Document:

Exhibit 10.27

 

AMENDMENT
NO. 3

 

This AMENDMENT
NO. 3 (this “Amendment No. 3”) is made as of January 1, 2003
between GeoLease Partners, L.P., a Delaware limited partnership (the “Partnership”),
and Geokinetics Inc., a Delaware corporation (the “Company”).  This Amendment No. 3 is made with
reference to that certain Lease Agreement, dated as of October 1, 1999,
between the Company and Input/Output, Inc., a Delaware corporation, as the same
was amended pursuant to that certain Amendment No. 1, dated as of April 9, 2001
and that certain Amendment No. 2, dated as of September 30, 2002, between the
Company and the Partnership (collectively, the “Lease Agreement”).  All capitalized terms used herein and not
otherwise defined shall have the meanings assigned to such terms in the Lease
Agreement.

 

WHEREAS, the
Company, the Partnership, the holders of the Company’s 13.5% Senior Secured
Notes due 2003 and the holders of the Company’s 13.5% Senior Secured Notes due
2005 are currently negotiating to effect a debt restructuring and recapitalization
of the Company (the “Restructuring”);

 

WHEREAS, the
Company and the Partnership desire to amend certain provisions of the Lease
Agreement, including an amendment extending its Basic Term, in order to
facilitate the continuing negotiations to effect the Restructuring;

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION
1.  AMENDMENTS TO LEASE AGREEMENT

 

1.1           Appendix A to the Lease Agreement
(DEFINITIONS) is hereby amended by replacing the following definitions in their
entirety as follows:

 

“ ‘BASIC TERM’
shall mean 41 calendar months commencing as of the Basic Term Commencement Date
and expiring at 12:01 a.m. on March 1, 2003.”

 

“ ‘BASIC TERM
EXPIRATION DATE’ shall mean March 1, 2003.”

 

SECTION
2.  RATIFICATION OF THE LEASE AGREEMENT

 

To induce the
Partnership to enter into this Amendment No. 3, the Company represents and
warrants that, after giving effect to this Amendment No. 3, no violation of the
terms of the Lease Agreement exists and all representations and warranties
contained in the Lease Agreement are true, correct and complete in all material
respects on and as of the date hereof except to the extent such representations
and warranties specifically relate to an earlier

 

 

date in which case they were true, correct and complete in all material
respects on and as of such earlier date.

 

SECTION
3.  COUNTERPARTS; EFFECTIVENESS

 

This Amendment
No. 3 may be executed in any number of counterparts, and all such
counterparts taken together shall be deemed to constitute one and the same
instrument.  Signature pages may be
detached from counterpart documents and reassembled to form duplicate executed
originals.  This Amendment No. 3
shall become effective as of the date hereof upon the execution of the
counterparts hereof by the Company and the Partnership.

 

SECTION
4.  GOVERNING LAW

 

THIS AMENDMENT NO. 3 SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF DELAWARE WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW.

 

[Remainder of page intentionally left
blank]

 

2

 

SIGNATURES

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment No. 3 to the Lease Agreement to be duly executed,
all as of the date first written above.

 

	
   

  	
  Company:

  
	
   

  	
   

  
	
   

  	
  GEOKINETICS INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Concannon

  	
   

  
	
   

  	
  Name:

  	
   Thomas J. Concannon

  	
   

  
	
   

  	
  Title:

  	
   Vice President & CFO

  	
   

  
	
   

  	
   

  
	
   

  	
  Partnership:

  
	
   

  	
   

  
	
   

  	
  GEOLEASE PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GEOLEASE GP, INC.,

  
	
   

  	
   

  	
    its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Doug Ladden

  	
   

  
	
   

  	
  Name:

  	
   Doug Ladden

  	
   

  
	
   

  	
  Title:

  	
   President

  	
   

  
							

 

3Exhibit 10.28

 

AMENDMENT
NO. 4

 

This AMENDMENT
NO. 4 (this “Amendment No. 4”) is made as of January 24, 2003
between GeoLease Partners, L.P., a Delaware limited partnership (the “Partnership”),
and Geokinetics Inc., a Delaware corporation (the “Company”).  This Amendment No. 4 is made with
reference to that certain Lease Agreement, dated as of October 1, 1999,
between the Company and Input/Output, Inc., a Delaware corporation, as the same
was amended pursuant to that certain Amendment No. 1, dated as of April 9,
2001, that certain Amendment No. 2, dated as of September 30, 2002, and that
certain Amendment No. 3 dated as of January 1, 2003 between the Company and the
Partnership (collectively, the “Lease Agreement”).  All capitalized terms used herein and not
otherwise defined shall have the meanings assigned to such terms in the Lease
Agreement.

 

WHEREAS, the
Company, the Partnership, the holders of the Company’s 13.5% Senior Secured
Notes due 2003 and the holders of the Company’s 13.5% Senior Secured Notes due
2005 are currently negotiating to effect a debt restructuring and recapitalization
of the Company (the “Restructuring”);

 

WHEREAS, the
Company and the Partnership desire to amend certain provisions of the Lease
Agreement, including an amendment extending its Basic Term, in order to
facilitate the continuing negotiations to effect the Restructuring;

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION
1.  AMENDMENTS TO LEASE AGREEMENT

 

1.1           Appendix A to the Lease Agreement
(DEFINITIONS) is hereby amended by replacing the following definitions in their
entirety as follows:

 

“ ‘BASIC TERM’
shall mean 43 calendar months commencing as of the Basic Term Commencement Date
and expiring at 12:01 a.m. on May1, 2003.”

 

“ ‘BASIC TERM
EXPIRATION DATE’ shall mean May 1, 2003.”

 

SECTION
2.  RATIFICATION OF THE LEASE AGREEMENT

 

To induce the
Partnership to enter into this Amendment No. 4, the Company represents and
warrants that, after giving effect to this Amendment No. 4, no violation of the
terms of the Lease Agreement exists and all representations and warranties
contained in the Lease Agreement are true, correct and complete in all material
respects on and as of the date hereof except to the extent such representations
and warranties specifically relate to an earlier

 

 

date in which case they were true, correct and complete in all material
respects on and as of such earlier date.

 

SECTION
3.  COUNTERPARTS; EFFECTIVENESS

 

This Amendment
No. 4 may be executed in any number of counterparts, and all such
counterparts taken together shall be deemed to constitute one and the same
instrument.  Signature pages may be
detached from counterpart documents and reassembled to form duplicate executed
originals.  This Amendment No. 4
shall become effective as of the date hereof upon the execution of the
counterparts hereof by the Company and the Partnership.

 

SECTION
4.  GOVERNING LAW

 

THIS AMENDMENT
NO. 4 SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICTS OF LAW.

 

[Remainder of page intentionally left
blank]

 

2

 

SIGNATURES

 

IN WITNESS
WHEREOF, the parties hereto have caused this Amendment No. 4 to the Lease
Agreement to be duly executed, all as of the date first written above.

 

	
   

  	
  Company:

  
	
   

  	
   

  
	
   

  	
  GEOKINETICS INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Concannon

  	
   

  
	
   

  	
  Name:

  	
   Thomas J. Concannon

  	
   

  
	
   

  	
  Title:

  	
   Vice President & CFO

  	
   

  
	
   

  	
   

  
	
   

  	
  Partnership:

  
	
   

  	
   

  
	
   

  	
  GEOLEASE PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GEOLEASE GP, INC.,

  
	
   

  	
   

  	
    its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Doug Ladden

  	
   

  
	
   

  	
  Name:

  	
   Doug Ladden

  	
   

  
	
   

  	
  Title:

  	
   President

  	
   

  
							

 

3Exhibit 10.3.2

 

Promissory Note

 

Dated:  September 1,

1999

 

Opus360

Corporation (the “Company”) has loaned to Ari Horowitz (the “Employee”) the sum

of Twenty Thousand Dollars ($20,000). 

The Employee promises to pay to the Company the sum of Twenty Thousand

Dollars ($20,000), on demand, with interest at the rate of seven percent (7%)

per annum, compounded annually, accruing on the unpaid balance from the date

hereof to the date of payment.

 

In any action to collect any

payment due under this Promissory Note, the Company shall be entitled to

recover all of its expenses incurred in connection with such action, including,

without limitation, reasonable attorney’s fees and court costs.

 

Witness my hand and seal as of

this 1st day of September 1999.

 

 

	

  The Employee:

  	

   

  	

   

  	

   

  
	

   

  	

  Ari HorowitzExhibit 10.3.3

 

Second Amendment to Employment Agreement

 

This Second Amendment to

Employment Agreement (the “Second Amendment”) amends that certain Employment

Agreement dated as of April 1, 1999, between Ari Horowitz (“Employee”) and

Opus360 Corporation (the “Company”), as amended pursuant to the Amendment to

Employment Agreement dated September 2, 1999 (as so amended, the “Original

Employment Agreement” and as amended by this Second Amendment, the “Employment

Agreement”).  Capitalized terms used in

this Second Amendment that are not defined herein shall have the meanings

ascribed thereto in the Original Employment Agreement.

 

1.             Effective Date. This Second

Amendment shall be effective as of May 1, 2001.

 

2.             Compensation.  Section 4(a) of the Original Employment

Agreement is hereby amended in its entirety, to read as follows:

 

During the period from the commencement of the Term

until January 31, 2000 (the “Initial Period”), Employee shall be paid base

salary (the “Base Salary”) at the annual rate of $150,000 per year, and

commencing on February 1, 2000, Employee shall be paid Base Salary at the

annual rate of $250,000 per year, in each case payable in arrears at the

established pay period of the Company. 

Thereafter, the Base Salary payable to Employee shall be reviewed at

least annually by the Board, and reasonable increases shall be based on

Employee’s performance as well as the Company’s performance as determined in

the sole discretion of the Board, but, except as provided in the next

paragraph, in no event shall Employee’s Base Salary per year during the Term be

less than $250,000.

 

Notwithstanding the foregoing, for the period (the

“Deferral Period”) commencing May 1, 2001 and ending on the earlier of October

31, 2001 or the date on which the transaction contemplated under the Share

Exchange Agreement dated as of April 11, 2001 between the Company and Proha Plc

is consummated (the “Artemis Closing Date”), Employee shall be paid salary at a

rate equal to $8,333.33 per semi-monthly pay period.  On or before January 2, 2002, Employee shall be paid, in addition

to any other salary or bonus then payable, and amount equal to the difference

between the salary actually paid during the Deferral Period and the amount of

salary that would have been paid during the Deferral Period if the reduction

contemplated by the preceding sentence had not been taken (the “Deferred

Amount”).

 

3.             Option Grant.  Section 5 of the Original Employment

Agreement is hereby amended by adding the following provision to the end

thereof:

 

Subject to

approval by the Compensation Committee of the Board of Directors of the

Company, the Company shall grant the Employee, on or as soon as practicable

after the effective date of this Second Amendment, options (the “May Options”)

to purchase, in the aggregate, 192,300 shares of Common Stock at an exercise

price equal to the fair market value of a share of Common Stock on the date of

grant.  A portion of the May

 

 

Options shall

qualify for federal income tax purposes as “incentive stock options” (the number

of options that will qualify as the “incentive stock option” shall be the

maximum number permitted under the terms of the Company’s 2000 Stock Option

Plan), and the remainder shall not qualify for federal tax purposes as

“incentive stock options”.  Written

option agreements between the Company and the Employee shall be prepared and

delivered by the Company to the Employee, which option agreements shall contain

all of the terms and conditions of the May Options.  The May Options shall vest on the earliest to occur of the

Artemis Closing Date, the date which is the six month anniversary of the date

of grant or the date of termination of employment other than a termination as a

result of a voluntary resignation.

 

4.             Termination of Agreement.  Section 8(c) of the Original Employment

Agreement is hereby amended by adding the following sentence to the end

thereof:

 

In calculating

amounts of salary due and payable under subsection (i) hereof , no effect shall

be given to the deferral of Base Salary during the Deferral Period; that is,

any such payments in regard to termination shall be made at the then current

rate of Base Salary without reduction for any Deferred Amount.

 

5.             Ratification.  Except as otherwise expressly set forth

herein, the Original Employment Agreement is hereby ratified and confirmed in

its entirety.

 

IN WITNESS

WHEREOF, the undersigned have duly executed this Second Amendment as of the

date first above written.

 

OPUS360

CORPORATION

 

 

	

   

  	

  By:

  	

   

  	

   

  
	

   

  	

  Name:

  	

  Peter

  Schwartz

  
	

   

  	

  Title:

  	

  Executive

  Vice President & CFO

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  ARI B.

  HOROWITZ (Employee)

  	

   

  
						

 

2

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