Director & Advisory Director Compensation Policy




 EXHIBIT 10.15 
 

 
 HORNBECK OFFSHORE SERVICES, INC. 
 Service with Energy 
 DIRECTOR & ADVISORY DIRECTOR 
 COMPENSATION POLICY 
 Effective as of February 14, 2006 
 Effective Date 
 The effective date of the revised plan shall be
February 14, 2006. 
 Cash Compensation Plan 
 Each Non-employee Director will receive a total annual retainer of $26,000 paid quarterly on the first day of each calendar quarter. The Chairman of the Board and the Chairman of each of the Audit and Compensation Committees will each
receive an additional total annual retainer of $8,000 paid quarterly on the first day of each calendar quarter. Each Non-employee Director of the Company will receive $1,200 for each Board meeting if attended in person and $800 if attended by
telephonic communications. Non-employee directors appointed to committees will receive $800 for each committee meeting. Committee members must attend meetings in person or by telephonic communications to receive the applicable compensation.

 Stock Option and Restricted Stock Program 
 Non-employee Directors will receive a minimum annual grant of 4,000 options or 2,500 shares of restricted stock or some combination of the same, which amount may be reviewed annually and increased at the discretion of the Compensation
Committee. 
 Health Benefit Program 
 After 3 years of
service as a Non-employee Director, such Non-employee Director and his immediate family may also elect to participate in the same insurance benefit programs on the same monetary terms as the executive officers. 
 Longevity Plan 
 The Company will provide a Longevity Plan for the
benefit of Non-employee Directors as follows: Upon completion of three years of service as a Non-employee Director, the Non-employee Director will be granted (the “Three-Year Grant”) (i) an option to purchase the number of shares of
common stock equaling 25% of the shares covered by options granted to such Director over the previous three years and (ii) shares of restricted stock equal to 25% of the shares of restricted stock granted to such Director over the previous
three years. Upon completion of five years of service as a Non-employee Director, the Non-employee Director will be granted (the “Five-Year Grant”) (i) an option to purchase the number of shares of 
  

  

			
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common stock equaling 50% of the shares covered by options granted to such Director over the previous five-years less the number of shares covered by options awarded
in the Three-Year Grant, if any, and (ii) shares of restricted stock equal to 50% of the shares of restricted stock granted to such Director over the previous five years less the number of restricted shares awarded in the Three-Year Grant, if
any. Thereafter, upon completion of each successive period of five years of service, a Non-employee Director will be granted (a “Successive Longevity Grant”) (i) an option to purchase the number of shares of common stock equaling 50%
of the shares covered by options granted to such Director over the previous five-years (exclusive of any prior Longevity Grants of options during such five years) and (ii) shares of restricted stock equal to 50% of the shares of restricted
stock granted to such Director over the previous five years (exclusive of any prior Longevity Grants of restricted stock during such five years). The exercise price of the options granted under the Longevity Plan will be the fair market value per
share of the common stock on the date of grant. The longevity options and restricted stock awards will vest in two tranches, 50% on the date of grant and 50% on the first anniversary of the date of grant. A Three-Year Grant, a Five Year Grant or a
Successive Longevity Grant are also referred to herein individually as a “Longevity Grant” or collectively as “Longevity Grants.” For purposes of the calculations contemplated by this paragraph, sign-on awards of options or
restricted stock shall not be counted and awards matched to purchases shall not be counted. Non-employee Directors on the original approval date of the Longevity Plan, July 18, 2002, will complete a year of service on July 17 in each
succeeding year that they continue serving as a Non-employee Director. Non-employee Directors joining the Board after July 18, 2002, will complete a year of service on the date immediately preceding the anniversary date of the earlier of the
date they are appointed as a Director by the Board or elected to the Board by the stockholders in each succeeding year that they continue serving as a Non-employee Director. 
 Stock Option Grants and Restricted Stock Awards 
 All options granted and restricted stock awarded to Non-employee Directors
under this plan will be granted under and issued from the Company’s Incentive Compensation Plan, as such plan may be amended and restated from time to time. Until issued, any pending Longevity Grant will be subject to the same terms and
conditions applicable to the comparable award under the Incentive Compensation Plan, as amended from time to time, and any related form of award agreement under the Incentive Compensation Plan applicable to such award, including, but not limited to,
the effects a Change in Control or a termination of service for any reason, including Retirement, death, Disability, or for cause, might have on the comparable award. The Compensation Committee retains the discretion to award a departing
Non-employee Director the amount of any Longevity Grant to which the Non-employee Director was entitled as of the date of a Change in Control or the Non-employee Director’s termination of service for any reason other than for cause. 

Definition: Non-employee Director - A non-employee director or advisory director of the Company who has not been employed by the Company for at least 3 years
and/or has not tendered his resignation from the Board; provided that payments for an advisory or consulting agreement or for professional services shall not constitute employment for this purpose.