Document:

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                                                                     EXHIBIT 4.5

                                                      as of July 21, 1992

Seitel, Inc.
The Seitel Building
50 Briar Hollow Road West
7th floor
Houston, Texas 77027

Re: 1992 Employee Stock Purchase

Ladies and Gentlemen:

     I have on this date executed a promissory note in the principal amount of
     (the "Note") as partial consideration for     shares (the "Shares") of
common stock, par value $.01 per share, of Seitel, Inc. (the "Company")
purchased by me from the Company pursuant to the Company's 1992 Employee Stock
Purchase Plan.

     Pursuant to this letter, I hereby grant, assign, transfer and deliver to
the Company a security interest in the following property as security for all of
my obligations under the Note:

          (i)   the Shares;

          (ii)  stock powers executed in blank which are related to the Shares:

          (iii) any and all stock rights, rights to subscribe, liquidating
dividends, cash dividends, stock dividends and dividends paid in stock,
securities or other property which I am or may hereafter become entitled to
receive on account of the Shares, and in the event that I receive any such
property, I will immediately deliver same to the Company; provided, however,
that I shall be entitled to receive and retain any such property so long as no
default shall have occurred and be continuing under the Note; and

          (iv)  the proceeds of any and all property described in subparagraphs
(i), (ii) or (iii) above.

     To perfect this security interest, I hereby agree to deliver with this
letter the certificate(s) representing the Shares, together with a stock power
executed in blank relating to the Shares, to the Chief Financial Officer of the
Company, as escrow agent, to hold until such time as the Note shall have been
paid in full.

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     In the event of a default under the Note, the Company is hereby fully
authorized and empowered, at any time thereafter and from time to time, to sell
or otherwise dispose of the Shares to satisfy the remaining unpaid amounts under
the Note and any expenses associated with such satisfaction. Any excess proceeds
from the sale shall be returned to me. I shall remain liable for any deficiency.

     I understand that to the extent that the Note is repaid, the Company from
time to time upon my request will take all actions as may be necessary to
release some of the Shares from this security agreement and pledge so long as
the market value of the remaining Shares at the time of the release and the
average market price of the Shares for the six months prior thereto is
sufficient to cover 100% of the outstanding balance under the Note.

                                                        Sincerely,

                                                        ----------------------
                                                        Employee

ACCEPTED AND AGREED TO:

Seitel, Inc.

By:
    --------------------------------
Debra D. Valice, Chief Financial Officer

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                                                                    EXHIBIT 10.1

                        1993 INCENTIVE STOCK OPTION PLAN
                                  SEITEL, INC.

     Seitel, Inc., a Delaware corporation (the "Company"), hereby establishes
and adopts the following 1993 Incentive Stock Option Plan (the "Plan"):

                                   I. PURPOSE

     The Plan is intended as an employment incentive, to retain in the
employment of the Company and its subsidiaries persons of training, experience
and ability, to attract new employees whose services are considered unusually
valuable, to encourage the sense of proprietorship of such persons, and to
stimulate the active interest of such persons in the development and financial
success of the Company.

                                 II. DEFINITIONS

     As used in this Plan, the following words and phrases shall have the
     following meanings:

          (1) Board of Directors or "Board" shall mean the Board of Directors of
     the Company.

          (2) Code shall mean the Internal Revenue Code of 1986, as amended.

          (3) Committee shall mean the Compensation Committee of the Board or
     such other committee of the Board designated by the Board to administer the
     Plan as provided herein.

          (4) Company means Seitel, Inc. and any successor thereto by merger,
     consolidation, liquidation or other reorganization which has made provision
     for adoption of the Plan and the assumption of the Company's obligations
     hereunder.

          (5) Eligible Employee shall mean any person who is employed on a full
     time salaried basis by the Company or a Subsidiary, including, but not
     limited to, any employee who is also an officer and director of the Company
     or a Subsidiary.

          (6) Fair Market Value of a share of Common Stock of the Company shall
     mean the closing sales price per share of such stock as reported in the
     Wall Street Journal (or any other nationally recognized newspaper or other
     source should such price not be published in the Wall Street Journal) as of
     the applicable date.

          (7) Options shall mean the stock options granted from time to time
     under the Plan.

          (8) Participant shall mean an Eligible Employee who has been
     designated by the Committee to participate in the Plan.

          (9) Subsidiary shall mean any corporation to which the Company is a
     "parent corporation" as defined in Section 424(e) of the Code.

                                  III. DURATION

     The effective date of the Plan (the "Effective Dale") is May 10, 1993,
subject to approval of the Plan by the Company's shareholders within twelve
months after the Effective Date. No Option shall be granted pursuant to the Plan
more than ten years after the Effective Date.

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                               IV. ADMINISTRATION

     The Plan will be administered as follows:

Committee

     The Plan shall be administered by the Committee as it may be constituted by
the Board from time to time. The Committee shall consist of at least two members
of the Board, who shall be "disinterested persons" within the meaning of Rule
16b-3 of the Securities Exchange Act of 1934 or any successor rule or
regulation.

Committee Powers

     The Committee shall be deemed to have and to be exercising all of the
powers of the Board in the performance of any of the powers and duties delegated
to it under the Plan, including, without limitation, the selection of
Participants, the determination of the number of shares for which each
Participant shall be granted an Option, and all other terms and conditions of
each Option to the extent not inconsistent with the Plan. The Committee may from
time to time establish eligibility requirements for participation in the Plan
and rules for the administration of the Plan that are not inconsistent with the
provisions and purposes of the Plan. The Committee shall have the authority,
exercisable in its sole discretion, to grant various forms of Options containing
such terms and conditions, consistent with the provisions of this Plan, as the
Committee shall determine.

Committee Action

     A majority of the members of the Committee shall constitute a quorum. All
action taken by the Committee at a meeting shall be by the vote of a majority of
those present at such meeting, but any action may be taken by the Committee
without a meeting upon written consent signed by all of the members of the
Committee. Members of the Committee may participate in a meeting by means of
conference telephone or similar communications equipment by means of which all
persons participating in the meeting can hear each other. The Committee shall
appoint a secretary and shall keep minutes of its meetings, including those
conducted by telephone conference.

Committee Determination Conclusive

     The determination of the Committee as to any disputed question arising
under the Plan, including questions of construction and interpretation, shall be
final, binding, and conclusive upon all persons. Without limiting the
generality of the foregoing, the determination of the Committee as to whether a
Participant has terminated his employment and the date thereof, or the cause to
which termination of employment is attributable, shall be final, binding, and
conclusive upon all persons.

Committee Liability

     No member of the Committee or of the Board as a whole shall be liable to
any person for any action taken or omitted in connection with the interpretation
or administration of the Plan unless attributable to such member's own willful
misconduct or lack of good faith.

Expenses of Administration

     All expenses of administration of the Plan shall be borne by the Company,
and no part thereof shall be directly charged against the Participants.

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                          V. SHARES SUBJECT TO THE PLAN

     Subject to adjustment as provided in Section VIII hereof, a total of two
hundred ninety-five thousand (295,000) shares of Common Stock of the Company
(the "Shares") shall be subject to the Plan. The Shares shall consist of
unissued shares or previously issued shares reacquired and held by the Company,
and such number of shares shall be and is hereby reserved for sale for such
purpose. Any of the Shares which remain unsold and which are not subject to
outstanding Options at the termination of the Plan shall cease to be reserved
for the purpose of the Plan, but until termination of the Plan, the Company
shall at all times reserve a sufficient number of Shares to meet the
requirements of the Plan. Should any Option expire or be canceled prior to its
exercise, the Shares theretofore subject to such Option may again by subjected
to an Option under the Plan.

                                VI. PARTICIPATION

     Participation in the Plan will be subject to the following:

Eligibility

     Full time salaried employees of the Company or a Subsidiary who are in a
position to materially contribute to the Company's or such Subsidiary's success
shall be eligible for participation in the Plan. Eligible Employees shall
include, but shall not necessarily be limited to, officers and directors of the
Company or a Subsidiary. Members of the Board of Directors or the board of
directors of a Subsidiary shall not be Eligible Employees solely by virtue of
their being directors of the Company or such Subsidiary, but directors otherwise
qualified shall be eligible to participate.

Participants

     The Committee shall determine and designate from time to time those
management, professional and key employees of the Company and its Subsidiaries,
including officers and directors active in capacities other than as directors
only, to whom Options are to be granted and who thereby become Participants in
the Plan. A designation of an Eligible Employee to participate shall not
automatically entitle such Participant to participate with respect to future
Options.

                               VII. PLAN OPERATION

     The Plan shall operate according to the following general guidelines:

Time of Granting Options

     Neither anything contained in the Plan or in any resolution adopted or to
be adopted by the Board of Directors or the stockholders of the Company nor any
action taken by the Committee shall constitute the granting of any Option. The
granting of an Option shall take place only when a written option agreement
shall have been duly executed and delivered by or on behalf of the Company and
the Participant to whom such Option has been granted. No Option shall be granted
following the expiration of ten (10) years from the earlier of (i) the Effective
Date of this Plan as stated in Article III, or (ii) approval of this Plan by the
shareholders of the Company.

Option Price

     The purchase price of each Share placed under Option shall be determined by
the Committee, but shall in no event be less than one hundred percent (100%) of
the Fair Market Value of such Share on the date the

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Option is granted. However, the purchase price of each Share placed under Option
to a Participant who owns stock possessing more than ten percent (10%) of the
total combined voting power of all classes of stock of the Company or any
Subsidiary at the time of the grant shall be at least one hundred and ten
percent (110%) of the Fair Market Value of such Share on the date the Option is
granted.

Option Period and Terms

     No Option shall be exercisable after the expiration of ten (10) years from
the date such Option is granted. However, if the Participant to whom an Option
is granted owns stock possessing more than ten percent (10%) of the total
combined voting power of all classes of stock of the Company or any Subsidiary
at the time such Option is granted, such Option shall not be exercisable after
the expiration of five (5) years from the date such Option is granted. Subject
to the provisions of the Plan, the Committee shall determine the terms and
conditions of each Option granted under the Plan, including the number of Shares
covered by the Option, and the time or times of exercise of the Option (which
may be for a term of up to ten (10) years from the date the Option is granted,
or, in the discretion of the Committee, may be for a shorter term designated by
the Committee). The Committee may provide that an Option shall not be
exercisable for a designated period of time after grant. The Committee may
provide that failure to exercise an Option as to the exercisable portion of the
Option during a specific time shall constitute a forfeiture of the right to
exercise such Option after termination of that time period. So long as
consistent with the provisions of the Plan, the terms and conditions of any
Option need not be the same as the terms and conditions of any other Option.

Maximum Annual Amount Per Employee

     The aggregate fair market value (determined as of the time the Option is
granted) of the stock with respect to which Options are exercisable for the
first time by any Participant during any calendar year (under this and any other
plans of the Company or any Subsidiary) shall not exceed $100,000.

Exercise of Options

     No Option may be exercised unless the Participant shall have been an
employee of the Company or a Subsidiary at all times during the period beginning
on the date of grant of the Option and ending on the day three (3) months before
the date of such exercise. However, if a Participant becomes disabled (within
the meaning of Section 22(e)(3) of the Code) or dies, no Option may be exercised
by such Participant after such disability, or by the estate of such Participant
or a person who acquired the right to exercise such Option by bequest or
inheritance or by reason of the death of such Participant, unless the
Participant shall have been an employee of the Company or a Subsidiary at all
times during the period beginning on the date of grant of the Option and ending
on the date one (1) year before the date of such exercise. Options may be
exercised solely by the Participant during his lifetime, or after his
disability by his legal representative on his behalf, or after his death by the
personal representative of the Participant's estate or the person or persons
entitled thereto under his will or under the laws of descent and distribution.

     The purchase price of the Shares as to which an Option is exercised shall
be paid in full in cash and/or other property, including stock of the Company,
as deemed acceptable by the Committee, at the time of the exercise. Without
limiting the generality of the foregoing, the Committee shall have the power to
establish procedures from time to time for Participants: (1) to pay the exercise
price of an Option by withholding from the total number of Shares to be acquired
upon exercise of an Option that number of Shares having a Fair Market Value
equal to the aggregate exercise price; (2) to have withheld from the total
number of Shares to be acquired, in the same manner as (1) above, the
withholding obligation for federal and state income and other taxes; and (3)
to exercise a portion of the Option by delivering already-owned shares of
Common Stock of the Company in payment of the exercise price. A Participant
shall not be or have any of the rights or privileges of a shareholder of the
Company in respect of any Shares purchasable upon the exercise of any part of
an Option unless and until certificates representing such Shares shall have been
issued by the Company to such Participant.

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Use of Proceeds

     The proceeds received by the Company from the sale of stock pursuant to
this Plan will be used for general corporate purposes.

                      VIII. CAPITAL CHANGES OF THE COMPANY

     In the event there is any change in the Common Stock of the Company through
the declaration of stock dividends, or through recapitalization resulting in
stock splits, or combinations or exchanges of shares, or any similar
transactions, the number of Shares subject to Options previously granted and the
number of Shares remaining available for Options and the price per Share of such
Shares shall be appropriately adjusted by the Committee.

     In the event the Company shall be a party to any merger, consolidation or
corporate reorganization, as the result of which the Company shall be the
surviving corporation, the rights and duties of the Participants and the Company
shall not be affected in any manner. In the event the Company shall sell all or
substantially all of its assets or shall be a party to any merger, consolidation
or corporate reorganization, as the result of which the Company shall not be the
surviving organization, or in the event any other corporation may make a tender
or exchange offer for stock of the Company (the surviving corporation,
purchaser, or tendering corporation being hereinafter collectively referred to
as the "purchaser," and the transaction being hereinafter referred to as the
"purchase"), then the Board of Directors may, at its election, (i) reach an
agreement with the purchaser that the purchaser will assume the obligations of
the Company as to all outstanding Options; (ii) reach an agreement with the
purchaser that the purchaser will convert each outstanding Option into an option
of at least equal value as to stock of the purchaser, or (iii) not later than
thirty (30) days prior to the effective date of the purchase, notify all
Participants that their Options are accelerated and afford to each Participant a
right for ten (10) days after the date of such notice to exercise any then
unexercised portion of all Options held by him whether or not such Options shall
then be exercisable under the terms of the Plan or his option agreement; and
within such ten day period, each such Participant may exercise any portion of
any Option as he may desire.

                            IX. LIMITATION OF RIGHTS

     Participation in this Plan is subject to certain limitations:

Limitations

     Nothing in this Plan shall be construed to:

          (1) give any employee of the Company or a Subsidiary any right to be
     designated a Participant herein, other than in the sole discretion of the
     Committee;

          (2) give a Participant any rights whatsoever with respect to Shares
     until Options are exercised and Shares are issued to the Participant;

          (3) give a Participant or any person any interest in any fund or in
     any specific asset or assets of the Company;

          (4) limit in any way the right of the Company or a Subsidiary to
     terminate a Participant's, employment with the Company or a Subsidiary at
     anytime; or

          (5) be evidence of any agreement or understanding, express or implied,
     that the Company or a Subsidiary will employ a Participant in any
     particular position or at any particular rate of remuneration.

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Nonassignability of Options

     Options shall not be transferable other than by will or by the laws of
descent and distribution, and during a Participant's lifetime shall be
exercisable only by him (unless he becomes disabled, in which event they may be
exercised by his legal representative).

Power of the Company

     The existence of outstanding Options shall not affect in any way the right
or power of the Company or its subsidiaries or their stockholders to make or
authorize any or all adjustments, recapitalization, reorganization or other
changes in the capital structure of the Company or its Subsidiaries or their
businesses, or any merger or consolidation of the Company or its Subsidiaries or
any issue of bonds, debentures, preferred stock or the right to acquire any
thereof, or the dissolution or liquidation of the Company or its Subsidiaries,
or any sale or transfer of all or any part of their assets or business, or any
other corporate act or proceeding whether of a similar character or otherwise.

                    X. TERMINATION AND AMENDMENT OF THE PLAN

     The Plan shall terminate upon the expiration of ten years after the
Effective Date and no Options shall be granted after that date. The Board of
Directors may amend, alter, or discontinue the Plan, but no amendment or
alteration shall be made which would impair the rights of any Participant under
any Option theretofore granted, without his consent, unless his Option Agreement
so provides. The Board of Directors may at any time and from time to time modify
or amend the Plan in such respects as it shall deem advisable in order that the
Options shall be "incentive stock options" as defined in Section 422 of the
Code.

                           XI. GOVERNMENT REGULATIONS

     The Plan, and the granting and exercise of Options thereunder, and the
obligation of the Company to sell and deliver Shares under such Options, shall
be subject to all applicable laws, rules and regulations, and to such approvals
by any governmental agencies or national securities exchanges as may be
required.

Purchase for Investment

     Whether or not the Options and Shares covered by the Plan have been
registered under the Securities Act of 1933, as amended, each Participant
exercising an Option may be required by the Company to give a representation in
writing that he is acquiring such Shares for his own account for investment and
not with a view to, or for sale in connection with, the distribution of any
part thereof.

Governing Law

     The place of administration of the Plan shall be conclusively deemed to be
within the State of Texas; and the validity, construction, interpretation and
effect of the Plan and all rights of any of the persons having or claiming to
have any interest in the Plan shall be governed by the laws of the State of
Texas.

     IN WITNESS WHEREOF, Seitel, Inc. has caused the Plan to be executed by its
duly authorized officers in a number of copies, each of which shall be deemed an
original, but all of which shall constitute the same instrument, effective this
10th day of May, 1993.

                                                SEITEL, INC.

                                                /s/ Paul A. Frame
                                                ---------------------
                                                Paul A. Frame
                                                President

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