Document:

2007 Omnibus Incentive Plan, As Amended

 EXHIBIT 10.1 
 FISERV, INC. 
 2007 OMNIBUS INCENTIVE PLAN 

1. Purpose and Effective Date. 
 (a) Purpose. The Fiserv, Inc. 2007 Omnibus Incentive Plan has two complementary purposes: (i) to attract and retain outstanding individuals to serve as officers, directors, employees and
consultants; and (ii) to increase shareholder value. The Plan will provide participants incentives to increase shareholder value by offering the opportunity to acquire shares of the Company’s common stock, receive monetary payments based
on the value of such common stock, or receive other incentive compensation, on the potentially favorable terms that this Plan provides. 
 (b) Effective Date. This Plan will become effective, and Awards may be granted under this Plan, on and after the date that the Plan is approved by the Company’s shareholders (the
“Effective Date”). If the Company’s shareholders approve this Plan, then the Fiserv, Inc. Stock Option and Restricted Stock Plan will terminate on the Effective Date and the Fiserv, Inc. Executive Incentive Compensation Plan will
terminate on December 31, 2007, and no new awards may be granted under such plans after their respective termination dates; provided that each such plan shall continue to govern awards outstanding as of the date of such plan’s termination
and such awards shall continue in force and effect until terminated pursuant to their terms. 
 2. Definitions. Capitalized terms used in
this Plan have the following meanings: 
 (a) “Administrator” means the Committee with respect to employee
Participants and the Board with respect to Director Participants. 
 (b) “Affiliate” and
“Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 under the Exchange Act. Notwithstanding the foregoing, for purposes of determining those individuals to whom an Option or Stock Appreciation
Right may be granted, the term “Affiliate” means any entity that, directly or through one or more intermediaries, is controlled by, controls, or is under common control with the Company within the meaning of Code Sections 414(b) or (c);
provided that, in applying such provisions, the phrase “at least 20 percent” shall be used in place of “at least 80 percent” each place it appears therein. 
 (c) “Award” means a grant of Options, Stock Appreciation Rights, Performance Shares, Performance Units, Restricted Stock, Restricted Stock Units, Dividend Equivalent Units, an Annual
Incentive Award, a Long-Term Incentive Award, or any other type of award permitted under the Plan. 
 (d) “Beneficial
Owner” means a Person who owns any securities 
 (i) which such Person or any of such Person’s Affiliates or
Associates has the right to acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, rights,
warrants or options, or otherwise; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, (A) securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any
of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase, or (B) securities issuable upon exercise of preferred stock purchase rights issued pursuant to the terms of the Company’s Shareholder
Rights Agreement, dated as of February 24, 1998, as amended from time to time, or any successor to such Rights Agreement, or any similar stock purchase rights that the Company may authorize and issue in the future, at any time before the
issuance of such securities; or 
 (ii) which such Person or any of such Person’s Affiliates or Associates, directly or
indirectly, has the right to vote or dispose of or has “beneficial ownership” of (as determined pursuant to Rule 13d-3 under the 

  
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Exchange Act), including pursuant to any agreement, arrangement or understanding; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, any
security under this clause (ii) as a result of an agreement, arrangement or understanding to vote such security if the agreement, arrangement or understanding: (A) arises solely from a revocable proxy or consent given to such Person in
response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations under the Act and (B) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or
successor report); or 
 (iii) which are beneficially owned, directly or indirectly, by any other Person with which such Person
or any of such Person’s Affiliates or Associates has had any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy as described in clause (ii) above) or disposing of any
voting securities of the Company. 
 (e) “Board” means the Board of Directors of the Company. 

(f) “Cause” means, except as otherwise determined by the Administrator and set forth in an Award agreement: (i) if
a Participant is subject to an employment, retention or similar agreement with the Company or an Affiliate that includes a definition of “Cause,” such definition; and (ii) for all other Participants, (A) conviction of a felony or
a plea of no contest to a felony, (B) willful misconduct that is materially and demonstrably detrimental to the Company or an Affiliate, (C) willful refusal to perform duties consistent with a Participant’s office, position or status
with the Company or an Affiliate (other than as a result of physical or mental disability) after being requested to do so by a person or body with the authority to make such request, or (D) other conduct or inaction that the Administrator
determines in its discretion constitutes Cause. 
 (g) “Change of Control” means the occurrence of any of the
following events: 
 (i) any Person (other than (A) the Company or its subsidiaries, (B) a trustee or other fiduciary
holding securities under any employee benefit plan of the Company or its subsidiaries, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, (D) a corporation owned, directly or indirectly, by the
shareholders of the Company in substantially the same proportions as their ownership of stock in the Company (“Excluded Persons”) or (E) unless otherwise determined by the Board or the Committee, a Person which has acquired Stock in
the ordinary course of business for investment purposes only and not with the purpose or effect of changing or influencing the control of the Company, or in connection with or as a participant in any transaction having such purpose or effect
(“Investment Intent”), as demonstrated by the filing by such Person of a statement on Schedule 13G (including amendments thereto) pursuant to Regulation 13D under the Exchange Act, as long as such Person continues to hold such Stock with
an Investment Intent) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates
pursuant to express authorization by the Board of Directors that refers to this exception) representing 20% or more of either the then outstanding shares of Stock of the Company or the combined voting power of the Company’s then outstanding
voting securities; or 
 (ii) the following individuals cease for any reason to constitute a majority of the number of directors
of the Company then serving: (A) individuals who, on the Effective Date, constituted the Board of Directors; and (B) any new director (other than a director whose initial assumption of office is in connection with an actual or threatened
election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board of Directors or nomination for election by the Company’s shareholders was
approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved (collectively the
“Continuing Directors”); provided, however, that individuals who are appointed to the Board of Directors pursuant to or in accordance with the terms of an agreement relating to a merger, consolidation, or share exchange involving the
Company (or any direct or indirect Subsidiary of the 

  
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Company) shall not be Continuing Directors for purposes of this Agreement until after such individuals are first nominated for election by a vote of at least two-thirds (2/3) of the then
Continuing Directors and are thereafter elected as directors by shareholders of the Company at a meeting of shareholders held following consummation of such merger, consolidation, or share exchange; provided further, that in the event the failure of
any such persons appointed to the Board of Directors to be Continuing Directors results in a Change in Control, the subsequent qualification of such persons as Continuing Directors shall not alter the fact that a Change in Control occurred; or

 (iii) the shareholders of the Company approve a merger, consolidation or share exchange of the Company with any other
corporation or approve the issuance of voting securities of the Company in connection with a merger, consolidation or share exchange of the Company (or any direct or indirect subsidiary of the Company) pursuant to applicable stock exchange
requirements, other than (A) a merger, consolidation or share exchange which would result in the voting securities of the Company outstanding immediately prior to such merger, consolidation or share exchange continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 50% of the combined voting power of the voting securities of the Company or such surviving entity or any parent thereof
outstanding immediately after such merger, consolidation or share exchange, or (B) a merger, consolidation or share exchange effected to implement a recapitalization of the Company (or similar transaction) in which no Person (other than an
Excluded Person) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates after
the Effective Date, pursuant to express authorization by the Board of Directors that refers to this exception) representing 20% or more of either the then outstanding shares of Stock or the Company or the combined voting power of the Company’s
then outstanding voting securities; or 
 (iv) the shareholders of the Company approve of a plan of complete liquidation or
dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets (in one transaction or a series of related transactions within any period of 24 consecutive months), other
than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity at least 75% of the combined voting power of the voting securities of which are owned by persons in substantially the same proportions as
their ownership of the Company immediately prior to such sale. 
 Notwithstanding the foregoing, no “Change in Control of the Company”
shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the holders of the Stock of the Company immediately prior to such transaction or series of transactions
continue to own, directly or indirectly, in the same proportions as their ownership in the Company, an entity that owns all or substantially all of the assets or voting securities of the Company immediately following such transaction or series of
transactions. 
 If an Award is considered deferred compensation subject to the provisions of Code Section 409A, and if a payment under
such Award is triggered upon a “Change of Control,” then the foregoing definition shall be deemed amended as necessary to comply with Code Section 409A, and the Administrator may include such amended definition in the Award agreement
issued with respect to such Award. 
 (h) “Code” means the Internal Revenue Code of 1986, as amended. Any
reference to a specific provision of the Code includes any successor provision and the regulations promulgated under such provision. 
 (i) “Committee” means the Compensation Committee of the Board (or a successor committee with the same or similar authority). 

(j) “Company” means Fiserv, Inc., a Wisconsin corporation, or any successor thereto. 

(k) “Director” means a member of the Board, and “Non-Employee Director” means a Director who is not also an
employee of the Company or its Subsidiaries. 

  
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 (l) “Disability” has the meaning given in Code Section 22(e)(3),
except as otherwise determined by the Administrator and set forth in an Award agreement. The Administrator shall make the determination of Disability and may request such evidence of disability as it reasonably determines. 

(m) “Dividend Equivalent Unit” means the right to receive a payment, in cash or Shares, equal to the cash dividends or
other distributions paid with respect to a Share. 
 (n) “Exchange Act” means the Securities Exchange Act of
1934, as amended. Any reference to a specific provision of the Exchange Act includes any successor provision and the regulations and rules promulgated under such provision. 
 (o) “Fair Market Value” means, per Share on a particular date: (i) the last sales price on such date on the Nasdaq Global Select Market, as reported on www.nasdaq.com, or if
no sales of Stock occur on the date in question, on the last preceding date on which there was a sale on such market; (ii) if the Shares are not listed on the Nasdaq Global Select Market, but are traded on another national securities exchange
or in an over-the-counter market, the last sales price (or, if there is no last sales price reported, the average of the closing bid and asked prices) for the Shares on the particular date, or on the last preceding date on which there was a sale of
Shares on that exchange or market; or (iii) if the Shares are neither listed on a national securities exchange nor traded in an over-the-counter market, the price determined by the Administrator. 

(p) “Incentive Award” means the right to receive a cash payment to the extent Performance Goals are achieved, and shall
include “Annual Incentive Awards” as described in Section 10 and “Long-Term Incentive Awards” as described in Section 11. 
 (q) “Option” means the right to purchase Shares at a stated price for a specified period of time. 
 (r) “Participant” means an individual selected by the Administrator to receive an Award. 
 (s) “Performance Goals” means any goals the Administrator establishes that relate to one or more of the following with respect to the Company or any one or more of its Subsidiaries,
Affiliates or other business units: net sales; cost of sales; revenue; gross income; net income; operating income; income from continuing operations; earnings (including before taxes, and/or interest and/or depreciation and amortization); earnings
per share (including diluted earnings per share); price per share; cash flow; net cash provided by operating activities; net cash provided by operating activities less net cash used in investing activities; net operating profit; ratio of debt to
debt plus equity; return on shareholder equity; return on capital; return on assets; operating working capital; average accounts receivable; economic value added; customer satisfaction; operating margin; profit margin; sales performance; sales quota
attainment; new sales; cross/integrated sales; client engagement; client acquisition; net promoter score; internal revenue growth; and client retention. As to each Performance Goal, the relevant measurement of performance shall be computed in
accordance with generally accepted accounting principles, if applicable; provided that, the Administrator may, at the time of establishing the Performance Goal(s), exclude the effects of (i) extraordinary, unusual and/or non-recurring items of
gain or loss, (ii) gains or losses on the disposition of a business, (iii) changes in tax or accounting regulations or laws, or (iv) the effect of a merger or acquisition. In the case of Awards that the Administrator determines will
not be considered “performance based compensation” under Code Section 162(m), the Administrator may establish other Performance Goals not listed in this Plan. Where applicable, the Performance Goals may be expressed, without
limitation, in terms of attaining a specified level of the particular criterion or the attainment of an increase or decrease (expressed as absolute numbers or a percentage) in the particular criterion or achievement in relation to a peer group or
other index. The Performance Goals may include a threshold level of performance below which no payment will be made (or no vesting will occur), levels of performance at which specified payments will be paid (or specified vesting will occur), and a
maximum level of performance above which no additional payment will be made (or at which full vesting will occur). 
 (t)
“Performance Shares” means the right to receive Shares to the extent Performance Goals are achieved. 

  
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 (u) “Performance Unit” means the right to receive a payment valued in
relation to a unit that has a designated dollar value or the value of which is equal to the Fair Market Value of one or more Shares, to the extent Performance Goals are achieved. 

(v) “Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d)
and 14(d) thereof. 
 (w) “Plan” means this Fiserv, Inc. 2007 Omnibus Incentive Plan, as may be amended from
time to time. 
 (x) “Restricted Stock” means a Share that is subject to a risk of forfeiture or restrictions
on transfer, or both a risk of forfeiture and restrictions on transfer. 
 (y) “Restricted Stock Unit” means
the right to receive a payment equal to the Fair Market Value of one Share. 
 (z) “Retirement” means, except
as otherwise determined by the Administrator and set forth in an Award agreement, with respect to employee Participants, termination of employment from the Company and its Affiliates (for other than Cause): (i) on or after attainment of age
fifty-five (55) and completion of twenty-five (25) years of service with the Company and its Affiliates; (ii) on or after attainment of age sixty-two (62) and completion of ten (10) years of service with the Company and its
Affiliates; or (iii) on or after attainment of age sixty-five (65); provided that, with respect to Director Participants, “Retirement” means the Director’s resignation or failure to be re-elected on or after attainment of age
sixty-two (62) and completion of six (6) years of service with the Company as a director. 
 (aa) “Section 16
Participants” means Participants who are subject to the provisions of Section 16 of the Exchange Act. 
 (bb)
“Share” means a share of Stock. 
 (cc) “Stock” means the Common Stock of the Company, par
value of $0.01 per share. 
 (dd) “Stock Appreciation Right” or “SAR” means the right to
receive a payment equal to the appreciation of the Fair Market Value of a Share during a specified period of time. 
 (ee)
“Subsidiary” means any corporation, limited liability company or other limited liability entity in an unbroken chain of entities beginning with the Company if each of the entities (other than the last entities in the chain) owns the
stock or equity interest possessing more than fifty percent (50%) of the total combined voting power of all classes of stock or other equity interests in one of the other entities in the chain. 

3. Administration. 
 (a)
Administration. In addition to the authority specifically granted to the Administrator in this Plan, the Administrator has full discretionary authority to administer this Plan, including but not limited to the authority to: (i) interpret
the provisions of this Plan, (ii) prescribe, amend and rescind rules and regulations relating to this Plan, (iii) correct any defect, supply any omission, or reconcile any inconsistency in any Award or agreement covering an Award in the
manner and to the extent it deems desirable to carry this Plan into effect, and (iv) make all other determinations necessary or advisable for the administration of this Plan. All Administrator determinations shall be made in the sole discretion
of the Administrator and are final and binding on all interested parties. 
 (b) Delegation to Other Committees or
Officers. To the extent applicable law permits, the Board may delegate to another committee of the Board, or the Committee may delegate to one or more officers of the 

  
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Company, any or all of their respective authority and responsibility as an Administrator of the Plan; provided that no such delegation is permitted with respect to Stock-based Awards made to
Section 16 Participants at the time any such delegated authority or responsibility is exercised unless the delegation is to another committee of the Board consisting entirely of Non-Employee Directors. If the Board or the Committee has made
such a delegation, then all references to the Administrator in this Plan include such other committee or one or more officers to the extent of such delegation. 
 (c) Indemnification. The Company will indemnify and hold harmless each member of the Board and the Committee, and each officer or member of any other committee to whom a delegation under
Section 3(b) has been made, as to any acts or omissions with respect to this Plan or any Award to the maximum extent that the law and the Company’s by-laws permit. 
 4. Eligibility. The Administrator may designate any of the following as a Participant from time to time, to the extent of the Administrator’s authority: any officer or other employee of the
Company or its Affiliates; an individual that the Company or an Affiliate has engaged to become an officer or employee; a consultant who provides services to the Company or its Affiliates; or a Director, including a Non-Employee Director. The
Administrator’s granting of an Award to a Participant will not require the Administrator to grant an Award to such individual at any future time. The Administrator’s granting of a particular type of Award to a Participant will not require
the Administrator to grant any other type of Award to such individual. 
 5. Types of Awards. Subject to the terms of this Plan, the
Administrator may grant any type of Award to any Participant it selects, but only employees of the Company or a Subsidiary may receive grants of incentive stock options within the meaning of Code Section 422. Awards may be granted alone or in
addition to, in tandem with, or in substitution for any other Award (or any other award granted under another plan of the Company or any Affiliate). 
 6. Shares Reserved under this Plan. 
 (a) Plan Reserve. Subject to
adjustment as provided in Section 17, an aggregate of 10,000,000 Shares are reserved for issuance under this Plan. The Shares reserved for issuance may be either authorized and unissued Shares or shares reacquired at any time and now or
hereafter held as treasury stock. 
 (b) Aggregate Award Limits. Subject to adjustment as provided in Section 17,
the Company may issue only an aggregate of 2,500,000 Shares upon the exercise of incentive stock options and may issue only an aggregate of 4,000,000 Shares pursuant to “full-value awards.” For this purpose, a full-value award includes
Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units (valued in relation to a Share), and any other similar Award under which the value of the Award is measured as the full value of a Share, rather than the increase in the
value of a Share. 
 (c) Replenishment of Shares Under this Plan. The aggregate number of Shares reserved under
Section 6(a) shall be depleted by the number of Shares with respect to which an Award is granted. If, however, an Award lapses, expires, terminates or is cancelled without the issuance of Shares under the Award, or if Shares are forfeited under
an Award, or if Shares are issued under any Award and the Company subsequently reacquires them pursuant to rights reserved upon the issuance of the Shares, then such Shares may again be used for new Awards under this Plan under Section 6(a) and
Section 6(b), but such Shares may not be issued pursuant to incentive stock options. 
 (d) Participant Limitations.
Subject to adjustment as provided in Section 17, no Participant may be granted Awards that could result in such Participant: 
  

	 	(i)	receiving Options for, and/or Stock Appreciation Rights with respect to, more than 500,000 Shares during any fiscal year of the Company; 

  
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	 	(ii)	receiving Awards of Restricted Stock and/or Restricted Stock Units relating to more than 120,000 Shares during any fiscal year of the Company; 

 

	 	(iii)	receiving Awards of Performance Shares, and/or Awards of Performance Units the value of which is based on the Fair Market Value of Shares, for more than 120,000 Shares
during any fiscal year of the Company; 

  

	 	(iv)	receiving Awards of Performance Units, the value of which is not based on the Fair Market Value of Shares, for more than $3,000,000 during any fiscal year of the
Company; 

  

	 	(v)	receiving other Stock-based Awards pursuant to Section 13 relating to more than 120,000 Shares during any fiscal year of the Company; 

 

	 	(vi)	receiving an Annual Incentive Award in any single fiscal year of the Company that would pay more than $3,000,000; or 

 

	 	(vii)	receiving a Long-Term Incentive Award in any single fiscal year of the Company that would pay more than $6,000,000. 

In all cases, determinations under this Section 6(d) should be made in a manner that is consistent with the exemption for performance based
compensation that Code Section 162(m) provides. 
 7. Options. Subject to the terms of this Plan, the Administrator will determine
all terms and conditions of each Option, including but not limited to: (i) whether the Option is an “incentive stock option” which meets the requirements of Code Section 422, or a “nonqualified stock option” which does
not meet the requirements of Code Section 422; (ii) the number of Shares subject to the Option; (iii) the exercise price, which may not be less than the Fair Market Value of the Shares subject to the Option as determined on the date
of grant; (iv) the terms and conditions of exercise; and (v) the term, except that an Option must terminate no later than ten (10) years after the date of grant. In all other respects, the terms of any incentive stock option should
comply with the provisions of Code section 422 except to the extent the Administrator determines otherwise. If an Option that is intended to be an incentive stock option fails to meet the requirements thereof, the Option shall automatically be
treated as a nonqualified stock option to the extent of such failure. 
 8. Stock Appreciation Rights. Subject to the terms of this Plan,
the Administrator will determine all terms and conditions of each SAR, including but not limited to: (a) whether the SAR is granted independently of an Option or relates to an Option; (b) the number of Shares to which the SAR relates;
(c) the grant price, provided that the grant price shall not be less than the Fair Market Value of the Shares subject to the SAR as determined on the date of grant; (d) the terms and conditions of exercise or maturity; (e) the term,
provided that an SAR must terminate no later than ten (10) years after the date of grant; and (f) whether the SAR will be settled in cash, Shares or a combination thereof. If an SAR is granted in relation to an Option, then unless
otherwise determined by the Administrator, the SAR shall be exercisable or shall mature at the same time or times, on the same conditions and to the extent and in the proportion, that the related Option is exercisable and may be exercised or mature
for all or part of the Shares subject to the related Option. Upon exercise of any number of SAR, the number of Shares subject to the related Option shall be reduced accordingly and such Option may not be exercised with respect to that number of
Shares. The exercise of any number of Options that relate to an SAR shall likewise result in an equivalent reduction in the number of Shares covered by the related SAR. 
 9. Performance and Stock Awards. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each award of Restricted Stock, Restricted Stock Units, Performance
Shares or Performance Units, including but not limited to: (a) the number of Shares and/or units to which such Award relates; (b) whether, as a condition for the Participant to realize all or a portion of the benefit provided under the
Award, one or more Performance Goals must be achieved during such period as the Administrator specifies; (c) whether 

  
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the restrictions imposed on Restricted Stock or Restricted Stock Units shall lapse, and all or a portion of the Performance Goals subject to an Award shall be deemed achieved, upon a
Participant’s death, Disability or Retirement; (d) with respect to Performance Units, whether to measure the value of each unit in relation to a designated dollar value or the Fair Market Value of one or more Shares; and (e) with
respect to Restricted Stock Units and Performance Units, whether to settle such Awards in cash, in Shares, or a combination thereof. 
 10.
Annual Incentive Awards. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of an Annual Incentive Award, including but not limited to the Performance Goals, performance period, the potential amount
payable, and the timing of payment, subject to the following: (a) the Administrator must require that payment of all or any portion of the amount subject to the Annual Incentive Award is contingent on the achievement of one or more Performance
Goals during the period the Administrator specifies, although the Administrator may specify that all or a portion of the Performance Goals subject to an Award are deemed achieved upon a Participant’s death, Disability or Retirement, or such
other circumstances as the Administrator may specify; and (b) the performance period must relate to a period of one fiscal year of the Company except that, if the Award is made in the year this Plan becomes effective, at the time of
commencement of employment with the Company or on the occasion of a promotion, then the Award may relate to a period shorter than one fiscal year. 
 11. Long-Term Incentive Awards. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of a Long-Term Incentive Award, including but not limited to the
Performance Goals, performance period, the potential amount payable, and the timing of payment, subject to the following: (a) the Administrator must require that payment of all or any portion of the amount subject to the Long-Term Incentive
Award is contingent on the achievement of one or more Performance Goals during the period the Administrator specifies, although the Administrator may specify that all or a portion of the Performance Goals subject to an Award are deemed achieved upon
a Participant’s death, Disability or Retirement, or such other circumstances as the Administrator may specify; and (b) the performance period must relate to a period of more than one fiscal year of the Company. 

12. Dividend Equivalent Units. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each award of
Dividend Equivalent Units, including but not limited to whether: (a) such Award will be granted in tandem with another Award; (b) payment of the Award be made currently or credited to an account for the Participant which provides for the
deferral of such amounts until a stated time; and (c) the Award will be settled in cash or Shares; provided that any Dividend Equivalent Units granted in connection with an Option, Stock Appreciation Right or other “stock right”
within the meaning of Code Section 409A shall be set forth in a written arrangement that is separate from such Award, and to the extent the payment of such dividend equivalents is considered deferred compensation, such written arrangement shall
comply with the provisions of Code Section 409A. 
 13. Other Stock-Based Awards. Subject to the terms of this Plan, the
Administrator may grant to Participants other types of Awards, which may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, Shares, either alone or in addition to or in conjunction with other Awards, and
payable in Stock or cash. Without limitation, such Award may include the issuance of shares of unrestricted Stock, which may be awarded in payment of director fees, in lieu of cash compensation, in exchange for cancellation of a compensation right,
as a bonus, or upon the attainment of Performance Goals or otherwise, or rights to acquire Stock from the Company. The Administrator shall determine all terms and conditions of the Award, including but not limited to, the time or times at which such
Awards shall be made, and the number of Shares to be granted pursuant to such Awards or to which such Award shall relate; provided that any Award that provides for purchase rights shall be priced at 100% of Fair Market Value on the date of the
Award. 
 14. Transferability. Awards are not transferable other than by will or the laws of descent and distribution, unless and to the
extent the Administrator allows a Participant to: (a) designate in writing a beneficiary to exercise the Award or receive payment under an Award after the Participant’s death; or (b) transfer an Award for no consideration. 

  
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 15. Termination and Amendment of Plan; Amendment, Modification or Cancellation of Awards. 

(a) Term of Plan. Unless the Board earlier terminates this Plan pursuant to Section 15(b), this Plan will terminate when all
Shares reserved for issuance have been issued. If the term of this Plan extends beyond ten (10) years from the Effective Date, no incentive stock options may be granted after such time unless the shareholders of the Company have approved an
extension of this Plan. 
 (b) Termination and Amendment. The Board or the Committee may amend, alter, suspend,
discontinue or terminate this Plan at any time, subject to the following limitations: 
 (i) the Board must approve any
amendment of this Plan to the extent the Company determines such approval is required by: (A) action of the Board, (B) applicable corporate law, or (C) any other applicable law; 

(ii) shareholders must approve any amendment of this Plan to the extent the Company determines such approval is required by:
(A) Section 16 of the Exchange Act, (B) the Code, (C) the listing requirements of any principal securities exchange or market on which the Shares are then traded, or (D) any other applicable law; and 

(iii) shareholders must approve any of the following Plan amendments: (A) an amendment to materially increase any number of Shares
specified in Section 6(a) or the limits set forth in Section 6(d) (except as permitted by Section 17), or (B) an amendment that would diminish the protections afforded by Section 15(e). 

(c) Amendment, Modification or Cancellation of Awards. Except as provided in Section 15(e) and subject to the requirements of
this Plan, the Administrator may modify, amend or cancel any Award, or waive any restrictions or conditions applicable to any Award or the exercise of the Award; provided that any modification or amendment that materially diminishes the rights of
the Participant, or the cancellation of the Award, shall be effective only if agreed to by the Participant or any other person(s) as may then have an interest in the Award, but the Administrator need not obtain Participant (or other interested
party) consent for the adjustment or cancellation of an Award pursuant to the provisions of Section 17 or the modification of an Award to the extent deemed necessary to comply with any applicable law, the listing requirements of any principal
securities exchange or market on which the Shares are then traded, or to preserve favorable accounting or tax treatment of any Award for the Company. Notwithstanding the foregoing, unless determined otherwise by the Administrator, any such amendment
shall be made in a manner that will enable an Award intended to be exempt from Code Section 409A to continue to be so exempt, or to enable an Award intended to comply with Code Section 409A to continue to so comply. 

(d) Survival of Authority and Awards. Notwithstanding the foregoing, the authority of the Board and the Administrator under this
Section 15 and to otherwise administer the Plan will extend beyond the date of this Plan’s termination. In addition, termination of this Plan will not affect the rights of Participants with respect to Awards previously granted to them, and
all unexpired Awards will continue in force and effect after termination of this Plan except as they may lapse or be terminated by their own terms and conditions. 
 (e) Repricing and Backdating Prohibited. Notwithstanding anything in this Plan to the contrary, and except for the adjustments provided in Section 17, neither the Administrator nor any other
person may decrease the exercise price for any outstanding Option or SAR after the date of grant nor allow a Participant to surrender an outstanding Option or SAR to the Company as consideration for the grant of a new Option or SAR with a lower
exercise price. In addition, the Administrator may not make a grant of an Option or SAR with a grant date that is effective prior to the date the Administrator takes action to approve such Award. 

(f) Foreign Participation. To assure the viability of Awards granted to Participants employed or residing in foreign countries,
the Administrator may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Administrator may approve such supplements to, or amendments, restatements
or alternative versions of, this Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement or alternative versions that the 

  
 9 

 
Administrator approves for purposes of using this Plan in a foreign country will not affect the terms of this Plan for any other country. In addition, all such supplements, amendments,
restatements or alternative versions must comply with the provisions of Section 15(b)(ii). 
 (g) Code
Section 409A. The provisions of Code Section 409A are incorporated herein by reference to the extent necessary for any Award that is subject to Code Section 409A to comply therewith. 

16. Taxes. 
 (a)
Withholding. In the event the Company or an Affiliate of the Company is required to withhold any Federal, state or local taxes or other amounts in respect of any income recognized by a Participant as a result of the grant, vesting, payment or
settlement of an Award or disposition of any Shares acquired under an Award, the Company may deduct (or require an Affiliate to deduct) from any payments of any kind otherwise due the Participant cash, or with the consent of the Committee, Shares
otherwise deliverable or vesting under an Award, to satisfy such tax obligations. Alternatively, the Company may require such Participant to pay to the Company, in cash, promptly on demand, or make other arrangements satisfactory to the Company
regarding the payment to the Company of the aggregate amount of any such taxes and other amounts. If Shares are deliverable upon exercise or payment of an Award, the Committee may permit a Participant to satisfy all or a portion of the Federal,
state and local withholding tax obligations arising in connection with such Award by electing to (a) have the Company withhold Shares otherwise issuable under the Award, (b) tender back Shares received in connection with such Award, or
(c) deliver other previously owned Shares; provided that the amount to be withheld may not exceed the total minimum federal, state and local tax withholding obligations associated with the transaction to the extent needed for the Company to
avoid an accounting charge. If an election is provided, the election must be made on or before the date as of which the amount of tax to be withheld is determined and otherwise as the Committee requires. In any case, the Company may defer making
payment or delivery under any Award if any such tax may be pending unless and until indemnified to its satisfaction. 
 (b)
No Guarantee of Tax Treatment. Notwithstanding any provisions of the Plan, the Company does not guarantee to any Participant or any other Person with an interest in an Award that (i) any Award intended to be exempt from Code
Section 409A shall be so exempt, (ii) any Award intended to comply with Code Section 409A or Code Section 422 shall so comply, (iii) any Award shall otherwise receive a specific tax treatment under any other applicable tax
law, nor in any such case will the Company or any Affiliate indemnify, defend or hold harmless any individual with respect to the tax consequences of any Award. 
 17. Adjustment Provisions; Change of Control. 
 (a) Adjustment of
Shares. If: (i) the Company shall at any time be involved in a merger or other transaction in which the Shares are changed or exchanged; (ii) the Company shall subdivide or combine the Shares or the Company shall declare a dividend
payable in Shares, other securities (other than preferred stock purchase rights issued pursuant to the terms of the Company’s Shareholder Rights Agreement, dated as of February 24, 1998, as amended from time to time, or any successor to
such Rights Agreement, or any similar stock purchase rights that the Company may authorize and issue in the future) or other property; (iii) the Company shall effect a cash dividend the amount of which, on a per Share basis, exceeds ten percent
(10%) of the Fair Market Value of a Share at the time the dividend is declared, or the Company shall effect any other dividend or other distribution on the Shares in the form of cash, or a repurchase of Shares, that the Board determines by
resolution is special or extraordinary in nature or that is in connection with a transaction that the Company characterizes publicly as a recapitalization or reorganization involving the Shares; or (iv) any other event shall occur, which, in
the case of this clause (iv), in the judgment of the Board or Committee necessitates an adjustment to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, then the Administrator shall,
in such manner as it may deem equitable to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, adjust as applicable: (A) the number and type of Shares subject to this Plan
(including the number and type of Shares described in Sections 6(a), (b) and (d)) and which may after the event be made the subject of Awards; (B) the number and type of Shares subject to

  
 10 

 
outstanding Awards; (C) the grant, purchase, or exercise price with respect to any Award; and (D) to the extent such discretion does not cause an Award that is intended to qualify as
performance-based compensation under Code Section 162(m) to lose its status as such, the Performance Goals of an Award. In each case, with respect to Awards of incentive stock options, no such adjustment may be authorized to the extent that
such authority would cause this Plan to violate Code Section 422(b). Without limitation, in the event of any reorganization, merger, consolidation, combination or other similar corporate transaction or event, whether or not constituting a
Change of Control (other than any such transaction in which the Company is the continuing corporation and in which the outstanding Stock is not being converted into or exchanged for different securities, cash or other property, or any combination
thereof), the Administrator may substitute, on an equitable basis as the Administrator determines, for each Share then subject to an Award and the Shares subject to this Plan (if the Plan will continue in effect), the number and kind of shares of
stock, other securities, cash or other property to which holders of Stock are or will be entitled in respect of each Share pursuant to the transaction. Notwithstanding the foregoing, in the case of a stock dividend (other than a stock dividend
declared in lieu of an ordinary cash dividend) or subdivision or combination of the Shares (including a reverse stock split), if no action is taken by the Administrator, adjustments contemplated by this subsection that are proportionate shall
nevertheless automatically be made as of the date of such stock dividend or subdivision or combination of the Shares. 
 (b)
Issuance or Assumption. Notwithstanding any other provision of this Plan, and without affecting the number of Shares otherwise reserved or available under this Plan, in connection with any merger, consolidation, acquisition of property or
stock, or reorganization, the Administrator may authorize the issuance or assumption of awards under this Plan upon such terms and conditions as it may deem appropriate. 
 (c) Change of Control. If the Participant has in effect an employment, retention, change of control, severance or similar agreement with the Company or any Affiliate that discusses the effect of a
Change of Control on the Participant’s Awards, then such agreement shall control. In all other cases, unless provided otherwise in an Award agreement, in the event of a Change of Control: 

(i) The successor or purchaser in the Change of Control transaction may assume an Award or provide a substitute award with similar terms
and conditions, and preserving the same benefits, as the Award it is replacing. 
 (ii) If the successor or purchaser in the
Change of Control transaction does not assume the Awards or issue replacement awards as provided in clause (i), then unless otherwise determined by the Board prior to the date of the Change of Control, immediately prior to the date of the Change of
Control: 
 (A) each Option or SAR that is then held by a Participant who is employed by or in the service of the Company or an
Affiliate shall become immediately and fully vested, and all Options and SARs shall be cancelled on the date of the Change of Control in exchange for a cash payment equal to the excess of the Change of Control price of the Shares covered by the
Option or SAR that is so cancelled over the purchase or grant price of such Shares under the Award; 
 (B) Restricted Stock and
Restricted Stock Units that are not then vested shall vest; 
 (C) all Performance Shares and/or Performance Units that are
earned but not yet paid shall be paid in cash in an amount equal to the value of the Performance Share and/or Performance Unit, and all Performance Shares and Performance Units for which the performance period has not expired shall be cancelled in
exchange for a cash payment equal to the product of the value of the Performance Share and/or Performance Unit and a fraction, the numerator of which is the number of whole months that have elapsed from the beginning of the performance period to
which the Award is subject to the date of the Change of Control and the denominator of which is the number of whole months in the performance period; 

  
 11 

 (D) all Annual and Long-Term Incentive Awards that are earned but not yet paid shall be
paid, and all Annual and Long-Term Incentive Awards that are not yet earned shall be cancelled in exchange for a cash payment in an amount determined by taking the product of: (1) the amount that would have been due under such Award(s) if the
Performance Goals (as measured at the time of the Change of Control) were to continue to be achieved at the same rate through the end of the performance period; and (2) a fraction, the numerator of which is the number of whole months that have
elapsed from the beginning of the performance period to which the Award is subject to the date of the Change of Control and the denominator of which is the number of whole months in the performance period; and 

(E) all Dividend Equivalent Units that are not vested shall vest and be paid in cash, and all other Awards that are not vested shall
vest and if an amount is payable under such vested Award, such amount shall be paid in cash based on the value of the Award. 
 If the value of
an Award is based on the Fair Market Value of a Share, Fair Market Value shall be deemed to mean the per share Change of Control price. The Administrator shall determine the per share Change of Control price paid or deemed paid in the Change of
Control transaction. 
 Except as otherwise expressly provided in any agreement between a Participant and the Company or an Affiliate, if the
receipt of any payment by a Participant under the circumstances described above would result in the payment by the Participant of any excise tax provided for in Section 280G and Section 4999 of the Code, then the amount of such payment
shall be reduced to the extent required to prevent the imposition of such excise tax. 
 18. Miscellaneous. 

(a) Other Terms and Conditions. The grant of any Award may also be subject to other provisions (whether or not applicable to the
Award granted to any other Participant) as the Administrator determines appropriate, including, without limitation, provisions for: 
 (i) the payment of the purchase price of Options by delivery of cash or other Shares or other securities of the Company (including by attestation) having a then Fair Market Value equal to the purchase
price of such Shares, or by delivery (including by fax) to the Company or its designated agent of an executed irrevocable option exercise form together with irrevocable instructions to a broker dealer to sell or margin a sufficient portion of the
Shares and deliver the sale or margin loan proceeds directly to the Company to pay for the exercise price; 
 (ii) restrictions
on resale or other disposition of Shares; and 
 (iii) compliance with federal or state securities laws and stock exchange
requirements. 
 (b) Employment and Service. The issuance of an Award shall not confer upon a Participant any right with
respect to continued employment or service with the Company or any Affiliate, or the right to continue as a Director. Unless determined otherwise by the Administrator, for purposes of the Plan and all Awards, the following rules shall apply:

 (i) a Participant who transfers employment between the Company and its Affiliates, or between Affiliates, will not be
considered to have terminated employment; 
 (ii) a Participant who ceases to be a Non-Employee Director because he or she
becomes an employee of the Company or an Affiliate shall not be considered to have ceased service as a Director with respect to any Award until such Participant’s termination of employment with the Company and its Affiliates; 

(iii) a Participant who ceases to be employed by the Company or an Affiliate and immediately thereafter becomes a Non-Employee Director,
a non-employee director of an Affiliate, or a consultant to the Company or any Affiliate shall not be considered to have terminated employment until such Participant’s service as a director of, or consultant to, the Company and its Affiliates
has ceased; and 

  
 12 

 (iv) a Participant employed by an Affiliate will be considered to have terminated employment
when such entity ceases to be an Affiliate. 
 Notwithstanding the foregoing, for purposes of an Award that is subject to Code
Section 409A, if a Participant’s termination of employment or service triggers the payment of compensation under such Award, then the Participant will be deemed to have terminated employment or service upon his or her “separation from
service” within the meaning of Code Section 409A. 
 (c) No Fractional Shares. No fractional Shares or other
securities may be issued or delivered pursuant to this Plan, and the Administrator may determine whether cash, other securities or other property will be paid or transferred in lieu of any fractional Shares or other securities, or whether such
fractional Shares or other securities or any rights to fractional Shares or other securities will be canceled, terminated or otherwise eliminated. 
 (d) Unfunded Plan. This Plan is unfunded and does not create, and should not be construed to create, a trust or separate fund with respect to this Plan’s benefits. This Plan does not establish
any fiduciary relationship between the Company and any Participant or other person. To the extent any person holds any rights by virtue of an Award granted under this Plan, such rights are no greater than the rights of the Company’s general
unsecured creditors. 
 (e) Requirements of Law and Securities Exchange. The granting of Awards and the issuance of
Shares in connection with an Award are subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required. Notwithstanding any other provision of this Plan or
any award agreement, the Company has no liability to deliver any Shares under this Plan or make any payment unless such delivery or payment would comply with all applicable laws and the applicable requirements of any securities exchange or similar
entity, and unless and until the Participant has taken all actions required by the Company in connection therewith. The Company may impose such restrictions on any Shares issued under the Plan as the Company determines necessary or desirable to
comply with all applicable laws, rules and regulations or the requirements of any national securities exchanges. 
 (f)
Governing Law. This Plan, and all agreements under this Plan, will be construed in accordance with and governed by the laws of the State of Wisconsin, without reference to any conflict of law principles. Any legal action or proceeding with
respect to this Plan, any Award or any award agreement, or for recognition and enforcement of any judgment in respect of this Plan, any Award or any award agreement, may only be heard in a “bench” trial, and any party to such action or
proceeding shall agree to waive its right to a jury trial. 
 (g) Limitations on Actions. Any legal action or proceeding
with respect to this Plan, any Award or any award agreement, must be brought within one year (365 days) after the day the complaining party first knew or should have known of the events giving rise to the complaint. 

(h) Construction. Whenever any words are used herein in the masculine, they shall be construed as though they were used in the
feminine in all cases where they would so apply; and wherever any words are used in the singular or plural, they shall be construed as though they were used in the plural or singular, as the case may be, in all cases where they would so apply. Title
of sections are for general information only, and this Plan is not to be construed with reference to such titles. 
 (i)
Severability. If any provision of this Plan or any award agreement or any Award (a) is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or (b) would disqualify this
Plan, any award agreement or any Award under any law the Administrator deems applicable, then such provision should be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the
determination of the Administrator, materially altering the intent of this Plan, award agreement or Award, then such provision should be stricken as to such jurisdiction, person or Award, and the remainder of this Plan, such award agreement and such
Award will remain in full force and effect. 

  
 13Form of Executive Restricted Stock Unit Agreement

 Exhibit 10.2 
 W&T OFFSHORE, INC. 
 AMENDED AND RESTATED INCENTIVE COMPENSATION PLAN

 EXECUTIVE RESTRICTED STOCK UNIT AGREEMENT 
 This Agreement is made and entered into as of April 26, 2012 (the “Date of Grant”) by and between W&T Offshore, Inc., a Texas corporation (the
“Company”) and you; 
 WHEREAS, the Company in order to induce you to enter into and to continue
and dedicate service to the Company and to materially contribute to the success of the Company agrees to grant you this restricted stock unit award; 
 WHEREAS, the Company adopted the W&T Offshore, Inc. Amended and Restated Incentive Compensation Plan, as it may be amended from time to time (the “Plan”) under which the
Company is authorized to grant stock-based awards to certain employees and service providers of the Company; 
 WHEREAS,
a copy of the Plan has been furnished to you and shall be deemed a part of this restricted stock unit award agreement (“Agreement”) as if fully set forth herein and the terms capitalized but not defined herein shall have the
meanings set forth in the Plan; 
 WHEREAS, the Company adopted the W&T Offshore, Inc. Stock Ownership and Retention
Policy, as it may be amended from time to time (the “Policy”) under which the Company has established various stock ownership and retention requirements; 

WHEREAS, a copy of the Policy has been furnished to you and, as this Award (as defined below) shall be subject to the terms and
conditions of the Policy, shall be deemed a part of this Agreement as if fully set forth herein; and 
 WHEREAS, you
desire to accept the restricted stock unit award made pursuant to this Agreement. 
 NOW, THEREFORE, in consideration of
and mutual covenants set forth herein and for other valuable consideration hereinafter set forth, the parties agree as follows: 

1. The Grant. Subject to the conditions set forth below and the adjustment provisions of Section 3(b), the Company hereby
grants to you effective as of the Date of Grant, as a matter of separate inducement but not in lieu of any salary or other compensation for your services for the Company, an award (the “Award”) consisting of
                             shares of restricted stock units in accordance with the terms and conditions set
forth herein and in the Plan (the “Restricted Stock Units”), along with any additional rights related to the Restricted Stock Units as described in Section 2 of this Agreement. 

2. Dividend Equivalents. As of the Date of Grant above, this grant of Restricted Stock Units also includes a tandem grant of
Dividend Equivalents with respect to each share of Restricted Stock Units granted to you pursuant to Section 1 of this Agreement; provided, however, that you shall not receive Dividend Equivalents for any distributions made with
respect to a share of Stock prior to the satisfaction of the Performance Vesting Requirement (as defined 

 
below). In the event that the Performance Vesting Requirement is satisfied prior to the Vesting Date, you shall receive Dividend Equivalents for any distributions made with respect to a share of
Stock for the period of time between the day the attainment of the Performance Vesting Requirement occurs and the Vesting Date, taking into account that an adjustment shall be made to the number of Dividend Equivalents granted to you to reflect any
adjustments made to your Restricted Stock Units pursuant to Section 3(b) below. All Dividend Equivalents granted on and after the Date of Grant shall carry identical vesting restrictions as shall be attached to the Restricted Stock Units giving
rise to such Dividend Equivalents, thus, if the Performance Vesting Requirement is not satisfied, all rights to Dividend Equivalents shall immediately cease. If a Restricted Stock Unit is forfeited, your tandem Dividend Equivalents with respect to
such Restricted Stock Units shall automatically terminate at that time. Any Dividend Equivalents payment will be made on or promptly following the date on which the dividends are otherwise paid to the holders of Stock; provided,
however, in no event shall the dividend payment be made later than 30 days following the date on which the Company pays such dividend to the holders of Stock. 
 3. Vesting Date, Adjustment, and Other Restrictions. Subject to the terms and conditions of this Agreement and the Plan, the forfeiture restrictions on the Restricted Stock Units will lapse and the
Restricted Stock Units will vest, subject to the Performance Vesting Requirement, on December 15th of the second calendar year following the calendar year in which the Date of Grant occurs (the “Vesting Date”).

 (a) Performance Vesting Requirement. The “Performance Vesting Requirement” means the
achievement of the “Performance Goals,” which are performance criteria established by the Committee pursuant to Section 8 of the Plan and set forth in Appendix A attached hereto. 

(b) Adjustments Following the Satisfaction of the Performance Vesting Requirement. Immediately following the Committee’s
certification of the satisfaction of the applicable Performance Vesting Requirement and the applicable level of achievement attained in connection therewith, the number of Restricted Stock Units subject to a Performance Vesting Requirement granted
to you pursuant to Section 1 of this Agreement shall be adjusted to reflect the achievement of the Performance Goals during the applicable performance period. To the extent you were on unpaid leave and/or were not actively employed during any
part of the applicable performance period, your Restricted Stock Units subject to that Performance Vesting Requirement shall be further adjusted to equal the number of Restricted Stock Units equal to (x) your number of Restricted Stock Units
subject to that Performance Vesting Requirement adjusted above to reflect the achievement of the Performance Goals times (y) a number equal to the quotient resulting from your Actual Base Salary (as hereinafter defined) divided by your Base
Salary (as hereinafter defined). In addition, the Committee has the right to further reduce or eliminate the number of Restricted Stock Units granted to you for any reason regardless of the satisfaction of the Performance Vesting Requirement and the
applicable level of achievement attained in connection therewith. In the event of a negative adjustment, the remaining Restricted Stock Units subject to that Performance Vesting Requirement granted to you pursuant to Section 1 of this Agreement
not eligible for vesting shall be forfeited as of the end of the applicable performance period. The Committee shall promptly notify you of any and all adjustments made to your Restricted Stock Units pursuant to this Section 3(b). 

  
 2 

 For purposes of this Agreement, “Base Salary” means your annual pay
rate in effect at the beginning of the applicable performance period calculated over the applicable performance period, (i) including any amounts deferred pursuant to an election under any 401(k) plan, pre-tax premium plan, deferred
compensation plan, or flexible spending account sponsored by the Company or any Subsidiary, but (ii) excluding any incentive compensation, employee benefit, or other cash benefit paid or provided under any incentive, bonus or employee
benefit plan sponsored by the Company or any Subsidiary, and/or any excellence award, gains upon stock option exercises, restricted stock grants or vesting, moving or travel expense reimbursement, imputed income, or tax gross-ups, without regard to
whether the payment or gain is taxable income to you. To the extent you commence employment after the beginning of the applicable performance period, your Base Salary shall be the rate in effect on your first day of employment. 

For purposes of this Agreement, “Actual Base Salary” means the base salary you actually received during the
applicable performance period calculated as of the last day of the applicable performance period, (i) including any amounts deferred pursuant to an election under any 401(k) plan, pre-tax premium plan, deferred compensation plan, or flexible
spending account sponsored by the Company or any Subsidiary, and any overtime paid to you as an offshore employee required by your standard work schedule, but (ii) excluding any incentive compensation, employee benefit, or other benefit
paid or provided under any incentive, bonus or employee benefit plan sponsored by the Company or any Subsidiary, all overtime paid other than as specified in (i) above and/or any excellence award, gains upon stock option exercises, restricted
stock grants or vesting, moving or travel expense reimbursement, sign on bonus, imputed income, or tax gross-ups, without regard to whether the payment or gain is taxable income to you. 

By way of example only, the Performance Vesting Requirement adjustment described above will operate as follows: if you are granted 1,000
Restricted Stock Units subject to a Performance Vesting Requirement on the Date of Grant, and the level of achievement of the Performance Goals during the applicable performance period is reached at a level the Company has designated as a 75%
achievement level, it will only be possible for you to vest in 750 Restricted Stock Units on the Vesting Date and the remaining 250 Restricted Stock Units shall be forfeited as of the end of the performance period. In addition, to the extent you
were on unpaid leave and/or were not actively employed during any part of the applicable performance period, the number of such Restricted Stock Units shall be further adjusted as described in the first paragraph of Section 3(b) to the extent
your Actual Base Salary for the applicable performance period is less than your Base Salary for such performance period. As noted in the first paragraph of Section 3(b), the Committee has the right to further reduce or eliminate the number of
Restricted Stock Units granted to you for any reason regardless of the satisfaction of the Performance Vesting Requirement and the applicable level of achievement attained in connection therewith. Following the satisfaction of the Performance
Vesting Requirement and the adjustments herein provided but prior to the Vesting Date, you will be then eligible to receive Dividend Equivalents with respect to the adjusted Restricted Stock Units rather than the original 1,000 Restricted Stock
Units. Upon the applicable settlement date of your Restricted Stock Units, you will receive a settlement from the Company with respect to such adjusted Restricted Stock Units rather than the original 1,000 Restricted Stock Units. 

  
 3 

 (c) Other Restrictions. Subject to Section 6 of this Agreement, the restrictions
on your Restricted Stock Units will expire on the Vesting Date only if you have been an employee or service provider of the Company or of a Subsidiary continuously from the Date of Grant through the Vesting Date. Other than as provided in
Section 6(d)(i) below, in the event that the Performance Vesting Requirement is not satisfied, no portion of the Restricted Stock Units subject to that Performance Vesting Requirement shall become vested. Restricted Stock Units that have become
vested pursuant to this Section 3 shall be referred to herein as the “Vested Units.” 
 4.
Settlement. 
 (a) Form of Settlement. The Committee, in its sole discretion, shall determine at the time of such
settlement whether the Vested Units will be settled: (i) in a single lump sum cash payment in an amount equal to the Fair Market Value of Stock as of the date of settlement multiplied by the number of Vested Units to be settled, (ii) in
shares of such Stock, or (iii) in a combination of cash and shares of Stock. Settlement of Vested Units shall be subject to and pursuant to rules and procedures established by the Committee in its sole discretion. 

(b) Time of Settlement. The Vested Units shall be settled by the Company as soon as administratively feasible following the
Vesting Date, but in no event shall such settlement occur later than 75 days following the Vesting Date. In the event the Restricted Stock Units become Vested Units pursuant to Section 6 below, the Company will settle the Vested Units as soon
as administratively practicable following the time of vesting noted in Section 6 below, but in no event shall such settlement occur later than 75 days following the applicable vesting event. 

5. Restrictions, Forfeiture and Limitations on Ownership. The shares of Restricted Stock Units are restricted in the sense that
they may be forfeited to the Company prior to the time the Restricted Stock Units are deemed Vested Units. You, or your executor, administrator, heirs, or legatees shall have the right to vote any shares of Stock you may receive as settlement of the
Vested Units and hold all other privileges of a shareholder of the Company only from the date of issuance of a Stock certificate in your name representing payment of a Vested Unit in the form of a share of Stock, or the delivery of the Stock to the
Company’s transfer agent, as applicable. 
 6. Termination of Services or Change in Control. 

(a) Termination due to your Death or Disability. Following the satisfaction of the Performance Vesting Requirement, if your
employment or service relationship with the Company and any of its Subsidiaries is terminated as a result of your death or Disability (as defined below), then the forfeiture restrictions on your Restricted Stock Units subject to that Performance
Vesting Requirement, subject to any adjustment pursuant to Section 3(b) above, shall automatically lapse as to the outstanding unvested shares of Restricted Stock Units subject to that Performance Vesting Requirement, and in the case of your
Disability, subject to Section 12 of this Agreement. If your employment or service relationship with the Company and any of its Subsidiaries is terminated as a result of your death or Disability prior to the satisfaction of the Performance
Vesting Requirement, no portion of the Restricted Stock Units subject to that Performance Vesting Requirement will become Vested Units. 

  
 4 

 For purposes of this Section 6(a), the term “Disability” shall have the meaning
given such term in any written employment, severance or other similar individual agreement (an “Individual Agreement”) between you and the Company. In the event that there is no existing written Individual Agreement between
you and the Company or if any such agreement does not define Disability, the term “Disability” shall mean: (i) a physical or mental impairment of sufficient severity that, in the opinion of the 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. 
 (b) Termination due to your Normal Retirement. Following the satisfaction of the Performance Vesting
Requirement, if your employment or service relationship with the Company and any of its Subsidiaries is terminated as a result of your Normal Retirement prior to the Vesting Date, then the restrictions on a number of the shares of your Restricted
Stock Units subject to that Performance Vesting Requirement, subject to any adjustment pursuant to Section 3(b) above, shall automatically lapse pro-rata in relation to the amount of time you have been employed by, or in the service of, the
Company or any of its Subsidiaries, as described below; provided, however, that such restrictions shall lapse subject to the additional provisions of Section 12 of this Agreement, if applicable. Solely for purposes of determining
the number of shares which may lapse or vest pursuant to this Section 6(b), the Restricted Stock Units subject to that Performance Vesting Requirement, as adjusted pursuant to Section 3(b) above, shall be referred to in two portions,
two-thirds (2/3) of the Restricted Stock Units shall be the “Two-Year Portion”; the remaining and final one-third (1/3) of the Restricted Stock Units shall be the “Three-Year Portion.”
Following a termination of your employment or service due to your Normal Retirement: 
 (i) restrictions will lapse on a number
of Restricted Stock Units in the Two-Year Portion equal to the product of (A) two-thirds (2/3) of the total number of Restricted Stock Units granted to you, subject to any adjustment pursuant to Section 3(b) above, times (B) a
fraction, the numerator of which is the number of full months (counting the month in which your termination of employment occurs as a full month), beginning with the first day of the first month of the year in which the Date of Grant occurs, during
which you were employed by the Company and/or any Subsidiary and the denominator of which is 24; plus 
 (ii) restrictions will
lapse on a number of Restricted Stock Units in the Three-Year Portion equal to the product of (A) one-third (1/3) of the total number of Restricted Stock Units granted to you, subject to any adjustment pursuant to Section 3(b) above,
times (B) a fraction, the numerator of which is the number of full months (counting the month in which your termination of employment occurs as a full month), beginning with the first day of the first month of the year in which the Date of
Grant occurs, during which you were employed by the Company and/or any Subsidiary and the denominator of which is 36. 

  
 5 

 If your employment or service relationship with the Company and any of its Subsidiaries is terminated as a
result of your Normal Retirement prior to the satisfaction of the Performance Vesting Requirement, no portion of the Restricted Stock Units subject to that Performance Vesting Requirement will become Vested Units. For purposes of this
Section 6(b), the term “Normal Retirement” shall have the meaning given such term in any Individual Agreement between you and the Company. In the event that there is no existing written Individual Agreement between you
and the Company or if any such agreement does not define Normal Retirement, the term “Normal Retirement” shall mean the termination of your employment or service relationship with the Company and each of its Subsidiaries by
which you are employed or provide services to due to your voluntary retirement on or after the date that you attain age 67. 

(c) Termination for Any Other Reason. Subject to Sections 6(d) and 6(e) below, if your employment or service relationship with the
Company or any of its Subsidiaries is terminated for any other reason other than your death, Disability or your Normal Retirement prior to the Vesting Date, then that portion, if any, of the Restricted Stock Units granted pursuant to this Agreement
for which have not become Vested Units as of the date of termination shall become null and void as of the date of such termination; provided, however, that, subject to the Performance Vesting Requirement, the portion, if any, of your
Vested Units as of the date of such termination will survive the termination of employment. 
 (d) Change in Control.

 (i) Prior to Satisfaction of the Performance Vesting Requirement. Notwithstanding anything to the contrary in
Section 3 or the remainder of this Section 6, in the event that a Change in Control is consummated prior to both the Vesting Date and the end of the applicable performance period for which the Performance Vesting Requirement relates,
forfeiture restrictions on all Restricted Stock Units subject to that Performance Vesting Requirement granted to you pursuant to Section 1 of this Agreement shall automatically lapse and the Restricted Stock Units subject to that Performance
Vesting Requirement will vest, subject further to Section 12 of this Agreement. 
 (ii) Following the Satisfaction of
the Performance Vesting Requirement. Notwithstanding anything to the contrary in the remainder of this Section 6, in the event that a Change in Control is consummated prior to the Vesting Date but following the satisfaction of the
Performance Vesting Requirement, forfeiture restrictions on your Restricted Stock Units subject to that Performance Vesting Requirement, subject to any adjustment pursuant to Section 3(b) above, shall automatically lapse and such Restricted
Stock Units subject to that Performance Vesting Requirement will vest subject further to Section 12 of this Agreement. For further clarity, in the event that the Change in Control is consummated following the applicable performance period to
which the Performance Vesting Requirement relates, but the Performance Vesting Requirement was not achieved during such time, no portion of the Restricted Stock Units subject to that Performance Vesting Requirement shall become Vested Units upon a
Change in Control. 
 (iii) Other restrictions. Nothing within this Section 6(d) is intended to modify Sections
6(a) or 6(b) above regarding the full acceleration or pro-rata acceleration, as applicable, of your Restricted Stock Units upon a termination of employment due to death, 

  
 6 

 
Disability or Normal Retirement. The provisions of Sections 6(a) and 6(b) shall apply to a termination of your employment or service for death, Disability or Normal Retirement, as applicable,
whether or not such a termination of employment or service were to occur in connection with a Change in Control. 
 (e)
Effect of Individual Agreement. Notwithstanding any provision herein to the contrary, in the event of any inconsistency between this Section 6 and any Individual Agreement entered into by and between you and the Company, the terms of
such an Individual Agreement shall control. 
 7. Leave of Absence. With respect to the Award, the Company may, in its
sole discretion, determine that if you are on leave of absence for any reason you will be considered to still be in the employ of, or providing services for, the Company, provided that rights to the Restricted Stock Units during a leave of absence
will be limited to the extent to which those rights were earned or vested when the leave of absence began. 
 8. Delivery of
Stock. In the event the Committee determines to settle the Restricted Stock Units in the form of Stock, promptly following the expiration of the restrictions on the Restricted Stock Units as contemplated in Sections 3 or 6 of this Agreement, the
Company shall either cause to be issued and delivered to you or your designee a certificate or other evidence of the number of Restricted Stock Units as to which restrictions have lapsed, free of any restrictive legend relating to the lapsed
restrictions, or cause those number of Restricted Stock Units to be properly registered with the Company’s transfer agent as appropriate, upon receipt by the Company of any tax withholding as may be requested pursuant to Section 9 of this
Agreement. The value of such Restricted Stock Units shall not bear any interest owing to the passage of time. 
 9. Payment
of Taxes. The Company may require you to pay to the Company (or the Company’s Subsidiary if you are an employee of a Subsidiary of the Company), an amount the Company deems necessary to satisfy its (or its Subsidiary’s) current or
future obligation to withhold federal, state or local income or other taxes that you incur as a result of the Award. With respect to any such required tax withholding, the Company will withhold from the cash payment or the shares of Stock to be
issued to you under this Agreement, as applicable, the cash amount or the number of shares necessary to satisfy the Company’s obligation to withhold taxes; where the Restricted Stock Units will be settled in shares of Stock, such a
determination will be based on the shares’ Fair Market Value at the time such determination is made. In the event the Restricted Stock Units are settled in shares of Stock, and Company determines that the aggregate Fair Market Value of the
shares of Stock withheld as payment of any tax withholding obligation is insufficient to discharge that tax withholding obligation, then you must pay to the Company, in cash, the amount of that deficiency immediately upon the Company’s request.

 10. Compliance with Securities Law. Notwithstanding any provision of this Agreement to the contrary, in the event the
Restricted Stock Units are settled in shares of Stock, the issuance of Stock will be subject to compliance with all applicable requirements of federal, state, or foreign law with respect to such securities and with the requirements of any stock
exchange or market system upon which the Stock may then be listed. No Stock will be issued hereunder if such issuance would constitute a violation of any applicable federal, state, or foreign securities laws or other law or regulations or the
requirements of any stock exchange or market 

  
 7 

 
system upon which the Stock may then be listed. In addition, Stock will not be issued hereunder unless (a) a registration statement under the Securities Act of 1933, as amended (the
“Act”), is at the time of issuance in effect with respect to the shares issued or (b) in the opinion of legal counsel to the Company, the shares issued may be issued in accordance with the terms of an applicable
exemption from the registration requirements of the Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and
sale of any shares subject to the Award will relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority has not been obtained. As a condition to any issuance hereunder, the Company may
require you to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect to such compliance as may be requested by the
Company. From time to time, the Board and appropriate officers of the Company are authorized to take the actions necessary and appropriate to file required documents with governmental authorities, stock exchanges, and other appropriate Persons to
make shares of Stock available for issuance. 
 11. Right of the Company and Subsidiaries to Terminate Employment or
Services. Nothing in this Agreement confers upon you the right to continue in the employ of or performing services for the Company or any Subsidiary, or interfere in any way with the rights of the Company or any Subsidiary to terminate your
employment or service relationship at any time, with or without cause. 
 12. Non-Compete Agreements. The Company, in its
sole discretion, may require you to execute a separate non-compete, non-solicitation, or similar agreement in connection with the grant of the Restricted Stock Units pursuant to this Agreement or in connection with the acceleration of the Restricted
Stock Units in accordance with the provisions of Section 6 of this Agreement. 
 13. Furnish Information. You agree
to furnish to the Company all information requested by the Company to enable it to comply with any reporting or other requirements imposed upon the Company by or under any applicable statute or regulation. 

14. Remedies. The parties to this Agreement shall be entitled to recover from each other reasonable attorneys’ fees incurred
in connection with the successful enforcement of the terms and provisions of this Agreement whether by an action to enforce specific performance or for damages for its breach or otherwise. 

15. No Liability for Good Faith Determinations. The Company, the Committee and the members of the Board shall not be liable for
any act, omission or determination taken or made in good faith with respect to this Agreement or the Restricted Stock Units granted hereunder. 
 16. Execution of Receipts and Releases. Any payment of cash or any issuance or transfer of shares of Stock or other property to you, or to your legal representative, heir, legatee or distributee,
in accordance with the provisions hereof, shall, to the extent thereof, be in full satisfaction of all claims of such Persons hereunder. The Company may require you or your legal representative, heir, legatee or distributee, as a condition precedent
to such payment or issuance, to execute a release and receipt therefor in such form as the Company shall determine. 

  
 8 

 17. No Guarantee of Interests. The Company, the members of the Committee and the
Board do not guarantee the Stock of the Company from loss or depreciation. 
 18. Notice. All notices required or
permitted under this Agreement must be in writing and personally delivered or sent by mail and shall be deemed to be delivered on the date on which it is actually received by the person to whom it is properly addressed or if earlier the date it is
sent via certified United States mail. 
 19. Waiver of Notice. Any person entitled to notice hereunder may waive such
notice in writing. 
 20. Information Confidential. As partial consideration for the granting of the Award hereunder, you
hereby agree to keep confidential all information and knowledge, except that which has been disclosed in any public filings required by law, that you have relating to the terms and conditions of this Agreement; provided, however, that
such information may be disclosed as required by law and may be given in confidence to your spouse and tax and financial advisors. In the event any breach of this promise comes to the attention of the Company, it shall take into consideration that
breach in determining whether to recommend the grant of any future similar award to you, as a factor weighing against the advisability of granting any such future award to you. 

21. Successors. This Agreement shall be binding upon you, your legal representatives, heirs, legatees and distributees, and upon
the Company, its successors and assigns, including, but not limited to, any successor entity resulting from a Change in Control. 
 22. Severability. If any provision of this Agreement is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such
provision shall be fully severable and this Agreement shall be construed and enforced as if the illegal or invalid provision had never been included herein. 
 23. Company Action. Any action required of the Company shall be by authority of the Board or by a person or entity authorized to act by the Board. 

24. Headings. The titles and headings of Sections are included for convenience of reference only and are not to be considered in
construction of the provisions hereof. 
 25. Governing Law. All questions arising with respect to the provisions of this
Agreement shall be determined by application of the laws of Texas, without giving any effect to any conflict of law provisions thereof, except to the extent Texas state law is preempted by federal law. The obligation of the Company to sell and
deliver Stock hereunder is subject to applicable laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Stock. 

  
 9 

 26. Consent to Texas Jurisdiction and Venue. You hereby consent and agree that state
courts located in Harris County, Texas and the United States District Court for the Southern District of Texas each shall have personal jurisdiction and proper venue with respect to any dispute between you and the Company arising in connection with
the Award or this Agreement. In any dispute with the Company, you will not raise, and you hereby expressly waive, any objection or defense to any such jurisdiction as an inconvenient forum. 

27. Amendment. This Agreement may be amended by the Board or by the Committee at any time (a) if the Board or the Committee
determines, in its sole discretion, that amendment is necessary or advisable in light of any addition to or change in any federal or state tax or securities law or other law or regulation, which change occurs after the Date of Grant and by its terms
applies to the Award; or (b) other than in the circumstances described in clause (a) or provided in the Plan, with your consent. 
 28. Transfer. This Agreement and the Restricted Stock Units granted hereunder will not be transferable by you other than by will or the laws of descent and distribution, or as otherwise provided by
the Plan. 
 29. The Plan. This Agreement is subject to all the terms, conditions, limitations and restrictions contained
in the Plan. 
 30. The Policy. This Agreement and this Award is subject to all the terms, conditions, limitations and
restrictions contained within the Policy. 
 31. Acceptance. This Agreement shall be deemed accepted by you unless you
notify the Manager of Human Resources of the Company on or before May 7, 2012 that you reject the Award under this Agreement, in which event the Award shall be deemed forfeited and this Agreement shall have no further force or effect.

  

			
	W&T OFFSHORE, INC.
		
	By:	 	 
		 	Jamie L. Vazquez, President

  
 10 

 Appendix A 
 Performance Goals 
 The Performance Goals for your Restricted Stock
Units shall be comprised of the business criterion noted below. Subject to applicable adjustments under Section 3(b) of the Agreement and the applicable Scale achieved for each performance criteria, your Restricted Stock Units will become
Vested Units on the Vesting Date, subject to the achievement of the applicable Performance Level (defined below) for the applicable performance period. The applicable Scale for EPS between the Performance Levels on the charts below will be
calculated using straight-line interpolation. The Committee shall review, analyze and certify the achievement of the Performance Level for the applicable performance period and shall determine whether your Restricted Stock Units have vested on the
Vesting Date, in accordance with the Agreement and the terms of the Plan. For vesting purposes, the Performance Level achieved for the applicable performance period shall be deemed achieved effective as of the last day of the applicable performance
period, despite any delay that may occur in determining which Performance Level is met during the Committee’s certification process. 

Business Criteria 
  

					
	
Criteria
  
	  	
Percentage of 100% of
 Restricted Stock Units Which
 are Subject to
Performance
 Criteria

 
	 	
Performance Period for
 Achieving Performance
 Goals

 

	 Average Earnings Per Share
(Undiluted),
 being “EPS,” for the Performance Period

 
	  	 70%

 
	 	 The full calendar year,
from
 January 1 to December 31,
 2012
  

  

			
	Performance Level	  	      
  Scale        
	 (“Target”): EPS
>$1.83 per share
	  	100%
	 EPS = $1.50 per share
	  	75%
	 EPS =$1.25 per share
	  	50%
	 EPS =$0.75 per share
	  	25%
	 EPS < $0.75 per share
	  	0%

  

					
	
Criteria
  
	  	 Percentage of 100% of

Restricted Stock Units Which
 are Subject to Performance
 Criteria

 
	 	
Performance Period for
 Achieving Performance
 Goals

 

	 Total Stockholder Return (“TSR”)
relative to
 a Peer Group, as defined, for the applicable Performance Period.

 
	  	 10%

 
	 	 The full calendar year from
January 1 to December 31,
 2012
  

  

					
	
Criteria
  
	  	 Percentage of 100% of

Restricted Stock Units Which
  

are Subject to Performance
 Criteria
  
	 	
Performance Period for
 Achieving Performance
 Goals

 

	 TSR relative to a Peer Group, as defined, for
the applicable Performance Period.
  
	  	 10%

 
	 	 The full calendar year from
January 1 to December 31,
 2013
  

  
 11 

					
	
Criteria
  
	  	 Percentage of 100% of

Restricted Stock Units Which
 are Subject to Performance
 Criteria

 
	 	
Performance Period for
 Achieving Performance
 Goals

 

	 TSR relative to a Peer Group, as defined, for
the applicable Performance Period.
  
	  	 10%

 
	 	 January 1 to
October 31,
 2014

 

  

			
	Performance Level	 	      
  Scale        
	 TSR Rank 1-4
	 	150%
	 TSR Rank 5
	 	130%
	 TSR Rank 6
	 	100%
	 TSR Rank 7
	 	90%
	 TSR Rank 8
	 	80%
	 TSR Rank 9
	 	75%
	 TSR Rank 10
	 	70%
	 TSR Rank 11
	 	65%
	 TSR Rank 12
	 	60%
	 TSR Rank 13
	 	55%
	 TSR Rank 14
	 	50%
	 TSR Rank 15
	 	45%
	 TSR Rank 16-20
	 	0%

 EPS criteria: 70% of all Restricted Stock Units awarded under the Agreement shall be subject to
EPS criteria. After the end of the applicable performance period, the number of Restricted Stock Units subject to EPS criteria shall be adjusted (i) based on the Performance Level achieved for the applicable performance period and
(ii) then further adjusted under Section 3(b) of the Agreement. By way of example only, the adjustments described above will operate as follows: if you are granted 1,000 Restricted Stock Units on the Date of Grant, then 700 Restricted
Stock Units would be subject to the EPS criteria. If the Target Performance Level is reached during the applicable performance period, then the Scale would be 100%, resulting in the possibility of 100% of 700 Restricted Stock Units being eligible
for vesting on the Vesting Date. In addition, to the extent you were on unpaid leave and/or were not actively employed during any part of the applicable performance period, the number of such Restricted Stock Units shall be further adjusted as
described in the first paragraph of Section 3(b) of the Agreement. Following the satisfaction of the applicable Performance Vesting Requirement and the adjustments herein provided but prior to the Vesting Date, you will be then eligible to
receive Dividend Equivalents with respect to the adjusted Restricted Stock Units rather than the original 700 Restricted Stock Units. Upon the applicable settlement date of your Restricted Stock Units, you will receive a settlement from the Company
with respect to such adjusted Restricted Stock Units rather than the original 700 Restricted Stock Units subject to EPS criteria. 
 TSR criteria: 30% of all Restricted Stock Units awarded under the Agreement shall be subject to TSR criteria as follows: 10% of all Restricted Stock Units awarded under the Agreement shall be
subject to a performance period of calendar year 2012, 10% of all Restricted Stock Units awarded under the Agreement shall be subject to a performance period of calendar year 2013 and 10% of all Restricted Stock Units awarded under the Agreement
shall be subject to a performance period of January 1 to October 31, 2014. After the end of the applicable performance period, the number of Restricted Stock Units subject to TSR criteria and the applicable performance period shall be
adjusted (i) based on the Performance Level achieved for the applicable performance period and (ii) then further adjusted under Section 3(b) of the Agreement. By way of example only, the adjustments described above will operate as
follows: if you are granted 1,000 Restricted Stock Units on the Date of Grant, then 300 Restricted Stock Units would be subject to the TSR criteria but with 100 Restricted Stock Units each being

  
 12 

 
subject to three different performance periods as stated above. If the Performance Level TSR Rank 1-4 is reached during the performance period January 1 to December 31, 2013, then the
Scale would be 150%, resulting in the possibility of 150% of 100 Restricted Stock Units being eligible for vesting on the Vesting Date. In addition, to the extent you were on unpaid leave and/or were not actively employed during any part of the
applicable performance period, the number of such Restricted Stock Units shall be further adjusted as described in the first paragraph of Section 3(b) of the Agreement. Following the satisfaction of the applicable Performance Vesting
Requirement and the adjustments herein provided but prior to the Vesting Date, you will be then eligible to receive Dividend Equivalents with respect to the adjusted Restricted Stock Units rather than the original 300 Restricted Stock Units. Upon
the applicable settlement date of your Restricted Stock Units, you will receive a settlement from the Company with respect to such adjusted Restricted Stock Units rather than the original 300 Restricted Stock Units subject to TRS criteria.

 Determination of TSR Rank: The TSR for the Company and each member of the Peer Group is determined by dividing
(i) the sum of the cumulative amount of such entity’s dividends per share for the performance period and the arithmetic average per share closing price of such entity’s common stock for the total number of trading days in the last
month of the performance period minus the arithmetic average per share closing price of such entity’s common stock for the total number of trading days in the first month of the performance period; by (ii) the arithmetic average per share
closing price of such entity’s common stock for the total number of trading days in the first month of the performance period. To determine Performance Level for a performance period, TSRs are calculated for the Company and each other entity in
the Peer Group. The entities are arranged by their respective TSRs (highest to lowest) and the Company is ranked within the Peer Group. If the Company’s TRS places it within the top 4 of the Peer Group, then Performance Level TSR Rank 1-4 is
achieved for that performance period and the number of Restricted Stock Units are adjusted in the manner provided above. 

Peer Group for the Company’s TSR Comparison: The “Peer Group” consists of the entities listed below. The Peer Group
provides a more appropriate basis for judging the Company’s corporate performance than the more narrowly focused compensation peer group disclosed in the Company’s proxy. 

 

	 	1.	Apache Corporation 

	 	2.	Newfield Exploration Company 

	 	3.	SM Energy Company 

	 	4.	Forest Oil Corporation 

	 	5.	Cabot Oil & Gas Corporation 

	 	6.	Stone Energy Corporation 

	 	7.	Energy XXI (Bermuda) Limited 

	 	8.	ATP Oil & Gas Corporation 

	 	9.	Swift Energy Co. 

	 	10.	McMoRan Exploration Company 

	 	11.	Comstock Resources, Inc. 

	 	12.	Noble Energy, Inc 

	 	13.	Plains Exploration & Production 

	 	14.	Callon Petroleum Company 

	 	15.	Energy Partners Ltd. 

	 	16.	Murphy Oil Company 

	 	17.	Clayton Williams Energy, Inc. 

	 	18.	Helix Energy Solutions Group, Inc. 

	 	19.	Petroquest Energy, Inc. 

	 	20.	W&T Offshore, Inc. 

  
 13

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