Document:

Carnival Cruise Lines Management Incentive Plan

 Exhibit 10.1 
 CARNIVAL CRUISE LINES 
 MANAGEMENT INCENTIVE PLAN 
  

	1.	OBJECTIVE 

 This Carnival Cruise Lines Management Incentive Plan
(the “Plan”) is designed to focus the attention of the employees of Carnival Cruise Lines (“CCL”) on achieving outstanding performance results as reflected in the operating income of the Carnival Cruise Lines
division of Carnival Corporation (“CCL”) and the operating income of Carnival Corporation & plc (the “Corporation”), as well as other relevant measures. It is intended that the bonuses paid to participants under
this Plan will be generally based 75% on achieving CCL Operating Income Target (defined below) and 25% on achieving the Corporation Operating Income Target (defined below). 
  

	2.	PLAN ADMINISTRATION 

 The administrators of the Plan shall be the
Compensation Committees of the Boards of Directors of the Corporation (the “Compensation Committees”). The Compensation Committees shall have sole discretion in resolving any questions regarding the administration or terms of
the Plan not addressed in this document, as well as in resolving any ambiguities that may exist in this document. 
 The Compensation Committees delegate
authority to approve the Target Bonus (defined below) and bonuses payable to participants who are not deemed to be “Executive Officers” (as defined by Rule 16a-1 of the Securities Exchange Act) of the Corporation, as follows:

  

	 	A.	to a committee comprised of the Chief Executive Officer and the Chief Operating Officer of the Corporation (the “Senior Management Committee”) for:

  

	 	i.	the ten (10) highest paid Plan participants (based on salary plus Target Bonus for the current Plan Year) not deemed to be Executive Officers (the “Top Ten
Participants”); and 

  

	 	ii.	the aggregate amount for all Plan participants other than the Executive Officers; and 

  

	 	B.	to the CCL Chief Executive Officer (the “CCL CEO”) for all other Plan participants. 

 The term “Administrators” as used hereafter shall refer to the Compensation Committees with respect to bonus determinations for the Executive Officers participating in the Plan; to the Senior
Management Committee with respect to bonus determinations for the Top Ten Participants; and to the CCL CEO with respect to bonus determinations for all other participants (subject to the approval by the Senior Management Committee of the aggregate
amount of cash bonus payable to all participants other than the Executive Officers). 

	3.	PLAN YEAR 

 The “Plan Year” shall be the 12-month
period ending November 30 of each year. 
  

	4.	PARTICIPATION 

 Prior to the commencement of each Plan Year, the
CCL CEO shall determine which employees of CCL shall participate in the Plan. In general, the CCL CEO and all employees of CCL at the level of Vice President or above shall be eligible to participate in the Plan. In his/her discretion, the CCL CEO
may select other employees to participate in the Plan or establish separate criteria to determine the bonus of specified employees. 
 Persons who commence
employment or are promoted to the status of Vice President or above following the beginning of the Plan Year may, with the approval of the applicable Administrators, be allowed to participate in the Plan. 
 In order to receive a cash bonus under the Plan, a participant must be employed by Carnival Corporation & plc or one of its subsidiaries on the day the bonus is
paid; provided, however, that if a participant is on a leave of absence that does not meet the requirements of The Family and Medical Leave Act of 1993 on the day the bonus is paid to the other participants, such bonus shall not be payable until the
participant returns to active duty. The only exceptions to this requirement are for participants whose employment is terminated prior to the day the bonus is paid as the result of death, disability or Retirement (“Early Termination
Employees”) or for other circumstances approved by the Administrators on a case-by-case basis. If employment is terminated by reason of death, disability or Retirement, a participant or his/her estate will receive a pro-rata bonus based on
the portion of the Plan Year the participant was employed. For purposes of this section, “Retirement” means a termination of employment by a participant on or after the earlier of (i) age 65 with at least five years of employment
with Carnival Corporation, Carnival plc or any successor thereto and/or their subsidiaries or (ii) age 55 with at least 15 years of employment with Carnival Corporation, Carnival plc or any successor thereto and/or their subsidiaries. 
  

	5.	BONUS 

  

	 	A.	For purposes of this Plan, the terms below shall be defined as follows: 

  

	 	i.	The “CCL Operating Income” shall mean the net income of CCL before interest income and expense and other nonoperating income and expense and income taxes, as
reported by CCL for the Plan Year. 

  

	 	ii.	The “CCL Operating Income Target” for the Plan Year will be equal to the actual CCL Operating Income for the prior Plan Year adjusted for any change in capacity as
follows: 

 CCL Operating Income Target = Prior Plan Year’s actual CCL Operating Income per berth day multiplied by the
current Plan Year’s budgeted available lower berth days (“ALBDs”). 
  

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	 	iii.	The “Corporation Operating Income” shall mean the net income of the Corporation before interest income and expense and other nonoperating income and expense
and income taxes as reported by the Corporation in its full year earnings report issued following each Plan Year. 

  

	 	iv.	The “Corporation Operating Income Target” for the Plan Year will be equal to the projected Operating Income for the Plan Year that corresponds to the
midpoint of the diluted earnings per share guidance publicly announced during the first month of the Plan Year by the Corporation. 

 The Compensation Committees may, in their discretion, increase or decrease the CCL Operating Income Target and/or the Corporation Operating Income Target or establish an alternative target for any reason they deem appropriate. In addition,
in the discretion of the Compensation Committees, certain items, including, but not limited to, gains or losses on ship sales can be excluded from the CCL and/or Corporation Operating Income Targets and the actual CCL and/or Corporation Operating
Income for any Plan Year. 
  

	 	B.	Within 75 days following the commencement of each Plan Year, the Administrators shall, in their discretion, determine a Target Bonus (in the currency of his/her base salary) for
each participant for the current Plan Year based on recommendations from CCL, which may, in the Administrators’ discretion, be increased or decreased for any reason(s) deemed appropriate by them. The “Target Bonus” is the
anticipated level of bonus for a participant if 100% of both the CCL Operating Income Target and Corporation Operating Income Target are achieved, prior to the Administrators exercising discretion to increase or decrease the bonus payable to a
participant as provided in 5.C.ii. 

  

	 	C.	Within 75 days following the end of each Plan Year, the Administrators shall determine each participant’s bonus for the prior Plan Year as follows: 

  

	 	i.	The actual CCL Operating Income, adjusted to reflect the impact of constant (prior year) fuel prices on fuel expense, and the actual Corporation Operating Income for the Plan Year
will be confirmed, and the Administrators shall determine the preliminary bonus amount for each participant by reference to the schedule appended to this Plan (the “Bonus Schedule”), which calibrates the weighted CCL Operating
Income Target (75%) and the Corporation Operating Income Target (25%) for the Plan Year with the Target Bonus for each participant. The performance range in the Bonus Schedule is from 75% to 120% of the Operating Income Targets with results at 75%
or less producing a preliminary bonus amount equal to 50% of the Target Bonus and at 120% or more producing a preliminary bonus amount equal to 150% of the Target Bonus. Results from 75% to 120% of the Operating Income Targets will be calculated
using interpolation. 

  

	 	ii.	 The Administrators may then consider other factors deemed, in their discretion, relevant to the performance of CCL and Carnival Corporation & plc, including,
but not limited to, the impacts of changes in accounting principles, unusual gains and/or losses and other events outside the control of management. The 

  

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Administrators may also consider other factors they deem, in their discretion, relevant to the performance of CCL or each individual participant, including,
but not limited to, operating performance metrics (such as return on investment, revenue yield, costs per ALBD), successful implementation of strategic initiatives and business transactions, significant business contracts, departmental
accomplishments, executive recruitment, new ship orders, and management of health, environment, safety and security matters. Based on such factors, the Administrators may, in their discretion, increase or decrease the preliminary bonus amount
calculated pursuant to Section 5.C.i. by any amount deemed appropriate to determine the final bonus amount. The final bonus amount shall not exceed 200% of the Target Bonus of the participant. 

 In addition, the Administrators may adjust a participant’s bonus amount for any unpaid leave of absence regardless of the nature of the leave.

  

	6.	PAYMENT OF BONUS 

 Except as otherwise provided in the section
entitled “Participation,” bonuses shall be paid as soon as administratively practicable following determination of the bonuses by the Administrators. At the discretion of the Administrators, special arrangements may be made for earlier
payment to Early Termination Employees. 
 Notwithstanding any other provision of this Plan, the issuance of bonuses is at the sole discretion of the
Administrators. The Administrators at their sole discretion, may increase, decrease or withhold bonuses. 
 Participants may elect to defer payment of
all or a portion of their bonus in accordance with and under the terms of deferred compensation plans in effect from time to time, including non-qualified deferred compensation plans pursuant to Section 409A of the Internal Revenue Code. Any such
deferrals will only be permitted under the terms of those plans and participants will be notified if they are eligible to participate in those plans. 
  

	7.	DURATION OF PLAN 

 The Plan will be effective until terminated by
the Compensation Committees. 
  

	8.	AMENDMENT OF PLAN 

 The Compensation Committees may amend the Plan
from time to time in such respects as the Compensation Committees may deem advisable. 
 Approved by the Compensation Committees: July 12, 2008 

 

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 BONUS SCHEDULE 
  

										
	 Percent of
Target
Operating
Income
Achieved
	 	Bonus
Funding	 	 	CCL
Weighted
Bonus
Funding
(75%)	 	 	Corporation
Weighted
Bonus
Funding
(25%)	 
	Under 75%	 	50.0	%	 	37.50	%	 	12.50	%
	75%	 	50.0	%	 	37.50	%	 	12.50	%
	76%	 	52.0	%	 	39.00	%	 	13.00	%
	77%	 	54.0	%	 	40.50	%	 	13.50	%
	78%	 	56.0	%	 	42.00	%	 	14.00	%
	79%	 	58.0	%	 	43.50	%	 	14.50	%
	80%	 	60.0	%	 	45.00	%	 	15.00	%
	81%	 	62.0	%	 	46.50	%	 	15.50	%
	82%	 	64.0	%	 	48.00	%	 	16.00	%
	83%	 	66.0	%	 	49.50	%	 	16.50	%
	84%	 	68.0	%	 	51.00	%	 	17.00	%
	85%	 	70.0	%	 	52.50	%	 	17.50	%
	86%	 	72.0	%	 	54.00	%	 	18.00	%
	87%	 	74.0	%	 	55.50	%	 	18.50	%
	88%	 	76.0	%	 	57.00	%	 	19.00	%
	89%	 	78.0	%	 	58.50	%	 	19.50	%
	90%	 	80.0	%	 	60.00	%	 	20.00	%
	91%	 	82.0	%	 	61.50	%	 	20.50	%
	92%	 	84.0	%	 	63.00	%	 	21.00	%
	93%	 	86.0	%	 	64.50	%	 	21.50	%
	94%	 	88.0	%	 	66.00	%	 	22.00	%
	95%	 	90.0	%	 	67.50	%	 	22.50	%
	96%	 	92.0	%	 	69.00	%	 	23.00	%
	97%	 	94.0	%	 	70.50	%	 	23.50	%
	98%	 	96.0	%	 	72.00	%	 	24.00	%
	99%	 	98.0	%	 	73.50	%	 	24.50	%
	100%	 	100.0	%	 	75.00	%	 	25.00	%
	101%	 	102.5	%	 	76.88	%	 	25.63	%
	102%	 	105.0	%	 	78.75	%	 	26.25	%
	103%	 	107.5	%	 	80.63	%	 	26.88	%
	104%	 	110.0	%	 	82.50	%	 	27.50	%
	105%	 	112.5	%	 	84.38	%	 	28.13	%
	106%	 	115.0	%	 	86.25	%	 	28.75	%
	107%	 	117.5	%	 	88.13	%	 	29.38	%
	108%	 	120.0	%	 	90.00	%	 	30.00	%
	109%	 	122.5	%	 	91.88	%	 	30.63	%
	110%	 	125.0	%	 	93.75	%	 	31.25	%
	111%	 	127.5	%	 	95.63	%	 	31.88	%
	112%	 	130.0	%	 	97.50	%	 	32.50	%
	113%	 	132.5	%	 	99.38	%	 	33.13	%
	114%	 	135.0	%	 	101.25	%	 	33.75	%
	115%	 	137.5	%	 	103.13	%	 	34.38	%
	116%	 	140.0	%	 	105.00	%	 	35.00	%
	117%	 	142.5	%	 	106.88	%	 	35.63	%
	118%	 	145.0	%	 	108.75	%	 	36.25	%
	119%	 	147.5	%	 	110.63	%	 	36.88	%
	120%	 	150.0	%	 	112.50	%	 	37.50	%
	Over 120%	 	150.0	%	 	112.50	%	 	37.50	%

  

 5Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (“Agreement”) is made by and
between W&T Offshore, Inc., a Texas corporation (the “Company”), and Jamie Vazquez (“Key Employee”). 
 W I T N E S
S E T H: 
 WHEREAS, Key Employee is currently employed by the Company; and 
 WHEREAS, the Company is desirous of continuing to employ Key Employee on the terms and conditions, and for the consideration, hereinafter set
forth and Key Employee is desirous of continuing to be employed by the Company on such terms and conditions and for such consideration; 
 NOW, THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained herein, the Company and Key Employee agree as follows: 
 ARTICLE 1: EMPLOYMENT AND DUTIES 
 1.1 Employment; Effective Date. Effective as of
September 28, 2005 (the “Effective Date”), and continuing for the period of time set forth in Article 2 of this Agreement, Key Employee’s employment by the Company shall be subject to the terms and conditions of this Agreement.

 1.2 Positions. During the term of this Agreement, the Company shall employ Key Employee in the position of Vice President and
Manager of the Land Department of the Company, or in such other positions as the parties mutually may agree. 
 1.3 Duties and
Services. Key Employee agrees to serve in the positions referred to in paragraph 12 and to perform diligently and to the best of his abilities the duties and services appertaining to such offices, as well as such additional duties and services
appropriate to such offices which the parties mutually may agree upon from time to time. Key Employee’s employment shall also be subject to the policies maintained and established by the Company that are of general applicability to the
Company’s employees, as such policies maybe amended from time to time. 
 1.4 Other Interests. Key Employee agrees, during the
period of his employment by the Company, to devote substantially all of his business time, energy and best efforts to the business and affairs of the Company and its affiliates and not to engage, directly or indirectly, in any other business or
businesses whether or not similar to that of the Company, except with the consent of the Board of Directors of Company (the “Board of Directors”). The foregoing notwithstanding, the parties recognize and agree that Key Employee may engage
in other business activities that do not conflict with the business and affairs of the Company or interfere with Key Employee’s performance of his duties hereunder, which shall be at the sole determination of the Board of Directors. 

1.5 Duty of Loyalty. Key Employee acknowledges and agrees that Key Employee owes a fiduciary duty of loyalty to act at all times in the best
interests of the Company. In keeping with 

  

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such duty, Key Employee shall make full disclosure to the Company of all business opportunities pertaining to the Company’s business and shall not
appropriate for Key Employee’s own benefit business opportunities concerning the Company’s business. 
 ARTICLE 2: TERM AND TERMINATION OF
EMPLOYMENT 
 2.1 Term. Unless sooner terminated pursuant to other provisions hereof, the Company agrees to employ Key Employee for
the period beginning on the Effective Date and ending on the third anniversary of the Effective Date (the “Initial Expiration Date”); provided, however, mat beginning on the Initial Expiration Date, and on each anniversary of the Initial
Expiration Date thereafter, if this Agreement has not been terminated pursuant to paragraph 2.2 or 2.3, then said term of employment shall automatically be extended for an additional one-year period unless on or before the date that is 90 days prior
to the first day of any such extension period either party shall give written notice to the other that no such automatic extension shall occur. 
 2.2 Company’s Right to Terminate. Notwithstanding the provisions of paragraph 2.1, the Company shall have the right to terminate Key Employee’s employment under this Agreement at any time for any of the following reasons:

 (i) upon Key Employee’s death; 
 (ii) upon Key Employee’s becoming incapacitated by accident, sickness, or other circumstances which, in the opinion of a physician
selected by the Company, renders him mentally or physically incapable of performing the duties and services required of him hereunder; or 
 (iii) for “Cause”, which shall mean Key Employee (A) has engaged in gross negligence or willful misconduct in the performance of the duties required of him hereunder, (B) has willfully refused
without proper legal reason to perform the duties and responsibilities required of him hereunder, (C) has materially breached any material provision of this Agreement or any material corporate policy maintained and established by the Company
that is of general applicability to the Company’s employees, (D) has willfully engaged in conduct that he knows or should know is materially injurious to the Company or any of its affiliates, or (E) has been convicted of, or pleaded
no contest to, a crime involving moral turpitude or any felony, or (F) has engaged in any act of serious dishonesty which adversely affects, or reasonably could in the future adversely affect, the value, reliability, or performance of Key
Employee in a material manner; provided, however, that Key Employee’s employment may be terminated for Cause only if such termination is approved by at least a majority of a quorum (as defined in the Company’s By-laws) of the members of
the Board of Directors after Key Employee has been given written notice by the Company of the specific reason for such termination and an opportunity for Key Employee, together with his counsel, to be heard before the Board of Directors. 

Members of the Board of Directors may participate in any hearing that is required pursuant to paragraph 2.2(iii) by means of conference telephone or
similar communications equipment by means of which all persons participating in the hearing can hear and speak to each other. 
  

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 2.3 Key Employee’s Right to Terminate. Notwithstanding the provisions of paragraph 2.1, Key
Employee shall have the right to terminate his employment under this Agreement for any of the following reasons: 
 (i) for
“Good Reason”, which shall mean, within 60 days of and in connection with or based upon (A) a material breach by the Company of any material provision of this Agreement, (B) a significant reduction in the nature or scope of Key
Employee’s duties and responsibilities, (C) the assignment to Key Employee of duties and responsibilities that are materially inconsistent with the positions referred to in paragraph 1.2, or (D) any requirement that Key Employee
relocate to a site more than 50 miles from his present business address; provided, however, that, prior to Key Employee’s termination for Good Reason, Key Employee must give written notice to the Company of any such breach, reduction,
assignment or requirement and such breach, reduction, assignment or requirement must remain uncorrected for 10 days following such written notice; or 
 (ii) at any tune for any other reason whatsoever, in the sole discretion of Key Employee. 
 2.4 Notice of
Termination. If Company desires to terminate Key Employee’s employment hereunder at any time prior to expiration of the term of employment as provided in paragraph 2.1, it shall do so by giving written notice to Key Employee that it has
elected to terminate Key Employee’s employment hereunder and stating the effective date and reason for such termination, provided that no such action shall alter or amend any other provisions hereof or rights arising hereunder. If Key Employee
desires to terminate his employment hereunder at any time prior to expiration of the term of employment as provided in paragraph 2.1, he shall do so by giving a 30-day written notice to the Company that he has elected to terminate his employment
hereunder and stating the effective date and reason for such termination, provided that no such action shall alter or amend any other provisions hereof or rights arising hereunder. 
 2.5 Deemed Resignations. Any termination of Key Employee’s employment shall constitute an automatic resignation of Key Employee as an officer
of the Company and each affiliate of the Company, and an automatic resignation of Key Employee from the Board of Directors (if applicable) and from the board of directors of any affiliate of the Company and from the board of directors or similar
governing body of any corporation, limited liability company or other entity in which the Company or any affiliate holds an equity interest and with respect to which board or similar governing body Key Employee serves as the Company’s or such
affiliate’s designee or other representative. 
 ARTICLE 3: COMPENSATION AND BENEFITS 
 3.1 Base Salary. During the period of this Agreement, Key Employee shall receive a minimum annual base salary of $200,000. Key Employee’s
annual base salary shall be reviewed by the Board of Directors (or a committee thereof) on an annual basis (or more frequently, should the Board of Directors decide to do so), and, in the sole discretion of the Board of Directors (or such
committee), such annual base salary may be increased, but not decreased, effective as of any date determined by the Board of Directors. Key Employee’s annual base salary shall be paid in equal installments in accordance with the Company’s
standard policy regarding payment of compensation to employees but no less frequently than monthly. 
  

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 3.2 Bonuses. Key Employee shall be eligible to participate in the Company’s Bonus Plan and
the Company’s Long Term Incentive Compensation Plan as approved from time to time by the Compensation Committee of the Board of Directors in amounts to be determined by the Compensation Committee based upon criteria established by the
Compensation Committee. 
 3.3 Other Perquisites. During his employment hereunder, Key Employee shall be afforded the following
benefits as incidences of his employment: 
 (i) Business and Entertainment Expenses—Subject to the Company’s
standard policies and procedures with respect to expense reimbursement as applied to its employees generally, the Company shall reimburse Key Employee for, or pay on behalf of Key Employee, reasonable and appropriate expenses incurred by Key
Employee for business related purposes, including dues and fees to industry and professional organizations and costs of entertainment and business development. 
 (ii) Vacation—During his employment hereunder, Key Employee shall be entitled to 4 weeks of paid vacation each calendar year
(or such greater amount of vacation as provided to employees of the Company generally) and to all holidays provided to employees of the Company generally; provided, however, that for the period beginning on the Effective Date and ending on the last
day of the calendar year in which the Effective Date occurs, Key Employee shall be entitled to 4 weeks of paid vacation (or such greater amount of vacation as provided to employees of the Company generally) reduced by the number of vacation days
that Key Employee has already used during such calendar year and prior to the Effective Date. 
 (iii) Other Company
Benefits—Key Employee and, to the extent applicable, Key Employee’s spouse, dependents and beneficiaries, shall be allowed to participate in all benefits, plans and programs, including improvements or modifications of the same, which
are now, or may hereafter be, available to other employees of the Company. Such benefits, plans and programs shall include, without limitation, any profit sharing plan, thrift plan, health insurance or health care plan, life insurance, disability
insurance, pension plan, supplemental retirement plan, vacation and sick leave plan, and the like which may be maintained by the Company. The Company shall not, however, by reason of this paragraph be obligated to institute, maintain, or refrain
from changing, amending, or discontinuing, any such benefit plan or program, so long as such changes are similarly applicable to employees generally. 
 ARTICLE 4: EFFECT OF TERMINATION AND CHANGE IN CONTROL ON COMPENSATION; ADDITIONAL PAYMENTS 
 4.1 Defined Terms. For
purposes of this Article 4, the following terms shall have the meanings indicated: 
 “Base Amount” shall be the “base
amount” of Key Employee’s annual compensation, determined in accordance with Section 280(g) of the Internal Revenue Code of 1986, as amended. 
 “Change in Control” means (i) a merger of the Company with another entity, a consolidation involving the Company, or the sale of all or substantially all of the assets of the Company to another entity
if, in any such case, (A) the holders of equity securities of the 

  

 4 

 
Company immediately prior to such transaction or event do not beneficially own immediately after such transaction or event equity securities of the resulting
entity entitled to 40% or more of the votes then eligible to be cast in the election of directors generally (or comparable governing body) of the resulting entity in substantially the same proportions that they owned the equity securities of the
Company immediately prior to such transaction or event or (B) the persons who were members of the Board of Directors immediately prior to such transaction or event shall not constitute at least a majority of the board of directors of the
resulting entity immediately after such transaction or event, (ii) the dissolution or liquidation of Company, (iii) when any person or entity, including a “group” as contemplated by Section 13(d}(3) of the Securities
Exchange Act of 1934, as amended, acquires or gains ownership or control (including, without limitation, power to vote) of more than 60% of the combined voting power of the outstanding securities of, (A) if the Company has not engaged in a
merger or consolidation, Company, or (B) if the Company has engaged in a merger or consolidation, the resulting entity, or (iv) as a result of or in connection with a contested election of directors, the persons who were members of the
Board of Directors immediately before such election shall cease to constitute a majority of the Board of Directors. For purposes of the preceding sentence, (1) “resulting entity” in the context of a transaction or event that is a
merger, consolidation or sale of all or substantially all assets shall mean the surviving entity (or acquiring entity in the case of an asset sale) unless the surviving entity (or acquiring entity in the case of an asset sale) is a subsidiary of
another entity and the holders of common stock of the Company receive capital stock of such other entity in such transaction or event, in which event the resulting entity shall be such other entity, and (2) subsequent to the consummation of a
merger or consolidation that does not constitute a Change in Control, the term “Company” shall refer to the resulting entity and the term “Board of Directors” shall refer to the board of directors (or comparable governing body)
of the resulting entity. Notwithstanding the foregoing, if the Company engages in any transaction approved by the shareholders of the Company and by the Board of Directors of the Company, and the Board of Directors of the Company (or any successor
of the Company by merger, consolidation or otherwise) remains the Board of Directors of the Company (or any successor of the Company by merger, consolidation or otherwise) immediately following such transaction, regardless of whether shareholders of
the Company own a majority of the outstanding securities of the Company (or any successor of the Company by merger, consolidation or otherwise), then such transaction shall not be considered a “Change in Control.” 
 “Termination Benefits” means (i) a lump sum cash payment equal to 3 times Key Employee’s “Base Amount”, less $1.00.

 “Health Coverage” means that if Key Employee elects to continue coverage for himself or his eligible dependents under the
Company’s group health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), during the twelve-month period commencing on the date of Key Employee’s termination of employment from the
Company (the “Severance Period”), then throughout the Severance Period the Company shall promptly reimburse Key Employee on a monthly basis for the difference between the amount Key Employee pays to effect and continue such coverage and
the employee contribution amount that active senior employees pay for the same or similar coverage under Company’s group health plans. Further, if after the Severance Period Key Employee continues his COBRA coverage and Key Employee’s
COBRA coverage terminates at any time during the eighteen-month period commencing on the day immediately following the last day of the Severance Period (the 

  

 5 

 
“Extended Coverage Period”), then the Company shall provide Key Employee (and his eligible dependents) with health benefits substantially similar
to those provided under its group health plans for active employees for the remainder of the Extended Coverage Period at a cost to Key Employee that is no greater than the cost of COBRA coverage; provided, however, that the Company shall use its
reasonable efforts so that such health benefits are provided to Key Employee under one or more insurance policies (or such other manner) so that reimbursement or payment of benefits to Key Employee thereunder shall not result in taxable income to
Key Employee. Notwithstanding the preceding provisions of this paragraph, the Company’s obligation to reimburse Key Employee during the Severance Period and to provide health benefits to Key Employee during the Extended Coverage Period shall
immediately end if and to the extent Key Employee becomes eligible to receive health plan coverage from a subsequent employer (with Key Employee being obligated hereunder to promptly report such eligibility to the Company). 
 4.2 Termination By Expiration. If Key Employee’s employment hereunder shall terminate upon expiration of the term provided in paragraph 2.1
hereof because either party has provided the notice contemplated in such paragraph, then all compensation and all benefits to Key Employee hereunder shall continue to be provided until the expiration of such term and such compensation and benefits
shall terminate contemporaneously with termination of his employment. 
 4.3 Termination By the Company. If Key Employee’s
employment hereunder shall be terminated by the Company prior to expiration of the term provided in paragraph 2.1, then, upon such termination, regardless of the reason therefore, all compensation and benefits to Key Employee hereunder shall
terminate contemporaneously with the termination of such employment; provided, however, that, subject to paragraph 4.7 below, if such termination shall be for any reason other than those encompassed by paragraph 2.2(i), 2.2(ii), or 2.2(iii), then
the Company shall provide Key Employee with the Termination Benefits. Any lump sum cash payment due to Key Employee pursuant to the preceding sentence shall be paid to Key Employee within five business days of the date of Key Employee’s
termination of employment with the Company; provided, however, that if the lump sum cash payment would be subject to additional taxes and interest under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), then
payment of the lump sum cash payment shall be deferred to the extent required to avoid such additional taxes and interest. 
 4.4
Termination By Key Employee. If Key Employee’s employment hereunder shall be terminated by Key Employee prior to expiration of the term provided in paragraph 2.1, then, upon such termination, regardless of the reason therefore, all
compensation and benefits to Key Employee hereunder shall terminate contemporaneously with the termination of such employment; provided, however, that, subject to paragraph 4.7 below, if such termination occurs for Good Reason, then the Company
shall provide Key Employee with the Termination Benefits. Any lump sum cash payment due to Key Employee pursuant to this paragraph shall be paid to Key Employee within five business days of the date of Key Employee’s termination of employment
with the Company; provided, however, that if the lump sum cash payment would be subject to additional taxes and interest under Section 409 A of the Code, then payment of the lump sum cash payment shall be deferred to the extent required to
avoid such additional taxes and interest. 
  

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 4.5 Change in Control Benefits. If Key Employee is employed by the Company on the date upon which
a Change in Control occurs, then the Company shall provide Key Employee with the Termination Benefits (other than Health Coverage), which benefits shall be determined as if Key Employee’s employment by the Company terminated on the date of such
Change in Control; provided, however, that, if Key Employee is entitled to Termination Benefits under paragraph 4.3 or 4.4 of this Agreement as of the date of such Change in Control, then Key Employee shall not also be entitled to additional
Termination Benefits under this paragraph. Any lump sum cash payment due to Key Employee pursuant to the preceding sentence shall be paid to Key Employee within five business days of the date of the Change in Control. 
 4.6 Parachute Payments. Notwithstanding anything to the contrary in this Agreement, if Key Employee is a “disqualified individual” (as
defined hi Section 280G(c) of the Code), and the benefits provided for in this Article, together with any other payments and benefits which Key Employee has the right to receive from the Company and its affiliates, would constitute a
“parachute payment” (as defined in Section 280G(b)(2) of the Code), then the benefits provided hereunder (beginning with any benefit to be paid in cash hereunder) shall be either (1) reduced (but not below zero) so that the
present value of such total amounts and benefits received by Key Employee will be one dollar ($1.00) less than three times Key Employee’s Base Amount and so that no portion of such amounts and benefits received by Key Employee shall be subject
to the excise tax imposed by Section 4999 of the Code or (2) paid in full, whichever produces the better net after-tax position to Key Employee (taking into account any applicable excise tax under Section 4999 of the Code and any
other applicable taxes). The determination as to whether any such reduction in the amount of the benefits provided hereunder is necessary shall be made initially by the Company in good faith. If a reduced benefit is provided hereunder in accordance
with clause (1) of the first sentence of this paragraph and through error or otherwise that payment, when aggregated with other payments and benefits from the Company (or its affiliates) used in determining if a “parachute payment”
exists, exceeds one dollar ($1.00) less than three times Key Employee’s base amount, then Key Employee shall immediately repay such excess to the Company upon notification that an overpayment has been made. 
 4.7 Release and Full Settlement. Anything to the contrary herein notwithstanding, as a condition to the receipt of Termination Benefits under
paragraph 4.3 or 4.4 hereof, Key Employee shall first execute a release, in the form established by the Board of Directors, releasing the Board of Directors, the Company, and the Company’s parent corporation, subsidiaries, affiliates, and their
respective shareholders, partners, officers, directors, employees, attorneys and agents from any and all claims and from any and all causes of action of any kind or character including, but not limited to, all claims or causes of action arising out
of Key Employee’s employment with the Company or its affiliates or the termination of such employment, but excluding all claims to vested benefits and payments Key Employee may have under any compensation or benefit plan, program or
arrangement, including this Agreement. The performance of the Company’s obligations hereunder and the receipt of any benefits provided under paragraphs 4.3 and 4.4 shall constitute full settlement of all such claims and causes of action.

 4.8 No Duty to Mitigate Losses. Key Employee shall have no duty to find new employment following the termination of his employment
under circumstances that require the Company to pay any amount to Key Employee pursuant to this Article 4. Except to the extent 

  

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Key Employee becomes eligible to receive health plan coverage from a subsequent employer as provided in paragraph 4.1 with respect to Health Coverage, any
salary or remuneration received by Key Employee from a third party for the providing of personal services (whether by employment or by functioning as an independent contractor) following the termination of his employment under circumstances pursuant
to which this Article 4 apply shall not reduce the Company’s obligation to make a payment to Key Employee (or the amount of such payment) pursuant to the terms of this Article 4. 
 4.9 Liquidated Damages. In light of the difficulties in estimating the damages for an early termination of Key Employee’s employment under
this Agreement, the Company and Key Employee hereby agree that the payments, if any, to be received by Key Employee pursuant to this Article 4 shall be received by Key Employee as liquidated damages. 
 4.10 Other Benefits. This Agreement governs the rights and obligations of Key Employee and the Company with respect to Key Employee’s base
salary and certain perquisites of employment. Except as expressly provided herein, Key Employee’s rights and obligations both during the term of his employment and thereafter with respect to stock options, restricted stock, incentive and
deferred compensation, life insurance policies insuring the life of Key Employee, and other benefits under the plans and programs maintained by the Company shall be governed by the separate agreements, plans and other documents and instruments
governing such matters. 
 ARTICLE 5: MISCELLANEOUS 
 5.1 Notices. For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by
United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to the Company to: 

 W&T Offshore, Inc. 
 Attn:
Tracy W. Krohn 
 Eight Greenway Plaza, Suite 1330 
 Houston, TX 77046 
 If to Employee to: 
 Jamie Vazquez 
 W&T Offshore, Inc.

 Eight Greenway Plaza, Suite 1330 
 Houston, TX 77046 
 or to such other address as either party may furnish to the other in writing in accordance herewith, except that notices or
changes of address shall be effective only upon receipt. 
 5.2 Applicable Law. This Agreement is entered into under, and shall be
governed for all purposes by, the laws of the State of Texas. 
  

 8 

 5.3 No Waiver. No failure by either party hereto at any time to give notice of any breach by the
other party of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 5.4 Severability. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the
invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect. 
 5.5 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which
together will constitute one and the same Agreement. 
 5.6 Withholding of Taxes and Other Employee Deductions. The Company may
withhold from any benefits and payments made pursuant to this Agreement all federal, state, city and other taxes as may be required pursuant to any law or governmental regulation or ruling and all other normal employee deductions made with respect
to the Company’s employees generally. 
 5.7 Headings. The paragraph headings have been inserted for purposes of convenience and
shall not be used for interpretive purposes. 
 5.8 Gender and Plurals. Wherever the context so requires, the masculine gender
includes the feminine or neuter, and the singular number includes the plural and conversely. 
 5.9 Affiliate. As used in this
Agreement, the term “affiliate” shall mean any entity which owns or controls, is owned or controlled by, or is under common ownership or control with, the Company. 
 5.10 Assignment. This Agreement shall be binding upon and inure to the benefit of the Company and any successor of the Company, by merger or
otherwise. Except as provided in the preceding sentence, this Agreement, and the rights and obligations of the parties hereunder, are personal and neither this Agreement, nor any right, benefit, or obligation of either party hereto, shall be subject
to voluntary or involuntary assignment, alienation or transfer, whether by operation of law or otherwise, without the prior written consent of the other party. 
 5.11 Term. This Agreement has a term co-extensive with the term of employment provided in paragraph 2.1. Termination shall not affect any right or obligation of any party that is accrued or vested prior to such
termination. 
 5.12 Entire Agreement. Except as provided in (i) the written benefit plans and programs referenced in paragraphs
3.2 and 3.3(iii) (and any agreements between the Company and Key Employee that have been executed under such plans and programs) and (ii) any signed written agreement contemporaneously or hereafter executed by the Company and Key Employee, this
Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to employment of Key Employee
by the Company. Without limiting the scope of the preceding sentence, all understandings and agreements 

  

 9 

 
preceding the date of execution of this Agreement and relating to the subject matter hereof (other than the agreements described in clause (i) of the
preceding sentence) are hereby null and void and of no further force and effect. Any modification of this Agreement will be effective only if it is in writing and signed by the party to be charged. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the 20th day of October, 2005, to be effective as of the Effective Date.

  

			
	W&T OFFSHORE, INC.
		
	By:	 	/s/ Tracy W. Krohn
		 	 Name: Tracy W. Krohn
 Title: CEO
 “COMPANY”

  

			
		
	By:	 	/s/ Jamie Vazquez
		 	 Name: Jamie Vazquez
 “EMPLOYEE”

  

 10

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