This Employment Agreement Amendment involves
Title: FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
Industry: Oil Well Services and Equipment Sector: Energy
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”) is made and entered into August 18, 2016 by and between SEITEL, INC., a Delaware corporation (together with its successors and assigns, the “ Company ”), and RICHARD KELVIN , (the “ Executive ”).
WHEREAS, the Company and the Executive have previously entered in an Employment Agreement dated August 1, 2014 (the “Agreement”); and,
WHEREAS, in light of the Executive’s increased responsibilities as President of Seitel Canada Ltd., in addition to his role as Chief Technology Officer of the Company, the Compensation Committee of the Company has approved the increase of the Executive’s annual bonus target; and
WHEREAS, in furtherance of such approval, the Company and the Executive wish to amend certain provisions of the Agreement.
THEREFORE, the Agreement is hereby amended, effective immediately, as follows:
1. The Bonus provisions set forth in Section 5 of the Agreement are hereby deleted and are amended and restated in their entirety to read as follows:
5. Bonus .
Beginning calendar year 2016, the “Cash Bonus” shall be determined under the annual incentive plan or program of the Company, the terms of which, including the threshold, target and maximum bonus levels, shall be proposed by the