W&T Offshore Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by W&T Offshore, Inc. on February 26, 2007. The report discloses the entry into a material definitive agreement and the appointment of a new principal officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The only financial figure disclosed is the base salary for the newly appointed executive.
- Executive Compensation: $350,000 per year (Base salary for the new CFO).
Material Changes
Effective February 26, 2007, the Company appointed John D. Gibbons as Senior Vice President and Chief Financial Officer. Mr. Gibbons replaces the previous CFO and will serve until a successor is elected or until his death, resignation, or removal. He previously served as Senior Vice President and CFO of Westlake Chemical Corporation and held executive roles at Valero Energy Corporation.
Agreements and Management Commentary
The Company entered into two key agreements with Mr. Gibbons effective February 26, 2007:
- Employment Agreement: An initial term of three years with a base salary of $350,000 per year.
- Indemnification and Hold Harmless Agreement: Provides indemnification against liabilities incurred in connection with actions arising from his service as an officer, to the fullest extent permitted by law.
A press release announcing this appointment was issued on the same date.
Investor Verification Checklist
- Verify the full terms of the Employment Agreement (Exhibit 10.1) for bonus structures, severance, or equity incentives not detailed in the summary.
- Review the Indemnification Agreement (Exhibit 10.2) to confirm specific liability caps or exclusions.
- Confirm the departure date and reason for the previous Chief Financial Officer.
- Assess the impact of this leadership change on the Company's upcoming financial reporting and strategic direction.