Document:

Form of Offer Letter, dated May 8, 2007

 Exhibit 10.20 

David L. Calhoun 

Chairman & Chief Executive Officer 

May 8, 2007 
 VIA FEDEX 

Mr. Roberto Llamas 
 [ADDRESS] 

Dear Bob: 
 On behalf of The Nielsen Company
(the “Company”), I am pleased to confirm our offer of employment to you on the terms and conditions set out in the attached term sheet dated May 8, 2007. Your expected start date will be June 4, 2007, or as soon thereafter as
possible for you. 
 If the terms are acceptable to you, please sign the enclosed copy of this letter and return it to me. 

Bob, I look forward to your joining the executive team at Nielsen. I am confident that the business is a great one and will be even better with you here.

 Sincerely, 
 David L. Calhoun

 Chairman & CEO 
 Date
Accepted and agreed to: May     , 2007 
  

	
	  

	Roberta Llamas

 5/8/2007 

Terms of Employment for Roberto Llamas (“Executive”) 

 

			
	 1. Term
	  	At will
		
	 2. Title/Duties and Location
	  	Chief Human Resources Officer of The Nielsen Company B.V., reporting to the CEO. To be located at 770 Broadway, New York, NY for the 12 - 24 months, based on HR objectives to be
addressed in NYC, then the Wilton executive offices, 45 Danbury Road, Wilton, CT.
		
	 3. Compensation

 
 a. Base

 
 b. AIP Target
	  	  
  

$600,000
  

$600,000
  

AIP for 2007 will be guaranteed at 80% target ($480,000) and will be payable 50% upon commencement of employment and 50% when AIP would normally be
payable for 2007

		
	 4. Benefits
	  	 •     Insurance benefits – Medical, dental, group life
insurance, long-term disability, short-term disability/sick leave and legal services.
  

•     Retirement savings – 401(k) plan which provides a company match of up to
50% of the first 6% of personal pre-tax contributions to the plan. Additionally, the company will make a discretionary contribution to the 401(k) plan equal to 1% of eligible compensation.

		
	 5. Perquisites
	  	 Annual car allowance of $15,600, payable bi-weekly

Annual financial planning and tax assistance of up to $15,000

Annual executive physical examination of up to $2,500
  

All of the executive benefits will be grossed up on an annual basis.

		
	 6. Vacation
	  	Four weeks per annum
		
	 7. Severance
	  	Two years on same terms as Tier 1 participants in Company’s equity participation plan upon Company termination other than for Cause and Executive termination for Good Reason
(see attached Schedule A for definitions).
		
	 8. Relocation Benefits
	  	 For relocation to the greater NYC area, including Fairfield County, Connecticut as provided in Company’s executive relocation plan.
Highlights of the benefits include:
  

•     home purchase program (at the Executive’s election, the Company will
provide a program under which the

			
	Roberto Llamas	  	Page 2

  

			
		  	 Executive’s principal residence in Arizona is purchased for the appraised value either by the Company or a
home relocation service used by the Company upon the terms and conditions generally provided by the Company’s vendor)
  

•     home sale costs

 
 •     house
hunting trips
  

•     new home closing costs

 

•     temporary living expenses

 
 •     movement
of household goods
  

•     relocation allowance (one month of base salary)

 
 •     tax
assistance
  
 The Company will agree that relocation benefits may be
applicable to the sale of principal residence in Arizona and may be elected by Executive for 15 months following commencement of employment (subject to repayment by Executive to the Company if Executive voluntarily terminates employment other than
for Good Reason sooner than 12 months following payment of benefit by the Company). At the election of the Executive, from the date of commencement of employment, the Company will provide home management services for the principal residence
including covering utility costs and maintenance service and costs during the employment period or until the residence is sold by Executive, whichever is sooner. The cost of any home management services provided to Executive will be deducted from
the purchase price of the principal residence payable under the home purchase program.

		
	 9.  Participation in Equity Plan
	  	 •     Authorized to purchase Valcon shares having value of
$1,000,000 based on fair market value of shares on date of purchase (expected to be $10 per share and 100,000 shares)(minimum investment of $750,000)
  

•     Upon purchase of shares as above, options with aggregate exercise price of
$4,000,000 to be granted as follows:
  

•     $3,000,000 in options with an exercise price of 1X the purchase price per
share paid by Executive (expected to be $10 per share and 300,000 shares)
  

•     $ 1,000,000 in options with an exercise price of 2X the purchase price per
share paid by Executive (expected to be $20 per share and 50,000 shares)
  

NOTE: Vesting will occur in the same manner and at the same times as all options granted to Tier 1 participants, with first-year
vesting to occur as of December 31, 2007 for time-based options. See attached Schedule A for more information.

 Schedule A 

Material Terms of Equity Participation 
  

			
	 Purchase of

Common Stock
	  	CEO will propose to Compensation Committee the executives who will be offered the opportunity to invest in the Dutch Holdco (the “Company”) in amounts determined by the
CEO. The per share purchase price of the common stock will be equal to the fair market value of the underlying stock on the date of purchase (as determined by the compensation committee of the Board and supported by a valuation of the Company by an
independent third party appraiser, but which is expected to be $10.00(USD)(the “Per Share Price”)).
		
	 Purchase of Stock

and

Grant of Stock

Options
	  	 Any employee who elects to invest the amount allocated to him/her, or such lesser amount as may be agreed by the CEO, in shares of
common stock of the Dutch Holdco will be eligible to receive two forms of options to purchase additional shares of common stock (each such form of option, a “tranche”).

 
 Subject to the CEO’s discretion, on an individual basis, for every one share
of stock purchased at $10.00 by an employee, the employee would receive options on a total of 3.5 shares, having an aggregate exercise price equal to $30.00. See Exhibit A for an illustrative example of this arrangement.

		
	Exercise Prices of Stock Options	  	 The first tranche of options will have an exercise price equal to the fair market value of the underlying stock on the date of grant
(the “Cost Options”), and the second tranche of options will have an exercise price equal to two times the fair market value of the underlying stock on the date of grant (the “2x Cost Options”). Subject to the CEO’s
discretion on an individual basis, the ratio of the number of shares subject to the Cost Options relative to the number of shares subject to the 2x Cost Options is intended to be 6:1, with the ratio of the implied aggregate exercise price of the
Cost Options to the 2x Cost Options intended to be 3:1. See Exhibit B for an illustrative example of this arrangement.
  

The determination of the fair market value of the underlying stock on the date of grant will be made by the compensation committee, and supported by a
valuation of the Company by an independent third party appraiser, although the exercise price set forth in clause (x) is expected to be the Deal Price, and the exercise price set forth in clause (y) is expected to be two times the Deal
Price.

		
	 Allocation of

Options
	  	50% of options will be time options and the other 50% will be performance options.
		
	 General Vesting of

Time Options
	  	5% of time options become vested on the date of grant, and 19% of time options vest on the last day of each of the next five calendar years.
		
	 General Vesting of

Performance

Options
	  	 5% of performance options become vested on the date of grant, and 19% of performance options vest on the last day of each of the next
five calendar years, provided, in each case, that the relevant performance targets are attained.
  

If performance targets not achieved in any of the fiscal years 2006 through 2011 (any such year, a “missed year”) are attained on a cumulative
basis in any subsequent fiscal years (up to and including fiscal year 2011), then the percentage of options that did not vest in a missed year become vested.

			
	 Performance

Targets for Performance

Options
	  	Performance targets are annual EBITDA targets. Performance targets and EBITDA definition are as set forth on the attached Exhibit C.
		
	 Special Vesting for Time and

Performance

Options upon

Termination of

Employment
	  	 As a general rule, all unvested options will terminate upon any termination of employment, except as set forth as follows:

 
 Upon termination of employment without Cause by the Company, for Good Reason by the
employer, or due to the employee’s death or disability:
  
 (i) time
options scheduled to vest on December 31 of the year of termination will become vested as to a pro-rata portion based on the number of days worked in such fiscal year; and

 
 (ii) if the termination occurs in the last six months of any fiscal year, if
performance targets for such year are attained, the percentage of performance options that would have vested had the employee remained employed will become vested as to a pro-rata portion based on the number of days worked in such fiscal
year.

		
	 Effect of Change in

Control on Vesting
	  	Upon a Change in Control, any unvested, then-outstanding time options will fully vest and any unvested, then-outstanding performance options will fully vest if, as a result of the
Change in Control, the principal stockholder’s realize an aggregate return of at least the Applicable Multiple of $10.00. The term “Investor Return” shall mean, on any given date, the aggregate amount of cash proceeds (including the
receipt of any dividends or other distributions) received by the Investors and Affiliates in respect of their aggregate direct and indirect equity investment in the Company (excluding, for the avoidance of doubt, debt investment). See Exhibit
D for the Applicable Multiples.
		
	 Expiration of

Options
	  	 Vested options expire on the earliest of:
  

(i) the
10th anniversary of the grant date;

 
 (ii) the
1st anniversary of a termination due to death or
Disability;
  
 (iii) six months after a the termination without Cause or
for Good Reason;
  
 (iv) if termination is without Good Reason or for
Cause, on the date of termination;
  
 (v) at the discretion of the company,
the effective date of a merger, consolidation or other transaction or capital change of the company that is a Change in Control (in which case options may be exercised pursuant to a cashless exercise program or otherwise cashed out by the Company).

		
	 Management

Stockholder’s

Agreement and Sale

Participation

Agreement
	  	 •       Options and stock will be subject to a
management stockholder’s agreement and a sale participation agreement that includes transfer restrictions, piggyback registration rights, tag-along and drag-along rights, and company call rights (see below).

 

•       Generally, transfer restrictions require no transfer of any
equity (other than shares of common stock to estate planning vehicles) before a Change in Control

  

 2 

			
		  	 or an IPO; however, after an IPO, executives can only sell pro rata (based on the percentage of shares actually
transferred by the Principal Stockholders) if and when, and on the same terms as, the Principal Stockholders sell. If executives cannot sell (e.g., due to underwriter lockup), the transfer restrictions lapse pro rata and executives can sell freely
that amount of stock on and after the earliest date on which executives become able to sell. Also, as options vest thereafter, transfer restrictions will lapse pro rata on the shares of stock subject to such vested options on a “catch up”
basis.
  

•        Executives will also be subject to the Principal
Stockholders’ drag-along right, which provide that if at any time a Principal Stockholder sells any shares of common stock owned by it in any transaction to an unaffiliated party, such selling Principal Stockholder may elect to require the
executives to sell the same percentage of shares of common stock held by the executives upon the terms and conditions of such transaction(s).
  

•        Executives will have the tag-along right to participate in
any sale of shares of common stock by the Principal Stockholders.
  

•        From the date of purchase until the later of the occurrence
of a qualified public offering (as defined in the management stockholder’s agreement) and December 31, 2011, and, following the consummation of an initial public offering, if any of the Principal Stockholders are selling stock, executives
will have limited “piggyback” registration rights with respect to the shares of stock.
  

•        Notwithstanding the foregoing, following an IPO, if
Executive’s active employment with the Company is terminated as a result of the Executive’s death or Permanent Disability, the Executive may transfer, without limitation (but subject to any applicable securities laws), all or any portion
of his or her Purchased Stock on and after the expiration of any lock-up period that may be applicable.
  

•        Executives will grant to Luxco, the direct parent of the
Company, an irrevocable proxy to vote their shares at any meeting of stockholders of the Company, to consent to holding such meetings at short notice and to exercise the voting rights attached to their shares by way of unanimous written consent in
lieu of a meeting.
  

•        All of the foregoing provisions expire upon the earlier to
occur of (x) a Change in Control and (y) the date on which the Principal Stockholders’ ownership percentage (directly or indirectly) in the Company common stock is less than 33 1/3 percent of the amount of such ownership percentage as
of August 22, 2006.
  
 The management stockholder’s agreement will
also contain restrictive covenants to which the executives will be bound as follows: (i) covenant not to disclose confidential information at all times (whether or not employed); (ii) covenant not to compete for two years after any
termination of employment and (iii) for two years after any termination of employment, a covenant not to solicit or hire any executives of the Company or its subsidiaries who has been employed by the Company or any of its subsidiaries at any
time during the twelve months immediately preceding the termination of employment.

  

 3 

			
	 Company Call

Rights
	  	 •       Upon a termination without Cause or
resignation for Good Reason, or due to death or Disability of the executive, the Company may call all stock and vested options at
FMV1 (less the option exercise price, if
applicable).
  

•       Upon a termination for Cause, prohibited transfer or violation of
the non-compete or confidentiality covenant, the Company may call all stock at the lesser of the Per Share Price and FMV (all options expire without payment on such termination of transfer, as applicable).

 

•       Upon a resignation without Good Reason, the Company’s call
price on stock and vested options on or prior to December 31, 2009, is the lesser of (x) the Per Share Price and (y) FMV, and (ii) after December 31, 2009 but prior to December 31, 2011, is FMV (in both cases, less the option exercise
price, if applicable). This call right expires in any event on December 31, 2011.

		
	Definitions	  	 •       “Cause” means
“Cause” as such term may be defined in any employment, change in control or severance agreement in effect at the time of termination between the executive and the Company or any of its subsidiaries or Rule 405 Affiliates (as defined
under Rule 405 of the rules and regulations promulgated under the Securities Act and as interpreted in good faith by the Board, “Rule 405 Affiliates”)’, or, if there is no such employment, change in control or severance
agreement or such term is not defined therein, “Cause” shall mean (1) the executive’s willful misconduct with regard to the Company; (2) the executive is indicted for, convicted of, or plead nolo contendere to, a felony,
a misdemeanor involving moral turpitude, or an intentional crime involving material dishonesty other than, in any case, vicarious liability; (3) the executive’s conduct involving the use of illegal drugs in the workplace; (4) the
executive’s failure to attempt in good faith to follow a lawful directive of his or her supervisor within ten (10) days after written notice of such failure; and/or (5) the executive’s breach of the management stockholder’s agreement
or the executive’s other agreements with the Company, which continues beyond ten (10) days after written demand for substantial performance is delivered to the executive by the Company (to the extent that, in the reasonable judgment of the
Board, such breach can be cured by the executive).
  

•       “Change in Control” means any transaction
(including, without limitation, any merger, consolidation or sale of assets or equity interests, or any acquisition of stock in the open market or otherwise) the result of which is that any Person or “group” (as defined within the meaning
of Rules 13d-3 and 13d-5 of the Securities Exchange Act of 1934, as amended), other than any of the Principal Stockholders or their Rule 405 Affiliates, obtains (1) direct or indirect beneficial ownership of more than fifty percent (50%) of the
voting rights attached to the entire issued share capital of Luxco, or any entity which is wholly-owned, directly or indirectly, by Luxco and which has materially the same direct or indirect ownership of all direct and indirect subsidiaries of Luxco
as does Luxco, or (2) all or substantially all of the assets of the Luxco and its direct and indirect subsidiaries including VNU and its direct and indirect subsidiaries

 

	1
	 “FMV” means the fair market value of the common stock of the Company, (i) as determined in the good faith discretion of the Board and
supported by a valuation of the Company by an independent third party appraiser, if the Company is private, or (ii) based on the closing market price on the date of termination, if after an IPO. 

 

 4 

			
		  	 (collectively, the “VNU Group”) (excluding, for the avoidance of doubt, a transaction or series of
transactions involving the sale of only (A) the assets of the entities comprising the Business Information division of the VNU Group, in combination with (B) the assets of either (x) the entities comprising the Marketing Information
division of the VNU Group or (y) the entities comprising the Media Measurement and Information division of the VNU Group, in each case as such applicable division is constituted from time to time).

 

•       “Good Reason” means “Good
Reason” as such term may be defined in any employment, change in control or severance agreement in effect at the time of termination between the executive and the Company or any of its subsidiaries or Rule 405 Affiliates; or, if there is no
such employment, change in control or severance agreement or such term is not defined therein, “Good Reason” shall mean, without the executive’s consent, (1) a reduction in the executive’s annual base salary and/or
target annual incentive under the Annual Incentive Plan (“target AIP”) (excluding any reduction in executive’s base salary and/or target AIP that is part of a plan to reduce compensation of comparably situated employees of the Company
generally; provided that such reduction in the executive’s base salary and/or target AIP is not greater than ten percent (10%) of such base salary or target AIP); (2) a material diminution in the nature or scope of the
executive’s responsibilities, duties or authority (other than any such diminution which may occur by reason of the current corporate restructuring programs); or (3) the relocation by the Company of the executive’s primary place of
employment with the Company to a location more than 40 miles from the executive’s current principal place of employment (which shall not be deemed to occur due to a requirement that the executive travel in connection with the performance of the
executive’s duties); in any case of the foregoing, that remains uncured after ten (10) business days after the executive has provided the Company written notice that the executive believes in good faith that such event giving rise to such
claim of Good Reason has occurred, so long as such notice is provided within ninety (90) days after such event has first occurred.

  

 5 

 Exhibit A 

Example of Equity Investment and Options Grant 
  

										
	 Equity Investment:
	  	$ Equity	  	Deal 
Price(1)	  	Total Shares
		  	$	1,000,000	  	$	10.00	  	 	100,000
				
	 Option Grant:
	  	Number of
Options	  	Option 
Exercise
Price{2)	  	Aggregate
Exercise Price
	 Cost Options
	  	 	300,000	  	$	10.00	  	$	3,000,000
	 2x Cost Options
	  	 	50,000	  	$	20.00	  	$	1,000,000
		  	 	 	  	 	 	  	 	 
	 Total
	  	 	350,000	  			  	$	4,000,000
				
	 Ratio of Exercise Price to Equity Investment $
	  			  			  	 	4.0:1.0
	 Ratio of Cost Options to Equity Investment (Shares)
	  			  			  	 	3.0:1.0
	 Ratio of 2x Cost Options to Equity Investment (Shares)
	  			  			  	 	0.5:1.0

  

	(1)	Deal Price assumed to be $10.00 / share. 

	(2)	Fair market value of underlying stock on the date of grant assumed to be $10.00 / share. 

 

 6 

 Exhibit B 

Example of Ratio of Cost Options to 2x Cost Options 

 

									
	 Option Grant:
	  	Number of
Options	  	Option 
Exercise
Price(1)	  	Aggregate
Exercise Price
	 Cost Options
	  	12,000,000	  	$	10.00	  	$	120,000,000
	 2x Cost Options
	  	2,000,000	  	$	20.00	  	$	40,000,000
		  	 	  	 	 	  	 	 
	 Total
	  	14,000,000	  			  	$	160,000,000
	 Ratio of Cost Options: 2x Cost Options
	  	6.0:1.0	  			  	 	3.0: 1.0

  

	(1)	Fair market value of underlying stock on the date of grant assumed to be $10.00 / share. 

 

 7 

 Exhibit C 

The Annual Performance Targets are based on the Company’s achievement of the following EBITDA targets for the following Fiscal
Years: 
  

							
	 Fiscal Year
	  	Annual Performance Target	  	Cumulative Performance Target
	 	  	(EBITDA in millions)	  	(EBITDA in millions)
			
	
20062

	  	$	922	  	$	922
			
	 2007
	  	$	1128	  	$	2050
			
	 2008
	  	$	1361	  	$	3411
			
	 2009
	  	$	1476	  	$	4887
			
	 2010
	  	$	1566	  	$	6453
			
	 2011
	  	$	1681	  	$	8134

 “EBITDA”
shall mean earnings before interest, taxes, depreciation and amortization plus transaction, management and/or similar fees paid to the Investors and/or their Affiliates. The Board shall, fairly and appropriately, adjust the calculation of EBITDA to
reflect, to the extent not contemplated in the management plan, the following: material acquisitions, material divestitures, extraordinary corporate transactions (which shall mean spin-off, share combination, recapitalization, liquidation,
dissolution, reorganization, merger, amalgamation, combination, consolidation, Change in Control, payment of a dividend (other than a cash dividend paid as part of a regular dividend program), the sale of all of substantially all of the assets of
the Company or other similar transaction or occurrence which affects the equity securities of the Company or the value thereof), extraordinary capital investment programs in excess of $25 million and not included in the BAU Capital Budget, any
change required by GAAP relating to share-based compensation or for other changes in GAAP promulgated by accounting standard setters that, in each case, the Board in its good faith judgment determines require adjustment of EBITDA. The Board’s
determination of such adjustment shall be based on the Company’s accounting as set forth in its books and records and on the financial plan of the Company pursuant to which the Annual Performance Targets were originally established. 

If the Company makes any material acquisition in any year, the Annual Performance Target for such year and Cumulative Performance Target
for such year and subsequent years will 
  

	2
	Fiscal Year 2006 to be defined as the period beginning on the Closing Date and ending on December 31, 2006. All other Fiscal Years will be calendar years
commencing on January 1 and ending on December 31. 

  

 8 

 
be adjusted, fairly and appropriately, by the amount of EBITDA in the plan for the target presented to the Board at the time the acquisition is approved by the Board, in its good faith judgment.
Annual Performance Targets and Cumulative Performance Targets will also be fairly and appropriately adjusted by the Board, in its good faith judgment, to the extent not contemplated in the plan for the following: any material divestitures,
extraordinary corporate transactions (which shall mean spin-off, share combination, recapitalization, liquidation, dissolution, reorganization, merger, amalgamation, combination, consolidation, Change in Control, payment of a dividend (other than a
cash dividend paid as part of a regular dividend program), the sale of all of substantially all of the assets of the Company or other similar transaction or occurrence which affects the equity securities of the Company or the value thereof),
extraordinary capital investment programs in excess of $25 million and not included in the BAU Capital Budget, any change required by GAAP relating to share-based compensation or other changes in GAAP promulgated by accounting standard setters. In
the event that any of the foregoing action is taken, such adjustment shall be only the amount deemed reasonably necessary by the Board, in the exercise of its good faith judgment, after consultation of the Company’s accountants, to accurately
reflect the direct and measurable effect such event has on such Annual Performance Targets and Cumulative Performance Targets. The intent of such adjustments is to keep the probability of achieving the Annual Performance Targets and Cumulative
Performance Targets the same as if the event triggering such adjustment had not occurred. The Board’s determination of such necessary adjustment shall be made within 60 days following the completion or closing of such event, and shall be based
on the Company’s accounting as set forth in its books and records and on the Company’s financial plan pursuant to which the Annual Performance Targets and Cumulative Performance Targets were originally established. 

 

 9 

 Exhibit D 

Applicable Multiple shall be determined in accordance with the following table: 

 

			
	 2006
	  	2.76
	 2007
	  	2.74
	 2008
	  	2.72
	 2009
	  	2.70
	 2010
	  	2.67
	 2011
	  	2.64
	 2012
	  	2.61
	 2013
	  	2.58
	 2014
	  	2.54
	 2015
	  	2.50
	 2016
	  	2.46
	 2017
	  	2.41
	 2018
	  	2.35
	 2019
	  	2.29
	 2020
	  	2.23
	 2021
	  	2.16
	 2022
	  	2.08
	 2023
	  	1.99
	 2024
	  	1.89
	 2025
	  	1.79

  

 10Resignation Agreement

 Exhibit 10.1 

 

 

 July 1, 2010 

Dr. W. Reid Lea 
 c/o W&T Offshore,
Inc. 
 9 Greenway Plaza, Suite 300 

Houston, Texas 77046 
  

	 	Re:	Resignation Agreement 

 Dear
Dr. Lea, 
 W&T Offshore, Inc. (the “Company”), and its successors and assigns, are offering you this package
of payments and benefits in connection with your voluntary resignation of employment and agreement to enter into a consulting agreement with the Company. If you sign this letter agreement, which includes Attachments A and B which are incorporated
herein by reference and made a part of this agreement for all purposes (together, the “Agreement”), you agree that the package of pay and benefits set forth herein is in lieu of, and completely supersedes, any and all other agreements and
understandings (written or oral) between you and the Company concerning your employment and termination of employment with the Company, including, without limitation, that certain Employment Agreement between you and the Company dated effective as
of October 20, 2005 (collectively, the “Prior Agreements”). 
 1. Resignation Date. Your resignation
date is July 2, 2010 (“Resignation Date”), and you will receive your base salary and employee benefits through the Resignation Date. On the Resignation Date your employment will end and you will cease to perform any and all duties as
an employee or officer of the Company and its affiliates. You agree that no further compensation, benefits or any other payments or obligations shall be owed to you by the Company, other than any vested rights you have under any employee benefit
plan that is subject to ERISA and the Company’s obligations to you set forth in this Agreement. Upon the Resignation Date, you hereby resign from and relinquish all of your corporate officer positions with the Company and its affiliates.

 2. Final Paycheck/Return of Company Property. You will receive your final paycheck no later than the
Company’s next regular payday following the Resignation Date, which will be for your unpaid base salary plus accrued vacation through the Resignation Date. You will return all Company property and documents in your possession to the Company on
or before the Resignation Date, with the exception of your blackberry, which you may keep. 
 3. Stock Options and
Phantom Stock. During the term of your employment with the Company, you were granted restricted shares of the Company’s common stock. Such grants were 

 
made pursuant and subject to the terms and conditions of the Company’s Amended and Restated Incentive Compensation Plan (“Incentive Compensation Plan”). The Company hereby agrees
to pay you in cash for all 32,805 shares of your unvested stock. Such payment shall be made to you on or before July 16, 2010 and shall be based upon the closing price of the shares on the Resignation Date and such unvested shares shall be
cancelled. You acknowledge and agree that, except for the shares of common stock owned of record or beneficially by you as previously reported to the SEC, you are not entitled to, nor shall you make any claim for, based upon or related to, any
equity interest in the Company of any type whatsoever, including but not limited to, any other stock option, any shares of any class or series of capital stock in Company, or any security of the Company. 

4. Continued Medical Plan Coverage. Provided you timely elect COBRA continuation coverage under the Company’s group
medical plan, the Company shall permit you to continue your coverage and that of your eligible dependents under the Company’s group medical plan for 18 months from the Resignation Date. The Company shall waive the monthly COBRA premium
required for such continued coverage except that you shall pay the employee portion of the premium. At such time as you are eligible for coverage under a comparable group medical plan and have accepted the coverage, this benefit shall terminate. You
hereby expressly and permanently waive any rights you may have with respect to receiving a COBRA subsidized premium under the American Recovering and Reinvestment Act of 2009, as amended. Notwithstanding anything herein to the contrary, continued
coverage as provided by this paragraph shall be available only so long as the Company maintains a group medical plan. 

5. Consulting Agreement. Effective as of the day following the Resignation Date, the Company and you will enter into the
Consulting Agreement attached hereto as Attachment A. 
 6. No Other Payments or Benefits. Except as set forth in
this Agreement, all other compensation and benefits from the Company will cease effective on the Resignation Date. 

7. Payments and Benefits Conditioned on Your Waiver and Release. Notwithstanding the foregoing or anything in this Agreement
to the contrary, the payment and benefits provided to you pursuant to this Agreement are expressly conditioned upon the receipt by the Company from you of the executed Waiver and Release attached hereto as Attachment B and the expiration of the
seven-day period for you to revoke such Waiver and Release. No payment or benefits shall be due or provided under this Agreement prior to the date such Waiver and Release becomes effective and nonrevocable (the “Release Date”).
Additionally, (i) such Waiver and Release shall be mutual between the Company and you, and (ii) the Company will agree to indemnify you, to the full extent of the Company’s bylaws permitting indemnity of officers, for any claims based
upon acts, omissions, or statements made by you in the course and scope of your employment during the time of your employment and the Consulting Term, which obligation shall not be released. Additionally the Company shall maintain in force Directors
and Officers Liability insurance policies (the “D&O policies”) of which you shall be named as an additional insured (if permitted by the insurer) and for as long as the Company, in its sole discretion, desires to maintain Directors and
Officers Liability Insurance. The Company shall not be required to name you as an “additional insured” if the Consulting Agreement lapses of if the Company causes the Consulting Agreement to lapse. 

8. Covenant Not to Disclose, Etc., Obligations. On and after the Resignation Date, you agree to fully comply with the
following confidentiality, no disparagement, and covenant not to disclose provisions: 

 (a) You acknowledge and agree that (i) by reason of your position with the Company, you
have been given access to information, designs, plans, computer software and programs, trade secrets, customer lists, marketing plans, strategies, policies and procedures, as well as other confidential materials and information; and (ii) the
foregoing constitute trade secrets and/or confidential, proprietary information respecting the business operations of the Company. As such, you agree not to, directly or indirectly, for a period ending the earlier of two years from the date hereof
or such time as when the confidential information may become generally available in the public market through means other than provided by you, or when it is disclosed to you to or from other sources, other than as a result of your breach of this
provision, disclose to any third party or use for the benefit of anyone other than the Company, or use for your own benefit or purposes, any such confidential, proprietary information without the prior written approval of the Company’s Chairman
of the Board or Chief Executive Officer. You agree to return all documents and writings of any kind, including both originals and copies, whether developed by you or others, within your custody, possession or control, which contain any material
non-public information which in any way relates or refers to the Company or any of its subsidiaries. 
 (b) You agree not to
make any disparaging comments about the Company, any of its subsidiaries, or its/their officers or directors to any person inside or outside the Company, including but not limited to, current and former employees, and current and former members of
the Board of Directors of the Company. The Company agrees to not make any disparaging comments about you to any person inside or outside the Company, including but not limited to, current and former employees, and current and former members of the
Board of Directors of the Company. Violation of this Agreement will subject the guilty party to legal action by the other. The provisions of this Section 9 (b) shall remain in effect for a period of two years from the date hereof.

 9. Assistance in Legal Actions. In the event the Company is or becomes involved in any legal action relating to
events which occurred while you were rendering services to the Company or about which you possess any information, you agree to assist, subject to your “reasonable availability”, in the preparation, prosecution or defense of any case
involving the Company, including without limitation, executing truthful declarations or documents or providing information requested by the Company and attending and/or testifying truthfully at deposition or at trial without the necessity of a
subpoena or compensation. All reasonable travel expenses incurred by you in rendering such assistance will be reimbursed by the Company. 

10. Agreement Effective Notwithstanding Subsequent Discovery of Different Information. Both you and the Company acknowledge
and agree that either party may hereafter discover facts different from or in addition to those now known or believed to be true with respect to the claims, suits, rights, actions, complaints, agreements, contracts, causes of action, and liabilities
of any nature whatsoever that are the subject of the release set forth in this Agreement, and both you and the Company expressly agree that this Agreement shall be and remain effective in all respects regardless of such additional or different
facts. 
 11. No Admission of Liability. Nothing contained in this Agreement, or the fact that either you or the
Company has signed this Agreement, shall be considered an admission of any liability or wrongdoing whatsoever by you or the Company. Should any portion of this Agreement be declared void or unenforceable, such portion shall be considered severable
from the remainder, the validity of which shall remain unaffected. 

 12. Entire Agreement. This Agreement contains the entire agreement between you
and the Company regarding these issues, and is in replacement of any and all Prior Agreements you may have, and no modification to this Agreement shall be valid unless set forth in writing and signed by both you and the Chief Executive Officer or
Chairman of the Board of the Company. 
 13. Review Period. So that you can review this Agreement as you deem
appropriate, the Company also advises you as follows: (i) this Agreement does not waive rights or claims that may arise after it is executed by you; (ii) seven days after you sign it, you may revoke it by written notice to Thomas F.
Getten; and (iii) you should consult with an attorney if you desire before executing this Agreement. In the event of your revocation of this Agreement, including the Waiver and Release, all provisions of this Agreement shall cease to be in
force and effect and all payments and benefits granted to you hereunder shall be terminated. By your execution of this Agreement, you acknowledge that the Company has offered you up to twenty-one days to consider your entry into this Agreement.

 14. Section 409A and Other Taxes. It is contemplated by the parties that the payments and benefits provided
to you under this Agreement not be subject to any excise taxes or any additional taxes, interest or penalties for noncompliance with any provisions of Section 409A of the Internal Revenue Code, and that your continued coverage, if any, in the
Company’s group medical plan beyond the COBRA qualified period not result in adverse tax consequences to you. However, the Company is not making, and has not made, any representations to you with respect to the tax treatment of any payments or
benefits provided to you under the Agreement and you hereby agree and acknowledge that you are solely responsible for all taxes, penalties and interest thereon, if any, and further acknowledge that the Company shall withhold from all payments and
benefits provided pursuant to the Agreement all taxes, penalties and interest it is required by law to withhold. 
  

			
	Sincerely,
	
	 /s/ Tracy W. Krohn

	
	Tracy W. Krohn
	
	CEO
	
	W&T Offshore, Inc.

  

			
	Accepted and Agreed:
		
	By:	 	 /s/ W. Reid Lea

		
		 	W. Reid Lea

 ATTACHMENT A 

CONSULTING AGREEMENT 

THIS CONSULTING AGREEMENT (this “Agreement”) is made and entered into as of the 2nd day of July, 2010, between W&T
Offshore, Inc., a Texas corporation (the “Company”), and W. Reid Lea (the “Consultant”). 
 W I T N E
S S E T H 
 WHEREAS, the Company desires to engage the Consultant, and the Consultant desires to perform risk management
consulting services for the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements
contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	 	1.	Consulting Services. 

  

	 	a.	The Company hereby engages the Consultant, and the Consultant agrees to perform and provide risk management and/or acquisition and divestiture consulting services to
the Company, including but not limited to the consulting services set forth on Exhibit A hereto, on an independent contractor basis. While acting in the capacity as an independent contractor, the Consultant shall devote time and effort to the
tasks assigned to the Consultant by the Company and shall perform those tasks in a timely and professional manner. Consultant agrees that such services will require that it be involved in and be available to provide services on an as needed basis,
but that no minimum number of hours will be required to be performed. The Consultant shall perform its services hereunder in accordance with its best professional judgment; provided as long as such services are provided in good faith and in
accordance with the Consultant’s professional judgment, the services are provided hereunder “as is” with no other warranty whatsoever provided by the Consultant. 

 

	 	b.	The Consultant’s services hereunder shall be performed at such locations as the parties hereto may mutually agree upon from time to time; provided, that the
parties acknowledge and agree that Consultant will be required to periodically travel to other locations as are reasonably required. 

  

	 	c.	The Consultant shall be reimbursed for all reasonable out-of-pocket expenses incurred on behalf of the Company, and all expense reimbursements by the Company to
the Consultant shall be made pursuant to the expense reimbursement policies of the Company. 

  

	 	2.	 Term. Subject to the terms and conditions hereof, this Agreement shall be effective beginning upon the date hereof (the “Effective
Date”) and shall continue for a period of ten months, after which time the term shall be automatically extended for a period of one month. Either party may terminate this Agreement at any time, with or without cause, by

	 	 
providing thirty (30) days’ prior written notice to the other party. 

  

	 	3.	Compensation. For all services rendered under this Agreement, on a bi-monthly basis, the Company agrees to pay to the Consultant beginning on the Effective Date
and until the date of termination of this Agreement the sum of $10,000 per month. Such monthly fee shall be paid no later than the last day of each month during the term of this Agreement. The first monthly fee shall be paid on July 30, 2010
and in monthly installments thereafter. 

  

	 	4.	Independent Contractor Status. The Consultant acknowledges and agrees that as an independent contractor to the Company, no federal, state, or local taxes or
social security withholdings will be made by the Company from the payments referenced in Section 3, above. The Consultant agrees to report and pay any contributions for taxes, unemployment insurance, social security and other benefits for
itself. It is understood that this Agreement in no way makes the Contractor an employee, agent or representative of the Company. The Consultant shall have no authority to bind the Company in any capacity for any purpose. 

 

	 	5.	 Confidential Information. The Consultant acknowledges that in the course of its engagement with the Company, it has received and will receive
access to confidential information of a special and unique value concerning the Company and its business, including, without limitation, trade secrets, know-how, lists of customers, employee records, books and records relating to operations, oil and
gas reserves and drilling information, costs or providing service and equipment, operating and maintenance costs, pricing criteria and other confidential information and knowledge concerning the business of the Company and its affiliates
(hereinafter collectively referred to as “information”) which the Company desires to protect. The Consultant acknowledges that such information is confidential and the protection of such confidential information against unauthorized use or
disclosure is of critical importance to the Company. The Consultant agrees that it and its officers, directors, partners, employees, affiliates, agents, or representatives (collectively, “Representatives”) will not reveal such information
to anyone outside the Company. Moreover, the Consultant agrees to transmit such information only to such of its Representatives who need to know the information, for the sole purpose of assisting the Consultant in performing the consulting services,
who are informed of this Section 5 and who, in writing, agree to be bound by the terms of this Section 5. In any event, the Consultant shall be fully liable for any breach of this Agreement by its Representatives. The Consultant further
agrees that during the term of this Agreement and thereafter it and its Representatives will not use or disclose such information, other than in connection with the consulting services. Upon termination of the Consultant’s engagement hereunder,
the Consultant and its Representatives shall surrender to the Company all papers, documents, writings and other property produced by them or coming into their possession by or through the Consultant’s engagement hereunder and relating to the
information referred to in this Section 5, and the Consultant agrees that all such materials will at all times remain the property of the Company. The obligation of confidentiality, non-use and non- disclosure of know-how set forth in this
Section 5 shall not extend to know-how (i) which was in the public domain prior to disclosure by the disclosing party, (ii) which comes into the public domain other than through a breach of this Agreement, or (iii) which is
disclosed to the Consultant after the 

	 	 
termination of this Agreement by a third party having legitimate possession thereof and the unrestricted right to make such disclosure. The agreements in this Section 5 shall survive the
termination of this Agreement. 

  

	 	6.	Enforceability. If any court determines that any provision of this Agreement, or any part thereof, is invalid or unenforceable, the remainder of this Agreement
shall not thereby be affected and shall be given full effect, without regard to the invalid portions. If any court determines that any provision of this Agreement, or any part thereof, is unenforceable against any person, the parties agree that such
court shall have the power to modify such provision to the extent necessary to make the Agreement enforceable and valid, and the parties agree to request the court to exercise such power, and, in its modified form, such provision shall then be
enforceable and shall be enforced. 

  

	 	7.	Indemnity. Subject to the obligations of the Consultant under section 5 hereof, the Company agrees to hold harmless the Consultant against and with
respect to any and all claims, cost, damages, losses, expenses, liabilities, recoveries, suits, causes of action and deficiencies (collectively, the “Losses”) asserted by the Company and/or its Affiliates (as defined below), where the
Losses are due to the negligence or carelessness of the Consultant in the performance of the consulting services under this Agreement. 

  

	 	8.	Successors of the Company. This Agreement shall be binding upon and inure to the benefit of any Successor (as hereinafter defined), and any such Successor shall
be deemed substituted for the Company under the terms of this Agreement. This Agreement may not be assigned by either party without the prior written consent of the other party, which consent shall not be unreasonably withheld; provided,
however, the Company may assign this Agreement without the Consultant’s prior consent to any Affiliate (as hereinafter defined) of the Company or to any Successor of the Company. As used in this Agreement, (i) the term
“Successor” shall include any person, firm, corporation or other business entity which at any time, whether by merger, purchase or otherwise, acquires all or substantially all of the assets or businesses of the Company, but no such
substitution shall relieve such companies of their original obligations hereunder; and (ii) the term “Affiliate” shall have the meaning ascribed thereto in Rule 144 under the Securities Act of 1933, as amended.

  

	 	9.	Notices. All notices or other communications which are required or may be given under this Agreement shall be in writing and shall be deemed to have been duly
given when delivered in person or mailed by registered or certified first class mail, postage prepaid, return receipt requested to the parties hereto at the address set forth below (as the same may be changed from time to time by notice similarly
given) or the last known business or residence address of such other person as may be designated by either party hereto in writing. 

 If to the Company: 

W&T Offshore, Inc. 

Nine Greenway Plaza, Suite 300 

Houston, TX 77046 

Attn: Thomas Getten 

If to the Consultant: 

W. Reid Lea 

[Address redacted for privacy] 
  

	 	10.	Waiver of Breach. A waiver by the Company or the Consultant of a breach of any provision of this Agreement by the other party shall not operate or be
construed as a waiver of any subsequent breach by the other party. 

  

	 	10.	Entire Agreement. This Agreement comprises the full and complete agreement of the parties hereto with respect to the subject matter hereof and supersedes and
cancels all prior communications, understandings and agreements between the parties hereto relating to the subject matter hereof, whether written or oral, expressed or implied. It may be changed only by an agreement in writing signed by a party
against whom enforcement of any waiver, change, modification, extension or discharge is sought. 

  

	 	10.	Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of Texas. 

 

	 	11.	Severability. If any provisions of this Agreement shall, for any reason, be held to violate any applicable law, and so much of said Agreement is held to be
unenforceable, then the invalidity of such specific provision herein shall not be held to invalidate any other provision herein, which shall remain in full force and effect. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first hereinabove written. 

 

			
	COMPANY:
	
	W&T OFFSHORE, INC.
		
	By:	 	 /s/ Tracy W. Krohn

	Tracy W. Krohn, CEO
	
	CONSULTANT:
		
	By:	 	 /s/ W. Reid Lea

	W. Reid Lea

 EXHIBIT A 

 

	 	•	 	 Assist in the renewal of insurance policies 

  

	 	•	 	 Assist in the collection of insurance claims 

  

	 	•	 	 Provide A&D advice 

 Attachment “B” 

Mutual Waiver and Release 

I, W. Reid Lea, hereby release and discharge W&T Offshore, Inc. and any parent, subsidiary, predecessor, successor, assign or
affiliated entity of either of them, along with their respective owners, partners, members, officers, directors, employees, agents, attorneys, successors, administrators and insurers (collectively the “Company
Parties”), from any and all claims, demands, liabilities and causes of action, whether statutory or common law, including, but not limited to, any claim for salary, benefits, payments, expenses, costs, damages, penalties,
compensation, remuneration, wages, contractual entitlements; and all claims or causes of action relating to any matter occurring on or prior to the date that I executed this Agreement, including, but not limited to, any alleged violation through the
date of this Agreement of: (i) the Age Discrimination in Employment Act of 1967, as amended; (ii) Title VII of the Civil Rights Act of 1964, as amended; (iii) the Civil Rights Act of 1991; (iv) Sections 1981 through 1988 of
Title 42 of the United States Code, as amended; (v) the Employee Retirement Income Security Act of 1974, as amended; (vi) the Immigration Reform Control Act, as amended; (vii) the Americans with Disabilities Act of 1990, as amended;
(viii) the National Labor Relations Act, as amended; (ix) the Occupational Safety and Health Act, as amended; (x) the Family and Medical Leave Act of 1993, as amended; (xi) any state or federal anti-discrimination law;
(xii) any state or federal wage and hour law; (xiii) any other local, state or federal law, regulation or ordinance; (xiv) any public policy, contract, tort, or common law claim; (xv) any allegation for costs, fees, or other
expenses including attorneys’ fees incurred in the matters referenced herein; and (xvi) any and all claims I may have arising as the result of any alleged breach of any contract, incentive compensation plan or agreement or stock option
plan or agreement with any Company Party (collectively, the “Released Claims” ). This Agreement is not intended to indicate that any such claims exist or that, if they do exist, they are meritorious. Rather, I am simply
agreeing that, in exchange for the consideration provided in the Agreement of which this Waiver and Release is a part, any and all potential claims of this nature that I may have against the Company Parties, regardless of whether they actually
exist, are expressly settled, compromised and waived in full. However, notwithstanding the foregoing, this release will not apply to the indemnification obligation of the Company as contained in the Letter Agreement, nor any indemnification
generally available to me under the by-laws of the Company, nor will it release the Company from providing D&O liability insurance policies which cover me for acts or omissions committed by me during my tenure as an employee or a consultant for
the Company 
 In no event does this release include any claims that arise after the date that I sign this Agreement, including
any claims for sums owed pursuant to this Agreement. Nothing in this Agreement prevents me from filing any non-legally waivable claim, including a challenge to the validity of this Agreement with the Equal Employment Opportunity Commission
(“EEOC”) or comparable state or local agency or participating in any investigation or proceeding conducted by the EEOC or comparable state or local agency; however, I understand and agree that I am waiving any
and all rights to recover any monetary or personal relief or recovery as a result of such EEOC or comparable state or local agency proceeding or subsequent legal actions. 

I expressly represent, warrant and agree that: 

 (a) I have not brought or joined any claims, appeals, complaints, charges or lawsuits
against the Company Parties and have made no assignment, sale, delivery, transfer or conveyance of any rights I have asserted or may have against any of the Company Parties with respect to any Released Claim. 

(b) I have been advised that I have the right to seek legal counsel before signing this Waiver and Release and I have had adequate
opportunity to do so. 
 (c) I have been given at least twenty-one (21) days to review this Waiver and Release. 

(d) I have seven days after signing this Waiver and Release to revoke it. The letter agreement between me and W&T Offshore, Inc.
dated July 2, 2010 to which this Waiver and Release is attached (the “Letter Agreement”) will not become effective or enforceable until the revocation period has expired. Any notice of revocation of the
Waiver and Release is effective only if received by Thomas Getten in writing by the close of business at midnight, Houston, Texas time, on the seventh day after I sign this Waiver and Release. I understand that if I revoke my acceptance of this
Waiver and Release, the Company will not provide me with the benefits or payments described in the Letter Agreement and all other terms of the Letter Agreement will become null and void. If I do not revoke this Waiver and Release by providing
written notice within seven days of signing, any payments to be made by W&T Offshore, Inc. shall be payable within fourteen days of the signing of this agreement. 

I am knowingly and voluntarily entering into this Waiver and Release and, by doing so, I am receiving consideration in addition to anything of value to
which I am already entitled. 
  

			
	By:	 	 /s/ W. Reid Lea

		 	W. Reid Lea

 For the same consideration, W&T Offshore,
Inc. does hereby release and discharge W. Reid Lea, his heirs, assigns, and successors (the “Lea Parties”) from any claim, demand or cause of action for damages or other relief, based upon, arising out of or caused by
(i) any act, statement or representation made, performed or omitted by W. Reid Lea in the course and scope of his employment by any of the Company Parties, or (ii) any document executed by W. Reid Lea on behalf of any of the Company
Parties, during the course of his employment; provided that the Company Parties had prior knowledge of the act, omission or document or prior knowledge of facts which would put a reasonable person on notice of such act, omission or document; and
provided further that this release shall exclude any act or omission of W. Reid Lea that was gross negligence, willful misconduct or violated any law. This Agreement is not intended to indicate that any such claims exist or that, if they do exist,
they are meritorious. Rather, the Company Parties are simply agreeing that, in exchange for the consideration provided in the Agreement of which this Waiver and Release is a part, any and all potential claims of this nature that the Company Parties
may have against the Lea Parties, regardless of whether they actually exist, are expressly settled, compromised and waived in full. 
  

			
	By:	 	 /s/ Tracy W. Krohn

		 	Tracy W. Krohn, CEO

 July 2, 2010 

Mr. Michael Waszak 
 HR Manager 

W&T Offshore, Inc. 
 9 Greenway Plaza, Suite
300 
 Houston, TX 77046 
 Re: Election
of Cobra Benefits 
 Dear Mr. Waszak: 

Per the terms of the Resignation Agreement dated today between W&T and me, I hereby elect to continue group medical plan coverage under COBRA and
paragraph 4 of the agreement. 
  

	
	Sincerely yours,
	
	 /s/ W. Reid Lea

	W. Reid Lea

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