W&T Offshore Locks In CEO Tracy Krohn's $1 Million Base Salary
Updated
Updated · Minichart · Aug 8
W&T Offshore Locks In CEO Tracy Krohn's $1 Million Base Salary
1 articles · Updated · Minichart · Aug 8
Summary
An Aug. 5 SEC filing shows W&T Offshore amended Tracy W. Krohn’s employment agreement to guarantee a minimum annual base salary of $1 million.
The revised terms require the board or a committee to review Krohn’s pay annually, but allow only increases, not cuts, during the agreement’s term.
The salary will be paid under normal company payroll practices at least monthly, and the 8-K classifies the change as a material executive compensation arrangement.
For investors, the amendment adds a fixed executive cost and signals the board’s continued commitment to Krohn’s leadership at the Houston-based oil and gas producer.