W&T Offshore Amends CEO Employment Agreement, Sets $1M Salary Floor

What Happened

• W&T Offshore, Inc. (WTI) filed an 8-K reporting a First Amendment, dated August 5, 2026, to the Amended and Restated Employment Agreement with Tracy W. Krohn, the Company’s CEO, President and Chairman.
• The Amendment sets Mr. Krohn’s annual base salary at no less than $1,000,000, effective under the existing Employment Agreement (originally effective April 20, 2023). The Board (or a committee) will review the salary annually; it may be increased but may not be decreased. Other material terms of the Employment Agreement were not changed.

Key Details

• Party: Tracy W. Krohn — CEO, President and Chairman of the Board.
• Amendment date: August 5, 2026; 8-K filed on August 7, 2026.
• Salary: Annual base salary floor of $1,000,000; subject to annual review and only upward adjustments permitted.
• Other terms: No other material modifications to the Employment Agreement were disclosed.

Why It Matters

• This amendment provides a guaranteed minimum base salary for the company’s top executive, which is a concrete change to executive compensation and governance.
• For investors, the change affects ongoing compensation expense and signals the Board’s intent to secure and retain the CEO; it does not disclose changes to bonuses, equity awards, or other pay components.
• Because other material terms remain unchanged, this filing is narrowly focused on base salary mechanics rather than broader changes to leadership or corporate strategy.