Toreador Short-Term Incentive Compensation Plan Summary Sheet (2005)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines Toreador's Short-Term Incentive Compensation Plan for 2005, covering mid-level and upper-level management, including executive officers. Participants are eligible for incentive compensation if Toreador meets specific performance goals: a 15% increase in oil and gas reserves, production of at least 1,054,000 BOE, general and administrative expenses not exceeding $5.6 million, and operating income of at least $10.9 million. The preliminary funding for the plan is $500,000, subject to adjustment.

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EX-10.2 5 d23811exv10w2.htm SUMMARY SHEET: SHORT-TERM INCENTIVE COMPENSATION PLAN exv10w2  

EXHIBIT 10.2 SUMMARY SHEET: SHORT-TERM INCENTIVE COMPENSATION PLAN

1.   Eligibility: mid-level and upper-level management, including executive officers, of Toreador are eligible to participate.
 
2.   Performance Goals:

  •   Oil and Gas Reserves: The oil and gas reserves of Toreador as measured using SEC criteria and reported in Toreador’s Form 10-K for the year ended December 31, 2005 shall increase by 15% during 2005.
 
  •   Oil and Gas Production: Toreador’s realized total production rate shall equal or exceed 1,054,000 BOE for 2005.
 
  •   General and Administrative Expense: Toreador shall hold general and administrative expenses to a maximum of $5.6 million in 2005.
 
  •   Operating Income: Toreador’s operating income for 2005 shall be at least $10.9 million.

3.   Preliminary Funding: $500,000, which amount is subject to adjustment.