Director Compensation Summary Sheet for Toreador Board Members

Summary

This agreement outlines the compensation for directors of Toreador, specifying annual cash stipends, per-meeting fees for both in-person and telephonic board and committee meetings, and additional stipends for committee chairpersons. Directors also receive annual equity compensation valued at $30,000, which may be granted as restricted stock or stock options. Payments are made in quarterly installments, and the agreement details the amounts for each type of meeting and role.

EX-10.3 6 d23811exv10w3.htm SUMMARY SHEET: DIRECTOR COMPENSATION exv10w3

EXHIBIT 10.3 SUMMARY SHEET: DIRECTOR COMPENSATION

1.	Each director shall receive an aggregate annual cash stipend of $15,000 to be paid in quarterly installments.

2.	Each director shall receive $2,000 cash for each face-to-face meeting of the Board attended.

3.	Each director shall receive $1,500 cash for each telephonic meeting of the Board attended.

4.	Each Board committee member shall receive $500 cash for each Board committee meeting attended in conjunction with a face-to-face Board meeting.

5.	Each Board committee member shall receive $1,500 cash for each Board committee meeting attended, whether stand alone, telephonic or face-to-face, except as noted in paragraph (4) above.

6.	The Audit Committee Chairman shall receive an additional aggregate cash stipend of $5,000 to be paid in quarterly installments.

7.	The Chairman of each other Board committee shall receive an additional aggregate cash stipend of $3,000 to be paid in quarterly installments.

8.	Each director shall also receive annually an aggregate of $30,000 to be paid in Toreador equity, whether in the form of restricted stock or stock option grants.