Document:

Form of Change of Control Agreement - Tier II, approved July 2010

 Exhibit 10.2 
 Note: Form of Tier II Change of Control Agreement (the “Agreement”) was amended in July 2010 to replace the excise tax gross up provision with an approach that would limit the
change-in-control payment under the Agreement to the IRS safe harbor amount if, after performing an individualized calculation, this amount results in a greater after-tax benefit than would be received if the participant had received the full
payment and paid the resulting excise tax. Other administrative changes were also adopted. The form of revised Agreement appears below. 
 FORM OF CHANGE IN CONTROL AGREEMENT - TIER II 
 Mr./Ms. [Full Name] 

International Paper Company 
 [TITLE] 

[ADDRESS] 
 Dear [First Name]: 

International Paper Company (the “Company”) considers the establishment and maintenance of a sound and vital management
to be essential to protecting and enhancing the best interests of the Company and its shareholders. In this connection, the Company recognizes that, as is the case with many publicly held corporations, the possibility of a change in control may
exist and that such possibility, and the uncertainty and questions which it may raise among senior management, may result in the departure or distraction of senior management personnel to the detriment of the Company and its shareholders.
Accordingly, the Company’s Board of Directors has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of members of the Company’s senior management, including yourself, to
their assigned duties without distraction in the face of the potentially disturbing circumstances arising from the possibility of a change in control of the Company. 
 In order to induce you to remain in the employ of the Company, and to continue to exercise your special skills and knowledge at the Company, this letter agreement (this “Agreement”) sets
forth the benefits which the Company agrees will be provided to you in the event your employment with the Company is terminated subsequent to a Change in Control (as defined in Section 2) under the circumstances described below. 

1. TERM 

This Agreement shall commence on the date hereof and, unless there is a Change in Control, shall continue until the earliest of
(a) your termination of employment as a “full-time employee” of the Company, (b) the date when you attain the age of 65 years or (c) the date when this Agreement is terminated by the Company in accordance with the next
sentence. If a Change in Control has not occurred, then the Company shall have the right at any time to terminate this Agreement by giving you 6 months prior written notice of termination of this Agreement. 

 If a Change in Control occurs at any time prior to the termination of this Agreement
pursuant to the preceding paragraph, then this Agreement shall terminate on the first anniversary of such Change in Control. 

2. CHANGE IN CONTROL DEFINED 
 (a) For purposes of this Agreement, a “Change in Control” means the occurrence of any of the following: 
 (1) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in
Section 13(d)(3) of the Securities Exchange Act of 1934, hereinafter the “Exchange Act”) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of the
Company’s voting stock representing 30% or more of the voting power of the Company’s outstanding voting stock, provided, however, that an employee of the Company or any of its subsidiaries for whom shares are held under an employee
stock ownership, employee retirement, employee savings or similar plan and whose shares are voted in accordance with the instructions of such employee shall not be a member of a “group”(as that term is used in Section 13(d)(3) of the
Exchange Act) solely because such employee’s shares are held by a trustee under said plan; 
 (2) during any period of 2
consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Company (the “Board”) cease for any reason to constitute at least a majority thereof, unless the election, or the nomination
for election, by the Company’s shareholders of each new director was approved by a vote of at least two-thirds (2/3) of the directors then still in office who were directors at the beginning of the period; 

(3) the Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the
Company, in any such event pursuant to a transaction in which any of the Company’s outstanding voting stock or voting stock of such other person is converted into or exchanged for cash, securities or other property, other than any such
transaction where the Company’s voting stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged for, voting stock representing more than 50% of the voting power of the voting stock of the surviving
person immediately after giving effect to such transaction; 
 (4) the direct or indirect sale, lease, transfer, conveyance
or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its subsidiaries taken as a whole to any “person” or
“group” (as those terms are used in Section 13(d)(3) of the Exchange Act other than to the Company or one of its subsidiaries; or 

  
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 (5) the shareholders of the Company approve a complete liquidation or dissolution of the
Company. 
 (b) Provided that you remain in the employment of the Company as of the date immediately preceding a Change in
Control, then upon the occurrence of such Change in Control: 
 (i) each stock option to purchase shares of the common stock of
the Company (or such other securities of the Company that may be substituted for such stock of the Company) granted to you by the Company under any plan, arrangement or agreement before or after the date hereof (but prior to the Change in Control),
including the 2009 Incentive Compensation Plan (the “ICP”), and then held by you shall become fully (100%) vested and exercisable; 
 (ii) any and all forfeiture provisions, transfer restrictions and any other restrictions applicable to each award of time-vested restricted stock or restricted stock units of the Company (or such other
securities of the Company that may be substituted for such stock of the Company) granted to you by the Company under any plan, arrangement or agreement before or after the date hereof (but prior to the Change in Control), including the ICP, and then
held by you shall immediately lapse in their entirety; 
 (iii) the performance goals applicable to any performance-based awards
granted to you by the Company under any plan, arrangement or agreement (other than any short-term annual incentive plan), including the ICP, before or after the date hereof (but prior to the Change in Control) and then held by you will be deemed to
have been fully satisfied (i.e., achieved at 100% of target, or, if determinable, achieved at the actual level) and all forfeiture provisions, transfer restrictions and any other restrictions applicable to any such performance-based awards shall
immediately lapse in their entirety and all such awards shall be fully and immediately payable in shares of Company common stock, unless otherwise determined by the Board of Directors or its designated committee. 

3. TERMINATION OF EMPLOYMENT FOLLOWING CHANGE IN CONTROL 
 If a Change in Control occurs, you shall be entitled to the benefits provided in Section 5 upon the subsequent termination of your employment during the Term of this Agreement as set forth in
Section 1, unless such termination is (x) because of your death, Disability (as defined below) or Retirement (as defined below), (y) by the Company for Cause (as defined below) or (z) by you, other than for Good Reason (as
defined below). 
 (a) Disability shall mean that, as a result of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, you are receiving income replacement benefits for a period of not less than three months under an accident and health
plan covering employees of the Company. 

  
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 (b) Retirement shall mean voluntary termination other than for Good Reason after your
becoming eligible for “normal retirement” under the Company’s pension plan in effect immediately prior to a Change in Control. 
 (c) Cause shall mean termination upon: 
 (i) the willful and continued
failure by you substantially to perform your duties with the Company (other than any such failure resulting from your incapacity due to physical or mental illness or any such actual or anticipated failure resulting from termination by you for Good
Reason) after a written demand for substantial performance is delivered to you by the Board, which demand specifically identifies the manner in which the Board believes that you have not substantially performed your duties; or 

(ii) the willful engaging by you in conduct which is demonstrably and materially injurious to the Company, monetarily or otherwise.

 For purposes of this Section 3(c), no act, or failure to act, on your part shall be deemed “willful” unless
done, or omitted to be done, by you not in good faith and without reasonable belief that your action or omission was in the best interest of the Company. 
 Notwithstanding the foregoing, you shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to you a copy of a resolution duly adopted by the affirmative vote
of not less than three-quarters (3/4) of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice to you and an opportunity for you, together with your counsel, to be heard before
the Board),finding that in the good faith opinion of the Board you were guilty of conduct set forth above in Sections 3(c)(i) or 3(c)(ii), and specifying the particulars thereof in detail. 

(d) Good Reason shall mean, without your express written consent, any of the following: 

(i) the assignment to you of any duties with the Company (or with a successor or affiliated company) inconsistent with your status as an
executive, or a substantial adverse alteration in the nature or status of your responsibilities, from those in effect immediately prior to a Change in Control; 
 (ii) a reduction in your annual base salary as in effect on the date hereof or as the same may be increased from time to time; 

  
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 (iii) the failure by
the Company to continue in effect any material compensation plan in which you participate (including but not limited to the Company’s Performance Share Plan, Management Incentive Plan or Unfunded Supplemental Retirement Plan for Senior Managers
(the “SERP”)), each as in effect immediately prior to a Change in Control) or any substitute plans adopted prior to the Change in Control, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has
been made with respect to such plan in connection with the Change in Control, or the failure by the Company to continue your participation therein on substantially the same basis, both in terms of the amount of benefits provided and the level of
your participation relative to other participants, as existed immediately prior to the Change in Control; 
 (iv) except for
across-the-board reductions similarly affecting all executives of the Company and all executives of any person in control of the Company: (A) the failure by the Company to continue to provide you with benefits substantially similar to those
enjoyed by you under any of the Company’s pension, life insurance, medical, health and accident or disability plans in which you were participating at the time of a Change in Control, (B) the taking of any action by the Company which would
directly or indirectly materially reduce any of such benefits or deprive you of any material fringe benefit enjoyed by you at the time of the Change in Control or (C) the failure by the Company to provide you with the number of paid vacation
days to which you are entitled on the basis of years of service with the Company in accordance with the Company’s normal vacation policy in effect immediately prior to the Change in Control; 

(v) the failure of the Company to obtain a satisfactory agreement from any successor to assume and agree to perform this Agreement;

 (vi) any purported termination of your employment which is not effected pursuant to a Notice of Termination satisfying the
requirements of Section 3(e) (and, if applicable, the requirements of Section 3(c)); for purposes of this Agreement, no such purported termination shall be an effective termination by the Company; or 

(vii) the Company’s requiring you to be based at a new place of work more than 50 miles from your place of work immediately prior to
the Change in Control, except for required travel on the Company’s business to an extent substantially consistent with your present business travel obligations. 
 Your right to terminate your employment pursuant to this Section 3(d) shall not be affected by your incapacity due to physical or mental illness. 

(e) Notice of Termination. Any termination of your employment by the Company or by you shall be communicated by written Notice of
Termination to the other party hereto in accordance with Section 11. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied
upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under the provision so indicated, and shall specify a date for termination of employment (“Date of
Termination”) which shall not be less than 30 days or more than 60 days after the date of delivery of the Notice of Termination. 

  
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 4. DEATH, DISABILITY OR ELIGIBILITY FOR NORMAL RETIREMENT 

This Agreement shall not be applicable in the event of termination of your employment because of your death, Disability or Retirement.

 5. COMPENSATION UPON TERMINATION 
 If a Change in Control occurs and your employment is subsequently terminated during the Term of this Agreement as set forth in Section 1 under the circumstances described in Section 3 that
entitle you to benefits under this Agreement, then: 
 (a) The Company will continue to provide medical and dental insurance
coverage to you and your dependents at Company expense which is comparable in benefits, deductibles, co-payments and other terms, to the coverage which you had (i) immediately prior to the Change in Control or (ii) as of the Date of
Termination, whichever is better in your sole discretion, and this coverage will continue until the earlier of (A) the second anniversary of the Date of Termination and (B) such time as you become eligible to join a comparable plan
sponsored by another employer, including self-employment (the “Welfare Benefits Continuation Period”). Such coverage shall be credited against the time period that you and your dependents are entitled to receive continued coverage
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). During the Welfare Benefits Continuation Period, (i) the benefits provided in any one calendar year shall not affect the amount of benefits
to be provided in any other calendar year, and (ii) the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred. Your rights pursuant to this
Section 5(a) shall not be subject to liquidation or exchange for another benefit. 
 (b) Provided that you are eligible to
participate in the Company’s Retiree Medical Plan as of the Date of Termination, after the cessation of benefits described in Section 5(a) above, the Company will provide retiree medical coverage for you and your dependents which is
comparable in benefits and in participant contributions, deductibles, co-payments and other terms to the coverage provided by the Company’s retiree medical plan in effect (i) immediately prior to the Change in Control or (ii) as of
the Date of Termination, whichever is better in your sole discretion (with a coordination of benefits clause comparable to the clause used in connection with the relevant retiree medical plan). The Company shall continue to provide the benefits, if
any, under this Section 5(b) for so long as permitted under the Company’s Retiree Medical Plan. During the time that such retiree medical benefits are provided, (i) the benefits provided in any one calendar year shall not affect the
amount of benefits to be provided in any other calendar year, and (ii) the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred. Your rights pursuant to
this Section 5(b) shall not be subject to liquidation or exchange for another benefit. 

  
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 (c) Subject to your signing and non-revocation of the release required
by Section 15 hereof, the Company shall pay to you the following amounts in one lump-sum payment in cash on the
30th day after the Date of Termination, unless a later
payment date is required by Section 9(c) or Section 5(c)(iii): 
 (i) your full base salary through the Date of
Termination, at the rate in effect at the time Notice of Termination is given, plus an amount in cash equal to the value of any vacation earned but not taken (based upon such rate of base salary); 

(ii) to the extent not already paid, your full prior-year short-term annual incentive compensation (in the amount determined prior to the
Date of Termination, or if such amount has not been determined as of the Date of Termination, an amount not less than the higher of (x) your actual short-term annual incentive compensation amount for the year before such prior-year or
(y) your target short-term annual incentive compensation amount for such prior-year); 
 (iii) if the Date of Termination
occurs during the same plan year in which the Change in Control occurs, your short-term annual incentive compensation target amount on the Date of Termination, as if the performance goals applicable to such amount have been fully satisfied (i.e.,
achieved at 100% of target, or, if determinable, achieved at the actual level); provided that such compensation will be prorated to reflect the number of days that have elapsed as of the Date of Termination since the beginning of such year;
or if the Date of Termination occurs after the end of the plan year in which the Change in Control occurs, then your short-term annual incentive compensation that is based on the Company’s actual performance achievement of the financial
metrics under the short-term annual incentive compensation plan applicable to all participants in such plan, such as absolute and relative return on investment; provided that such compensation will be prorated to reflect the number of days that have
elapsed as of the Date of Termination since the beginning of such year; plus 
 (iv) a termination payment equal to the product
of “2” times the sum of (I) your annualized base salary as of the Date of Termination and (II) your target short-term annual incentive compensation amount in effect as of your Date of Termination. The lump-sum payment under this
Section 5(c)(iv) shall be deposited in a “rabbi trust” upon the execution of any merger, stock purchase, asset purchase or similar agreement that, upon the consummation of the transactions contemplated thereunder, would result in a
Change in Control. 

  
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 (d) The Company shall
pay to you in one lump-sum payment in cash within 30 days after the Date of Termination, unless a later payment date is required by Section 9, the highest, as determined by an accounting firm selected by the Company prior to the Change in
Control, of: 
 (i) your benefits pursuant to the Pension Restoration Plan for Salaried Employees (or the SERP, if you are a
participant in the SERP on your Date of Termination), payable under the terms of such plan, as if there had been a Change in Control; 
 (ii) your benefits pursuant to the Pension Restoration Plan for Salaried Employees (or the SERP, if you are a participant in the SERP on your Date of Termination), as if there had not been a Change in
Control and as if you were credited with 2 years of additional age and 2 years of additional service; or 
 (iii) your benefits
pursuant to the Retirement Plan of International Paper Company in effect immediately prior to the Change in Control, as if you were credited with 2 years of additional age and 2 years of additional service, or, if your employment with the Company
commenced after June 30, 2004, your benefits under the Retirement Savings Account with 2 additional years of Company contributions. 
 6. MITIGATION 
 You shall not be required to mitigate the amount of any
payment provided for in Section 5 (by seeking other employment or otherwise), nor shall the amount of any payment provided for in Section 5 be reduced by any compensation earned by you as a result of employment by another employer after
the Date of Termination. 
 7. MANDATORY REDUCTION OF PAYMENTS IN CERTAIN EVENTS 

(a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment or distribution by
the Company to you or for your benefit (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a “Payment”) would be subject to the excise tax (the “Excise
Tax”) imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then, prior to the making of any Payment to you, a calculation shall be made comparing (i) the net benefit to you of the
Payment after your liability for the Excise Tax, to (ii) the net benefit to you if the Payment had been limited to the extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than the
amount calculated under (ii) above, then the Payment shall be limited to the extent necessary to avoid being subject to the Excise Tax (the “Reduced Amount”). The reduction of the Payments due hereunder, if applicable, shall be
made in such a manner as to maximize the economic value of all Payments actually made to you, determined by the Accounting Firm (as defined in Section 7(b) below) as of the date of the Change in Control using the discount rate required by
Section 280G(d)(4) of the Code. 
 (b) The determination of whether an Excise Tax would be imposed, the amount of such
Excise Tax, and the calculation of the amounts referred to Section 7(a)(i) and (ii) above shall be made by an independent, nationally recognized accounting firm (the “Accounting Firm”) which shall provide detailed
supporting calculations. Any 

  
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determination by the Accounting Firm shall be binding upon you and the Company. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial
determination by the Accounting Firm hereunder, it is possible that Payments to which you were entitled, but did not receive pursuant to Section 7(a), could have been made without the imposition of the Excise Tax (the
“Underpayment”). In such event, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to you or for your benefit, but no later than
December 31 of the year in which the Underpayment is determined to exist. 
 (c) In the event that the provisions of Code
Section 280G and 4999 or any successor provisions are repealed without succession, this Section 7 shall be of no further force or effect. 
 8. RELATIONSHIP TO AMOUNTS OTHERWISE PAYABLE  
 The compensation set forth
in Section 5 shall be in lieu of any severance or termination payments which might otherwise be payable under any other severance programs or policy or practice of the Company, other than those set out as part of any of the Company’s
long-term incentive plans, performance share plans, stock option plans, executive continuity awards and retirement or supplemental retirement plans. 
 In addition to the payments under this Agreement, you shall continue to be eligible to receive all of your vested accrued benefits under employee pension and welfare benefit plans sponsored by the
Company. 
 9. COMPLIANCE WITH SECTION 409A OF INTERNAL REVENUE CODE 

(a) General. This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall
be paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the Code and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder (and any applicable transition
relief under Section 409A of the Code). Nevertheless, the tax treatment of the benefits provided under the Agreement is not warranted or guaranteed. Neither the Company nor its directors, officers, employees or advisers shall be held liable for
any taxes, interest, penalties or other monetary amounts owed by you as a result of the application of Section 409A of the Code. 
 (b) Definitional Restrictions. Notwithstanding anything in this Agreement to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred
compensation” for purposes of Section 409A of the Code would otherwise be payable or distributable hereunder, or a different form of payment would be effected, by reason the occurrence of a Change in Control or your Disability or
separation from service, such amount or benefit will not be payable or distributable to you, and/or such different form of payment will not be effected, by reason of such circumstance unless (i) the circumstances giving rise to such Change in
Control, Disability or separation from 

  
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service meet the description or definition of “change in control event,” “disability” or “separation from service,” as the case may be, in Section 409A of the
Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition), or (ii) the payment or distribution of such amount or benefit would be exempt from the application of
Section 409A of the Code by reason of the short-term deferral exemption or otherwise. This provision does not prohibit the vesting of any amount upon a Change in Control, Disability or separation from service, however defined. If this
provision prevents the payment or distribution of any amount or benefit, such payment or distribution shall be made on the date, if any, on which an event occurs that constitutes a Section 409A-compliant “separation from service” or
any later date required by subsection (c) below. If this provision prevents the application of a different form of payment of any amount or benefit, such payment shall be made in the same form as would have applied absent such designated event
or circumstance. 
 (c) Six-Month Delay in Certain Circumstances. Notwithstanding anything in this Agreement to the
contrary, if any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or distributable under this Agreement by reason your separation from
service during a period in which you are a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Company under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii)
(conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 
 (i) the amount of such non-exempt deferred compensation
that would otherwise be payable during the six-month period immediately following your separation from service will be accumulated through and paid or provided on the first day of the seventh month following your separation from service (or, if you
die during such period, within 30 days after your death) (in either case, the “Required Delay Period”); and 

(ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay
Period. 
 For purposes of this Agreement, the term “Specified Employee” has the meaning given such term in
Code Section 409A and the final regulations thereunder (“Final 409A Regulations”), provided, however, that, as permitted in the Final 409A Regulations, the Company’s Specified Employees and its application of the
six-month delay rule of Code Section 409A(a)(2)(B)(i) shall be determined in accordance with rules adopted by the Company, which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company,
including this Agreement. 
 (d) Treatment of Installment Payments. Each payment of termination benefits under
Section 5 of this Agreement, including, without limitation, each installment payment and each payment or reimbursement of premiums for continued insurance coverage under Section 5(a) and (b), shall be considered a separate payment, as
described in Treas. Reg. Section 1.409A-2(b)(2), for purposes of Section 409A of the Code. 

  
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 10. SUCCESSORS; BINDING AGREEMENT 

(a) Successor Companies. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the Company, by agreement in form and substance satisfactory to you, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place. Failure by the Company to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle you to terminate
your employment and to receive compensation from the Company in the same amount and on the same terms as you would be entitled hereunder if you terminated your employment for Good Reason, except that the date on which any such succession becomes
effective shall be deemed the Date of Termination. As used in this Agreement, “Company” shall mean the Company hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and delivers the
agreement provided for in this Section 6 or which otherwise becomes bound by all terms and provisions of this Agreement by operation of law. 
 (b) Heirs; Representatives. This Agreement shall inure to the benefit of and be enforceable by your personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If you should die while any amounts would still be payable to you hereunder if you had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to your
devisee, legatee or other designee, or, if there be no such designee, to your estate. 
 11. NOTICE 

For the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth on the first page of this Agreement; provided that all notices to the
Company shall be directed to the attention of the Senior Vice President, Human Resources & Communications, of the Company with a copy to the Secretary of the Company, or to such address as either party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
 12.
MISCELLANEOUS 
 (a) Amendments, Entire Agreement, Etc. This Agreement constitutes the entire agreement on this
subject matter between the parties and supersedes any prior oral or written agreements or understandings on the subject matter covered by this Agreement, including, without limitation, the Change in Control Agreement between the Company and you
dated [DATE] and shall not be amended or modified except by written agreement signed by both parties. 

  
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 (b) Waiver. No significant provisions of this Agreement may be waived or discharged,
unless such waiver or discharge is in writing signed by the party who is making the waiver or discharge. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of any similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. In the event that this Agreement provides benefits upon termination of your
employment which duplicate benefits contained in any employment arrangement with you, such arrangement shall automatically be amended in accordance with this Agreement so that your benefits under this Agreement shall be sole and exclusive to the
extent to which they are duplicative. 
 (c) Withholding. Amounts paid to you hereunder shall be subject to all
applicable federal, state and local withholding taxes. 
 (d) Governing Law. The validity, interpretation, construction
and performance of this Agreement shall be governed by the laws of the State of New York. 
 13. VALIDITY 

The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other
provisions of this Agreement, which shall remain in full force and effect. 
 14. ARBITRATION 

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in Memphis,
Tennessee, in accordance with the rules of the American Arbitration Association then in effect. Notwithstanding the pendency of any such dispute or controversy, the Company will continue to pay you your base salary in effect when the notice giving
rise to the dispute was given, and will continue you as a participant in all compensation, benefit and insurance plans in which you were participating when the notice giving rise to the dispute was given, until the dispute is finally resolved.

 Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that you shall be
entitled to seek specific performance of your right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. 

15. RELEASE 
 You will be required to execute and deliver a valid and irrevocable release of employment-related claims in the form provided by the Company in order to receive any of your compensation or benefits
pursuant to the terms of this Agreement. Such release must be executed and all revocation periods shall have expired within 30 days after the 

  
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Date of Termination; failing which such payments or benefits shall be forfeited. If any such payment or benefit constitutes nonqualified deferred compensation, then, subject to Section 9(c)
above, such payment or benefit shall be made (or in the case of installment payments, installments that would have otherwise been payable during such 30-day period shall be accumulated and paid) on the 30th day after the Date of Termination provided such release shall have
been executed and such revocation periods shall have expired. If such payment or benefit is exempt from Section 409A of the Code, the Company may elect to make or commence payment at any time during such 30-day period. 

If this letter correctly sets forth our agreement on the subject matter hereof, kindly sign and return to the Company the enclosed copy
of this letter which will then constitute our agreement on this subject. 
  

			
	Sincerely,
	
	INTERNATIONAL PAPER COMPANY
		
	By:	 	  

	Paul J. Karre
	SVP, Human Resources & Communications

  

			
	Agreed:	 	
		
	  
	 	
	[NAME]	 	

  
 13Employment Agreement

  
 Exhibit 10.1

 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made by and between W&T Offshore, Inc., a Texas corporation (the “Company”) and Tracy W. Krohn (“Key Employee”).

 W I T N E S S E T H: 

WHEREAS, Key Employee and the Company are parties to that certain Employment Agreement made and entered into April 21, 2004
(the “Prior Employment Agreement”); and 
 WHEREAS, Key Employee wishes to continue to be employed by the
Company and the Company wishes to continue to employ Key Employee, pursuant to the terms of this Agreement, which shall supersede the Prior Employment Agreement in its entirety. 

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 November 1, 2010 (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 Chief Executive
Officer of the Company, or in such other positions as Key Employee and the Company mutually may agree. 
 1.3 Duties and
Services. Key Employee agrees to serve in the position(s) referred to in paragraph 1.2 and to perform diligently and to the best of his abilities the duties and services appertaining to such positions, as well as such additional duties and
services which Key Employee and the Company 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 may be amended from time to time. 
 1.4 Other Interests. Key Employee
agrees, during the period of his employment by the Company, he shall devote his efforts to performing such duties faithfully, diligently and to the best of his abilities to advance the interests of the Company. The foregoing shall not prohibit Key
Employee from managing his personal investments, or investing his assets or engaging in such personal, charitable or other personal or business activities that do not interfere in any material respect with the performance of the Executive’s
duties hereunder and that do not violate any other provision of this Agreement. 
 1.5 Duty. Key Employee shall
perform his duties faithfully, diligently and to the best of his abilities to advance the interests of the Company. Key Employee shall fully comply with all applicable laws, rules and regulations and abide by all policies and procedures adopted by
the Company from time to time. 
 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; provided, however, that beginning on the first anniversary from the Effective Date, and on each anniversary 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. 

  
 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; or 

(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 and such incapacity exists for a total of one hundred and twenty (120) calendar days in any
twelve (12)-month period; or 
 (iii) for “Cause”, which shall mean, (i) Key Employee’s
commission of an act of fraud, embezzlement or misappropriation against the Company or any of its Affiliates, (ii) Key Employee’s intentional or willful misconduct in the performance of duties and services required of Key Employee
pursuant to this Agreement that is materially and demonstratively injurious to the Company or any of its Affiliates or (iii) Key Employee pleads or is found guilty of a felony punishable by imprisonment involving an act of dishonesty or moral
turpitude by a court of competent jurisdiction. The determination as to whether or not Cause exists for termination of Key Employee’s employment will be made by the Board of Directors. The Company shall give Notice of Termination for Cause
within 90 days of the non-executive members of the Board of Directors first having knowledge of the event upon which Cause is based. Notwithstanding the foregoing, to the extent a Cause event can be fully cured, the Company shall provide Key
Employee with notice of such Cause event and at least 30 days to remedy the event prior to giving Key Employee Notice of Termination for Cause and, to the extent cured, such Cause event will be deemed not to have existed; or 

(iv) at any time for any other reason whatsoever, in the sole discretion of the Company. 

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, defined as (a) any material breach by the Company of any provision of this Agreement or (b) a material adverse change in Key Employee’s title, position or responsibilities. Key Employee shall give
written notice to the Company specifying the claimed Good Reason relied upon for termination, within a ninety (90) day period after the initial existence of the condition, and if the Company fails to correct the claimed Good Reason within
thirty (30) days after the receipt of such notice, Key Employee’s employment shall be terminated effective at the close of business on such thirtieth (30th) day; or 

(ii) at any time 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 $1,000,000, as it may be increased, but not decreased (said base annual salary from time to time in effect, “Base Salary”). Key Employee’s annual Base Salary shall be paid in accordance with the Company’s
standard policy regarding payment of compensation to employees but no less frequently than monthly. 
 3.2
Bonuses. Key Employee shall be eligible to participate in the Company’s Amended and Restated 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 - Subject to the Company’s standard policies
and procedures with respect to vacation, during his employment hereunder, Key Employee shall be entitled to six (6) weeks of paid vacation each calendar year (or such greater amount of vacation as provided to employees of the Company generally
under the Company’s standard policies and procedures) and to all holidays provided to employees of the Company generally. 
 (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. Key Employee is also
entitled to use Company cars for incidental personal use. 
 (iv) Aircraft - In an effort to provide for
the personal safety of Key Employee and to facilitate efficient travel, the Company has authorized the use of Company supplied aircraft by Key Employee. Accordingly, during the Employment Term, Key Employee shall have the right to use Company
fractional ownership or chartered aircraft for any reason, whether personal or business related. In addition, private aircraft owned by Key Employee may be chartered during the entire calendar year 2010 and thereafter by the Company for any reason,
whether personal or business related; provided, however, the costs to the Company to charter the private aircraft owned by Key Employee for any trip shall never exceed the cost to charter an aircraft that meets the needs for such trip (taking into
account required seating capacity, operational requirements, safety and flight duration) as determined by the Chief Financial Officer of the Company (based on the rates of at least two third-party operators, which may include Flight Options and EJM
as acceptable sources). The Chief Financial Officer of the Company shall provide the Audit Committee a quarterly accounting of the use by Key Employee of both Company fractional ownership or chartered aircraft and the private aircraft owned by the
Executive. The tax implications to Key Employee and the required SEC disclosures shall be determined by the Chief Financial Officer of the Company in accordance with applicable law and regulations. 

  
 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 Code. 
 “Change in Control” means the occurrence of any of the following events (provided that such event also constitutes a “change in the ownership or effective control of a corporation, or a
change in the ownership of a substantial portion of the assets of a corporation” within the meaning of Treasury Regulation § 1.409A-3(i)(5)): 
 (i) Any merger or consolidation that results in the voting securities of the Company outstanding immediately prior thereto representing immediately thereafter (either by remaining outstanding or by being
converted into voting securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of the Company or such surviving or acquiring entity outstanding immediately after such merger or
consolidation; 
 (ii) Individuals who constitute the Incumbent Board cease for any reason to constitute at least a majority of
the Board, unless caused by actions of the Majority Holders; 
 (iii) The acquisition by any one person, or more than one
person acting as a group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) of beneficial ownership of any capital stock of the Company if, after such acquisition, such person or group beneficially owns (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) 51% or more of either (A) the then-outstanding shares of Stock of the Company (the “Outstanding Company Stock”), or (B) the combined voting power of the
then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”). However, for purposes of this subsection (iii), the following
acquisitions shall not give rise to a Change in Control event: (1) any acquisition directly from the Company, (2) any acquisition by the Company, (3) any acquisition by any employee benefit plan (or related trust ) sponsored or
maintained by the Company or an affiliate, (4) any acquisition resulting from an “employee buyout” where the Company’s employees, whether through a formal employee stock ownership plan or a similar arrangement, acquire the
beneficial ownership of 51% or more of either the Outstanding Company Stock or the Outstanding Company Voting Securities; (5) any acquisition by any corporation pursuant to a transaction that results in all or substantially all of the
individuals and entities who were the beneficial owners of the Outstanding Company Stock and Outstanding Company Voting Securities immediately prior to such transaction beneficially owning, directly or indirectly, more than 50% of the
then-outstanding shares of Stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in such transaction (which
shall include, without limitation, a corporation that as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as
their ownership, immediately prior to such transaction, of the Outstanding Company Stock and Outstanding Company Voting Securities, respectively, or (6) any acquisition by the majority shareholder of the Company as of May 4, 2010, his
wife, and/or their descendants by blood or adoption (collectively, the “Majority Holders”); spouses or surviving spouses of members of the Majority Holders; trusts for the benefit of one or more members of the Majority
Holders; entities controlled by one or more members of the Majority Holders or foundations established by the Majority Holders; 
 (iv) Any sale of all or substantially all of the assets of the Company; or 
 (v)
Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company (other than as a result of either an involuntary or voluntary bankruptcy proceeding). 

“Code” means the Internal Revenue Code of 1986, as amended. 

  

“Date of Termination” means the date on which Key Employee incurs a “separation from service” with the
Company within the meaning of Section 409A(a)(2)(A)(i) of the Code and applicable administrative guidance issued thereunder. 
 “Health Coverage” means that if Key Employee is owed or paid Termination Benefits under paragraphs 4.2, 4.3 or 4.4 and 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 (12) 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 “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). 
 “Incumbent
Board” means the portion of the Board constituted of the individuals who are members of the Board as of the Effective Date and any other individual who becomes a director of the Company after the Effective Date and whose election or appointment
by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the
Incumbent Board. 
 “Termination Benefits” means a lump sum cash payment equal to three (3) times
Key Employee’s Base Salary then in effect. 
 4.2 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 paragraphs 4.4 and 4.6 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 and Health Coverage. Subject to paragraphs 4.5 and 4.7, any lump sum cash payment due to Key Employee pursuant to the preceding sentence shall be paid to Key
Employee sixty (60) calendar days following the date of Key Employee’s Date of Termination (or if such day is not a business day, the first business day thereafter). 
 4.3 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 paragraphs 4.4 and 4.6 below, if
such termination occurs for Good Reason, then the Company shall provide Key Employee with the Termination Benefits and Health Coverage. Subject to paragraphs 4.5 and 4.7, any lump sum cash payment due to Key Employee pursuant to this paragraph shall
be paid to Key Employee sixty (60) calendar days following of the date of Key Employee’s Date of Termination (or if such day is not a business day, the first business day thereafter). 

  
 4.4 Change in
Control Benefits; Vesting. 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, 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 4.2 or 4.3 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. Subject to paragraphs 4.5 and 4.7, any lump sum cash payment due to Key Employee pursuant to the preceding sentence shall be paid to Key
Employee sixty (60) calendar days following the date of the Change in Control (or if such day is not a business day, the first business day thereafter). In addition, all forfeiture restrictions on any Restricted Stock or Restricted Stock Units
then held by Key Employee pursuant to the Company’s Amended and Restated Incentive Compensation Plan (subject to adjustment under the applicable Restricted Stock or Restricted Stock Unit Agreement if the applicable performance period has passed
at the time of the Change in Control) shall automatically lapse as of the date of the Change in Control as to 100% of such outstanding unvested shares of Restricted Stock or Restricted Stock Units. In the event the Change in Control occurs prior to
the time that the performance period under the applicable Restricted Stock or Restricted Stock Unit Agreement has passed, all then outstanding unvested shares of Restricted Stock or Restricted Stock Units shall vest. If Key Employee’s
employment hereunder shall be terminated by the Company under paragraph 4.2 for any reason other than those encompassed by paragraph 2.2(i), 2.2(ii), or 2.2(iii) or by Key Employee for Good Reason under paragraph 4.3, all forfeiture restrictions on
any Restricted Stock or Restricted Stock Units held by Key Employee pursuant to the Company’s Amended and Restated Incentive Compensation Plan (including any Restricted Stock that may have been issued prior to or after January 1, 2010)
shall automatically lapse as to 100% of the then outstanding unvested shares of Restricted Stock or Restricted Stock Units 
 Notwithstanding
the foregoing, if employment with the Company is terminated prior to the time that the performance period under the applicable Restricted Stock or Restricted Stock Unit Agreement has passed, no portion of the Restricted Stock Units or Restricted
Stock will vest as a result of the termination of employment; provided, however, if Key Employee is employed by the Company on the date upon which a Change in Control occurs and the Change in Control occurs prior to the time that the performance
period under the applicable Restricted Stock or Restricted Stock Unit Agreement has passed, all then outstanding unvested shares of Restricted Stock or Restricted Stock Units shall vest. 

If Key Employee’s employment hereunder shall be terminated by the Company under paragraph 4.2 for any reason other than those
encompassed by paragraph 2.2(i), 2.2(ii), or 2.2(iii) or by Key Employee for Good Reason under paragraph 4.3, with respect to any outstanding Annual Incentive Awards granted Key Employee, Key Employee will receive a pro-rata Award, calculated based
on the number of days during the Performance Period (for which such Award was granted) that Key Employee was employed with the Company divided by the number of days in the Performance Period for which such Award was granted (the “Pro-Rata
Award”). Key Employee will be paid in cash as soon as practicable after the date of termination of employment following the review, analysis and certification of all applicable items necessary to calculate the Pro-Rata Award, but in no
event later than the seventy fifth (75th) day
following the date of termination of employment; provided, however, that Key Employee must have been actively employed with the Company for a minimum of ninety (90) days during the Performance Period in order to be eligible for
such Pro-Rata Award. 
 4.5 Section 409A. In the event the Key Employee is a “specified employee”
of the Company, as such term is defined in Treasury Regulation § 1.409A-1(i) as of the Date of Termination, Termination Benefits made pursuant to paragraphs 4.2, 4.3, and 4.4 shall not be paid until the first day of the seventh month following
the Date of Termination. To the extent that any reimbursements pursuant to paragraph 3.3(i) or Health Coverage are taxable to the Key Employee, any reimbursement payment due to the Key Employee pursuant to such provision shall be paid to the Key
Employee on or before the last day of the Key Employee’s taxable year following the taxable year in which the related expense was incurred. The Key Employee agrees to provide prompt notice to the Company of any such expenses (and any other
documentation that the Company may reasonably require to substantiate such expenses) in order to facilitate the Company’s timely reimbursement of the same. The reimbursements and benefits pursuant to paragraph 3.3(i) or Health Coverage are not
subject to liquidation or exchange for another benefit and the amount of such reimbursements and benefits that the Key Employee receives in one taxable year shall not affect the amount of such reimbursements or benefits that Key Employee receives in
any other taxable year (except as otherwise provided in Treasury Regulation § 1.409A-3(i)(1)(iv)(B)). It is intended that any amounts payable under this Agreement and the Company’s and the Key Employee’s exercise of authority or
discretion hereunder shall comply with and avoid the imputation of any tax, penalty or interest under Section 409A of the Code. This Agreement shall be construed and interpreted consistent with that intent. 

  
 4.6 Parachute
Payments. Notwithstanding anything to the contrary in this Agreement, if Key Employee is a “disqualified individual” (as defined in 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 paragraphs 4.1, 4.2, 4.3 or 4.4 hereof, Key Employee shall first execute a release, in the form established by the Board of Directors, on or before the 50th calendar day following the Date of Termination or Change in Control,
as applicable, 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. In addition, the release shall incorporate the obligations of Key
Employee under paragraphs 4.11 and 4.12. The performance of the Company’s obligations hereunder and the receipt of the benefits provided under paragraphs 4.1, 4.2, 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 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. 

  
 4.11
Confidential Information; Non-Disclosure. 
 (a) Key Employee acknowledges that the business of the Company is
highly competitive and that, in entering this Agreement, the Company promised to provide Key Employee with access to Confidential Information relating to the business of the Company. Key Employee acknowledges that this Confidential Information
constitutes a valuable, special and unique asset used by the Company in its business to obtain a competitive advantage over competitors. Key Employee further acknowledges that protection of such Confidential Information against unauthorized
disclosure and use is of critical importance to the Company in maintaining its competitive position. Key Employee agrees that Key Employee will not, at any time during or after Key Employee’s employment with the Company, make any unauthorized
disclosure of any Confidential Information of the Company, or make any use thereof, except in the carrying out of Key Employee’s employment responsibilities to the Company. Key Employee also agrees to preserve and protect the confidentiality of
third party Confidential Information to the same extent, and on the same basis, as the Company’s Confidential Information. 

(b) For purposes hereof, “Confidential Information” includes business operations and methods, existing and proposed investments
and investment strategies, seismic, well-log and other geologic and oil and gas operating and exploratory data, financial performance, compensation arrangements and amounts (whether relating to the Company or to any of its employees), contractual
relationships, business partners and relationships (including customers and suppliers), marketing strategies and other confidential information that is regularly used in the operation, technology and business dealings of the Company, regardless of
the medium in which any of the foregoing information is contained, so long as such information is actually confidential and proprietary to the Company. The term “Confidential Information” shall not include information which (i) is or
becomes a part of the public domain through no action or failure to act, whether directly or indirectly, on the part of Key Employee or (ii) was lawfully acquired by Key Employee subsequent to termination of employment from a source that had
the right to disseminate such information at the time it is acquired by Key Employee. 
 4.12 Non-Competition and
Non-Solicitation Obligations. 
 (a) Key Employee acknowledges and agrees that, in exchange for his receipt of
Confidential Information upon and after his entry into the Prior Employment Agreement, Key Employee and the Company agreed to the Non-Competition/Non-Solicitation provisions set forth in Section 6 of the Prior Employment Agreement. Key Employee
expressly recognizes the binding effect of Section 6 of the Prior Employment Agreement and that he has received significant Confidential Information pursuant to the Prior Employment Agreement. 

(b) In order to perform his duties under this Agreement, the Company shall provide Key Employee with, and give him access to,
Confidential Information. Key Employee acknowledges and agrees that, as an executive officer of the Company, Key Employee will be provided with, and have access to, significant Confidential Information after the execution of this Agreement and will
be responsible for building and maintaining business relationships and goodwill with current and future operating partners, investors, partners and prospects on a personal level. Key Employee acknowledges and agrees that this responsibility creates
a special relationship of trust and confidence between the Company, Key Employee and these persons or entities. Key Employee also acknowledges that this creates a high risk and opportunity for Key Employee to misappropriate the Company’s
Confidential Information, business relationships and the goodwill existing between the Company and such persons. Key Employee acknowledges and agrees that it is fair and reasonable for the Company to take steps to protect itself from the risk of
such misappropriation. 
 (c) Key Employee acknowledges and agrees that, in exchange for his agreement contained in this
paragraph 4.12, Key Employee will receive substantial, valuable consideration from the Company upon the execution of this Agreement and during the course of this Agreement which such consideration includes the Company’s, Confidential
Information. 

  
 (d) To the extent that
Key Employee is owed or paid Termination Benefits under paragraphs 4.2, 4.3 or 4.4 during the Non-Compete Term (as defined below), Key Employee will not, directly or indirectly, provide the same or substantially the same services that Key Employee
provides to the Company or any of its subsidiaries to any Business Enterprise in the Market Area (as defined below). This includes working as an agent, consultant, employee, officer, director, partner or independent contractor or being a
shareholder, member, joint venturer or equity owner in, any such Business Enterprise; PROVIDED, HOWEVER, that the foregoing shall not restrict Key Employee from holding up to 1% of the voting power or equity of one or more Business
Enterprises. For purposes hereof, W&T Offshore, LLC, Krohn Racing, LLC or their affiliates and/or subsidiaries shall not be considered Business Enterprises. 
 (e) For purposes of hereof: 
 (i) “Business Enterprise”
means any corporation, partnership, limited liability company, sole proprietorship, joint venture or other business association or entity engaged in the business of exploring for, developing, operating or acquiring oil and gas properties;

 (ii) “Market Area” means any geographic or market area in which the Company is conducting or has
conducted any material amount of oil and gas exploration and production activities during the last two years of the Employment Term; and 
 (iii) “Non-Compete Term” means the period from the Effective Date to the date ending twelve (12) consecutive months following the date of termination of the Employment Term. 

(f) During the Non-Compete Term, Key Employee will not, either directly or indirectly, call on, solicit or induce any other employees or
officers of the Company to terminate his employment, and will not assist any other person or entity in such a solicitation; PROVIDED, HOWEVER, that with respect to soliciting any employee or officer whose employment was terminated by the
Company or its affiliates, the foregoing restriction shall not apply. 
 (g) Key Employee acknowledges that the Confidential
Information provided to Key Employee pursuant to this Agreement, and the Company’s need to protect its goodwill, gives rise to the Company’s interest in these restrictive covenants, and that any limitations as to time, geographic scope and
scope of activity to be restrained defined herein are reasonable and do not impose a greater restraint than is necessary to protect the goodwill or other business interest of the Company. Key Employee further agrees that if, at some later date, a
court of competent jurisdiction determines that certain covenants do not meet the criteria set forth in Tex. Bus. & Com. Code § 15.50(2), those covenants shall be reformed by the court, pursuant to Tex. Bus. & Com. Code
§ 15.51(c), to the least extent necessary to make them enforceable. Key Employee acknowledges and recognizes that the enforcement of any of the provisions in this Agreement by the Company will not interfere with Key Employee’s ability
to pursue a proper livelihood. 

  
 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:
S. James Nelson, Jr.
 Chair, Compensation Committee of Board of Directors
 Nine Greenway Plaza, Suite 300
 Houston, TX 77046

		
	If to Key Employee to:	  	 Tracy W. Krohn
 Nine Greenway
Plaza, Suite 300
 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. 
 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 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 preceding the date of execution of this Agreement (including the Prior Employment 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 Key Employee and the Company.

  

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the 1st day of November, 2010, to be effective as of the Effective Date.

  

			
	W&T OFFSHORE, INC.
		
	By:	 	 /s/ S. James Nelson, Jr.

	Name:	 	S. James Nelson, Jr.
	Title:	 	Chair, Compensation Committee of Board of Directors
		
		 	“COMPANY”
		
	By:	 	 /s/ Tracy W. Krohn

	Name:	 	Tracy W. Krohn
		
		 	“KEY EMPLOYEE”

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