FOURTH AMENDMENT TO
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”).
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 re