Document:

exv4w47

Exhibit 4.47

Existing Service Provider

SINA CORPORATION

2007 SHARE INCENTIVE PLAN

NOTICE OF SHARE OPTION GRANT

«Optionee»

«OptioneeAddress1»

«OptioneeAddress2»

     You have been granted an option to purchase Ordinary Shares of SINA Corporation, a Cayman
Islands corporation (the “Company”), as follows:

	 	 	 
	Date of Grant:

	 	MM DD, YYYY
	 
	 	 
	Exercise Price Per Share:

	 	$XX
	 
	 	 
	Total Number of Shares:

	 	XX
	 
	 	 
	Expiration Date:

	 	MM DD, YYYY
	 
	 	 
	Type of Option:

	 	«NoSharesISO» Shares Incentive Stock Option
	 

	 	«NoSharesNSO» Shares Nonstatutory Stock Option
	 
	 	 
	Vesting Commencement Date:

	 	MM DD, YYYY
	 
	 	 
	Vesting Schedule:

	 	So long as your Service does not terminate,
the Shares underlying this Option shall vest
and become exercisable in accordance with the
following schedule: 12.5% of the Total Number
of Shares shall vest and become exercisable on
the six-month anniversary of the Vesting
Commencement Date and 1/48 of the Total Number
of Shares shall vest and become exercisable on
each monthly anniversary thereafter, provided
that the Optionee obtains all the necessary
governmental approvals and consents required
under Applicable Laws in connection with the
exercise of the Option and the issuance of
Shares pursuant to the Option.
	 
	 	 
	Termination Period:

	 	You may exercise this Option for 90 days after
termination of your Service except as set out
in Section 4 of the Share Option Agreement
(but in no event later than the Expiration
Date and in no event later during the
Company’s close window of trading). You are
responsible for keeping track of these
exercise periods following the termination of
your Service for any reason. The Company will
not provide further notice of such periods.

 

 

     By your signature and the signature of the Company’s representative below, you and the Company
agree that this Option is granted under and governed by the terms and conditions of the SINA
Corporation 2007 Share Incentive Plan and the Share Option Agreement, both of which are attached to
and made a part of this document.

     In addition, you agree and acknowledge that your rights to any Shares underlying this Option
will be earned only as you provide Service over time, that this Option is not being granted to you
as consideration for services you rendered to the Company (or any Parent, Subsidiary, or Affiliate)
prior to your Vesting Commencement Date, and that nothing in this Notice of Share Option Grant or
the attached documents confers upon you any right to continue your employment or service
relationship with the Company (or any Parent, Subsidiary, or Affiliate) for any period of time, nor
does it interfere in any way with your right or the Company’s (or any Parent’s, Subsidiary’s, or
Affiliate’s) right to terminate that relationship at any time, for any reason, with or without
cause.

	 	 	 	 	 
	 	 	THE COMPANY:
	 
	 	 	 	 
	 	 	SINA CORPORATION
	 
	 	 	 	 
	 	 	By:
	 

	 	 	 	 
	 

	 	 	 	(Signature)
	 
	 	 	 	 
	 	 	Name:
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	OPTIONEE:
	 
	 	 	 	 
	 	 	«OPTIONEE»
	 
	 	 	 	 
	 	 	By:
	 

	 	 	 	 
	 

	 	 	 	(Signature)
	 
	 	 	 	 
	 	 	Name:
	 

	 	 	 	 

2

 

Existing Service Provider

SINA CORPORATION

2007 SHARE INCENTIVE PLAN

SHARE OPTION AGREEMENT

     1. Grant of Option. SINA Corporation, a Cayman Islands corporation (the
“Company”), hereby grants to the Optionee named in the Notice of Share Option Grant
attached to this Share Option Agreement (“Optionee”), an option (the “Option”) to
purchase the total number of Ordinary Shares (the “Shares”) set forth in the Notice of
Share Option Grant (the “Notice”), at the exercise price per Share set forth in the Notice
(the “Exercise Price”) subject to the terms, definitions and provisions of the SINA
Corporation 2007 Share Incentive Plan (the “Plan”), which is incorporated in this Share
Option Agreement (the “Agreement”) by reference. Unless otherwise defined in this Agreement, the
terms used in this Agreement shall have the meanings defined in the Plan.

     This Option is intended to be an Incentive Share Option as defined in Section 422 of the Code
only to the extent so designated in the Notice, and to the extent it is not so designated or to the
extent this Option does not qualify as an Incentive Share Option, it is intended to be a
Nonstatutory Share Option.

     Notwithstanding the above, if designated as an Incentive Share Option, if Shares subject to
this Option (and all other incentive share options granted to Optionee by the Company or any Parent
or Subsidiary, including under other plans of the Company) that first become exercisable in any
calendar year have an aggregate fair market value (determined for each Share as of the date of
grant of the option covering such Share) in excess of $100,000, the Shares in excess of $100,000
shall be treated as subject to a Nonstatutory Share Option in accordance with Applicable Law.

     2. Exercise of Option. This Option shall be exercisable during its term in accordance
with the Vesting Schedule set forth in the Notice and with the applicable provisions of the Plan as
follows:

     (a) Right to Exercise.

          (i) This Option may not be exercised for a fraction of a share.

          (ii) In the event of Optionee’s termination of Service, the exercisability of this Option
shall be governed by Section 4 below, subject to the limitations contained in paragraph (iii)
below.

          (iii) In no event may this Option be exercised after the Expiration Date set forth in the
Notice.

          (iv) In no event may this Option be exercised for any Shares except and to the extent that the
Optionee obtains all necessary governmental approvals and consents

 

 

required under Applicable Laws in connection with the exercise of the Option and the issuance
of Shares pursuant to this Option.

     (b) Method of Exercise.

          (i) This Option shall be exercisable by execution and delivery of the Notice of Exercise
attached hereto as Exhibit A or of any other form of written notice approved for such
purpose by the Company which shall state Optionee’s election to exercise this Option, the number of
Shares in respect of which this Option is being exercised, and such other representations and
agreements as to the holder’s investment intent with respect to such Shares as may be required by
the Company pursuant to the provisions of the Plan. Such written notice shall be signed by
Optionee and shall be delivered to the Company by such means as are determined by the Committee in
its discretion to constitute adequate delivery. The written notice shall be accompanied by payment
of the aggregate Exercise Price for the purchased Shares.

          (ii) As a condition to the exercise of this Option and as further set forth in Section 13 of
the Plan, Optionee agrees to make adequate provision (as determined in the Company’s sole and
absolute discretion) for any local, federal, state or other tax withholding obligations, if any,
which arise upon the grant, vesting or exercise of this Option, or disposition of Shares, whether
by withholding, direct payment to the Company, or otherwise.

          (iii) The Company is not obligated, and will have no liability for failure, to issue or
deliver any Shares upon exercise of this Option unless such exercise, issuance or delivery would
comply with Applicable Laws, with such compliance determined by the Company in consultation with
its legal counsel. This Option may not be exercised until such time as the Plan has been approved
by the holders of capital stock of the Company, or if the issuance of such Shares upon such
exercise or the method of payment of consideration for such Shares would constitute a violation of
any Applicable Laws, including any applicable U.S. federal or state securities laws or any other
law or regulation, including any rule under Part 221 of Title 12 of the Code of Federal Regulations
as promulgated by the Federal Reserve Board. As a condition to the exercise of this Option, the
Company may require Optionee to make any representation and warranty to the Company as may be
required by Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be
considered transferred to Optionee on the date on which this Option is exercised with respect to
such Shares.

          (iv) Subject to compliance with Applicable Laws, this Option shall be deemed to be exercised
upon receipt by the Company of the appropriate written notice of exercise accompanied by the
Exercise Price and the satisfaction of any applicable withholding obligations.

     3. Method of Payment. Payment of the Exercise Price shall be by any of the following,
or a combination of the following, at the election of Optionee: (a) cash, (b) check, or (c)
Cashless Exercise; but only to the extent that the use of any such form of payment would otherwise
comply with all Applicable Law.

     4. Termination of Relationship. Following the date of termination of Optionee’s
Service for any reason (the “Termination Date”), Optionee may exercise this Option only as
set

2

 

forth in the Notice and this Section 4. If Optionee does not exercise this Option within the
Termination Period set forth in the Notice or the termination periods set forth below, this Option
shall terminate in its entirety. In no event, may this Option be exercised after the Expiration
Date set forth in the Notice. In the event of termination of Optionee’s Service other than as a
result of Optionee’s Disability, death or for Cause, Optionee may, to the extent Optionee is vested
in the Option Shares, exercise this Option during the Termination Period set forth in the Notice.
In the event of any other termination, Optionee may exercise this Option only as described below:

          (a) Termination upon Disability of Optionee. In the event of termination of
Optionee’s Service as a result of Optionee’s Disability, Optionee may, but only within 12 months
from the Termination Date, exercise this Option to the extent Optionee is vested in the Option
Shares.

          (b) Death of Optionee. In the event of the death of the Optionee while in Service or
within 90-days following the termination of Optionee’s Service, this Option may be exercised at any
time within 12 months following the date of death by Optionee’s estate or by a person who acquired
the right to exercise this Option by bequest, inheritance or effective beneficiary designation, but
only to the extent Optionee is vested in this Option.

          (c) Termination for Cause. In the event Optionee’s Service is terminated for “Cause”
(as defined below), this Option shall terminate immediately upon such termination for Cause. In
the event Optionee’s service is suspended pending investigation of whether such relationship shall
be terminated for Cause, all Optionee’s rights under this Option, including the right to exercise
this Option, shall be suspended during the investigation period. For purposes of this Option,
Cause means Optionee’s: (i) willful failure to perform his or her duties and responsibilities to
the Company or material violation of a written Company policy; (ii) commission of any act of fraud,
embezzlement, dishonesty or any other willful misconduct that has caused or is reasonably expected
to result in material injury to the Company; (iii) unauthorized use or disclosure of any
proprietary information or trade secrets of the Company or any other party to whom the Optionee
owes an obligation of nondisclosure as a result of his or her relationship with the Company; (iv)
willful breach of any of his or her obligations under any written agreement or covenant with the
Company; (v) nonpayment of an obligation to the Company; (vi) breach of fiduciary duty or
deliberate disregard of Company rules resulting in loss, damage or injury to the Company; (vii)
conduct constituting unfair competition; (viii) conduct which induces any Company customer to
breach a contract with the Company; and (ix) conduct which induces any principal for whom the
Company acts as agent to terminate such agency relationship. The determination as to whether an
Optionee is being terminated for Cause shall be made in good faith by the Board (excluding the
Optionee). Optionee shall be given an opportunity to appear and present evidence on Optionee’s
behalf at a hearing before the Board or a committee of the Board. The Board’s, or such
committee’s, decision shall be conclusive and binding on the Optionee. The foregoing definition
does not in any way limit the Company’s ability to terminate an Optionee’s Service at any time as
provided in Section 12(a) of the Plan, and the term “Company” will be interpreted to include any
Subsidiary, Parent, Affiliate, or any successor thereto, if appropriate.

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     5. Non-Transferability of Option. This Option may not be transferred in any manner
otherwise than by will or by the laws of descent or distribution or pursuant to a domestic
relations order. The designation of a beneficiary does not constitute a transfer. This Option may
be exercised during the lifetime of Optionee only by Optionee. The terms of this Option shall be
binding upon the executors, administrators, heirs, successors and assigns of Optionee.

     6. No Employment Rights. Optionee understands and agrees that the vesting of Shares
pursuant to the Vesting Schedule is earned only by continuing Service at the will of the Company
(or any Parent, Subsidiary, or Affiliate) and not through the act of being hired, being granted
this Option or acquiring Shares under this Agreement. Optionee further acknowledges and agrees
that nothing in this Agreement, nor in the Plan which is incorporated in this Agreement by
reference, shall confer upon Optionee any right with respect to continuation as an Employee,
Consultant or Director with the Company (or any Parent, Subsidiary, or Affiliate), nor shall it
interfere in any way with his or her right or the Company’s (or any Parent’s, Subsidiary’s, or
Affiliate’s) right to terminate his or her employment, consulting or director relationship at any
time, with or without cause.

     7. Effect of Agreement. Optionee acknowledges receipt of a copy of the Plan and
represents that he or she is familiar with the terms and provisions thereof (and has had an
opportunity to consult counsel regarding the Option terms), and hereby accepts this Option and
agrees to be bound by its contractual terms as set forth herein and in the Plan. Optionee hereby
agrees to accept as binding, conclusive and final all decisions and interpretations of the
Committee regarding any questions relating to this Option. In the event of a conflict between the
terms and provisions of the Plan and the terms and provisions of the Notice and this Agreement, the
Plan terms and provisions shall prevail.

     8. Miscellaneous.

          (a) Governing Law. This Agreement and all acts and transactions pursuant hereto and
the rights and obligations of the parties hereto shall be governed, construed and interpreted in
accordance with the laws of the State of California, without giving effect to principles of
conflicts of law.

          (b) Arbitration. Any dispute, controversy or claim arising out of or relating to this
Agreement, or the breach, termination or invalidity thereof, shall be settled by arbitration in
accordance with the UNCITRAL Arbitration Rules as at present in force and as may be amended by the
rest of this clause. The appointing authority shall be the Hong Kong International Arbitration
Centre (“HKIAC”). The place of arbitration shall be in Hong Kong at the HKIAC. There
shall be three arbitrators. Any such arbitration shall be administered by the HKIAC in accordance
with the HKIAC Procedures for the Administration of International Arbitration in force at the date
of this contract. The language to be used in the arbitral proceedings shall be English.

          (c) Entire Agreement; Enforcement of Rights. This Agreement, together with the Notice
and the Plan, sets forth the entire agreement and understanding of the parties relating to the
subject matter herein and therein and merges all prior discussions between the parties. Except as
contemplated under the Plan, no modification of or amendment to this

4

 

Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in
writing signed by the parties to this Agreement. The failure by either party to enforce any rights
under this Agreement shall not be construed as a waiver of any rights of such party.

          (d) Severability. If one or more provisions of this Agreement are held to be
unenforceable under Applicable Law, the parties agree to renegotiate such provision in good
faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement
for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance
of this Agreement shall be interpreted as if such provision were so excluded and (iii) the balance
of this Agreement shall be enforceable in accordance with its terms.

          (e) Notices. Any notice required or permitted by this Agreement shall be in writing
and shall be deemed sufficient when delivered personally or sent by telegram or fax or 48 hours
after being deposited in the mail, as certified or registered mail, with postage prepaid, and
addressed to the Company at its principal corporate offices and to Optionee at the address
maintained for Optionee in the Company’s records.

          (f) Successors and Assigns. The rights and benefits of this Agreement shall inure to
the benefit of, and be enforceable by the Company’s successors and assigns. The rights and
obligations of Optionee under this Agreement may not be assigned without the prior written consent
of the Company.

5exv10w1

EXHIBIT 10.1

SEPARATION AGREEMENT AND MUTUAL RELEASE

This Separation Agreement and Mutual Release (“Agreement”) is entered into by Toreador Resources
Corporation (“Toreador” or the “Company”) and Michael J. FitzGerald (“Employee”) as of June 27,
2008. Toreador and Employee are referred to as the “Parties.” This Agreement cancels and
supersedes all prior agreements relating to Employee’s employment with the Company except as
provided in this Agreement.

     WHEREAS, Employee is employed as the Executive Vice President, Exploration and Production,
pursuant to an Employment Agreement dated March 12, 2008 (the “Employment Agreement”) under which
the Parties agreed to certain terms and conditions of Employee’s employment with Toreador;

     WHEREAS, Employee and Toreador mutually desire to amicably conclude their employment
relationship;

     WHEREAS, Employee agrees to resign from his employment with Toreador and all other positions,
if any, held by Employee in Toreador or any of its subsidiaries or affiliates effective as of June
27, 2008 (the “Separation Date”); and

     WHEREAS, the Parties desire to finally, fully and completely resolve all disputes that now or
may exist between them prior to the Effective Date of this Agreement, including, but not limited to
those concerning Employee’s hiring, employment and resignation from Toreador, and all disputes over
benefits and compensation connected with such employment, and specifically, but not limited to, any
disputes arising from the terms of Employee’s employment as set forth in the Employment Agreement.

     NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements
hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereto agree as follows:

     1. End of Employee’s Employment. The Parties agree that Employee’s employment with the
Company ended on the Separation Date. Employee will execute a resignation letter, in a form set
forth as Exhibit A attached, and provide any other documents, if necessary, to effect his
resignation from all positions with the Company. Employee agrees that this Agreement fully
supersedes any and all prior agreements, which terminate upon the Separation Date. The parties
acknowledge and agree that Employee would not be otherwise entitled to any severance payments
following his Separation Date under the Employment Agreement or any other plan, program, or
arrangement of the Company.

     2. Certain Payments and Benefits.

	 	(a)	 	Accrued Obligations. Toreador shall pay Employee in a lump sum for all
unpaid salary and any accrued but unused vacation through the Separation Date (“Accrued
Obligations”). Except as stated in this Agreement or as required by law, all other
compensation and benefits which relate to Employee’s employment with Toreador,
including any benefits set forth in any policy or program, shall cease as of the
Separation Date.

- Page 1 of 11 -

 

	 	(b)	 	Separation Payment. Subject to Employee’s consent to and fulfillment
of Employee’s obligations in this Agreement, and provided that Employee does not revoke
this Agreement under Paragraph 17, the Company will pay to Employee severance pay equal
to twelve (12) months of Employee’s base salary in the amount of $23,333.33 per month
(“Separation Payment”), payable on the first day of the month following the expiration
of the 30-day period immediately following the Effective Date), minus all required
withholdings. The Separation Payment will not be treated as compensation under the
Company’s 401(k) Plan or any other retirement plan. Employee recognizes and agrees
that he is not otherwise entitled to the Separation Payment, and will receive the
Separation Payment only as a condition of signing this Agreement. Any payment,
including the Separation Payment, made in accordance with this Agreement Paragraph 2
shall be treated as a separate payment for purposes of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”) to the extent Section 409A of the Code
applies to such payments.
	 
	 	(c)	 	Benefits. Pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”), if Employee is eligible for and elects COBRA
continuation coverage under the Company’s medical plan, the Company shall pay the same
portion of Employee’s individual premiums for such coverage as the portion of said
premiums that the Company paid for Employee immediately prior to the Separation Date,
until the earlier of: (i) the date that is 12-months following the Separation Date;
(ii) the date that Employee obtains full-time employment with another entity, dies, or
breaches the Agreement; or (iii) the date Employee’s coverage under the Company’s
medical plan terminates for any reason. Thereafter, if Employee is eligible and wishes
to continue his continuation coverage and the maximum applicable continuation coverage
period has not expired, Employee may continue such coverage, provided however, Employee
shall be solely responsible for payment of the entire premium for such coverage. To
the extent the benefits provided under this Paragraph 2(c) are otherwise taxable to
Employee, such benefits, for purposes of Section 409A of the Code (and the regulations
and other guidance issued thereunder) (“Section 409A”) shall be provided as separate
monthly in-kind payments of those benefits, and to the extent those benefits are
subject to and not otherwise excepted from Section 409A, the provision of the in-kind
benefits during one calendar year shall not affect the in-kind benefits to be provided
in any other calendar year. Benefits provided under this Paragraph 2 to Employee or to
his spouse or dependents shall be modified to the extent benefits under an applicable
plan are modified for active employees of the Company.
	 
	 	(d)	 	Restricted Stock Awards. Employee and the Company acknowledge that
Employee currently holds certain awards of restricted stock granted under Toreador
Resources Corporation 2005 Long-Term Incentive Plan (the “Plan”), pursuant to the
Employee Restricted Stock Awards granted on January 24, 2008, January 25, 2007, May 30,
2006, January 26, 2006, and November 7, 2005 (the “Restricted Stock Awards”). As of
the Separation Date, (i) all of the unvested shares (4,000 shares) subject to the
Employee Restricted Stock Award granted on

- Page 2 of 11 -

 

	 	 	 	January 24, 2008 and (ii) 1,000 of the unvested shares subject to the Employee
Restricted Stock Award granted on January 25, 2007 shall be immediately vested;
provided, however, that the Company shall continue to hold such shares until the
Effective Date, at which time, unless such shares have been forfeited in accordance
with the provisions of this Paragraph 2(d), the Company shall transfer such vested shares to Employee. Except as otherwise expressly provided in this Paragraph 2(d),
all equity awards previously granted under the Plan by the Company to Employee and
outstanding as of the Separation Date, including without limitation, any grants of
restricted stock described in this Paragraph 2(d), shall continue to be governed by
the terms and conditions of the applicable award agreements and the Plan, including,
without limitation, any provisions providing for forfeiture of such awards upon
Employee’s termination of employment with the Company. Notwithstanding anything to
the contrary contained herein, in the event Employee does not consent to and fulfill
his obligations under this Agreement during the Separation Period, any Restricted
Stock Awards that vested in accordance with this Paragraph 2(d) shall be immediately
forfeited and of no further force or effect.
	 
	 	(e)	 	Waiver of Additional Compensation or Benefits. Other than the
compensation and payments provided for in this Agreement, Employee shall not be
entitled to any additional compensation, nor shall Employee be entitled to any
benefits, payments or grants under any benefit plan, severance plan or bonus or
incentive program established by Toreador or any of Toreador’s affiliates. Employee
agrees that the release in Paragraph 3 covers any claims he might have regarding his
compensation, bonuses, stock options or grants and any other benefits Employee may or
may not have received during the course of his relationship with Toreador.

     3. Mutual Release and Waiver.

	 	(a)	 	By Employee. In consideration of the payments and other consideration
provided for in this Agreement, that being good and valuable consideration, the
receipt, adequacy and sufficiency of which are acknowledged by Employee, Employee, on
his own behalf and on behalf of his agents, administrators, representatives, executors,
successors, heirs, devisees and assigns (collectively, the “Employee Releasing
Parties”) hereby fully releases, remises, acquits and forever discharges the Company
and all of its affiliates, and each of their respective past, present and future
officers, directors, shareholders, equity holders, members, partners, agents,
employees, consultants, independent contractors, attorneys, advisers, successors and
assigns (collectively, the “Company Released Parties”), jointly and severally, from any
and all claims, rights, demands, debts, obligations, losses, causes of action, suits,
controversies, setoffs, affirmative defenses, counterclaims, third party actions,
damages, penalties, costs, expenses, attorneys’ fees, liabilities and indemnities of
any kind or nature whatsoever (collectively, the “Claims”), whether known or unknown,
suspected or unsuspected, accrued or unaccrued, whether at law, equity, administrative,
statutory or otherwise, and whether for injunctive relief, back pay, fringe benefits,
reinstatement, reemployment, or

- Page 3 of 11 -

 

	 	 	 	compensatory, punitive or any other kind of damages, which any of the Employee
Releasing Parties ever have had in the past or presently have against the Company
Released Parties, and each of them, arising from or relating to Employee’s
employment with the Company or its affiliates or the termination of that employment
relationship or any circumstances related thereto, or any other matter, cause or
thing whatsoever, including without limitation all claims arising under or relating
to employment, employment contracts (including the Employment Agreement, any
agreement to grant equity awards, or any change in control agreement), employee
benefits or purported employment discrimination, retaliation, wrongdoing or
violations of civil rights of whatever kind or nature, including without limitation
all claims arising under the Age Discrimination in Employment Act (“ADEA”), the
Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993,
the Equal Pay Act of 1963, the Rehabilitation Act of 1973, Title VII of the United
States Civil Rights Act of 1964, 42 U.S.C. § 1981, the Civil Rights Act of 1991, the
Civil Rights Acts of 1866 and/or 1871, the Sarbanes-Oxley Act of 2002, the Texas
Commission on Human Rights Act, the Texas Payday Law, the Texas Labor Code or any
other applicable federal, state or local employment discrimination statute, law or
ordinance, including, without limitation, any workers’ compensation or disability
claims under any such laws, claims for wrongful discharge, breach of express or
implied contract or implied covenant of good faith and fair dealing, and any other
claims arising under state or federal law, as well as any expenses, costs or
attorneys’ fees. Except as required by law, Employee agrees that he will not
commence, maintain, initiate, or prosecute, or cause, encourage, assist, volunteer,
advise or cooperate with any other person to commence, maintain, initiate or
prosecute, any action, lawsuit, proceeding, charge, petition, complaint or claim
before any court, agency or tribunal against Toreador arising from, concerned with,
or otherwise relating to, in whole or in part, Employee’s employment or separation
from employment with Toreador or any of the matters discharged and released in this
Agreement. By executing this Agreement, Employee hereby waives the right to recover
in any proceeding he may bring before the Equal Employment Opportunity Commission
(the “EEOC”) or any state human rights commission or in any proceeding brought by
the EEOC or any state human rights commission (or any other agency) on Employee’s
behalf. This release shall not apply to any of the Company’s obligations under this
Agreement, or any vested 401(k), retirement plan, or any tax qualified pension plan
of the Company or its affiliates, COBRA continuation coverage benefits or any
employee benefit plan subject to the Employee Retirement Income Security Act of
1974, as amended. Employee acknowledges that certain of the payments and benefits
provided for in Paragraph 2 of this Agreement constitute good and valuable
consideration for the release contained in this Paragraph 3(a).
	 	 
	 	(b)	 	By the Company. In consideration of the mutual promises contained in
this Agreement, the Company, on behalf of itself and all of its subsidiaries, assigns
and affiliates, and their present employees, officers, directors, successors and
assigns, irrevocably and unconditionally releases, waives, and forever discharges,
Employee and his heirs, executors, successors and assigns (the “Employee

- Page 4 of 11 -

 

	 	 	 	Released Parties”), from any and all claims, demands, actions, causes of action,
rights, debts, obligations, losses, suits, controversies, setoffs, affirmative
defenses, counterclaims, third party actions, damages, penalties, attorneys fees,
costs, fees, and all liabilities and indemnities whatsoever, whether known or
unknown, suspected or unsuspected, accrued or unaccrued, fixed or contingent, which
the Company has, had, or may have against the Employee Released Parties relating to
or arising out of his employment or separation from employment of the Company up to
and including the date of this Agreement’s execution, except that this release does
not include any act or omission taken by Employee while employed by the Company
which was (i) criminal, or (ii) fraudulent. This Agreement includes, without
limitation, claims at law or equity or sounding in contract (express or implied) or
tort, claims arising under any federal, state or local laws; or any other statutory
or common law claims related to Employee’s employment or termination of employment
of the Company up to and including the date of this Agreement’s execution.

     4. No Admission Of Liability. This Agreement shall not in any way be construed as an
admission by Toreador of any acts of wrongdoing or violation of any statute, law, or legal right.
Rather, Toreador specifically denies and disclaims that it has any liability to Employee, but is
willing to pay the sum described above at this time to definitively resolve once and forever this
matter and to avoid the costs, expense, and delay of litigation.

     5. Mutual Non-Disclosure And Confidentiality. Employee and Toreador’s officers and members of
the Board of Directors agree to keep the facts of this Agreement and its terms completely
confidential. Notwithstanding the foregoing, the Employee and Toreador agree that (a) Toreador may
disclose such information as it deems necessary to those with a need to know and its professional
representatives, including but not limited to, accountants, bankers, attorneys and auditors or as
they may reasonably need to disclose by law, rule, regulation, or the regulations of any applicable
stock exchange or court order; and (b) Employee may disclose such information to his attorneys,
financial advisors and spouse, or pursuant to a court order or a duly issued subpoena by a court of
law or governmental entity that has jurisdiction or power to compel such disclosures, or in
connection with a lawful investigation or inquiry by a government entity. Employee shall furnish
Toreador with a copy of the court order or subpoena requiring that such information be disclosed
(with any inapplicable portions redacted) at least ten (10) days (or such lesser period as is
practicable given the terms of any such order or subpoena) in advance of any such disclosure.
Employee covenants and agrees to deliver the minimum amount of information Employee believes
reasonable necessary to fully comply with any such court order or subpoena, or as otherwise
required by law. Without limiting Toreador’s right to pursue any other legal or equitable remedies
available to it, Employee recognizes and agrees that any breach by Employee of this Paragraph 5
will result in immediate and irreparable harm to Toreador for which damages cannot readily be
calculated and for which damages are an inadequate remedy. Accordingly, Employee agrees that
Toreador shall be entitled to injunctive relief to prevent any such actual or threatened breach by
Employee. If it is necessary for Toreador to employ the services of an attorney to enforce these
commitments and prevails on such claim(s), Employee shall be required to reimburse Toreador for
such expense, including its reasonable attorneys’ fees incurred in any action for injunctive relief
or damages hereunder.

- Page 5 of 11 -

 

     6. Mutual Non-Disparagement. Employee and Toreador agree that neither Employee or his family
members nor Toreador’s Board of Directors, president, chief accounting officer, chief financial
officer, controller, any other officer or employee of the Company shall publicly disclose, directly
or indirectly, publish, or otherwise communicate to any third party in any malicious, disparaging,
defamatory, or derogatory manner any information concerning the other Party to this Agreement. In
response to any inquiry, including those from prospective employers of Employee, or in press
releases, Toreador shall disclose only the Employee’s dates of employment and positions held and
shall disclose no other information.

     7. Cooperation. As a further material inducement to Toreador to make the Separation Payment
described herein and for Employee to accept same, Employee hereby agrees to provide his full
cooperation, at the request of Toreador, with any of the Company Released Parties in any and all
such investigations or other legal, equitable or business matters or proceedings which involve any
matters for which Employee worked on or had responsibility during his employment with Toreador.
Employee also agrees to be reasonably available to Toreador or its representatives to provide
general advice or assistance as requested by Toreador. This includes but is not limited to
testifying (and preparing to testify) as a witness in any proceeding or otherwise providing
information or reasonable assistance to Toreador in connection with any investigation, claim or
suit, and cooperating with Toreador regarding any investigation, litigation, claims or other
disputed items involving Toreador that relate to matters within the knowledge or responsibility of
Employee. Specifically, Employee agrees (i) to meet with Toreador’s representatives, its counsel
or other designees at reasonable times and places with respect to any items within the scope of
this provision; (ii) to provide truthful testimony regarding same to any court, agency or other
adjudicatory body; (iii) to provide Toreador with immediate notice of contact or subpoena by any
non-governmental adverse party, and (iv) to not voluntarily assist any such non-governmental
adverse party or such non-governmental adverse party’s representatives. Employee acknowledges and
understands that his obligations of cooperation under this Paragraph 7 are not limited in time and
may include, but shall not be limited to, the need for or availability for testimony. Other than
the consideration identified in Paragraph 2, Employee shall receive compensation of $500.00 per day
for time spent assisting Toreador pursuant to this Paragraph 7.

     8. No Employment with Toreador. Employee waives all rights to employment, reemployment or
reinstatement (collectively “employment”) with Toreador. Employee agrees that he will not work for
Toreador or apply for employment with Toreador in any capacity. Employee recognizes that working
for Toreador, or any attempt to apply for employment with Toreador, would be a breach of this
Agreement and that Toreador may disregard any application by Employee.

     9. Return of Property.

	 	(a)	 	Employee’s Obligations. Within 7 days of the Separation Date, Employee
shall, to the extent not previously returned or delivered: (a) return all equipment,
records, files, programs or other materials and property in his possession which
belongs to Toreador or any one or more of its affiliates, including, without
limitation, all, computer access codes, Blackberries, credit cards, keys and access
cards; and (b) deliver all original and copies of notes, materials, records, plans,

- Page 6 of 11 -

 

	 	 	 	technical data or other documents, files or programs (whether stored in paper form,
computer form, digital form, electronically or otherwise) that relate or refer to
(1) Toreador or any one or more of its affiliates, or (2) Toreador or any one or
more of Toreador’s affiliates’ financial statements, business contacts, and sales.
By signing this Agreement, Employee represents and warrants that he has not retained
and has or will timely return and deliver all the items described or referenced in
subsections (a) or (b) above; and, that should he later discover additional items
described or referenced in subsections (a) or (b) above, he will promptly notify
Toreador and return/deliver such items to Toreador.
	 	 
	 	(b)	 	Toreador’s obligations. Toreador shall promptly return to Employee all
personal property, as well as files, literature and technical information that is owned
by the Employee, If such information has been used by Company it may make and retain a
copy of such information. Within five (5) days of the date hereof Employee and Company
shall make an appointment to retrieve such information.

     10. Breach of Agreement. In the event either party fails to materially fulfill any of his or
its obligations in this Agreement, or either party or anyone acting on their behalf brings suit
against the other party seeking to enforce or declare any term of this Agreement void or
unenforceable and if one or more material terms of this Agreement are ruled by a court or
arbitrator to be enforceable, void or unenforceable or subject to reduction or modification, then
the prevailing party shall be entitled to (a) enforce the terms of the ruling, (b) recover damages
to which they may be found entitled, (c) recover attorneys’ fees, expenses and costs it incurs in
such action, and/or (d) recover any and all other damages to which the prevailing party may be
entitled at law or in equity as a result of a breach of this Agreement. In the event that Employee
breaches this Agreement, Toreador shall be entitled to terminate any unpaid Separation Payments.

     11. No Assignment Of Claims/No Bankruptcy. Employee represents that he has not transferred or
assigned, to any person or entity, any claim involving Toreador, or any portion thereof or interest
therein. Toreador represents that is has not filed, has not planned or discussed, filed or has not
made preparation to file for bankruptcy protection that would in any way impair or affect its
obligations in this Agreement.

     12. Binding Effect Of Agreement. This Agreement shall be binding upon Toreador and its
successors, representatives and assigns and upon Employee and his heirs, spouse, representatives,
successors and assigns.

     13. Controlling Law. This Agreement shall in all respects be interpreted, enforced, and
governed under the laws of the State of Texas. Toreador and Employee agree that the language on
this Agreement shall, in all cases, be construed as a whole, according to its fair meaning, and not
strictly for, or against, any of the parties.

     14. Severability. Should any provision of this Agreement be declared or determined to be
illegal or invalid by any government agency or court of competent jurisdiction, the validity of the
remaining parts, terms or provisions of this Agreement shall not be affected and such provisions
shall remain in full force and effect.

- Page 7 of 11 -

 

     15. Entire Agreement. This Agreement sets forth the entire agreement between the parties, and
fully supersedes any and all prior agreements, understandings, or representations between the
parties pertaining to Employee’s employment with Toreador, the subject matter of this Agreement or
any other term or condition of the relationship between Toreador and Employee including the
Employment Agreement. Employee represents and acknowledges that in executing this Agreement, he
does not rely, and has not relied, upon any representation(s) by Toreador or its agents except as
expressly contained in this Agreement.

     16. Knowing and Voluntary Waiver. Employee, by his free and voluntary act of signing below,
(i) acknowledges that he has been given a period of twenty-one (21) days to consider whether to
agree to the terms contained herein, (ii) acknowledges that he has been advised to consult with an
attorney prior to executing this Agreement, (iii) acknowledges that he understands that this
Agreement specifically releases and waives all rights and claims he may have under the ADEA prior
to the date on which he signs this Agreement, and (iv) agrees to all of the terms of this Agreement
and intends to be legally bound thereby. Furthermore, Employee acknowledges that the payments and
benefits provided for in Paragraph 2 of this Agreement will be delayed until this Agreement becomes
effective, enforceable and irrevocable. The parties hereto acknowledge and agree that each party
has reviewed and negotiated the terms and provisions of this Agreement and has contributed to its
preparation (with advice of counsel). Accordingly, the rule of construction to the effect that
ambiguities are resolved against the drafting party shall not be employed in the interpretation of
this Agreement. Rather, the terms of this Agreement shall be construed fairly as to both parties
hereto and not in favor of or against either party, regardless of which party generally was
responsible for the preparation of this Agreement.

     17. Effective Date. This Agreement will become effective, enforceable and irrevocable on the
eighth day after the date on which it is executed by Employee (the “Effective Date”). During the
seven-day period prior to the Effective Date, Employee may revoke his agreement to accept the terms
hereof by indicating in writing to the Company his intention to revoke. If Employee exercises his
right to revoke hereunder, he shall forfeit his right to receive any of the payments, restricted
stock or benefits provided for herein, and to the extent such payments or benefits have already
been made, Employee agrees that he will immediately reimburse the Company for the amounts of such
payments and benefits.

[Remainder of Page Intentionally Left Blank]

- Page 8 of 11 -

 

I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THE FOREGOING AGREEMENT, THAT I UNDERSTAND ALL OF ITS
TERMS AND THAT I AM RELEASING CLAIMS AND THAT I AM ENTERING INTO IT VOLUNTARILY.

AGREED TO BY:

	 	 	 
	/s/ Michael J. FitzGerald

	 	June 27, 2008
	Michael J. FitzGerald

	 	Date
	 
	 	 
	STATE OF TEXAS
	 	 
	 
	 	 
	COUNTY OF Dallas
	 	 

     Before me, a Notary Public, on this day personally appeared Michael J. FitzGerald, known to me
to be the person whose name is subscribed to the foregoing instrument, and acknowledges to me that
he has executed this Agreement on behalf of himself and his heirs, for the purposes and
consideration therein expressed.

     Given under my hand and seal of office this 27th day of June, 2008.

			
	 	 	 
	 	 	 
	 
	 	/s/
Emily Swift Crews

Notary Public in and for the State of Texas

(PERSONALIZED SEAL)

- Page 9 of 11 -

 

TOREADOR RESOURCES CORPORATION

	 	 	 	 	 
	 

	 	 	 	 
	By:
	 	/s/ Nigel Lovett	 	 
	 

	 	 	 	 
	Title:
	 	President and Chief Executive
Officer	 	 
	 

	 	 	 	 
	Date:
	 	6/30/08	 	 
	 

	 	 	 	 

STATE OF TEXAS

COUNTY OF
Dallas

     Before
me, a Notary Public, on this day personally appeared Nigel Lovett, known to me to
be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to
me that the same was the act of Toreador Resources Corporation, and that s/he has executed the same
on behalf of said corporation for the purposes and consideration therein expressed, and in the
capacity therein stated.

     Given
under my hand and seal of office this
30th
day of June, 2008.

			
	 	 	 
	 	 	 
	 
	 	/s/
Shirley Z. Anderson

Notary Public in and for the State of Texas

(PERSONALIZED SEAL)

- Page 10 of 11 -

 

EXHIBIT A

June      , 2008

Nigel Lovett

Toreador Resources Corporation

13760 Noel Road, Suite 1100

Dallas, Texas 75240

Dear Nigel:

I hereby resign my employment and all of my officer positions with Toreador Resources Corporation
and all of its affiliates effective immediately.

Sincerely,

Michael J. Fitzgerald

- Page 11 of 11 -

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