Toreador Resources (TRGL) 8-K Departure of Directors or Principal Officers

EXHIBIT 10.1 SUMMARY SHEET: 2007 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: Attain 150% of 2006 oil and gas reserves, based on fully diluted shares on a BOE basis.

• Oil and Gas Production: Toreador’s annual production for 2007 shall increase by more than 150% of the 2006 production on a BOE basis.

• General and Administrative Expense: Toreador shall hold general and administrative expenses to a maximum of $10 million in 2007, excluding payments to the former President and CEO.

• Operating Income: Toreador’s operating income shall be greater than $30 million, excluding payments to the former President and CEO.

3. Preliminary Funding: $1,500,000 which amount is subject to adjustment.