- ----------- -----------------------------
| FORM 4 | | OMB APPROVAL |
- ----------- |---------------------------|
-- |Estimated average burden |
|X | Check this box if no longer |hours per response......0.5|
-- subject to Section 16, Form 4 -----------------------------
or Form 5 obligations may
continue. See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility
Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
- --------------------------------------------------------------------------------
1. Name and Address of Reporting Person | 2. Issuer Name and Ticker
| or Trading Symbol
Silverman, Jay N. |
- --------------------------------------------------| Seitel, Inc. SEI
(Last) (First) (Middle) |
|-----------------------------
| 3. IRS or Social Security
50 Briar Hollow Lane, West 7th Floor | Number of Reporting
- --------------------------------------------------| Person(Voluntary)
(Street) |
|
Houston, Texas 77027 |
- --------------------------------------------------|
(City) (State) (Zip) |
- --------------------------------------------------------------------------------
4. Statement for Month/Year August, 1997
- --------------------------------------------------------------------------------
5. If Amendment, | 6. Relationship of Reporting Person | 7. Individual or
Date of | to Issuer (Check all applicable) | Joint/Group
Original | Director 10% Owner | Filing
(Month/Day/ | ----- ----- |
Year) | Officer X Other | X Form filed by
| ----- ----- | --- One Reporting
| (give title below) (specify below) | Person
| |
| Former Officer | Form filed by
| | --- more than One
| | Reporting Person
- --------------------------------------------------------------------------------
<PAGE>
Table I - Non-Derivative Securities Acquired,
Disposed of, or Beneficially Owned
- --------------------------------------------------------------------------------
1. Title of Security | 2. Transaction Date
(Instr. 3) | (Month/Day/Year)
- ----------------------------------------------------|---------------------------
|
- ----------------------------------------------------|---------------------------
|
- --------------------------------------------------------------------------------
3. Transaction Code | 4. Securities Acquired (A) or Disposed of (D)
(Instr. 8) | (Instr. 3, 4 and 5)
|
- ----------------------------|---------------------------------------------------
Code | V | Amount | (A) or (D) | Price
- -----------|----------------|------------------|--------------------|-----------
| | | |
- -----------|----------------|------------------|--------------------|-----------
| | | |
- --------------------------------------------------------------------------------
5. Amount of Securities | 6. Ownership Form: | 7. Nature of Indirect
Beneficially Owned | Direct (D) or | Beneficial
at End of Month | Indirect (I) | Ownership
(Instr. 3 and 4) | (Instr. 4) | (Instr. 4)
- ---------------------------|------------------------|---------------------------
| |
- ---------------------------|------------------------|---------------------------
| |
- --------------------------------------------------------------------------------
<PAGE>
Table II - Derivative Securities Acquired, Disposed of,
or Beneficially Owned (e.g., puts, calls,
warrants, options, convertible securities)
- --------------------------------------------------------------------------------
1. Title of Derivative Security | 2. Conversion | 3. Transaction
(Instr. 3) | or Exercise| Date (Month/
| Price of | Day/Year)
| Derivative |
| Security |
- --------------------------------------------|----------------|------------------
(a) Options - Right To Buy | 25.125 | 8/11/97
- --------------------------------------------|----------------|------------------
(b) Options - Right To Buy | 33.50 | 8/11/97
- --------------------------------------------|----------------|------------------
(c) Warrants - Right To Buy | (1) | 8/8/97
- --------------------------------------------|----------------|------------------
(d) Warrants - Right To Buy | (1) | 8/8/97
- --------------------------------------------|----------------|------------------
(e) Warrants - Right To Buy | (1) | 8/8/97
- --------------------------------------------|----------------|------------------
(f) Warrants - Right To Buy | (1) | 8/8/97
- --------------------------------------------------------------------------------
4. Transaction | 5. Number of Derivative | 6. Date Exercisable and
Code | Securities Acquired | Expiration Date
(Instr. 8) | | (Month/Day/Year)
- -------------------|-----------------------------|------------------------------
T | V | (A) | (D) | Date | Expiration
| | | | Exercisable | Date
- -----------|-------|-------------|---------------|---------------|--------------
(a) A (2) | V | | | 08/11/97 | 11/29/05
- -----------|-------|-------------|---------------|---------------|--------------
(b) A (2) | V | | | 08/11/97 | 09/25/06
- -----------|-------|-------------|---------------|---------------|--------------
(c) A | V | 3,282 | | 08/08/97 | 11/21/01
- -----------|-------|-------------|---------------|---------------|--------------
(d) A | V | 20,000 | | 08/08/97 | 02/07/04
- -----------|-------|-------------|---------------|---------------|--------------
(e) A | V | 25,000 | | 3 | 11/29/05
- -----------|-------|-------------|---------------|---------------|--------------
(f) A | V | 25,000 | | 4 | 09/25/06
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
7. Title and Amount of Underlying | 8. Price of
Securities (Instr. 3 and 4) | Derivative
- ----------------------------------------------------| Security
Title |Amount or Number| (Instr. 5)
| of Shares |
- -----------------------------------|----------------|---------------------------
(a) Common Stock | 25,000 |
- -----------------------------------|----------------|---------------------------
(b) Common Stock | 25,000 |
- -----------------------------------|----------------|---------------------------
(c) Common Stock | 3,282 |
- -----------------------------------|----------------|---------------------------
(d) Common Stock | 20,000 |
- -----------------------------------|----------------|---------------------------
(e) Common Stock | 25,000 |
- -----------------------------------|----------------|---------------------------
(f) Common Stock | 25,000 |
- --------------------------------------------------------------------------------
9. Number of Derivative | 10. Ownership Form | 11. Nature of Indirect
Securities Beneficially| of Derivative | Beneficial
Owned at End of Month | Security: Direct | Ownership
(Instr. 4) | (D) or Indirect | (Instr. 4)
| (I) (Instr. 4) |
- ----------------------------|-----------------------|---------------------------
(a) 25,000 | D |
- ----------------------------|-----------------------|---------------------------
(b) 25,000 | D |
- ----------------------------|-----------------------|---------------------------
(c) 3,282 | D |
- ----------------------------|-----------------------|---------------------------
(d) 20,000 | D |
- ----------------------------|-----------------------|---------------------------
(e) 25,000 | D |
- ----------------------------|-----------------------|---------------------------
(f) 25,000 | D |
- --------------------------------------------------------------------------------
<PAGE>
Explanation of Responses:
1. These warrants were granted to reload existing stock options and warrants
that will expire within 90 days of the grant of these warrants. The
exercise price will equal the closing price of the Company's common stock
on the date such options or warrants are exercised.
2. The vesting of these previously granted options was accelerated by the
Company's Board of Directors in connection with the spin-off of its
wholly-owned subsidiary, Eagle Geophysical, Inc. Previously, these options
were exercisable as follows: 0% exercisable on date of grant, 33%
exercisable on first anniversary, 66% exercisable on second anniversary,
and 100% exercisable on third anniversary.
3. These warrants are exercisable as follows:
33% exercisable upon pricing of option;
66% exercisable on 11/29/97; and
100% become exercisable on 11/29/98.
3. These warrants are exercisable as follows:
33% exercisable on the later of 9/25/97 or pricing of option;
66% become exercisable on 9/25/98; and
100% become exercisable on 9/25/99.
/s/ Jay N. Silverman
(by Marcia H. Kendrick) 10/08/97
--------------------------------- -----------
**Signature of Reporting Person Date
** Intentional misstatements or omission of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
AUTHORIZATION
The undersigned, Jay N. Silverman hereby authorizes Marcia Kendrick to
execute any Form 3, Form 4, or Form 5 to be filed with the Securities and
Exchange Commission with respect to Seitel, Inc. for a period of one year from
the date hereof.
Date: August 1, 1997
/s/ Jay N. Silverman
------------------------------
Jay N. Silverman
