|W&T OFFSHORE INC filed this Form 10-Q on 05/04/2017|
Company, (A) you are unable to continue performing the duties assigned to you prior to such impairment or (B) your condition entitles you to disability benefits under any insurance or employee benefit plan of the Company or its Subsidiaries, and (ii) the impairment or condition is cited by the Company as the reason for your termination; provided, however, that in all cases, the term Disability shall be applied and interpreted in compliance with section 409A of the Code and the regulations thereunder.
(c)“Individual Agreement” means any employment or severance agreement, if any, between you and the Company or any Subsidiary.
(d)“Performance Goals” means the performance criteria established by the Committee pursuant to Section 8 of the Plan and set forth in Appendix A attached hereto.
(e)“Performance Period” means the Company’s complete fiscal year ending December 31, 2017.
(f)“Total Performance Score” means the aggregate number of points you are assigned as a result of the Committee’s review, analysis and certification of the achievement of the applicable Performance Goals set forth in Appendix A attached hereto for the Performance Period.
3.Effect of Award Agreement. This Award subject to all of the terms and conditions of the Agreement and the Plan; all decisions or interpretations of the Agreement and the Plan by the Committee are binding, conclusive and final.
4.Target Award. You are hereby awarded a target Award of ___% of your Base Salary (referred to herein as your “Target Award”) subject to the terms and conditions set forth in the Plan and this Agreement. Subject to Sections 5 and 8 below, your Total Performance Score will determine whether you may receive an Award less than, equal to, or greater than your Target Award.
5.Maximum Performance Levels. The maximum Total Performance Score you may be assigned shall not exceed 200, nor may the payout of your Award exceed 200% of your Target Award amount.
6.Award Calculation. Your Award will be calculated as follows:
(a)Based on your Total Performance Score, the payout amount of your Award will be determined using the chart below: