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 March 29, 2006, reporting events occurring on March 28, 2006. The filing addresses a material definitive agreement and a change in principal officers.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and related contractual agreements.
Material Changes
- Interim CFO Appointment: Effective March 28, 2006, William W. Talafuse was appointed as interim Chief Financial Officer.
- Reason for Change: The Company's previous Chief Financial Officer is on a leave of absence under the Family and Medical Leave Act as of March 27, 2006.
- Role Scope: Mr. Talafuse will serve in this interim capacity until a successor is elected and qualified, or until his death, resignation, or removal.
Management Commentary, Risks, and Agreements
Mr. Talafuse, age 59, previously served as Senior Vice President and Chief Accounting Officer since September 28, 2005. He holds a B.B.A. in Accounting and an M.B.A. in Finance and is a certified public accountant.
- Employment Agreement: Mr. Talafuse operates under an existing employment agreement dated September 28, 2005, which provides a base salary of $230,000 per year for an initial three-year period.
- Indemnification: The Company entered into an Indemnification and Hold Harmless Agreement with Mr. Talafuse, protecting him against liabilities incurred while serving as an officer to the fullest extent permitted by law.
Investor Verification Checklist
- Verify the expected duration of the current CFO's leave of absence.
- Review the timeline for the Board of Directors to elect a permanent successor to the CFO role.
- Confirm the terms of the employment agreement (Exhibit 10.1) and indemnification agreement (Exhibit 10.2) filed with this report.