Exhibit 10.23
SEVENTH AMENDMENT
TO
EMPLOYMENT
AGREEMENT
This SEVENTH AMENDMENT TO EMPLOYMENT
AGREEMENT (this “SEVENTH AMENDMENT”) is executed
December 29, 2008, but effective as of January 1, 2005,
by and between GeoPetro Resources Company, a California Corporation
(“Company”) and Stuart J. Doshi
(“Executive”).
RECITALS
A.
Company and Executive are parties to the Employment Agreement,
dated June 28, 1997 (the “Original Agreement”), as
amended by the Amendment to Employment Agreement, dated
January 11, 2001, the Second Amendment to Employment
Agreement, dated July 1, 2003, the Third Amendment to
Employment Agreement, dated April 20, 2004, the Restated
Fourth Amendment to Employment Agreement, dated May 9, 2005
(the “Fourth Amendment”), the Fifth Amendment to
Employment Agreement, dated July 28, 2005 (the “Fifth
Amendment”), and the Sixth Amendment to Employment Agreement,
dated January 30, 2006. The Original Agreement, as
amended through and including the Sixth 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 Executive
hereby agree as follows:
1. Amendment of
Agreement .
(a)
Section 6 of the Agreement is
deleted.
(b)
The following sentence is added to
the end of Section 10:
Any such bonus shall be paid within
two and a half months of the end of the calendar year in which such
bonus is awarded.
(c)
The following sentence is added to
the end of the first paragraph of Section 13(e):
No payment shall be made under this
Section 13(e) unless such Involuntary Termination results
in Executive’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 Executive and the Company
reasonably anticipated that no further services would be performed
by Executive after such resignation or termination or that the
level of bona fide services Executive would perform after such date
(whether as an employee or as an
