Exhibit 10.25
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 David V. Creel
(“Employee”).
RECITALS
A.
Company and Employee are parties to that certain Employment
Agreement dated April 28, 1998 (the “Original
Agreement”), to that certain First Amendment to Employment
Agreement dated June 15, 2000, to that certain Second
Amendment to Employment Agreement dated May 12, 2003, and to
that Third Amendment to Employment Agreement, dated January 1,
2005. 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)
The following sentence is added to
the end of Section 9(d) of the Agreement:
No payment shall be made under this
Section 9(d) unless such Involuntary Termination results
in Employee’s “Separation from Service” with the
Company within the meaning of Section 1.409A-1(h) of the
Treasury Regulations, which provides that, whether a Separation
from Service has occurred is determined based on whether the facts
and circumstances indicate that Employee and the Company reasonably
anticipated that no further services would be performed by Employee
after such resignation or termination or that the level of bona
fide services Employee would perform after such date (whether as an
employee or as an independent contractor) would permanently
decrease to twenty percent (20%) or less of the average level of
bona fide services performed over the immediately preceding
thirty-six (36) month period.
(b)
The following sentence is added to
the end of Section 9(g) of the Agreement:
No payment shall be made under this
Section 9(g) unless such Involuntary Termination results
in Employee’s “Separation from Service” with the
Company as defined in Section 9(d) above.
