SEVENTH AMENDMENT TO
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”).
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
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 ha