Document:

Jackson Joinder to Securities Holders Agreement

Exhibit 10.12

JOINDER TO

 

SECURITIES HOLDERS AGREEMENT

 

AND

 

REGISTRATION RIGHTS AGREEMENT

            In connection with the undersigned's entry into
the Stock Purchase Agreement, dated as of the date hereof (the "Purchase
Agreement"), among the undersigned and Seitel Holdings, Inc., a Delaware
corporation ("Company") and the receipt of the shares of common stock of
the Company, par value $0.001 per share (the "Common Stock") pursuant
thereto, the undersigned hereby covenants and agrees that:

                                
1.        
By this instrument I shall be bound by the terms and conditions of the
Securities Holders Agreement, dated as of January 8, 2007 (the "Securities
Holders Agreement"), by and among the Company, ValueAct Capital Master
Fund, L.P. ("ValueAct Capital") and the other management investors
parties thereto, attached hereto as Exhibit A, and agree to be a "Management
Investor" as such term is defined therein, and to be subject to the rights,
duties and obligations of a Management Investor pursuant to the terms of such
agreement.

                                
2.        
By this instrument I shall be bound by the terms and conditions of the
Registration Rights Agreement, dated as of January 8, 2007 (the "Registration
Rights Agreement"), by and among the Company, ValueAct Capital and the
other management investors parties thereto, attached hereto as Exhibit B,
and agree to be a "Management Investor" as such term is defined therein,
and to be subject to the rights, duties and obligations of a Management
Investor pursuant to the terms of such agreement.

                                
3.        
I have read and understand each of the provisions of the Securities
Holders Agreement and the Registration Rights Agreement.

                                
4.        
I have been afforded the opportunity to obtain any additional
information and to ask questions of, and receive answers from, authorized
representatives of the Company and Seitel, Inc., a Delaware corporation ("Seitel")
concerning the terms and conditions of the Purchase Agreement, the Securities
Holders Agreement, the Registration Rights Agreement, the Company, Seitel, Inc.
or any other relevant matters.   

                                
5.        
I have the requisite legal capacity, right, power and authority
(including, if applicable, the due authorization by all necessary corporate,
partnership or limited liability company action) to enter into this Joinder and
to perform my obligations hereunder without the need for the consent of any
other person.

                                
6.        
This Joinder has been duly authorized, executed and delivered and
constitutes my valid and binding obligation enforceable against me in
accordance with the terms hereof.

                                
7.        
I hereby agree not to Transfer any interest in my shares of Common
Stock, except such transfers as are permitted pursuant to the Securities
Holders Agreement.  I also agree that a notation will be made in the
appropriate transfer records of the Company with respect to the restrictions on
transfer of the shares of Common Stock required under or pursuant to the
Securities Holders Agreement.

                                
8.        
I hereby acknowledge that the certificate(s) representing the shares of
Common Stock received by me shall bear the legend set forth in the Securities
Holders Agreement, in addition to any legends required under applicable federal
or state securities laws.

                                
9.        
I hereby agree to vote my shares of Common Stock in accordance with the
provisions of the Securities Holders Agreement.

                              
10.      
I hereby acknowledge that I have been offered the opportunity to acquire
the  shares of Common Stock set forth below my signature on the signature page
hereto for $389.41966 per share and set forth below my signature hereto is the
number of whole shares I have elected to agree to acquire pursuant to the
Purchase Agreement.

                              
11.      
I hereby acknowledge that ValueAct Capital (or ValueAct Capital's
designated ValueAct Capital Affiliates) and the Company have the right to
repurchase my shares of Common Stock as provided in the Securities Holders
Agreement.

                              
12.      
I reside at the address set forth below the signature line to this
Joinder and my telephone number and social security number or other tax
identification number, as applicable, are as set forth below my signature to
this Joinder.

                              
13.      
Any term or provision of this Joinder that is invalid or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity or unenforceability without rendering invalid or
unenforceable the remaining terms and provisions of this Joinder or affecting
the validity or enforceability of any of the terms and provisions of this
Joinder in any other jurisdiction.

                              
14.      
This Joinder shall be construed and enforced in accordance with, and the
rights of the parties shall be governed by, the internal laws of the State of New
York, without giving effect to the principles of conflicts of laws thereof.

                              
15.      
Capitalized terms used but not otherwise defined in this Joinder have
the meanings assigned to such terms in the Securities Holders Agreement.

                              
16.      
I have executed this Joinder and declare that the information contained
herein is current, complete and accurate and may be relied upon by the Company.

[Signature page
follows]

IN WITNESS WHEREOF, we have
caused this Joinder to be duly executed as of this 1st day of August, 2007.

                                                                                                                      MANAGEMENT
INVESTORS            

	
  /s/ John E.
	Jackson                                           

  John E. Jackson

   

	Address: 62 N. Knightsgate Circle 

                 The Woodlands, TX  77382

   

	Telecopier No.: _____________

  Telephone No.: (281) 419-7369 

  Tax Identification No.: ###-##-####

  Purchased Shares of Company Common Stock to be received pursuant to
  the Purchase Agreement: -513-

  
	

  

	 

	 

	[Signature page to Joinder to Securities Holders Agreement and
	Registration Rights Agreement]March 31, 2008 8K Exhibit 10.1

                                                   Exhibit 10.1

SEVERANCE AGREEMENT

This Severance Agreement (this "Agreement"), is made as of this,_______day of _______________, 2008, by
and between Gottschalks Inc., a Delaware corporation ("Company") and _____________________, an individual ("Employee").

1.    Subject to the provisions of Section 4 below, Company hereby agrees that in the event Employee's employment with
Company is terminated by written notice of Company for other than for Cause (as defined in Section 4 below), Company will pay Employee a severance
benefit equal to twelve (12) months' salary, determined at Employee's annual base rate of pay in effect at the time such notice of termination is given (less
standard withholdings and authorized deductions), and Company will pay Employee's health care continuation premiums under Section 4980B of the
Internal Revenue Code ("COBRA") for a period of zero (0) months from the termination date or, if earlier, until Employee's right to COBRA health
care continuation ceases (such benefits being referred to herein as the "Basic Severance Benefit").

Notwithstanding the foregoing, if, after March 15, 2008 with a Corporate Transaction (as defined below), Employee is terminated by
Company or its successor without Good Cause (as defined below) or Employee terminates Employee's employment for Good Reason (as defined below),
Company will pay Employee a severance benefit equal to twelve (12) months' salary, determined at Employee's annual base rate of pay in effect at the
time such termination without Good Cause or for Good Reason occurs (less standard withholdings and authorized deductions), and Company will pay
Employee's COBRA health care continuation premiums for a period of one year from the date such termination without Good Cause or for Good Reason
occurs or, if earlier, until Employee's right to COBRA health care continuation ceases (such benefits being referred to herein as the "Enhanced
Severance Benefit"). 

As used in this Agreement, "Corporate Transaction" means the consummation of a transaction in which (i) more than 50%
of the Company's outstanding common stock or outstanding voting securities are sold to an unrelated entity or (ii) all or substantially all of Company's
assets are sold to an unrelated entity.

As used in this Agreement, "Good Cause" means a good faith determination by Company that Employee (i) refused to
perform a lawful directive of Company's Board of Directors or refuses to perform any material duties or responsibilities owed to Company; (ii) engaged in
willful conduct or gross neglect constituting fraud, misappropriation, embezzlement, or misconduct that is injurious to Company; (iii) is or has been
convicted of, or plead guilty or nolo contendere to, a felony or crime of moral turpitude reflecting poorly on Company (other than minor traffic violations and
similar offenses); or (iv) has breached in any material respect the terms and provisions of this Agreement.

As used in this Agreement, "Good Reason" means any of the following conditions or events that remain in effect thirty (30)
days after written notice is provided by Employee to

Company detailing such condition or event:'(i) a decrease in Employee's annual base rate of pay or
annual target bonus opportunity, (ii) written notice from Company to Employee that Employee's principal place of employment for Company will be moved
to a location that is more than fifty (50) miles away from Employee's principal place of employment for Company immediately prior to the Corporate
Transaction, or (iii) any failure of Company to obtain an agreement from any successor to Company to assume and agree to perform this Agreement.

2.    For purposes of this agreement, "annual base rate of pay" means Employee's annual base salary only, and excludes all other
income heretofore received by Employee, such as, but not limited to, bonuses, incentive compensation, fringe benefits, commissions, overtime, retainers,
fees under contracts, income arising from the exercise of stock options, or expense allowances granted by Company.

3.    The salary-based portion of the Basic Severance Benefit, less standard withholding and other authorized deductions, will be
paid to Employee after the date of Employee's termination out of the general assets of Company in the same form and at the same time as Employee's
salary otherwise would have been paid to Employee if Employee had continued to be employed by Company. The salary-based portion of the Enhanced
Severance Benefit, less standard withholding and other authorized deductions, will be paid to Employee in single cash lump sum as soon as
administratively practicable after the date of Employee's termination out of the general assets of Company. The COBRA health care continuation portion of
the Basic or Enhanced Severance Benefit (as applicable) will be paid on Employee's behalf at such times as required by Company's general policy
concerning COBRA health care continuation premiums to provide Employee with COBRA health care continuation for the period specified in Section 1
above. Notwithstanding the foregoing, any portion of the Basic or Enhanced Severance Benefit required to be paid to Employee during the first six months
following the date of Employee's termination shall be delayed and paid to Employee in a lump sum as soon as administratively practicable following the
end of such six-month period in accordance with the requirements of Section 409A of the Internal Revenue Code ("Section 409A"); provided,
however, no such six-month delay in payments shall apply to the extent that guidance issued under Section 409A allows payments to made when
otherwise due without subjecting Employee to additional taxes under Section 409A.

4.    Subject to the provisions of this Section 4 following this sentence, the Basic Severance Benefit shall be paid to Employee only
in the event that Employee's employment with Company is terminated by written notice from Company (other than for "Cause" as defined in this Section 4)
and only if Employee continues to report to work, and adequately performs each and every duty of Employee's employment until the date set forth in the
notice of termination as Employee's date of termination (unless Company consents to a date of termination that is prior to such date). Notwithstanding
anything to the contrary contained in this Agreement, Employee shall not be entitled to the Basic Severance Benefit if (i) Employee's employment with
Company is terminated other than by written notice of termination from Company, including without limitation, the retirement, resignation, disability, or
death of Employee; or (ii) Employee is terminated for Cause, which, for purposes of this Section 4, includes without limitation a good faith determination by
Company that Employee (a) has committed a material breach of his duties and responsibilities; (b) refused to perform required duties and

responsibilities, or performed them incompetently; (c) breached or violated any fiduciary duty owed to Company; or (d) is or has been personally dishonest, or has willfully
or negligently violated any law, rule, or regulation, or has been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than
minor traffic violations and similar offenses).

5.    Nothing contained herein shall be construed as conferring on Employee the right to continue in the employ of Company in
Employee's present or any other capacity. Employee hereby expressly acknowledges that Employee's employment with Company is "at will" and therefore
may be terminated by Company at any time, with or without cause, at Company's sole discretion. Employee also expressly acknowledges that, except for
benefits to which Employee may otherwise be entitled by law, Employee shall not be entitled to receive from Company any benefits, compensation, or
remuneration other than the Basic or Enhanced Severance Benefit (as applicable) upon satisfaction of the conditions which entitle Employee to receive the
Basic or Enhanced Severance Benefit. Notwithstanding anything else herein to the contrary, Company's obligation to pay the Basic or Enhanced
Severance Benefit to Employee is subject to the condition precedent that Employee execute and deliver a valid release of all claims against Company in a
form approved by Company, which is not revoked by Employee or otherwise rendered unenforceable by Employee. Such release shall include Employee's
agreement to promptly notify Company if Employee obtains employment that provides health insurance coverage or Employee otherwise becomes eligible
for employer-sponsored health insurance coverage.

6.    This Agreement shall be governed by the laws of the State of California. This Agreement may be amended only by a
subsequent written agreement signed by Employee and an authorized representative of Company following approval by the Board of Directors of
Company. This Agreement is personal to Employee and is not assignable by Employee. This Agreement shall inure to the benefit of and be binding upon
Company and its successors and assigns and any such successor or assignee shall be deemed substituted for Company under the terms of this
Agreement for all purposes. As used herein, "successor" and "assignee" shall include any person, firm, corporation or other business entity which at any
time, whether by purchase, merger or otherwise, directly or indirectly acquires the stock of Company or to which Company assigns this Agreement by
operation of law or otherwise. This instrument constitutes and contains the entire agreement and understanding concerning the subject matters addressed
herein between the parties, and supersedes and replaces all prior negotiations and all agreements (proposed, executed, or otherwise), whether written or
oral, concerning the subject matters hereof. This is an integrated document.

7.    Any dispute, controversy, or claim arising out of or in connection with this Agreement or any other aspect of Employee's
employment with Company shall be resolved exclusively through binding arbitration to be held in Fresno County, California in accordance with California
Civil Procedure Code    1282-1284.2. Company will pay arbitrator's fees and arbitration expenses and any other costs associated with the arbitration or
arbitration hearing that are unique to arbitration (recognizing that each side bears its own deposition, witness, expert and attorneys' fees and other
expenses as and to the same extent as if the matter were being heard in court). If, however, any party prevails on a statutory claim that affords the
prevailing party attorneys' fees and costs, then the arbitrator may award reasonable fees and costs to the

prevailing party. The arbitrator shall resolve any dispute as to the reasonableness of any fee or cost.

8.    To the extent that any payment or distribution of any type to or for Employee by Company, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise (including, without limitation, any accelerated vesting of stock options
granted by Company to Employee under the Gottschalks Inc. 2005 Stock Option Plan, the Gottschalks Inc. 1998 Stock Option Plan, or any other equity
compensation plan or program maintained by the Company) (collectively, the "Total Payments") is or will be subject to the excise tax imposed
under Section 4999 of the Internal Revenue Code ("Section 4999"), then the Total Payments shall be reduced (but not below zero) so that the
maximum amount of the Total Payments (after reduction) shall be reduced to the extent necessary so that the Total Payments would not be subject to the
excise tax imposed by Section 4999 of the Code and the deductibility of the Total Payments by Company will not be disallowed by Section 280G of the
Internal Revenue Code.

9.    Employee hereby acknowledges, understands and agrees that Employee is not entitled under this Agreement to any
severance, change in control or similar benefits from the Company other than those Enhanced Severance Benefits set forth in Section 1 of this
Agreement.

[Signature Page Follows]

IN WITNESS WHEREOF, Company has caused to be executed and delivered, and
Employee has executed and delivered, this Agreement as of the day and year first above set forth.
GOTTSCHALKS INC.

By: __________________________________________

Title:______________________________________

Employee

By: __________________________________________

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