Form of Stock Option Agreement under the Superior Energy Services, Inc.



 Exhibit 10.1 
 STOCK OPTION AGREEMENT 
 THIS AGREEMENT, executed by the parties on the
dates indicated on the signature page, is by and between Superior Energy Services, Inc. (“Superior”), and <<Participant Name>> (the “Optionee”). 

WHEREAS Optionee is a key employee of Superior or one of its subsidiaries (collectively, the “Company”) and Superior considers
it desirable and in its best interest that Optionee be given an inducement to acquire a proprietary interest in the Company and an added incentive to advance the interests of the Company by possessing an option to purchase shares of the common stock
of Superior, $.001 par value per share (the “Common Stock”), in accordance with the 2011 Stock Incentive Plan (the “Plan”). 
 NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties as follows: 
 1. 
 GRANT OF OPTION 

On <<Grant Date>> (the “Date of Grant”), Superior granted to Optionee the right, privilege and option to
purchase <<Awards Granted>> shares of Common Stock (the “Option”) at an exercise price of $            per share (the “Exercise Price”). The Option
shall be exercisable at the time specified in Article II below. The Option is a non-qualified stock option and shall not be treated as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”). 
 2. 
 TIME OF EXERCISE 
 2.1 Subject to the provisions of the Plan and the other
provisions of this Agreement, the Option shall vest in annual installments (disregarding any fractional shares) as follows: 
  

			
	 Scheduled Vesting Date
	  	Amount of Shares To Vest
	 December 31, 2012
	  	33%
	 December 31, 2013
	  	33%
	 December 31, 2014
	  	Remaining balance

 The Option shall expire and may not be exercised later than the tenth anniversary of the Date of Grant.

 2.2 Except as otherwise provided herein, upon the termination of Optionee’s employment with the Company, any portion of
the Option that has not yet become exercisable shall terminate immediately. If (a) Optionee’s employment by the Company is terminated because of death or disability (within the meaning of Section 22(e)(3) of the Code), or (b) if
there has been a Change of Control (as defined in the Plan), then any portion of the Option that has not yet vested shall become immediately exercisable on the date of such termination of employment








 
or Change of Control. If the Optionee’s employment by the Company is terminated because of (a) Optionee’s retirement on or after reaching age 55 with five years of service, or
(b) the Company’s termination of Optionee’s employment without Cause (as defined below), then, if approved by the Compensation Committee of the Board of Directors of Superior, any portion of the Option that has not yet vested shall
become immediately exercisable on the date of such termination of employment. 
 2.3 If Optionee’s employment by the
Company is terminated for Cause, the Option shall terminate in full immediately, whether or not exercisable at the time of termination of employment. “Cause” for termination of employment shall be deemed to exist upon either (a) a
final determination is made in accordance with the terms of Optionee’s employment agreement, if any, with the Company that the Optionee’s employment has been terminated for “cause” within the meaning of the employment agreement
or (b), if the Optionee is not subject to an employment agreement: (i) failure to abide by the Company’s rules and regulations governing the transaction of its business, including without limitation, its Code of Business Ethics and
Conduct; (ii) inattention to duties, or the commission of acts within employment with the Company amounting to negligence or misconduct; (iii) misappropriation of funds or property of the Company or committing any fraud against the Company
or against any other person or entity in the course of employment with the Company; (iv) misappropriation of any corporate opportunity, or otherwise obtaining personal profit from any transaction which is adverse to the interests of the Company
or to the benefits of which the Company is entitled; or (v) the commission of a felony or other crime involving moral turpitude. 
 2.4 Except as provided in Sections 2.5 and 2.6, if Optionee’s employment with the Company is terminated, the Option must be exercised, to the extent exercisable at the time of termination of
employment, within 30 days of the date on which Optionee ceases to be an employee, but in no event later than the tenth anniversary of the Date of Grant. 
 2.5 If Optionee’s employment by the Company is terminated because of (a) death, (b) disability (within the meaning of Section 22(e)(3) of the Code) or (c) retirement on or after
reaching age 55 with five years of service, the Option must be exercised, to the extent exercisable at the time of termination of employment, on or before the tenth anniversary of the Date of Grant. In the event of Optionee’s death, the Option
may, to the extent exercisable at the time of death, be exercised by his estate, or by the person to whom such right devolves from him by reason of his death. If the Optionee’s employment is terminated by the Company other than for Cause, then
the Option must be exercised, to the extent exercisable at the time of termination of employment, within five years following the date of termination of employment, but in no event later than the tenth anniversary of the Date of Grant. 

2.6 If there has been a Change of Control (as defined in the Plan) of Superior, (a) if the Option remains outstanding after the
Change of Control, either as a right to purchase Common Stock or as a right to purchase that number and class of shares of stock or other securities or property (including without limitation, cash) to which the Optionee would have been entitled if,
immediately prior to the Change of Control, the Optionee had been the record owner of the number of shares of Common Stock then covered by the Option and (b) if the Optionee’s employment is terminated by the Company other than for Cause
within a one-year period following the Change of Control, then the Option must be exercised within five years 

  
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following the date of termination of employment, but in no event later than the tenth anniversary of the Date of Grant. 
 3. 
 FORFEITURE OF OPTION AND OPTION GAIN 

3.1 If (a) the Company’s financial statements are required to be restated at any time beginning on the Date of Grant and ending
on the third anniversary of the final vesting date set forth in Section 1, and the Compensation Committee of the Board of Directors of Superior (the “Committee”) determines that the Optionee is responsible, in whole or in part, for
the restatement, or (b) the Committee determines that the Option granted hereunder is subject to any clawback policies the Company may adopt in order to conform to the requirements of Section 954 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act and any resulting rules issued by the SEC or national securities exchanges thereunder, then the Option shall automatically terminate and be forfeited effective on the date on which the Committee makes such determination and
all shares of Common Stock acquired by the Optionee pursuant to this Agreement (or other securities into which such shares have been converted or exchanged) shall be returned to the Company or, if no longer held by the Optionee, the Optionee shall
pay to the Company, without interest, all cash, securities or other assets received by the Optionee upon the sale or transfer of such stock or securities. 
 3.2 If the Optionee owes any amount to the Company under Section 3.1 above, the Optionee acknowledges that the Company may, to the fullest extent permitted by applicable law, deduct such amount from
any amounts the Company owes the Optionee from time to time for any reason (including without limitation amounts owed to the Optionee as salary, wages, reimbursements or other compensation, fringe benefits, retirement benefits or vacation pay).
Whether or not the Company elects to make any such set-off in whole or in part, if the Company does not recover by means of set-off the full amount the Optionee owes it, the Optionee hereby agrees to pay immediately the unpaid balance to the
Company. 
 3.3 The Optionee may be released from the Optionee’s obligations under Sections 3.1 and 3.2 above only if the
Committee determines in its sole discretion that such action is in the best interests of the Company. 
 4. 

METHOD OF EXERCISE OF OPTION 
 Optionee may exercise all or a portion of the Option by contacting Merrill Lynch, the Company’s third party administrator, or any successor administrator, in accordance with the procedures
established by the Company. Optionee shall specify the number of shares to be purchased and must pay the total exercise price of the shares, which may be accomplished in any manner set forth in the Plan or approved by the Company. Once the Company
or its delegee has received the exercise price for the shares, the appropriate officer of the Company shall cause the transfer of title of the shares purchased to Optionee on the Company’s stock records and cause such shares to be issued in
Optionee’s name or to an account in Optionee’s name with his brokerage firm. Optionee shall not have any rights as a stockholder until such shares are issued to him. 

  
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 5. 
 NO CONTRACT OF EMPLOYMENT INTENDED 
 Nothing in this Agreement shall confer upon
Optionee any right to continue in the employ of the Company, or to interfere in any way with the right of the Company to terminate Optionee’s employment relationship with the Company at any time. 

6. 

NON-TRANSFERABILITY, BINDING EFFECT AND SUCCESSORS 
 6.1 The Option may not be transferred, assigned, pledged or hypothecated in any manner, by operation of law or otherwise, other than by will or by the laws of descent and distribution, or pursuant to a
domestic relations order, as defined in the Code, and shall not be subject to execution, attachment or similar process. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors and
administrators and permitted successors. 
 6.2 If in connection with a Change of Control, the Option is assumed by a successor to the Company,
then, as used herein, “Company” shall include any successor to the Company’s business and assets that assumes and agrees to perform this Agreement. 
 7. 
 INCONSISTENT PROVISIONS 

The Option is subject to the provisions of the Plan as in effect on the date hereof and as it may be amended. In the event any provision
of this Agreement conflicts with such a provision of the Plan, the Plan provision shall control. 
 8. 

ELECTRONIC DELIVERY; ACCEPTANCE OF AGREEMENT 
 8.1 Superior may, in its sole discretion, deliver any documents related to the Optionee’s current or future participation in the Plan by electronic means or request your consent to participate in the
Plan by electronic means. By accepting the terms of this Agreement, the Optionee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and
maintained by Superior or a third party designated by Superior. 
 8.2 The Optionee must expressly accept the terms and
conditions of this Agreement by electronically accepting this Agreement in a timely manner. If the Optionee does not accept the terms of this Agreement, this Option is subject to cancellation. 

* * * * * * * * * * * * * 
 By clicking the “Accept” button, the Optionee represents that he or she is familiar with the terms and provisions of the Plan, and hereby accepts this Agreement subject to all of the
terms and provisions thereof. Optionee has reviewed the Plan and this Agreement in their entirety and fully understands all provisions of this Agreement. Optionee agrees to accept as 

  
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binding, conclusive and final all decisions or interpretations of the Compensation Committee of Superior’s Board of Directors upon any questions arising under the Plan or this Agreement.

 PLEASE PRINT AND KEEP A COPY FOR YOUR RECORDS 

  
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