W&T Offshore Inc. Form 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by W&T Offshore, Inc. on September 24, 2008, reporting events occurring on September 24 and September 25, 2008. The filing addresses significant changes in executive leadership and related compensatory arrangements.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed is the base salary for the newly appointed President, set at $510,000 per year.
Material Changes
- Executive Appointment: Jamie L. Vazquez was appointed President of the Company, effective September 25, 2008.
- Executive Resignation: Tracy W. Krohn, Chairman and Chief Executive Officer, resigned from the position of President effective September 24, 2008. Mr. Krohn continues to serve as Chairman and CEO.
- Compensation Update: Ms. Vazquez entered into an amendment to her employment agreement reflecting her new role and base salary.
- Legal Agreements: The Company executed an Indemnification and Hold Harmless Agreement with Ms. Vazquez, effective September 24, 2008.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. No specific risks or contingencies were disclosed in this report, other than the standard indemnification provisions for the new officer.
Key Facts for Investor Verification
- Confirm the effective dates of the leadership transition (President role change on Sept 24/25, 2008).
- Review the attached employment agreement amendments (Exhibits 10.1, 10.2, 10.3) for full compensation details beyond the base salary.
- Verify the terms of the Indemnification and Hold Harmless Agreement (Exhibit 10.4).
- Note that the Chairman and CEO (Tracy W. Krohn) retained his titles despite stepping down as President.