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FORM 3 OMB APPROVAL
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- ----------- OMB Number 3235-0104
Expires: February 1, 1994
Estimated average burden
hours per response......0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL 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
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1. Name and Address of Reporting Person | 2. Date of Event Requiring
| Statement
Russell J. Hoffman | (Month/Day/Year)
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(Last) (First) (Middle) | 04/23/98
|-----------------------------
| 3. IRS or Social Security
50 Briar Hollow Lane, 7th Floor West | Number of Reporting
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(Street) |
|
Houston, Texas 77027 |
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(City) (State) (Zip) |
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4. Issuer Name and Ticker or Trading Symbol Seitel, Inc. SEI
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5. Relationship of Reporting Person | 6. If Amendment, | 7. Individual or
to Issuer (Check all applicable) | Date of | Joint/Group
Director 10% Owner | Original | Filing
----- ----- | (Month/Day/ |
X Officer Other | Year) | X Form filed by
----- ----- | | --- One Reporting
(give title below) (specify below) | | Person
| |
Vice President - Corporate | | Form filed by
Communications | | --- more than One
| | Reporting
| | Person
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Table I - Non-Derivative Securities Beneficially Owned
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1. Title of Security | 2. Amount of Securities
(Inst. 4) | Beneficially Owned
| (Instr. 4)
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|
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|
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|
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|
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|
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3. Ownership Form: Direct (D) | 4. Nature of Indirect
or Indirect (I) | Beneficial Ownership
(Instr. 5) | (Instr. 5)
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|
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|
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<PAGE>
FORM 3 (continued)
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Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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1. Title of Derivative Security | 2. Date Exercisable
(Instr. 4) | and Expiration Date
| (Month/Day/Year)
|--------------------------
| Date | Expiration
| Exercisable | Date
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Options - Right to Buy | (1) | 04/23/08
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Warrants - Right to Buy | (1) | 04/23/08
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Warrants - Right to Buy | (2) | 04/23/08
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| |
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| |
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| |
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3. Title and Amount of |4. Conver- |5. Ownership |6. Nature of
Securities Underlying | sion or | Form of | Indirect
Derivative Security | Exercise | Derivative | Beneficial
(Instr. 4) | Price of | Security: | Ownership
- --------------------------------------| Deri- | Direct | (Instr. 5)
|Amount | vative | (D) or |
Title | or | Security | Indirect |
|Number | | (I) |
| of | | (Instr. 5) |
|Shares | | |
- ------------------------------|-------|-------------|--------------|------------
Common Stock | 18,897| 15.875 | D |
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Common Stock | 81,103| 15.875 | D |
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Common Stock |150,000| (3) | D |
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| | | |
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| | | |
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| | | |
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Explanation of Responses:
1. Options have 10 year terms, 0% exercisable on date of grant, 33%
exercisable on first anniversary, 66% exercisable on second anniversary,
100% exercisable upon third anniversary.
2. Warrants vest as follows:
(i) the first 50,000 warrants vest upon an increase in the p/e multiple of
5.0 or more over the base multiple of 15.119;
(ii) an additional 50,000 warrants vest upon an increase in the p/e
multiple of 10.0 or more over the base multiple of 15.119; and
(iii) the final 50,000 warrants vest upon an increase in the p/e multiple of
15.0 or more over the base multiple of 15.119.
Such vesting will be effective as of January 2 of the year following the
year to which such multiple increase relates.
3. The exercise price equals the closing price of the common stock on the
vesting date.
/s/ Russell J. Hoffman
by Marcia Kendrick 05/01/98
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**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, Russell J. Hoffman 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: April 27, 1998
/s/ Russell J. Hoffman
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Russell J. Hoffman