W&T Offshore adopts change-in-control severance plan, new CEO agreement

W&T OFFSHORE INC

Adopted severance plan: eligible execs (Williford, Curth) get 2x base + target bonus on qualifying termination within 1 yr of change in control.
New employment agreement with CEO Krohn: base $800k, target bonus 100%, one-year renewable term, severance 3x base + bonus for without-cause/good-reason.
Covenants: perpetual confidentiality, 15-month non-compete, non-solicitation, perpetual mutual non-disparagement.
Board approved fourth amended bylaws with enhanced procedural mechanics for stockholder nominations.
CEO severance includes COBRA health coverage for 24 months and equity acceleration at target performance.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

W&T OFFSHORE INC: Board approved and adopted fourth amended and restated bylaws to enhance procedural mechanics and disclosure requirements for stockholder nominations and proposals, effective immediately (effective 2023-04-20).

Change: bylaw amendment
Effective: 2023-04-20

Exact text from the filing

On April 20, 2023, the Board unanimously approved and adopted the fourth amended and restated bylaws (the “Amended and Restated Bylaws”) to, among other things, enhance procedural mechanics and disclosure requirements in connection with stockholder nominations of directors and submissions of proposals regarding other business at stockholder meetings.

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W&T OFFSHORE INC filing history →

Source: SEC EDGAR

accession 0001104659-23-049807

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