SEC Filings


10-Q
W&T OFFSHORE INC filed this Form 10-Q on 05/04/2017
Entire Document
 

Exhibit 10.1

Appendix A - For Annual Plan

Performance Goals

The Performance Goals for your 2017 Annual Incentive Award shall be comprised of two equal portions: the “Business Criteria” and the “Company and Individual Performance Criteria.”  The Business Criteria will comprise 65% of your potential Award, and the Company and Individual Performance Criteria will comprise the remaining 35% of your potential Award.  

Your Total Performance Score will be calculated using the criteria and the scales below. The Committee shall review, analyze and certify the achievement of each of the criterion below, either for the Company or yourself, as applicable, and shall determine your Total Performance Score according to the aggregate number of points you receive from each of the scales below.  

Part 1. Business Criteria

Target Criteria

Percentage of Weight Relative to your Total Potential Award

Points

Production Growth: equivalent production of 16.2 MMBoe for YE 2017, but taking into account the effect of property sales, if applicable, as approved by the Compensation Committee.

25%

0-50

Reserve Growth:   total proven reserves of 78 MMBoe at YE2017; but taking into effect the effect of property sales year over year, if applicable, as approved by the Compensation Committee.

15%

0-30

LOE & G&A:  2017 LOE and G&A per Boe of production equal to $15.00/Boe (excluding hurricane expenses, insurance credits for such expenses and/or other extraordinary event, as approved by the Compensation Committee)

25%

0-50

     Total

65%

130

The number of points you receive on each individual scale shall be determined as follows, using a straight-line interpolation:

 

(a)

Production Growth – Year end Production for 2076; but taking into account the effect of property sales, if applicable as approved by the Compensation Committee. (Measurement rounded to nearest 1/10th decimal)

Performance Level

Points

Maximum:

greater than 20 MMBoe

50

Target: 16.2 MMBoe

25

Threshold: 15.4 MMBoe

12.5

Below Threshold

0

A-1

Executive (2017):