EXHIBIT 10.29
SEITEL, INC.
EMPLOYMENT AGREEMENT AMENDMENT
THIS EMPLOYMENT AGREEMENT AMENDMENT ( this "Agreement") is between Seitel,
Inc. (the "Company"), a Delaware corporation with its principal place of
business in Houston, Texas, and Xxxxx X. Xxxxxx (the "Employee," and
collectively with the Company, the "Parties"), and is an amendment to that
certain Employment Agreement between the Company and the Employee dated
effective March 11, 1993 (the "Employment Agreement").
NOW, THEREFORE, the Parties do hereby agree as follows:
1. Salary Continuation Benefits. The Company will pay, so long as the
Employee's Employment Agreement, as amended, is in full force and effect on the
date of her death, a monthly salary continuation amount to the Employee's estate
or her designee, for twelve months beginning on the date of her death. The
annual salary continuation amount will equal the Employee's base salary at her
date of death plus an average of the bonuses paid to the Employee by the Company
for the three calendar years preceding the year of her death.
2. Amendment of Employment Agreement. This Agreement is executed as and
shall constitute an amendment to the Employment Agreement, and shall be
construed in connection with and as a part of the Employment Agreement. Except
as specifically amended by this Agreement, all of the terms and provisions of
the Employment Agreement shall remain in full force and effect. In the event of
any conflict between the terms of the Employment Agreement and the terms of this
Agreement, the terms of this Agreement shall apply.
3. Controlling Law. The execution, validity, interpretation and performance
of this Agreement shall be determined and governed by the laws of the State of
Texas, and, in any action by the Company to enforce this Agreement, venue may be
had in Xxxxxx County, Texas.
4. Entire Agreement. The Employment Agreement, as amended by this
Agreement, contains the entire agreement of the Parties. The Employment
Agreement and this Agreement may not be changed orally or by action or inaction,
but only by an agreement in writing signed by the Party against whom enforcement
of any waiver, change, modification, extension or discharge is sought.
5. Severability. If any provision of this Agreement is rendered or declared
illegal or unenforceable by reason of any existing or subsequently enacted
legislation or by decree of a court of last resort, the Parties shall promptly
meet and negotiate substitute provisions for those rendered or declared illegal
or unenforceable, but all remaining provisions of this Agreement shall remain in
full force and effect.
6. Execution. This Agreement may be executed in multiple counterparts, each
of which shall be deemed an original and all of which shall constitute one
instrument.
EXECUTED to be effective as of the 1st day of January, 1998.
SEITEL, INC.
By: /s/Xxxxxxx X. Xxxxxxxx
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Name: Xxxxxxx X. Xxxxxxxx
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Title: Chairman of the Board
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/s/ Xxxxx X. Xxxxxx
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XXXXX X. XXXXXX
