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Get filing alertsW&T Offshore sets CEO base salary floor at $1M with no-decrease provision
Filed August 7, 2026 · Period ending August 5, 2026 · ~1 min read
Key Changes
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CEO Tracy W. Krohn's employment agreement amended to guarantee minimum annual base salary of $1,000,000, subject to annual review with potential increases but no decreases below the floor.
Item 5.02 verify on EDGAR →
Summary
W&T Offshore amended CEO Tracy W. Krohn's employment agreement to establish a $1 million annual base salary floor. The agreement permits the Board to increase the salary during annual reviews but prohibits any reduction below the guaranteed minimum.
This creates a fixed compensation baseline for the CEO regardless of company performance or market conditions. For shareholders, the amendment locks in a minimum cash compensation commitment while removing downside flexibility. The no-decrease provision means the company cannot adjust base salary downward in response to operational challenges or industry downturns, though performance-based compensation elements may still provide variable pay alignment.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Pursuant to the Amendment, Mr. Krohn’s annual base salary will be no less than $1,000,000, which will be reviewed annually by the Board (or a committee thereof) and may be increased from time to time, but may not be decreased.
The company amended CEO Tracy W. Krohn's employment agreement to establish a minimum annual base salary of $1,000,000. The salary will be reviewed annually and may be increased but cannot be decreased below this floor. This sets a guaranteed compensation baseline for the CEO.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 10, 2026 · How we verify