participant from any amounts due and payable by the Company to Participant (or secure payment from Participant in lieu of withholding) the amount of any withholding or other tax due from the Company with respect to any Common Stock issuable
under this Agreement, and the Company may defer such issuance unless indemnified by Participant to its satisfaction. 
 8.
Adjustments. In the event of a reorganization, recapitalization, stock dividend or stock split, or combination or other change in the shares of Common Stock, the Board shall make such adjustments in the number and type of shares authorized by
the Plan, the number and type of shares covered by Participant’s Option and the Per Share Exercise Price specified herein as may be determined to be appropriate and equitable, in order to prevent the dilution or enlargement of rights under
Participant’s Option. 
 9. Notices. Any notices required or permitted under this Agreement or the Plan will be delivered in
accordance with the requirements of the Plan. 
 10. General Provisions. 
 (a) Transfers in Violation of Agreement. Any pledge, assignment, transfer or attempted transfer of any portion of the Option or
Common Stock acquired or acquirable with respect thereto in violation of any provision of this Agreement, the Plan or the Securities Holderss Agreement shall be shall be null and void and of no force and effect, and the purported transferee shall
have no rights or privileges in or with respect to the Company. 
  

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 (b) Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein. 
 (c) Complete Agreement. This Agreement and the Plan and the other documents expressly
referred to herein and therein embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to
the subject matter hereof in anyway. 
 (d) Counterparts. This Agreement may be executed in separate counterparts, each
of which is deemed to be an original and all of which taken together constitute one and the same agreement. 
 (e)
Successors and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by the Participant, the Company, Investor and their respective successors and assigns (including subsequent
holders of Common Stock issued in respect of the Option); provided, that the rights and obligations of the Participant under this Agreement shall not be assignable except in connection with a permitted transfer in accordance with this Agreement and
the Securities Holders Agreement. 
 (f) Choice of Law. This Agreement shall be construed, interpreted and the rights
of the parties determined in accordance with the laws of the State of Delaware (without reference to any choice of law rules that would require the application of the laws of any other jurisdiction). 
 (g) Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of the
Company, the Participant and Investor. 
 11. Third-Party Beneficiaries. Certain provisions of this Agreement are entered into for the
benefit of and shall be enforceable by Investor as provided herein. 
 12. Business Days. If any time period for giving notice or
taking action hereunder expires on a day which is a Saturday, Sunday or legal holiday in the state in which the Company’s principal office is located, the time period shall be automatically extended to the business day immediately following
such. Saturday, Sunday or holiday. 
 ******************* 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

			
	SEITEL HOLDINGS, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	PARTICIPANT
		
	By:	 	 
	Name:	 	

  

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