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 January 23, 2006, covering events occurring on January 20, 2006. The filing primarily addresses corporate governance changes, specifically the expansion of the Board of Directors and the appointment of a new independent director.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity figures. This report focuses exclusively on director appointments and compensation structures rather than operational financial performance.
Material Changes
- Board Expansion: The Board of Directors was expanded to appoint S. James Nelson, Jr. as a new independent director effective January 20, 2006.
- Committee Leadership: Mr. Nelson was appointed Chairman of the Audit Committee. Consequently, Virginia Boulet resigned from the Audit Committee but will continue serving as a director and Chairman of the Nominating and Corporate Governance Committee.
- Compensation Structure: The Board approved specific compensation terms for non-officer directors, including Mr. Nelson:
- Annual retainer of $30,000, payable quarterly.
- Annual restricted stock grant with a fair market value of $40,000 (vesting 1/3 annually over three years).
- Meeting fee of $1,250 per board or committee meeting attended.
- Additional annual retainer of $15,000 specifically for the Chairman of the Audit Committee.
Guidance, Outlook, and Risks
The filing contains no management guidance, financial outlook, risk factors, contingencies, or discussion of unusual items. The document is strictly informational regarding the change in board composition and the associated compensation plan.
Key Facts for Investor Verification
- Verify the effective date of S. James Nelson, Jr.'s appointment as an independent director and Audit Committee Chairman.
- Confirm the total annual cash compensation for the new Audit Committee Chairman ($45,000 base + meeting fees).
- Review the terms of the 2004 Director Compensation Plan regarding the vesting schedule of the $40,000 restricted stock grant.
- Confirm Virginia Boulet's continued role as Chairman of the Nominating and Corporate Governance Committee.