Exhibit 10.27
FOURTH AMENDMENT TO
EMPLOYMENT AGREEMENT
This FOURTH AMENDMENT TO EMPLOYMENT
AGREEMENT (this “FOURTH AMENDMENT”) is executed
December 29, 2008, but effective as of January 1, 2005,
by and between GeoPetro Resources Company, a California corporation
(“Company”) and J. Chris Steinhauser
(“Employee”).
RECITALS
A.
Company and Employee are parties to
that certain Employment Agreement dated June 19, 2000 (the
“Original Agreement”), First Amendment to Employment
Agreement dated December 12, 2002, Second Amendment to
Employment Agreement dated January 1, 2005, and Third
Amendment to Employment Agreement, dated December 18,
2007. The Original Agreement, as amended through and
including the Third Amendment, is referred to herein as the
“Agreement.”
B.
The parties hereto now wish to amend
the Agreement as set forth below.
NOW THEREFORE, Company and Employee
hereby agree as follows:
1.
Amendment of Agreement
.
(a)
Section 3.2 of the Agreement is
amended to read in its entirety as follows:
Death
. The Employment Term shall
terminate upon Employee’s death. In such event, the
Company shall pay to Employee’s executors, legal
representatives, or administrators, as applicable, an amount equal
to the installment of Employee’s Base Salary through the date
of Employee’s death, payable within thirty (30) days of
death. In addition, Employee’s estate shall be entitled
to: (i) any other amounts earned, accrued or owing but
not yet paid under Section 1.8 above, payable within thirty
(30) days of death; and (ii) the continued right to exercise
any vested stock warrant granted to Employee hereunder for the
remaining term of the warrant; however, all unvested warrants as of
the date of death shall be terminated and canceled.
(b)
Section 3.3 of the Agreement is
amended to read in its entirety as follows:
Cause . The Company may
terminate the Employment Term at any time for
“cause.” Upon such termination, all payments to
the Employee required by this Agreement shall immediately cease,
except for unpaid Base Salary to the extent already accrued and
benefits accrued, earned, or owing but not yet paid under
Section 1.8 above. For purposes of this Agreement, the
term “cause” shall be: (a) any felonious
conduct by Employee; (b) fraud, dishonesty or similar conduct
by Employee in connection with the Company; (c) any
embezzlement or misappropriation of funds or property of the
Company by Employee; (d) a material breach by Employee of the
terms of his employment (which for purposes of this Agreement shall
include, without limitation, Executive’s engaging in any
transaction that represents, directly or indirectly, self-dealing
with the Company or any of its affiliates that has not been
approved by the President, as well as
