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 June 22, 2023. The filing discloses a significant executive appointment within the company's leadership team.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. This report focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
The primary material change reported is the appointment of Sameer Parasnis as Executive Vice President and Chief Financial Officer, effective July 3, 2023. Mr. Parasnis will serve as the Company's Principal Financial Officer.
Management Commentary and Compensation Details
The Compensation Committee approved the following compensation package for Mr. Parasnis:
- Base Salary: $450,000 annually.
- Target Annual Cash Incentive: 85% of the Base Salary.
- Target Long-Term Incentive: 300% of the Base Salary.
Mr. Parasnis has 25 years of financial and operational experience, including 20 years in banking, with a focus on the Oil & Gas and Energy Transition sectors. He has also entered into a customary Indemnification Agreement and will participate in the Company's Change in Control Severance Plan.
Investor Verification Checklist
- Verify the effective date of the CFO appointment (July 3, 2023).
- Review the full text of the Indemnification Agreement filed as Exhibit 10.10 to the 2023 Form 10-K.
- Examine the Change in Control Severance Plan details referenced in the April 20, 2023 Form 8-K.
- Confirm the absence of familial relationships or reportable transactions under Item 404(a) of Regulation S-K.