EX-10.1
from 8-K
2 pages
Patina Oil & Gas Corporation Long-Term Incentive Program for Chief Executive Officer Program Terms • One Time Award Opportunity, Operating for the Three Year Period January 1, 2004 Through December 31, 2006 • Total Opportunity for the Three Year Period Is $0 to $1,500,000 • Annual Opportunity Is $0 to $500,000 • Each Annual Assessment Will Consider Both Current (Twelve Months) and Long-Term (Intended as Up to 3 Years) Performance • Annual vs. End of Cycle Calculations—any Award Opportunity Not Earned in Each of the First Two Years (2004 and 2005) Will Be Carried Over to the End of the Three Year Cycle (2006), to — Reinforce the Long-Term Nature of Program — Allow for a Recovery if Lower Performance Achieved in One or Both of the First Two Years • Awards Are Earned Each Year and Are Subject to Continued Employment for the Three Year Period • Awards Will Be Paid at the End of the Three Year Period in Either Cash or via a Cash Contribution to the Deferred Compensation Plan (Without Additional Vesting Restrictions and Subject to Any Applicable Restrictions on Contributions to the Deferred Compensation Plan) • Vesting (And Payout) on Full Amount ($1,500,000) Shall Occur Prior to the End of the Three Year Period as a Result Of: — Termination of CEO by the Company if Other Than for “Cause” or Resignation for “Good Reason” by CEO (As Defined in the Employment Agreement Between CEO and Company) — Termination of CEO in Connection With a “Change in Control” (As Defined in the Employment Agreement) — Death or “Permanent Disability” of CEO
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