secwatch.observer — SEC 8-K summary
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Issuer:     W&T OFFSHORE INC (WTI)
CIK:        0001288403
Form:       8-K
Filed at:   2023-04-26T23:59:59+00:00
Accession:  0001104659-23-049807
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1288403/000110465923049807/0001104659-23-049807-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1288403/000110465923049807/tm2313484d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-049807

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer