Document:

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                                                                    Exhibit 4.03

         This Note is a Global Security within the meaning of the Indenture
hereinafter referred to and is registered in the name of the Depository named
below or a nominee of the Depository. This Note is not exchangeable for Notes
registered in the name of a Person other than the Depository or its nominee
except in the limited circumstances described herein and in the Indenture, and
no transfer of this Note (other than a transfer of this Note as a whole by the
Depository to a nominee of the Depository or by a nominee of the Depository to
the Depository or another nominee of the Depository) may be registered except in
the limited circumstances described herein.

         Unless this certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation (the "Depository"), to the
Company or its agent for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of the Depository (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.

                                 CITIGROUP INC.
                        6.75% NOTES DUE DECEMBER 1, 2005
REGISTERED                                                            REGISTERED

                                                               CUSIP: 172967 BA8
                                                              ISIN: US172967BA88
                                                          Common Code: 012149166

No. R-0001                                                          $_00,000,000

         CITIGROUP INC., a Delaware corporation (the "Company", which term
includes any successor Person under the Indenture), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of
$_00,000,000 on December 1, 2005 and to pay interest thereon from and including
December 6, 2000 or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, semi-annually on June 1 and December 1 of
each year, commencing June 1, 2001, at the rate of 6.75% per annum, until the
principal hereof is paid or made available for payment. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Note is
registered at the close of business on the Record Date for such interest, which
shall be the May 15 or November 15 (whether or not a Business Day) next
preceding such Interest Payment Date.

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         Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the holder on such Record Date and may either
be paid to the Person in whose name this Note is registered at the close of
business on a subsequent Record Date, such subsequent Record Date to be not less
than five days prior to the date of payment of such defaulted interest, notice
whereof shall be given to holders of Notes of this series not less than 15 days
prior to such subsequent Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on
which the Notes of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture.

         Interest hereon will be calculated on the basis of a 360-day year
comprised of twelve 30-day months.

         If either a date for payment of principal or interest on the Notes or
the Maturity of the Notes falls on a day that is not a Business Day, the related
payment of principal or interest will be made on the next succeeding Business
Day as if made on the date the payment was due. No interest will accrue on any
amounts payable for the period from and after the date for payment of principal
or interest on the Notes or the Maturity of the Notes. For these purposes,
"Business Day" means any day which is a day on which commercial banks settle
payments and are open for general business in The City of New York.

         Payment of the principal of and interest on this Note will be made at
the office or agency of the Trustee maintained for that purpose in The City of
New York.

         Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Trustee or by an authenticating agent on behalf of the Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture or
be valid or obligatory for any purpose.

<PAGE>   3
         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated:  December 6, 2000

                                    CITIGROUP INC.

                                    By:_________________________________
                                    Title:  Chief Accounting Officer

ATTEST:

By:___________________________
Assistant Secretary

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         This is one of the Notes of the series issued under the
within-mentioned Indenture.

Dated:  December 6, 2000

                                    THE BANK OF NEW YORK,
                                    as Trustee

                                    By:_________________________________
                                       Name:
                                       Title:

<PAGE>   5
         This Note is one of a duly authorized issue of Securities of the
Company (the "Notes"), issued and to be issued in one or more series under the
Indenture, dated as of March 15, 1987 (as amended and supplemented to date, the
"Indenture"), between the Company and The Bank of New York, as Trustee (the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the holders of the Notes
and of the terms upon which the Notes are, and are to be, authenticated and
delivered. This Note is one of the series designated on the face hereof,
initially limited in aggregate principal to $1,500,000,000.

         If an event of default (as defined in the Indenture) with respect to
Notes of this series shall occur and be continuing, the principal of the Notes
of this series may be declared due and payable in the manner and with the effect
provided in the Indenture.

         The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Note upon compliance by the Company with certain
conditions set forth in Sections 11.03 and 11.04 thereof, which provisions apply
to this Note.

         The Indenture contains provisions permitting the Company and the
Trustee, without the consent of the holders of the Securities, to establish,
among other things, the form and terms of any series of Securities issuable
thereunder by one or more supplemental indentures, and, with the consent of the
holders of not less than 66 2/3% in aggregate principal amount of Securities at
the time outstanding which are affected thereby, to modify the Indenture or any
supplemental indenture or the rights of the holders of Securities of such series
to be affected, provided that no such modification will (i) extend the fixed
maturity of any Securities, reduce the rate or extend the time of payment of
interest thereon, reduce the principal amount thereof or the premium, if any,
thereon, reduce the amount of the principal of Original Issue Discount
Securities payable on any date, change the currency in which Securities are
payable, or impair the right to institute suit for the enforcement of any such
payment on or after the maturity thereof, without the consent of the holder of
each Security so affected, or (ii) reduce the aforesaid percentage of Securities
of any series the consent of the holders of which is required for any such
modification without the consent of the holders of all Securities of such series
then outstanding, or (iii) modify, without the written consent of the Trustee,
the rights, duties or immunities of the Trustee.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

         This Note is a Global Security registered in the name of a nominee of
the Depository. This Note is exchangeable for Notes registered in the name of a
person other than

<PAGE>   6
the Depository or its nominee only in the limited circumstances hereinafter
described. Unless and until it is exchanged in whole or in part for definitive
Notes in certificated form, this Note may not be transferred except as a whole
by the Depository to a nominee of the Depository or by a nominee of the
Depository to the Depository or another nominee of the Depository.

         The Notes represented by this Global Security are exchangeable for
definitive Notes in certificated form of like tenor as such Notes in
denominations of $1,000 and integral multiples thereof only if (i) the
Depository notifies the Company that it is unwilling or unable to continue as
Depository for the Notes or (ii) the Depository ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, or (iii) the
Company in its sole discretion decides to allow the Notes to be exchanged for
definitive Notes in registered form. Any Notes that are exchangeable pursuant to
the preceding sentence are exchangeable for certificated Notes issuable in
authorized denominations and registered in such names as the Depository shall
direct. As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of definitive Notes in certificated form is registrable
in the register maintained by the Company in The City of New York for such
purpose, upon surrender of the definitive Note for registration of transfer at
the office or agency of the registrar, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
registrar duly executed by, the holder thereof or his attorney duly authorized
in writing, and thereupon one or more new Notes of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees. Subject to the
foregoing, this Note is not exchangeable, except for a Global Security or Global
Securities of this issue of the same principal amount to be registered in the
name of the Depository or its nominee.

         No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

         Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

         The Company will pay additional amounts ("Additional Amounts") to the
beneficial owner of any Note that is a non-United States person in order to
ensure that every net payment on such Note will not be less, due to payment of
U.S. withholding tax, than the amount then due and payable. For this purpose, a
"net payment" on a Note means a payment by the Company or a paying agent,
including payment of principal and interest, after deduction for any present or
future tax, assessment or other governmental charge of the United States. These
Additional Amounts will constitute additional interest on the Note.

         The Company will not be required to pay Additional Amounts, however, in
any of the

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circumstances described in items (1) through (12) below.

     (1)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld solely by reason of the beneficial
          owner:

          (a)  having a relationship with the United States as a citizen,
               resident or otherwise;

          (b)  having had such a relationship in the past or

          (c)  being considered as having had such a relationship.

     (2)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld solely by reason of the beneficial
          owner:

          (a)  being treated as present in or engaged in a trade or business in
               the United States;

          (b)  being treated as having been present in or engaged in a trade or
               business in the United States in the past or

          (c)  having or having had a permanent establishment in the United
               States.

     (3)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld solely by reason of the beneficial
          owner being or having been a:

          (a)  personal holding company;

          (b)  foreign personal holding company;

          (c)  foreign private foundation or other foreign tax-exempt
               organization;

          (d)  passive foreign investment company;

          (e)  controlled foreign corporation or

          (f)  corporation which has accumulated earnings to avoid United States
               federal income tax.

     (4)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld solely by reason of the beneficial
          owner owning or having owned, actually or constructively, 10 percent
          or more of the total combined voting power of all classes of stock of
          the Company entitled to vote.

For purposes of items (1) through (4) above, "beneficial owner" means a
fiduciary, settlor, beneficiary, member or shareholder of the holder if the
holder is an estate, trust, partnership, limited liability company, corporation
or other entity, or a person holding a power over an estate or trust
administered by a fiduciary holder.

<PAGE>   8
     (5)  Additional Amounts will not be payable to any beneficial owner of a
          Note that is a:

          (a)  fiduciary;

          (b)  partnership;

          (c)  limited liability company or

          (d)  other fiscally transparent entity

          or that is not the sole beneficial owner of the Note, or any portion
          of the Note. However, this exception to the obligation to pay
          Additional Amounts will only apply to the extent that a beneficiary or
          settlor in relation to the fiduciary, or a beneficial owner or member
          of the partnership, limited liability company or other fiscally
          transparent entity, would not have been entitled to the payment of an
          Additional Amount had the beneficiary, settlor, beneficial owner or
          member received directly its beneficial or distributive share of the
          payment.

     (6)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld solely by reason of the failure of
          the beneficial owner or any other person to comply with applicable
          certification, identification, documentation or other information
          reporting requirements. This exception to the obligation to pay
          Additional Amounts will only apply if compliance with such reporting
          requirements is required by statute or regulation of the United States
          or by an applicable income tax treaty to which the United States is a
          party as a precondition to exemption from such tax, assessment or
          other governmental charge.

     (7)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is collected or imposed by any method other than by
          withholding from a payment on a Note by the Company or a paying agent.

     (8)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld by reason of a change in law,
          regulation, or administrative or judicial interpretation that becomes
          effective more than 15 days after the payment becomes due or is duly
          provided for, whichever occurs later.

     (9)  Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment or other governmental
          charge that is imposed or withheld by reason of the presentation by
          the beneficial owner of a Note for payment more than 30 days after the
          date on which such payment becomes due or is duly provided for,
          whichever occurs later.

<PAGE>   9
     (10) Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any:

          (a)  estate tax;

          (b)  inheritance tax;

          (c)  gift tax;

          (d)  sales tax;

          (e)  excise tax;

          (f)  transfer tax;

          (g)  wealth tax;

          (h)  personal property tax or

          (i)  any similar tax, assessment or other governmental charge.

     (11) Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any tax, assessment, or other governmental
          charge required to be withheld by any paying agent from a payment of
          principal or interest on a Note if such payment can be made without
          such withholding by any other paying agent.

     (12) Additional Amounts will not be payable if a payment on a Note is
          reduced as a result of any combination of items (1) through (11)
          above.

     Except as specifically provided herein, the Company will not be required to
make any payment of any tax, assessment or other governmental charge imposed by
any government or a political subdivision or taxing authority of such
government.

     As used in this Note, "United States person" means:

     (a)  any individual who is a citizen or resident of the United States;

     (b)  any corporation, partnership or other entity created or organized in
          or under the laws of the United States;

     (c)  any estate if the income of such estate falls within the federal
          income tax jurisdiction of the United States regardless of the source
          of such income and

     (d)  any trust if a United States court is able to exercise primary
          supervision over its administration and one or more United States
          persons have the authority to control all of the substantial decisions
          of the trust.

     Additionally, "non-United States person" means a person who is not a United
States person, and "United States" means the United States of America, including
the States and the District of Columbia, its territories, its possessions and
other areas within its jurisdiction.

     Except as provided below, the Notes may not be redeemed prior to maturity.

     (1)  The Company may, at its option, redeem the Notes if:

<PAGE>   10
          (a)  the Company becomes or will become obligated to pay Additional
               Amounts as described above;

          (b)  the obligation to pay Additional Amounts arises as a result of
               any change in the laws, regulations or rulings of the United
               States, or an official position regarding the application or
               interpretation of such laws, regulations or rulings, which change
               is announced or becomes effective on or after November 30, 2000
               and

          (c)  the Company determines, in its business judgment, that the
               obligation to pay such Additional Amounts cannot be avoided by
               the use of reasonable measures available to it, other than
               substituting the obligor under the Notes or taking any action
               that would entail a material cost to the Company.

     (2)  The Company may also redeem the Notes, at its option, if:

          (a)  any act is taken by a taxing authority of the United States on or
               after November 30, 2000, whether or not such act is taken in
               relation to the Company or any affiliate, that results in a
               substantial probability that the Company will or may be required
               to pay Additional Amounts as described above;

          (b)  the Company determines, in its business judgment, that the
               obligation to pay such Additional Amounts cannot be avoided by
               the use of reasonable measures available to it, other than
               substituting the obligor under the Notes or taking any action
               that would entail a material cost to the Company and

          (c)  the Company receives an opinion of independent counsel to the
               effect that an act taken by a taxing authority of the United
               States results in a substantial probability that the Company will
               or may be required to pay the Additional Amounts described under
               above, and delivers to the Trustee a certificate, signed by a
               duly authorized officer, stating that based on such opinion the
               Company is entitled to redeem the Notes pursuant to their terms.

Any redemption of the Notes as set forth in clauses (1) or (2) above shall be in
whole, and not in part, and will be made at a redemption price equal to 100% of
the principal amount of the Notes Outstanding plus accrued interest thereon to
the date of redemption. Holders shall be given not less than 30 days nor more
than 60 days prior notice by the Trustee of the date fixed for such redemption.

         All terms used in this Note which are defined in the Indenture shall
have the meanings assigned to them in the Indenture. The Notes are governed by
the laws of the State of New York.<PAGE>   1
                                                                     EXHIBIT 4.4

NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF
THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND NEITHER
THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
WARRANT MAY BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF
IN WHOLE OR IN PART IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER
SUCH ACT OR AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY
TO COUNSEL OF SEITEL, INC., THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT
OR THE RULES AND REGULATIONS THEREUNDER IS AVAILABLE WITH RESPECT TO THE
PROPOSED SALE, TRANSFER, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION.

                                  SEITEL, INC.

                              COMMON STOCK PURCHASE
                               WARRANT CERTIFICATE
                             TO PURCHASE (NUMBER)
                             SHARES OF COMMON STOCK

                      VOID AFTER 5:00 P.M., HOUSTON, TEXAS
                         LOCAL TIME ON (LONG_EXP_DATE)

Date of Grant: (FULL_GRANT_DATE)
Certificate No.(WARRANT_Plan_Type)(WARRANT_Plan_Number)

         This Warrant Certificate certifies that (FIRST_NAME) (LAST_NAME) is
the registered holder ("Holder") of (NUMBER) Common Stock Purchase Warrants
(the "Warrants") to purchase shares of the $.01 par value common stock, ("Common
Stock") of SEITEL, INC., a Delaware corporation (the "Company").

         Each Warrant enables the Holder to purchase from the Company with
respect to (a) one-third of the shares at any time on and after the first
anniversary of the grant date set forth above, (b) an additional one-third of
the shares on and after the second anniversary of the grant date set forth
above, and (c) an additional one-third of the shares on and after the third
anniversary of the grant date set forth above, and until 5:00 p.m., Houston,
Texas, local time on (LONG_EXP_DATE), one fully paid and non-assessable share
of Common Stock ("Share") upon presentation and surrender of this Warrant
Certificate and upon payment of the purchase price of $(PRICE) per Share.
Payment shall be made in lawful money of the United States of America by
certified check payable to the Company at its principal office at 50 Briar
Hollow Lane, West, 7th Floor, Houston, Texas, 77027. As hereinafter provided,
the purchase price and number of Shares purchasable upon the exercise of the
Warrants are subject to modification or adjustment upon the happening of certain
events.

<PAGE>   2

Page 2

         FOR ALL OTHER PURPOSES STATED HEREIN, THE COMPANY MAY DEEM AND TREAT
THE PERSON IN WHOSE NAME THIS WARRANT CERTIFICATE IS REGISTERED AS THE ABSOLUTE
TRUE AND LAWFUL OWNER HEREOF FOR ALL PURPOSES WHATSOEVER.

         1.   Upon surrender to the Company, this Warrant Certificate may be
              exchanged for another Warrant Certificate or Warrant Certificates
              evidencing a like aggregate number of Warrants. If this Warrant
              Certificate shall be exercised in part, the Holder shall be
              entitled to receive upon surrender hereof another Warrant
              Certificate or Warrant Certificates evidencing the number of
              Warrants not exercised.

         2.   No Holder shall be deemed to be the holder of Common Stock or any
              other securities of the Company that may at any time be issuable
              on the exercise hereof for any purpose nor shall anything
              contained herein be construed to confer upon the Holder any of the
              rights of a shareholder of the Company or any right to vote for
              the election of directors or upon any matter submitted to
              shareholders at any meeting thereof or to give or withhold consent
              to any corporate action (whether upon any reorganization, issuance
              of stock, reclassification or conversion of stock, change of par
              value, consolidation, merger, conveyance, or otherwise) or to
              receive notice of meetings or to receive dividends or subscription
              rights or otherwise until a Warrant shall have been exercised and
              the Common Stock purchasable upon the exercise thereof shall have
              become issuable.

         3.   Each Holder consents and agrees with the Company and any other
              Holder that:

              A.  this Warrant Certificate is exercisable in whole or in part by
                  the Holder in person or by attorney duly authorized in writing
                  at the principal office of the Company.

              B.  anything herein to the contrary notwithstanding, in no event
                  shall the Company be obligated to issue Warrant Certificates
                  evidencing other than a whole number of Warrants or issue
                  certificates evidencing other than a whole number of Shares
                  upon the exercise of this Warrant Certificate; provided,
                  however, that the Company shall pay with respect to any such
                  fraction of a Share an amount of cash based upon the current
                  public market value (or book value, if there shall be no
                  public market value) for Shares purchasable upon exercise
                  hereof, as determined in accordance with subparagraph I of
                  Section 10 hereof; and

              C.  the Company may deem and treat the person in whose name this
                  Warrant Certificate is registered as the absolute true and
                  lawful owner hereof for all purposes whatsoever.

<PAGE>   3

Page 3

         4.   The Company shall maintain books for the transfer and registration
              of Warrants. Upon the transfer of any Warrants, the Company shall
              issue and register the Warrants in the names of the new Holders.
              The Warrants shall be signed manually by the Chairman, Chief
              Executive Officer, President or any Vice President and the
              Secretary (or Assistant Secretary) of the Company. The Company
              shall transfer, from time to time, any outstanding Warrants upon
              the books to be maintained by the Company for such purpose upon
              surrender thereof for transfer properly endorsed or accompanied by
              appropriate instructions for transfer. Upon any transfer, a new
              Warrant Certificate shall be issued to the transferee and the
              surrendered Warrants shall be canceled by the Company. Warrants
              may be exchanged at the option of the Holder, when surrendered at
              the office of the Company, for another Warrant, or other Warrants
              of different denominations, of like tenor and representing in the
              aggregate the right to purchase a like number of Shares. Subject
              to the terms of this Warrant Certificate, upon such surrender and
              payment of the purchase price, the Company shall issue and deliver
              with all reasonable dispatch to or upon the written order of the
              Holder of such Warrants and in such name or names as such Holder
              may designate, a certificate or certificates for the number of
              full Shares so purchased upon the exercise of such Warrants. Such
              certificate or certificates shall be deemed to have been issued
              and any person so designated to be named therein shall be deemed
              to have become the holder of record of such Shares as of the date
              of the surrender of such Warrants and payment of the purchase
              price; provided, however, that if, at the date of surrender and
              payment, the transfer books of the Shares shall be closed, the
              certificates for the Shares shall be issuable as of the date on
              which such books shall be opened and until such date the Company
              shall be under no duty to deliver any certificate for such Shares;
              provided, further, however, that such transfer books, unless
              otherwise required by law or by applicable rule of any national
              securities exchange, shall not be closed at any one time for a
              period longer than 20 days. The rights of purchase represented by
              the Warrants shall be exercisable, at the election of the Holders,
              either as an entirety or from time to time for part only of the
              Shares.

         5.   The Company will pay any documentary stamp taxes attributable to
              the initial issuance of the Shares issuable upon the exercise of
              the Warrants; provided, however, that the Company shall not be
              required to pay any tax or taxes which may be payable in respect
              of any transfer involved in the issuance or delivery of any
              certificates for Shares in a name other than that of the Holder in
              respect of which such Shares are issued, and in such case the
              Company shall not be required to issue or deliver any certificate
              for Shares or any Warrant until the person requesting the same has
              paid to the Company the amount of such tax or has established to
              the Company's satisfaction that such tax has been paid.

<PAGE>   4

Page 4

         6.   In case the Warrant Certificate shall be mutilated, lost, stolen
              or destroyed, the Company may, in its discretion, issue and
              deliver in exchange and substitution for and upon cancellation of
              the mutilated Warrant Certificate, or in lieu of and substitution
              for the Warrant Certificate, lost, stolen or destroyed, a new
              Warrant Certificate of like tenor and representing an equivalent
              right or interest, but only upon receipt of evidence satisfactory
              to the Company of such loss, theft or destruction and an
              indemnity, if requested, also satisfactory to it.

         7.   The Company warrants that there have been reserved, and covenants
              that at all times in the future it shall keep reserved, out of the
              authorized and unissued Common Stock, a number of Shares
              sufficient to provide for the exercise of the rights or purchase
              represented by this Warrant Certificate. The Company agrees that
              all Shares issuable upon exercise of the Warrants shall be, at the
              time of delivery of the certificates for such Shares, validly
              issued and outstanding, fully paid and non-assessable and that the
              issuance of such Shares will not give rise to preemptive rights in
              favor of existing shareholders.

         8.   As used herein, the term "Exercise Rate" shall mean the number and
              kind of shares of capital stock of the Company which the Holder of
              this Warrant shall be entitled from time to time to receive for
              each $1,000.00 of warrant exercise payment. Unless and until an
              adjustment thereof shall be required as hereinafter provided, the
              Exercise Rate shall be (EX_RATE) shares of Common Stock.

         9.   The term "Exercise Price" shall mean the price obtained by
              dividing $1,000.00 by the number of shares constituting the
              Exercise Rate in effect at the time for such amount.

         10.  The Exercise Rate in effect any time shall be subject to
              adjustment as follows:

              A.  Whenever the Company shall (i) pay a dividend on Common Stock
                  in shares of its Common Stock, (ii) subdivide its outstanding
                  shares of Common Stock, (iii) combine its outstanding shares
                  of Common Stock into a smaller number of shares, or (iv) issue
                  by reclassification of its shares of Common Stock (including
                  any reclassification in connection with a consolidation or
                  merger in which the Company is the continuing corporation) any
                  shares, the Exercise Rate in effect at the time of the record
                  date for such dividend or of the effective date of such
                  subdivision, combination or reclassification shall be
                  proportionately adjusted so that the Holder of this Warrant
                  exercising it after such time shall be entitled to receive the
                  total number and kind of shares which bear the same proportion
                  to the total issued and outstanding Common Stock of the
                  Company immediately after such time as the proportion he would
                  have owned and have been entitled to receive immediately prior
                  to such time.

<PAGE>   5

Page 5

              B.  Whenever the Company shall issue any shares of Common Stock
                  other than:

                  (i)  shares issued in a transaction described in subparagraph
                       H of this Paragraph 10; and

                  (ii) shares issued upon exercise or conversion of securities
                       of the type referred to in subparagraphs E and F of this
                       Paragraph 10 or shares issued, subdivided or combined in
                       transactions described in subparagraph (A) of this
                       Paragraph 10 if and to the extent that the Exercise Rate
                       shall have been previously adjusted pursuant to the terms
                       of this subparagraph (B) or subparagraph (A) of this
                       Paragraph 10 as a result of the issuance, subdivision or
                       combination of such securities;

                  at a price per share which is less than the current public
                  market value of a share of Common Stock, the Exercise Rate in
                  effect immediately prior to such issuance shall be adjusted by
                  multiplying such Exercise Rate by a fraction, the numerator of
                  which shall be the number of shares of Common Stock
                  outstanding immediately prior to such issuance plus the number
                  of additional shares of Common Stock so issued, and the
                  denominator of which shall be the number of Shares of Common
                  Stock outstanding immediately prior to such issuance plus the
                  number of shares of Common Stock which the fair value of the
                  consideration received by the Company for the total number of
                  additional shares so issued would purchase at a price equal to
                  the current public market value.

              C.  Whenever the Company shall pay a dividend or make a
                  distribution (other than in a transaction which results in an
                  equivalent adjustment pursuant to other subparagraphs of this
                  Paragraph 10) generally to holders of its Common Stock or
                  evidences of its indebtedness or assets (excluding dividends
                  paid in, or distributions of cash to the extent of current
                  income or earned surplus of the Company), or securities of the
                  Company, or rights to subscribe for or purchase securities of
                  the Company, the Exercise Rate in effect immediately prior to
                  such distribution shall be adjusted by multiplying such
                  Exercise Rate by a fraction, the numerator of which shall be
                  the then current public market value, if any, per share of the
                  Common Stock receiving such dividend or distribution or, if
                  there shall be no such current public market value, then the
                  book value per share as of the close of the month preceding
                  such distribution, and the denominator of which shall be the
                  numerator less the fair market value of the portion of the
                  assets, or the evidences of indebtedness or rights, so
                  distributed which is applicable to each such share; provided,
                  however, if as a result of such adjustment the Exercise Price
                  would be a negative figure, such adjustment

<PAGE>   6

Page 6

                  shall be modified so that the Exercise Price after such
                  adjustment is $.01 per share.

              D.  Whenever the Company shall issue by reclassification of its
                  shares of Common Stock any shares of stock, the Exercise Rate
                  in effect immediately prior to such issuance shall be
                  proportionately adjusted so that the Holder of this Warrant
                  exercising it after such time shall be entitled to receive,
                  the number and kind of shares which, when added to the number
                  of shares of such kind exercisable hereunder prior to such
                  issue, would entitle the Holder hereof, upon the exercise
                  hereof in full, to purchase an amount of shares of such kind
                  which bears the same proportion to the total issued and
                  outstanding capital stock of the Company as the proportion he
                  would have owned and have been entitled to receive immediately
                  prior to such issue. In the event that at any time, as a
                  result of an adjustment made pursuant to this paragraph 10,
                  the Holder of this Warrant shall become entitled upon exercise
                  thereof to receive any shares of the Company other than shares
                  of its Common Stock, then thereafter the number of such other
                  shares so receivable upon exercise of this Warrant shall be
                  subject to adjustment from time to time in a manner and on
                  terms as nearly equivalent as practicable to the provisions
                  contained in this Paragraph 10 in the respect of the Common
                  Stock.

              E.  For purposes of the adjustments provided for in the foregoing
                  subparagraphs of this Paragraph 10, if at any time, the
                  Company shall issue any rights or options for the purchase of,
                  or stock or other securities convertible into Common Stock,
                  (such convertible stock or securities being herein referred to
                  as "Convertible Securities") the Company shall be deemed to
                  have issued at the time of the issuance of such rights or
                  options or Convertible Securities the maximum number of shares
                  of Common Stock issuable upon exercise or conversion thereof
                  and to have received as consideration for the issuance of such
                  shares an amount equal to the amount of cash and fair value of
                  other consideration, if any, received by the Company for the
                  issuance of such rights or options or Convertible Securities,
                  plus, in the case of such options or rights, the minimum
                  amounts of cash and fair value of other consideration, if any,
                  payable to the Company upon the exercise of such options or
                  rights and, in the case of Convertible Securities, the minimum
                  amounts of cash and fair value of other consideration, if any,
                  payable, to the Company.

              F.  For purposes of the adjustment provided for in subparagraph B
                  above, if at any time the Company shall issue any rights or
                  options for the purchase of Convertible Securities, the
                  Company shall be deemed to have issued at the time of the
                  issuance of such rights or options the maximum number of
                  shares of Common Stock issuable upon conversion of the total
                  amount of Convertible Securities covered by such rights or
                  options and to have

<PAGE>   7

Page 7

                  received as consideration for the issuance of such shares an
                  amount equal to the amount of cash and the amount of fair
                  value of other consideration, if any, received by the Company
                  for the issuance of such rights or options, plus the minimum
                  amounts of cash and fair value of other consideration, if any,
                  payable to the Company upon the exercise of such rights or
                  options and payable to the Company on conversion of such
                  Convertible Securities.

              G.  Anything in subparagraph E or F above to the contrary
                  notwithstanding, whenever the Company shall issue any shares
                  (other than on exercise of this Warrant) upon exercise of any
                  rights or options or upon conversion of any Convertible
                  Securities and if the Exercise Rate shall not previously have
                  been adjusted upon the issuance of such rights, options or
                  Convertible Securities, the computation described in
                  subparagraph B above shall be made and the Exercise Rate
                  adjusted in accordance with the provisions thereof (the shares
                  so issued being deemed for purposes of such computation to
                  have been issued at a price per share equal to the amount of
                  cash and fair value of other consideration, if any, properly
                  attributable to one such share received by the Company upon
                  issuance and exercise of such rights or options or sale and
                  conversion of such Convertible Securities (and upon issuance
                  of any rights or options pursuant to which such Convertible
                  Securities may have been sold).

              H.  Anything in this Paragraph 10 to the contrary notwithstanding,
                  no adjustment in the Exercise Rate or Exercise Price shall be
                  made in connection with:

                  (i)  Convertible Securities issued pursuant to the Company's
                       qualified or non-qualified Employee Stock Option Plans or
                       any other bona fide employee benefit plan or incentive
                       arrangement, adopted or approved by the Company's Board
                       of Directors or shares of Common Stock issued pursuant to
                       the exercise of any rights or options granted pursuant to
                       said plans or arrangements (but only to the extent that
                       the aggregate number of shares excluded by the Clause (i)
                       and issued after the date hereof shall not exceed 15% of
                       the Company's Common Stock outstanding at the time of any
                       such issuance); and

                  (ii) The issuance of any shares of Common Stock pursuant to
                       the exercise of Convertible Securities outstanding as of
                       the date hereof including without limitation, the
                       conversion of any Warrant issued in the same placement of
                       securities pursuant to which this Warrant was issued by
                       the Company.

              I.  For purposes of this Paragraph 10, the current public market
                  value of a share of Common Stock on any date shall be deemed
                  to be the arithmetical average of the following prices for
                  such of the thirty (30) business days

<PAGE>   8

Page 8

                  immediately preceding such day as shall be available: (i) for
                  any of the such days on which the Common Stock shall be listed
                  on a national securities exchange, the last sale price on such
                  day or, if there shall have been no sale on such day, the
                  average of the closing bid and asked prices on such exchange
                  on such day, or (ii) for any of such days on which the Common
                  Stock shall not be listed on a national securities exchange
                  but shall be included in the National Association of
                  Securities Dealers Automated Quotation System ("NASDAQ"), the
                  average of the closing bid and asked prices on such day quoted
                  by brokers and dealers making a market in NASDAQ, furnished by
                  any member of the New York Stock Exchange selected by the
                  Company for that purpose, or (iii) for any of such days on
                  which the Common Stock shall not be so listed on a national
                  securities exchange or included in NASDAQ but shall be quoted
                  by three brokers regularly making a market in such shares in
                  the over-the-counter market, the average of the closing bid
                  and asked prices on such day, furnished by any member of the
                  New York Stock Exchange selected by the Company for that
                  purpose, or (iv) for any days on which the information
                  described in items (i), (ii) or (iii) above is unavailable,
                  the book value per share of the Common Stock as determined in
                  accordance with generally accepted accounting principles;
                  provided, however, in its discretion the Board may make an
                  appropriate reduction in the "current public market value"
                  based upon any applicable trading restrictions to particular
                  shares of Common Stock.

              J.  Anything in this Paragraph 10 to the contrary notwithstanding,
                  no adjustment in the Exercise Rate shall be required unless
                  such adjustment would require an increase or decrease of at
                  least 1% in such rate; provided, however, that any adjustments
                  which by reason of this subparagraph J are not required to be
                  made shall be carried forward and taken into account in making
                  subsequent adjustments. All calculations under the Paragraph
                  10 shall be made to the nearest cent or to the nearest
                  one-hundredth of a share, as the case may be.

              K.  No adjustment in the Exercise Rate shall be made for purposes
                  of subparagraphs B and C of this Paragraph 10 if such
                  adjustment would result in an increase in such Exercise Price
                  or decrease in the Exercise Rate except that, in the case of
                  any Convertible Securities in respect of which an adjustment
                  has previously been made under subparagraph B above and which
                  has expired or otherwise been canceled without exercise of the
                  rights or options evidenced thereby, such previous adjustment
                  shall be reversed.

              L.  Before taking any action which could cause an adjustment
                  pursuant to this Paragraph 10 reducing the Exercise Price per
                  share below the then par value (if any) of the shares covered
                  hereby, the Company will take any

<PAGE>   9

Page 9

                  corporate action which may be necessary in order that the
                  Company may validly and legally issue at the Exercise Price as
                  so adjusted shares that are fully paid and non-assessable.

              M.  The number of shares of capital stock of the Company
                  outstanding at any given time shall not include shares owned
                  or held by or for the account of the Company, and the
                  disposition of any such shares shall be considered an issue or
                  sale of such shares for the purposes of this Paragraph 10.

              N.  If any event occurs as to which the other provisions of this
                  Paragraph 10 are not strictly applicable but the lack of any
                  adjustment would not fairly protect the purchase rights of the
                  Holder of this Warrant in accordance with the basic intent and
                  principles of such provisions, or if strictly applicable would
                  not fairly protect the purchase rights of the Holder of this
                  Warrant in accordance with the basic intent and principles of
                  such provisions, then the Company shall appoint a firm of
                  independent certified public accountants (which shall not be
                  the regular auditors of the Company) of recognized national
                  standing, which shall give their opinion upon the adjustment,
                  if any, on a basis consistent with the basic intent and
                  principles established in the other provisions of this
                  Paragraph 10, necessary to preserve, without dilution, the
                  exercise rights of the registered Holder of this Warrant. Upon
                  receipt of such opinion, the Company shall forthwith make the
                  adjustments described therein. In taking any action or making
                  any determination pursuant to the provisions of this Section
                  10, the Company and its Board of Directors shall, at all
                  times, exercise reasonable judgment and act in good faith.

              O.  Upon any adjustment of any Exercise Rate, then and in each
                  such case, the Company shall promptly deliver a notice to the
                  registered Holder of this Warrant, which notice shall state
                  the Exercise Price and Exercise Rate resulting from such
                  adjustment and the increase or decrease, if any, in the number
                  of shares purchasable at such price upon the exercise hereof,
                  setting forth in reasonable detail the method of calculation
                  and the facts upon which such calculation is based.

              P.  In the case of the issuance of shares of Common Stock or
                  Convertible Securities for a consideration in whole or in
                  part, other than cash, the consideration other than cash shall
                  be deemed to be the fair market value thereof as reasonably
                  determined in good faith by the Board of Directors of the
                  Company (regardless of accounting treatment thereof);
                  provided, however, that if such consideration consists of the
                  cancellation of debt issued by the Company the consideration
                  shall be deemed to be the amount the Company received upon
                  issuance of such debt (gross proceeds) plus accrued interest
                  and, in the case of original issue discount or zero coupon
                  indebtedness, accreted value to the date of such

<PAGE>   10

Page 10

                  cancellation, but not including any premium or discount at
                  which the debt may then be trading or which might otherwise be
                  appropriate for such class of debt;

              Q.  The Company shall not issue any shares of its capital stock
                  (other than Common Stock) at or for consideration which is
                  less than fair value determined by the Board of Directors of
                  the Company in light of all circumstances surrounding such
                  issuance.

         11. In the case:

              A.  The Company shall declare any dividend or distribution on its
                  Common Stock (or on any other shares which the Holder of this
                  Warrant may become entitled to receive upon exercise hereof);
                  or

              B.  The Company shall authorize the issuance to holders of its
                  Common Stock (or on any other shares which the Holder of this
                  Warrant may become entitled to receive upon exercise hereof)
                  any subscription rights or warrants; or

              C.  Of any subdivision, combination or reclassification of shares
                  of Common Stock of the Company (or any shares of the Company
                  which are subject to this Warrant), or of any proposed
                  consolidation or merger to which the Company is to be a party
                  and for which the approval of any shareholders of the Company
                  is required, or of the proposed sale or transfer of all or
                  substantially all of the assets of the Company; or

              D.  Of the proposed voluntary or involuntary dissolution,
                  liquidation, or winding up of the Company; or

              E.  The Company proposes to effect any transaction not specified
                  above which would require an adjustment of the Exercise Rate
                  pursuant to Paragraph 10 hereof;

              then the Company shall cause to be mailed to Holders of this
              Warrant, at least ten (10) days prior to the applicable record or
              other date hereinafter specified, a notice describing such
              transaction in reasonable detail, specifying the character, amount
              and terms of all securities and the amounts of cash and other
              property, if any, involved in such transaction and stating (i) the
              date as of which the holders of Common Stock (or any such other
              shares) of record to be entitled to receive any such dividend,
              distribution, rights, or warrants is to be determined, or (ii) the
              date of which any such subdivision, combination, reclassification,
              consolidation, merger, sale, transfer, dissolution, liquidation,
              winding up, or other transaction is expected to become effective,
              and the date as of which it is expected that holders of Common
              Stock (or any such other

<PAGE>   11

Page 11

              shares) of record shall be entitled to exchange the same for
              securities or other property, if any, deliverable upon such
              transaction.

         12.  The Company covenants and agrees that it will not merge or
              consolidate with or into or sell or otherwise transfer all or
              substantially all of its assets to any other corporation or entity
              unless at the time of or prior to such transaction such other
              corporation or other entity shall expressly assume all of the
              liabilities and obligations of the Company under this Warrant and
              (without limiting the generality of the foregoing) shall expressly
              agree that the Holder of this Warrant shall thereafter have the
              right (subject to subsequent adjustment as nearly equivalent as
              practicable to the adjustments provided for in Paragraph 10 of
              this Warrant) to receive upon the exercise of this Warrant the
              number and kind of shares of stock and other securities and
              property receivable upon such transaction by a Holder of the
              number and kind of shares which would have been receivable upon
              the exercise of this Warrant immediately prior to such
              transactions.

         13.  The Holder of this Warrant Certificate, each transferee hereof and
              any holder and transferee of any Shares, by his acceptance
              thereof, agrees that (i) no public distribution of Warrants or
              shares will be made in violation of the Act, and (ii) during such
              period as the delivery of a prospectus with respect to Warrants or
              Shares may be required by the Act, no public distribution of
              Warrants or Shares will be made in a manner or on terms different
              from those set forth in, or without delivery of, a prospectus then
              meeting the requirements of Section 10 of the Act and in
              compliance with all applicable state securities laws. The Holder
              of this Warrant Certificate and each transferee hereof further
              agrees that if any distribution of any of the Warrants or Shares
              is proposed to be made by them otherwise than by delivery of a
              prospectus meeting the requirements of Section 10 of the Act, such
              action shall be taken only after submission to the Company of an
              opinion of counsel, reasonably satisfactory in form and substance
              to the Company's counsel, to the effect that the proposed
              distribution will not be in violation of the Act or of applicable
              state law. Furthermore, it shall be a condition to the transfer of
              the Warrants that any transferee thereof deliver to the Company
              his written agreement to accept and be bound by all of the terms
              and conditions contained in this Warrant Certificate.

         14.  This Warrant Certificate shall be exercisable only during the
              continuance of the Holder's employment at the Company or its
              subsidiaries, except that:

              a.  If the Holder ceases to be an employee at the Company (or a
                  subsidiary of the Company) for any reason other than by death
                  or disability, this Warrant Certificate may be exercised by
                  Holder, to the extent that it was exercisable at the date of
                  termination, at any time within three months

<PAGE>   12

Page 12

                  after the date Holder ceases to be an employee, but not
                  later than (EXP_DATE) except that, in case of his death oR
                  disability within that three-month period, this Warrant
                  Certificate may be exercised as provided in subparagraph (b)
                  below.

              b.  If the Holder dies or becomes disabled during employment or
                  within the three-month period referred to in subparagraph (a)
                  above, this Warrant Certificate may be exercised, to the
                  extent that it was exercisable by the Holder at the date of:

                  (i)  death, by the person or persons to whom Holder's rights
                       under this Warrant Certificate pass by will or by the
                       laws of descent and distribution or

                  (ii) disability, by the Holder's legal representative,

                  at any time within one year after the date of Holder's death
                  or disability, but not later than (EXP_DATE).

              The determination by the Company's Board of Directors of the
              reason for termination of the Holder's employment shall be binding
              and conclusive on the Holder.

         WITNESS the following signatures as of (FULL_GRANT_DATE).

                                   SEITEL, INC.

                                   By:
                                      ------------------------------------------
                                            Paul A. Frame
                                            Chief Executive Officer

         Accepted:

         --------------------------------
        (First_Name)(Last_Name)

<PAGE>   13

Page 13

                                  PURCHASE FORM

TO:  SEITEL, INC.                                DATE:
                                                      ------------------------

         The undersigned hereby irrevocably elects to exercise the attached
Warrant Certificate No. (WARRANT_Plan_Type) (WARRANT_Plan_Number), to the
extent of __________ shares of Common Stock, $.01 par value per share of SEITEL,
INC., and hereby makes payment of ____________ in payment of the aggregate
exercise price thereof.

                   INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name:     (First_Name)(Last_Name)

Address:
          ------------------------------------

          ------------------------------------

          ------------------------------------

          ------------------------------------

                                 ----------------------------------------------

                                 By:
                                    -------------------------------------------

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