Document:

Exhibit 10.2

 

SECOND AMENDMENT TO

HEAD LEASE AGREEMENT BETWEEN

THE SENECA NATION OF INDIANS

AND

SENECA TERRITORY GAMING
CORPORATION

 

THIS SECOND
AMENDMENT TO HEAD LEASE AGREEMENT (this “Amendment”) is made by
and between THE SENECA NATION OF INDIANS (the “Landlord”)
and SENECA TERRITORY GAMING CORPORATION (“Tenant”)
as of the 1st day of October, 2008 (the “Effective Date”).

 

WHEREAS, Landlord and Tenant are parties to that certain Head
Lease Agreement dated February 28, 2007, and effective May 1, 2004
(the “Head Lease Agreement”), and amended as of October 1, 2007, pursuant
to which Tenant leases from Landlord land on Landlord’s Allegany Territory for
use as the site for the Seneca Allegany Casino and Hotel; and

 

WHEREAS, the parties desire to amend the Head Lease Agreement
to modify the Annual Rent described therein, in accordance with the terms and
conditions hereof.

 

NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and for such other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound, agree as follows:

 

1.                                      The foregoing recitals are restated and incorporated
herein by reference and made a part hereof as though fully set forth herein.

 

2.                                      Section 2.01(a) of
the Head Lease Agreement is hereby deleted in its entirety and replaced with
the following:

 

(a)          Rent.  Commencing as of October 1, 2008, Tenant
shall pay directly to the Landlord, or Landlord’s representative if Tenant is so
notified, annual rent (“Annual Rent”) in the amount of Twenty-Four Million
Dollars ($24,000,000.00), which will be payable in equal monthly installments
of Two Million Dollars ($2,000,000.00) in advance on the first day of each
calendar month.  The Annual Rent may be increased
in subsequent years, provided that no increase in Annual Rent hereunder may
contravene, or constitute a default under, any agreement, indenture, instrument
or other commitment legally binding upon Landlord and/or Tenant, or to which
the Premises are subject (“Commitments”).  Any proposed increase to the prior year’s
Annual Rent shall be jointly reviewed by Landlord and Tenant for consistency
with then-applicable Commitments, with any such increase to be confirmed by the
parties in writing prior to its effectiveness. 
The delay or failure of either party in computing the Annual Rent
increase or executing a written statement of confirmation of such Annual Rent
increase will not impair the continuing obligation of Tenant to pay Annual Rent.  All amounts payable by Tenant pursuant to
this Lease Agreement, including, without limiting the foregoing, Annual Rent,
and any other sums, costs, expenses or deposits that Tenant in 

 

1

 

any of the provisions of this Lease Agreement assumes or agrees to pay
and/or deposit, shall constitute “Rent” under this Lease.  Rent may be prepaid by Tenant on a monthly,
quarterly or semiannual basis with the consent of Landlord.

 

3.                                      Capitalized
terms not otherwise defined herein are defined in the Head Lease Agreement.  Except as amended by this Amendment, all
other terms and conditions of the Head Lease Agreement are hereby ratified and
confirmed in all respects.  This
Amendment may be executed in counterparts, each of which shall be deemed to be
an original, but both of which when taken together shall constitute one and the
same instrument.  This Agreement will
become effective when one or more counterparts have been signed by each party and
delivered to the other party.

 

 

[Signature Page Follows]

 

2

 

IN WITNESS
WHEREOF, the parties hereto
have caused this Amendment to be executed and delivered as of the date first
written above.

 

 

	
   

  	
  SENECA NATION OF INDIANS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: Barry E.
  Snyder, Sr.

  
	
   

  	
  Title: President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SENECA
  TERRITORY GAMING CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: E. Brian
  Hansberry

  
	
   

  	
  Title: President and
  CEO

  

 

 

[Signature Page to
Second Amendment to Head Lease Agreement]

 

3Exhibit 10.3

 

SECOND AMENDMENT TO

HEAD LEASE AGREEMENT BETWEEN

THE SENECA NATION OF INDIANS

AND

SENECA ERIE GAMING CORPORATION

 

THIS SECOND
AMENDMENT TO HEAD LEASE AGREEMENT (this “Amendment”) is made by
and between THE SENECA NATION OF INDIANS (the “Landlord”)
and SENECA ERIE GAMING CORPORATION (“Tenant”)
as of the 1st day of October, 2008 (the “Effective Date”).

 

WHEREAS, Landlord and Tenant are parties to that certain Head
Lease Agreement dated February 28, 2007, and effective April 1, 2006
(the “Head Lease Agreement”), and amended as of October 1, 2007, pursuant
to which Tenant leases from Landlord land on Landlord’s Buffalo Creek Territory
for use as the site for the Seneca Buffalo Creek Casino; and

 

WHEREAS, the parties desire to amend the Head Lease Agreement
to modify the Annual Rent described therein, in accordance with the terms and
conditions hereof.

 

NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and for such other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound, agree as follows:

 

1.                                      The foregoing recitals are restated and incorporated
herein by reference and made a part hereof as though fully set forth herein.

 

2.                                      Section 2.01(a) of
the Head Lease Agreement is hereby deleted in its entirety and replaced with
the following:

 

(a)          Rent.  Commencing as of October 1, 2008, Tenant
shall pay directly to the Landlord, or Landlord’s representative if Tenant is
so notified, annual rent (“Annual Rent”) in the amount of Fifteen Million
Nine Hundred Thirteen Thousand Five Hundred Dollars ($15,913,500.00), which
will be payable in equal monthly installments of One Million Three Hundred Twenty-Six
Thousand One Hundred Twenty-Five Dollars ($1,326,125.00) in advance on the
first day of each calendar month.  The
Annual Rent may be increased in future years, provided that no increase in
Annual Rent hereunder may contravene, or constitute a default under, any
agreement, indenture, instrument or other commitment legally binding upon
Landlord and/or Tenant, or to which the Premises are subject (“Commitments”).  Any proposed increase to the prior year’s
Annual Rent shall be jointly reviewed by Landlord and Tenant for consistency
with then-applicable Commitments, with any such increase to be confirmed by the
parties in writing prior to its effectiveness. 
The delay or failure of either party in computing the Annual Rent
increase or executing a written statement of confirmation of such Annual Rent
increase will not impair the continuing obligation of Tenant to pay Annual
Rent.  All amounts payable by Tenant
pursuant to this Lease Agreement, including, 

 

1

 

without limiting the foregoing, Annual Rent, and any other sums, costs,
expenses or deposits that Tenant in any of the provisions of this Lease
Agreement assumes or agrees to pay and/or deposit, shall constitute “Rent”
under this Lease.  Rent may be prepaid by
Tenant on a monthly, quarterly or semiannual basis with the consent of
Landlord.

 

3.                                      Capitalized
terms not otherwise defined herein are defined in the Head Lease Agreement.  Except as amended by this Amendment, all
other terms and conditions of the Head Lease Agreement are hereby ratified and
confirmed in all respects.  This
Amendment may be executed in counterparts, each of which shall be deemed to be
an original, but both of which when taken together shall constitute one and the
same instrument.  This Agreement will
become effective when one or more counterparts have been signed by each party and
delivered to the other party.

 

 

[Signature Page Follows]

 

2

 

IN WITNESS
WHEREOF, the parties hereto
have caused this Amendment to be executed and delivered as of the date first
written above.

 

 

	
   

  	
  SENECA NATION OF INDIANS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: Barry E.
  Snyder, Sr.

  
	
   

  	
  Title: President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SENECA
  ERIE GAMING CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: E. Brian
  Hansberry

  
	
   

  	
  Title: President and
  CEO

  

 

 

[Signature Page to
Second Amendment to Head Lease Agreement]

 

3Exhibit 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 

 

 

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.

 

(d)                                 The following paragraph is
added to the end of Section 13 of the Agreement:

 

All
payments under this Section 13 shall be made within thirty (30) days of
such termination.

 

(e)                                  Section 20 is added to
the Agreement to read in its entirety as follows:

 

Section 409A of the Code.  This Agreement is intended to comply with Section 409A
of the Code and shall be interpreted in accordance with such Section and
Department of Treasury regulations and other interpretive guidance issued
thereunder including, without limitation, any such regulations or other
guidance issued after the effective date of this Agreement.  If Company determines that this Agreement may
or does not comply with Section 409A of the Code, Company may adopt such
amendments to this Agreement (without Executive’s consent) or adopt other
policies and procedures (including amendments, policies and procedures with
retroactive effect), or take any other actions, that Company determines are
necessary or appropriate to (i) exempt this Agreement from the application
of Section 409A of the Code, (ii) preserve the intended tax treatment
of the benefits provided hereunder, or (iii) comply with the requirements
of Section 409A of the Code; provided further, notwithstanding anything
contained herein to the contrary, any provision hereof which is inconsistent
with the applicable requirements of Section 409A of the Code or any
provision not set forth which should be included herein in order to comply with
the applicable requirements of Section 409A of the Code shall be deemed
revised or included herein, as the case may be, in a manner consistent
therewith automatically, without any action of Company or Executive.  Any reimbursements from the
Company to Executive shall be subject to the following rules: (i) The amount eligible for reimbursement in one
calendar year shall not affect the amount eligible for reimbursement in any
other calendar year; provided, however, that, in the case of an arrangement for
the reimbursement of medical expenses referred to in Section 105(b) of
the Code, such arrangement may provide for a limit on the amount of expenses
that may be reimbursed over some or all of the period in which such
reimbursement arrangement remains in effect; (ii) Such reimbursement
shall be made on or before the last day of the calendar year subsequent to the
calendar year in which the corresponding expense was incurred; and (iii) In no event shall any right to reimbursement be
subject to liquidation or exchange for another benefit.

 

2

 

2.             Integration.  To the extent of any inconsistencies between
the terms and conditions of the Agreement as amended prior to the date hereof
and those of this Seventh Amendment, this Seventh Amendment shall govern.  Except to the extent that the provisions of
the Agreement prior to the date hereof are so superseded, they shall remain in
full force and effect.

 

3.             Counterparts.  This Seventh Amendment may be executed in one
or more counterparts, each of which shall be an original, but all of which
together shall constitute one instrument.

 

IN
WITNESS WHEREOF, Company and Executive have executed this Second Amendment as
of the date first above written.

 

	
  GEOPETRO
  RESOURCES COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  J. Chris Steinhauser

  	
   

  	
  /s/
  Stuart J. Doshi

  
	
  By:
  J. Chris Steinhauser

  	
   

  	
  Stuart
  Doshi

  
	
  Title:
  Chief Financial Officer

  	
   

  	
   

  

 

3

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