Document:

EX-10.12

 Exhibit 10.12 

Marriott Vacations Worldwide Corporation 

Amended and Restated 

Stock and Cash Incentive Plan 

					
	 Article 1. Establishment, Objectives, and Duration
	  	 	2	  
		
	 Article 2. Definitions
	  	 	2	  
		
	 Article 3. Administration
	  	 	5	  
		
	 Article 4. Shares Subject to the Plan and Maximum Awards
	  	 	6	  
		
	 Article 5. Eligibility and Participation
	  	 	7	  
		
	 Article 6. SARs and Stock Options
	  	 	7	  
		
	 Article 7. Restricted Stock
	  	 	9	  
		
	 Article 8. Restricted Stock Units
	  	 	10	  
		
	 Article 9. Other Awards
	  	 	11	  
		
	 Article 10. Performance Measures for Awards
	  	 	12	  
		
	 Article 11. Directors’ Share Awards, Fee Deferral Elections, and Director SARs and Options
	  	 	13	  
		
	 Article 12. Distribution Awards
	  	 	14	  
		
	 Article 13. Beneficiary Designation
	  	 	15	  
		
	 Article 14. Change in Control
	  	 	15	  
		
	 Article 15. Rights of Participants
	  	 	17	  
		
	 Article 16. Amendment, Modification, and Termination
	  	 	17	  
		
	 Article 17. Withholding
	  	 	18	  
		
	 Article 18. Indemnification
	  	 	18	  
		
	 Article 19. Code Section 409A
	  	 	18	  
		
	 Article 20. Successors
	  	 	18	  
		
	 Article 21. Legal Construction
	  	 	18	  

  
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 PREAMBLE 

Marriott Vacations Worldwide Corporation has established the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan, which
first became effective on the Effective Date and remains in effect for the period set forth in Article 1.3 hereof. The Plan is hereby amended and restated, effective as of December 6, 2013, as follows. 

  
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 MARRIOTT VACATIONS WORLDWIDE CORPORATION 

AMENDED AND RESTATED 

STOCK AND CASH INCENTIVE PLAN 
 Article
1. Establishment, Objectives, and Duration 
 1.1 Establishment of the Plan. Marriott Vacations Worldwide Corporation, a Delaware
corporation, hereby establishes an incentive compensation plan to be known as the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan, as set forth in this document. 

1.2 Purpose of the Plan. The purpose of the Plan is to promote and enhance the long -term growth of the Company by aligning the
personal interests of Employees and Non-Employee Directors to those of Company shareholders and allowing such Employees and Non-Employee Directors to participate in the growth, development and financial success of the Company. The Plan is further
intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of key individuals. 
 1.3
Duration of the Plan. The Plan shall commence on the Effective Date and shall remain in effect, subject to the right of the Board of Directors to terminate the Plan at any time pursuant to Article 16 hereof, until all Shares subject to it shall
have been purchased or acquired according to the Plan’s provisions; provided, however, that paragraph (c) of Article 4.1 hereof shall cease to operate on the 10th anniversary of the Effective Date. 

Article 2. Definitions 
 Whenever used in
the Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter of the word shall be capitalized: 

2.1 “Allocation Agreement” means the Employee Benefits and Other Employment Matters Allocation Agreement entered into by and
between Marriott International, Inc. and the Company in connection with the Distribution. 
 2.2 “Annual Meeting” means the
annual meeting of the stockholders of the Company at which Directors are elected. 
 2.3 “Approved Retiree” means any
awardee of an Award who (i) terminates employment by reason of a Disability, or (ii) (A) retires from employment with the Company with the specific approval of the Committee on or after such date on which the awardee has attained age
fifty-five (55) and completed ten (10) Years of Service, and (B) has entered into and has not breached an agreement to refrain from Engaging in Competition in form and substance satisfactory to the Committee. 

2.4 “Award” means, individually or collectively, a grant under this Plan of SARs, Nonqualified Stock Options, Incentive Stock
Options, Restricted Stock, RSUs, Other Share-Based Awards, Other Cash Performance-Based Awards, Non-Employee Director Share Awards, Stock Units, Director SARs and Director Options, and Distribution Awards. 

2.5 “Award Agreement” means an agreement entered into by the Company and each Participant setting forth the terms and
provisions applicable to an Award granted under this Plan. 
 2.6 “Beneficial Owner” or “Beneficial Ownership”
shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. 
 2.7
“Beneficiary” means the person or persons designated pursuant to Article 13 hereof. 
 2.8 “Board” or “Board
of Directors” means the Board of Directors of the Company. 
 2.9 “Code” means the Internal Revenue Code of 1986,
as amended from time to time. 

  
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 2.10 “Committee” means the Compensation Policy Committee of the Board, as
specified in Article 3 hereof, or such other committee appointed by the Board to administer the Plan with respect to grants of Awards. 

2.11 “Company” means Marriott Vacations Worldwide Corporation, together with any and all Subsidiaries, and any successor
thereto as provided in Article 20 hereof. 
 2.12 “Covered Employee” means a Participant who, as of the date of grant,
vesting and/or payout of an Award, as applicable, is one of the group of “covered employees,” as defined in the regulations promulgated under Code Section 162(m), or any successor statute. 

2.13 “Director” means any member of the Board. 

2.14 “Director SAR” and “Director Option” mean, respectively, a SAR and a Nonqualified Stock Option as described in
Article 11 hereof. 
 2.15 “Disability” means a permanent and total disability, within the meaning of Code
Section 22(e)(3), as determined by the Committee in good faith, upon receipt of sufficient competent medical advice from one or more individuals, selected by or satisfactory to the Committee, who are qualified to give professional medical
advice. 
 2.16 “Distribution” means the distribution of all the outstanding shares of capital stock of the Company as
provided in the Distribution Agreement. 
 2.17 “Distribution Agreement” means the Separation and Distribution Agreement
entered into by and between Marriott International, Inc. and the Company setting forth the rights and obligations of the parties in connection with the Distribution. 

2.18 “Distribution Award” means an Award made pursuant to Article 12 to reflect the effect of the Distribution on outstanding
awards which were made under the MII Plan and which were held by the grantee immediately before the Distribution. 
 2.19
“Distribution Date” means the date on which the Distribution shall be effected pursuant to the Distribution Agreement. 

2.20 “Effective Date” means the date the Plan was approved by the Company’s sole shareholder on that date, MII. 

2.21 “Employee” means any individual who is, or will become, an active, non-union employee of the Company. Any Employee who,
at the request of the Company, and on the written assignment of the Company specifically referencing this provision of the Plan, becomes an employee of another employer shall continue to be treated as an Employee for all purposes hereunder during
the period of such assignment. Non-Employee Directors shall not be considered Employees under this Plan. 
 2.22 “Engaging in
Competition” means (i) engaging, individually or as an employee, consultant, owner (more than five percent (5%)) or agent of any entity, in or on behalf of any business engaged in significant competition (or that transacts or
cooperates with another business in activities of significant competition) with any business operated by the Company or with interests adverse to those of the Company; (ii) soliciting and hiring a key employee of the Company in another
business, whether or not in significant competition with any business operated by the Company; or (iii) using or disclosing confidential or proprietary information, in each case, without the approval of the Company. 

2.23 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.

 2.24 “Exercise Price” means the price at which a Share may be purchased by a Participant pursuant to an Option or the
base price from which appreciation in Shares is measured under a SAR. 

  
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 2.25 “Fair Market Value” means the average of the highest and lowest quoted
selling prices for the Shares on the relevant date, or (if there were no sales on such date) the average so computed on the nearest day before or the nearest day after the relevant date, as reported in The Wall Street Journal or a similar
publication selected by the Committee. 
 2.26 “Fee Deferral Election” means an election made by a Non-Employee Director to
defer the receipt of Fees, as described in Article 11.3 hereof. 
 2.27 “Fees” means all or part of any retainer and/or
fees payable to a Non-Employee Director in his or her capacity as such. 
 2.28 “Incentive Stock Option” or “ISO”
means an option to purchase Shares granted under Article 6 hereof, which is designated as an Incentive Stock Option and which is intended to meet the requirements of Code Section 422. 

2.29 “Insider” means an individual who is, on the relevant date, an officer, Director or more than ten percent
(10%) beneficial owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, all as defined under Section 16 of the Exchange Act. 

2.30 “MII” means Marriott International, Inc., together with any and all Subsidiaries. 

2.31 “MII Plan” means the Marriott International, Inc. Stock and Cash Incentive Plan, as amended. 

2.32 “Non-Employee Director” means a Director who is not an Employee of the Company. 

2.33 “Non-Employee Director Share Award” shall mean an award of Shares to a Non-Employee Director, as described in Article
11.2 hereof. 
 2.34 “Nonqualified Stock Option” or “NQSO” means an option to purchase Shares granted under
Article 6 hereof and which is not intended to meet the requirements of Code Section 422. 
 2.35 “Option” means an
Incentive Stock Option or a Nonqualified Stock Option, as described in Article 6 hereof, or a Director Option as described in Article 11 hereof. 

2.36 “Other Cash Performance-Based Awards” means an Other Cash Performance-Based Award, as described in Article 9 hereof.

 2.37 “Other Share-Based Award” means an Other Share-Based Award, as described in Article 9 hereof. 

2.38 “Participant” means an individual who has an outstanding Award granted under the Plan. 

2.39 “Performance-Based Exception” means the performance-based exception from the tax deductibility limitations of Code
Section 162(m). 
 2.40 “Period of Restriction” means the period during which the transfer of Shares of Restricted
Stock is limited in some way (based on the passage of time, the achievement of performance objectives, or upon the occurrence of other events as determined by the Committee, in its discretion), and the Shares are subject to a substantial risk of
forfeiture, as provided in Article 7 hereof. 
 2.41 “Person” shall have the meaning ascribed to such term in
Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof. 

2.42 “Plan” means the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan. 

2.43 “Restricted Stock” means an Award granted to a Participant pursuant to Article 7 hereof. 

  
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 2.44 “RSU” means a restricted stock unit Award granted to a Participant pursuant
to Article 8 hereof. 
 2.45 “Shares” means shares of Common Stock of the Company or of any successor company adopting this
Plan. 
 2.46 “SAR” means a stock appreciation right as described in Article 6 hereof, or a Director SAR as described in
Article 11 hereof, which may be settled in Shares or cash as provided in the pertinent Award Agreement. 
 2.47 “Stock
Units” means the credits to a Non-Employee Director’s Stock Unit Account, each of which represents the right to receive one Share upon settlement of the Stock Unit Account. 

2.48 “Stock Unit Account” means the bookkeeping account established by the Company pursuant to Article 11.3. 

2.49 “Subsidiary” means any corporation, partnership, joint venture, trust or other entity in which the Company has a
controlling interest as defined in Treasury Regulation Section 1.414(c)-2(b)(2), except that the threshold interest shall be “more than fifty percent (50%)” instead of “at least eighty percent (80%).” 

2.50 “Termination of Service” means termination of service as a Non-Employee Director in any of the following circumstances:

 (a) Where the Non-Employee Director voluntarily resigns or retires; 

(b) Where the Non-Employee Director is not re-elected (or elected in the case of an appointed Non-Employee Director) to the Board by the
shareholders; 
 (c) Where the Non-Employee Director ceases to perform services on account of a Disability as defined in Article 2.15 hereof;
or 
 (d) Where the Non-Employee Director dies. 

With respect to any Awards that are or become subject to Section 409A of the Code, Termination of Service shall not include any event
that is not within the meaning of “separation from service” as set forth in Treasury Regulation Section 1.409A-1(h). 

2.51 “Year of Service” means a period of twelve (12) consecutive calendar months during which an Employee is employed by
the Company or Marriott International, Inc. 
 Article 3. Administration 

3.1 The Committee. The Plan shall be administered by the Committee or by any other committee appointed by the Board. The members of the
Committee shall be appointed from time to time by, and shall serve at the discretion of, the Board of Directors. Any power of the Committee may also be exercised by the Board, except to the extent that the grant or exercise of such authority would
cause any Award or transaction to become subject to (or lose an exemption under) the short-swing profit recovery provisions of Section 16 of the Exchange Act. To the extent that any permitted action taken by the Board conflicts with action
taken by the Committee, the Board action shall control. 
 3.2 Authority of the Committee. Except as limited by law or by the
Articles of Incorporation or Bylaws of the Company, and subject to the provisions hereof, the Committee shall have full power to select Employees and Non-Employee Directors who shall participate in the Plan; determine the sizes and types of Awards;
determine the terms and conditions of Awards in a manner consistent with the Plan; construe and interpret the Plan and any agreement or instrument entered into under the Plan; establish, amend, or waive rules and regulations for the Plan’s
administration; subject to the provisions of Article 16 hereof, amend the terms and conditions of any outstanding Award to the extent such terms and conditions are within the discretion of the Committee as provided in the Plan; and approve
corrections in the documentation or administration of any Award. Further, the Committee 

  
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shall make all other determinations that may be necessary or advisable for the administration of the Plan. The Committee’s determinations under the Plan (including without limitation,
determinations of the persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Award Agreements evidencing such Awards) need not be uniform and may be made by the Committee selectively
among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated. As permitted by law, the Committee may delegate its authority under the Plan to a Director or Employee. 

3.3 Delegation. The Committee may delegate to one or more separate committees (any such committee a “Subcommittee”) composed
of one or more Directors (who may but need not be members of the Committee) the ability to grant Awards and take the other actions described in Article 3.2 hereof with respect to Participants who are not executive officers, and such actions shall be
treated for all purposes as if taken by the Committee. The Committee may delegate to a Subcommittee of one or more officers of the Company the ability to grant Awards and take the other actions described in Article 3.2 hereof with respect to
Participants (other than any such officers themselves) who are not Directors or executive officers, provided, however, that the resolution so authorizing such officer(s) shall specify the total number of rights or options such Subcommittee may so
award, and such actions shall be treated for all purposes as if taken by the Committee. Any action by any such Subcommittee within the scope of such delegation shall be deemed for all purposes to have been taken by the Committee, and references in
this Plan to the Committee shall include any such Subcommittee. The Committee may delegate the day to day administration of the Plan to an officer or officers of the Company, or one or more agents, and such administrator(s) may have the authority to
execute and distribute agreements or other documents evidencing or relating to Awards granted by the Committee under the Plan, to maintain records relating to the grant, vesting, exercise, forfeiture or expiration of Awards, to process or oversee
the issuance of Shares upon the exercise, vesting and/or settlement of an Award, to interpret the terms of Awards and to take such other actions as the Committee may specify. Any action by any such administrator within the scope of its delegation
shall be deemed for all purposes to have been taken by the Committee and references in the Plan to the Committee shall include any such administrator, provided that the actions and interpretations of any such administrator shall be subject to review
and approval, disapproval or modification by the Committee. 
 3.4 Decisions Binding. All determinations and decisions made by the
Committee or its designee pursuant to the provisions of the Plan and all related orders and resolutions of the Board shall be final, conclusive and binding on all parties. 

3.5 Unanimous Consent in Lieu of Meeting. A memorandum signed by all members of the Committee shall constitute the act of the Committee
without the necessity in such event to hold a meeting. 
 3.6 Serious Misconduct. Notwithstanding anything to the contrary in the
Plan or any Award Agreement, if a Participant terminates employment for serious misconduct, including but not limited to engaging in a terminable offense set forth in the applicable associate handbook, the Committee may, in its sole discretion,
refuse or revoke Approved Retiree status or other retirement approval for such Participant, or otherwise determine that such Participant may not receive, vest in or exercise any Awards or otherwise receive Shares thereunder to the extent the Awards
are not granted, vested or fully exercised, or Shares are not received, as of such determination. 
 Article 4. Shares Subject to the Plan and Maximum
Awards 
 4.1 Number of Shares. Subject to Articles 4.2 and 4.3 hereof, (a) no more than 6,000,000 shares of Common Stock of
the Company may be issued pursuant to Awards granted under the Plan, (b) the maximum aggregate number of Shares that may be subject to any Awards (other than the Distribution Awards) granted in any one fiscal year to any single Employee shall
be 1,500,000 and (c) the maximum aggregate number of Shares that may subject to Options and SARs (other than the Distribution Awards) granted in any one fiscal year to any single Employee shall be 1,500,000. 

(a) If any Award granted under the Plan is canceled, terminates, expires, or lapses for any reason, or is settled in cash, any Shares subject
to such Award shall again be available for the grant of an Award under the Plan. 
 (b) With respect to Shares withheld to satisfy the
exercise price or tax withholding for an Award, the Shares shall again be available for the grant of an Award under the Plan. 

  
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 (c) With respect to previously acquired Shares tendered to satisfy the exercise price or tax
withholdings for an Award, the Shares shall again be available for the grant of an Award under the Plan. 
 4.2 Adjustments in Authorized
Shares and Awards. In the event of any change in corporate capitalization, such as a stock split, reverse stock split, stock dividend, share combination, recapitalization, or similar event affecting the equity capital structure of the Company,
or in the event the Shares shall be changed into or exchanged for a different number or class of shares of stock or securities of the Company or of another corporation and/or for cash as a result of a corporate transaction, such as any merger,
consolidation, separation, acquisition of property or shares, stock rights offering, spin-off, or other distribution of stock or property of the Company, any reorganization (whether or not such reorganization comes within the definition of such term
in Code Section 368) or any partial or complete liquidation of the Company, or similar event affecting the Company, such adjustment shall be made in (a) the number and class of Shares which thereafter may be delivered under Article 4.1,
(b) the Award limits set forth in Article 4.1, (c) the number and class of Shares subject to outstanding Awards, (d) the Exercise Price relating to any Award, and (e) the performance goals which may be applicable to any
outstanding Awards, and such other equitable substitutions or adjustments may be made, as may be determined to be appropriate and equitable by the Committee, in its sole discretion, to prevent dilution or enlargement of rights. Without limiting the
preceding sentence, in the case of any such transaction described in the preceding sentence, the adjustments made by the Committee or the board of directors, compensation committee or similar body of any other legal entity assuming the obligations
of the Company hereunder, may consist of either (i) making appropriate provision for the protection of outstanding Awards by the substitution on an equitable basis of appropriate equity interests or awards similar to the Awards (or, in the
event no such similar equity interests may be identified, a nonqualified deferred compensation account allocation of equivalent value), provided that the substitution neither enlarges nor diminishes the value and rights under the Awards; or
(ii) upon written notice to the Participants, providing that Awards will be exercised, distributed, cashed out or exchange for value pursuant to such terms and conditions (including the waiver of any existing terms or conditions including but
not limited to vesting restrictions or exercise waiting periods) as shall be specified in the notice, provided that any Awards that are subject to Code Section 409A must not be exercised, distributed, cashed out or exchanged for value unless
the transaction qualifies as a “change in control event” as described under Code Section 409A(2)(A)(v) and the regulations thereunder. Any adjustment of an ISO under clause (i) of the preceding sentence in this paragraph shall be
made in such a manner so as not to constitute a “modification” within the meaning of Section 424(h)(3) of the Code. 
 Article 5.
Eligibility and Participation 
 5.1 Eligibility. Employees shall be eligible to participate in this Plan with respect to Awards
specified in Articles 6 through 9. Non-Employee Directors shall be eligible to participate in the Plan with respect to Awards specified in Article 11. Persons eligible to receive Distribution Awards under the Allocation Agreement shall be eligible
to participate in the Plan with respect to Awards specified in Article 12. 
 5.2 Actual Participation by Employees. Subject to the
provisions of the Plan, the Committee may, from time to time, select from all eligible Employees, those to whom Awards shall be granted and shall determine the nature and amount of each Award. 

Article 6. SARs and Stock Options 
 6.1
Grant of SARs and Options. Subject to the terms and provisions of the Plan, SARs and/or Options may be granted to Employees in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee. 

6.2 Award Agreement. Each SAR and Option grant shall be evidenced by an Award Agreement that shall specify the Exercise Price, the
duration of the Award, the number of Shares to which the Award pertains, and such other provisions as the Committee shall determine. The Award Agreement, if pertaining to an Option, also shall specify whether the Option is intended to be an ISO
within the meaning of Code Section 422, or an NQSO whose grant is intended not to fall under the provisions of Code Section 422. 

6.3 Exercise Price. The Exercise Price for each grant of a SAR or an Option under this Article 6 shall be at least equal to one hundred
percent (100%) of the Fair Market Value of a Share on the date the SAR or Option is granted. 

  
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 6.4 Duration of SARs and Options. Each SAR and Option granted under this Article 6 shall
expire at such time as the Committee shall determine at the time of grant; provided, however, that no SAR or Option shall be exercisable later than the tenth (10th) anniversary date of its
grant. 
 6.5 Exercise of SARs and Options. SARs and Options granted under this Article 6 shall be exercisable at such times and be
subject to such restrictions and conditions as the Committee shall in each instance approve, which need not be the same for each grant or for each Participant. 

The ability of a Participant to exercise a SAR or an Option is conditioned upon the Participant not committing any criminal offense or
malicious tort relating to or against the Company, or, as determined by the Committee in its sole discretion, engaging in willful acts or omissions or acts or omissions of gross negligence that are or potentially are injurious to the Company’s
operations, financial condition or business reputation. 
 6.6 Notice and Payment. SARs and Options granted under this Article 6
shall be exercised by the delivery of notice of exercise to the Company by such means as the Committee shall approve from time to time, setting forth the number of Shares with respect to which the SAR or Option is to be exercised, accompanied, in
the case of Options, by full payment for the Shares. 
 The Exercise Price upon exercise of any Option shall be payable to the Company in
full either: (a) in cash or its equivalent, (b) if permitted in the governing Award Agreement, by withholding of Shares deliverable upon exercise or tendering (either actually or by attestation) previously acquired Shares, in each case
having an aggregate Fair Market Value at the time of exercise equal to the total Exercise Price, (c) withholding Shares subject to the Option, or (d) any combination of (a), (b) and (c). 

The Committee also may allow cashless exercise as permitted under the Federal Reserve Board’s Regulation T, subject to applicable
securities law restrictions, or by any other means which the Committee determines to be consistent with the Plan’s purpose and applicable law. 

6.7 Restrictions on Share Transferability. The Committee may impose such restrictions on any Shares acquired pursuant to the exercise
of a SAR or an Option granted under this Article 6 as it may deem advisable, including, without limitation, restrictions under applicable Federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then
listed or traded, and under any blue sky or state securities laws applicable to such Shares. 
 6.8 Termination of Employment or Leave of
Absence. Except as otherwise approved by the Committee and set forth in the pertinent Award Agreement(s), in the event that a Participant who is an Employee, during his or her lifetime has been on leave of absence for a period of greater than
twelve (12) months (except a leave of absence approved by the Board or the Committee, as the case may be), or ceases to be an Employee of the Company or of any Subsidiary for any reason, including retirement, the portion of any SAR or Option
which is not exercisable on the date on which the Participant ceased to be an Employee or has been on leave for over twelve (12) months (except a leave of absence approved by the Board or the Committee, as the case may be) shall expire on such
date and any unexercised portion thereof which was otherwise exercisable on such date shall expire unless exercised within a period of three (3) months from such date, but in no event after the expiration of the term for which the SAR or Option
was granted; provided, however, that in the case of an awardee of a SAR or a NQSO who is an “Approved Retiree” (as hereinafter defined), the SAR or NQSO shall continue to vest for up to five years from the date of retirement and said
awardee may exercise such SAR or NQSO, as applicable, until the soonest to occur of (i) the expiration of such SAR or NQSO in accordance with its original term; (ii) the expiration of five (5) years from the date of retirement; or
(iii) with respect to SARs or Options granted less than one year before the date the Approved Retiree retires, expiration of the SAR or Option on such retirement date, except not with respect to that portion of the SARs or Options equal to such
number of shares multiplied by the ratio of (I) the number of days between the grant date and the retirement date inclusive, over (II) the number of days in the twelve (12) month period following the grant date. 

Notwithstanding the preceding paragraph, if the Committee subsequently determines, in its sole discretion, that an Approved Retiree has
violated the provisions of the agreement to refrain from Engaging in Competition, or has engaged in willful acts or omissions or acts or omissions of gross negligence that are or potentially are injurious to the Company’s operations, financial
condition or business reputation, all SARs and Options shall be cancelled without consideration immediately. 

  
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 In the event of the death of an awardee during the three (3) month period described above
for exercise of a SAR or an Option by a terminated awardee or one on leave for over twelve (12) months (except a leave of absence approved by the Board or the Committee, as the case may be), the Option shall be exercisable by the awardee’s
personal representatives, heirs or legatees to the same extent and during the same period that the awardee could have exercised the SAR or Option if the awardee had not died. 

Notwithstanding anything in Article 6.5 to the contrary, in the event of the death of an awardee while an Employee or Approved Retiree of the
Company or any Subsidiary, an outstanding SAR or Option held by such awardee upon death shall become fully vested upon death and shall be exercisable by the awardee’s personal representatives, heirs or legatees at any time prior to the
expiration of one (1) year from the date of death of the awardee, but in no event after the expiration of the term for which the SAR or Option was granted. 

6.9 Nontransferability of SARs and Options. No SAR, NQSO or ISO granted under the Plan may be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, all SARS, NQSOs and ISOs granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such Participant.

 Article 7. Restricted Stock 
 7.1
Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Shares of Restricted Stock to Employees in such amounts as the Committee shall determine. 

7.2 Restricted Stock Agreement. Each Restricted Stock grant shall be evidenced by a Restricted Stock Award Agreement that shall specify
the Period(s) of Restriction, the number of Shares of Restricted Stock granted, and such other provisions as the Committee shall determine. 

7.3 Transferability. Except as provided in this Article 7, the Shares of Restricted Stock granted hereof may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction established by the Committee and specified in the Restricted Stock Award Agreement, or upon earlier satisfaction of any other conditions,
as specified by the Committee in its sole discretion and set forth in the Restricted Stock Award Agreement. All rights with respect to the Restricted Stock granted to a Participant under the Plan shall be available during his or her lifetime only to
such Participant. 
 7.4 Other Restrictions. The Committee shall impose such conditions and/or restrictions on any Shares of
Restricted Stock granted pursuant to the Plan as it may deem advisable including, without limitation, a requirement that Participants pay a stipulated purchase price for each Share of Restricted Stock, restrictions based upon the achievement of
specific performance objectives (Company-wide, business unit, and/or individual), time-based restrictions on vesting following the attainment of the performance objectives, and/or restrictions under applicable Federal or state securities laws. 

The Company shall retain the certificates representing Shares of Restricted Stock in the Company’s possession until such time as all
conditions and/or restrictions applicable to such Shares have been satisfied. 
 Except as otherwise provided in this Article 7, Shares of
Restricted Stock covered by each Restricted Stock grant made under the Plan shall become freely transferable by the Participant after the last day of the applicable Period of Restriction. 

Distribution of Shares of Restricted Stock is conditioned upon the Participant not committing any criminal offense or malicious tort relating
to or against the Company or, as determined by the Committee in its sole discretion, engaging in willful acts or omissions or acts or omissions of gross negligence that are or potentially are injurious to the company’s operations, financial
condition or business reputation. 

  
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 7.5 Voting Rights. During the Period of Restriction, Participants holding Shares of
Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares. 
 7.6 Dividends and Other
Distributions. During the Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder shall be credited with regular dividends paid with respect to the underlying Shares while they are so held. Such dividends may be
paid currently or converted into additional shares of Restricted Stock, upon such terms as the Committee establishes. 
 The Committee may
apply any restrictions to the dividends that the Committee deems appropriate. Without limiting the generality of the preceding sentence, if the grant or vesting of Restricted Stock granted to a Covered Employee is designed to comply with the
requirements of the Performance-Based Exception, the Committee may apply any restrictions it deems appropriate to the payment of dividends declared with respect to such Restricted Stock, such that the dividends and/or the Restricted Stock maintain
eligibility for the Performance-Based Exception. 
 7.7 Termination of Employment. Except as otherwise approved by the Committee and
set forth in the pertinent Award Agreement(s), (a) in the event that a Participant’s employment with the Company is terminated during the Period of Restriction because the Participant is an Approved Retiree, the Committee shall have
complete discretion in determining the percentage, if any, of a Participant’s outstanding Restricted Shares as to which the Period of Restriction shall end; (b) in the event a Participant’s employment with the Company is terminated
because of the Participant’s Disability or death during the Period of Restriction, the Period of Restriction shall end and the Participant’s rights thereunder shall inure to the benefit of his or her Beneficiary; and (c) in the event
that a Participant’s employment with the Company is terminated for any other reason during the Period of Restriction, such Participant’s outstanding Restricted Shares shall be forfeited to the Company without payment. 

Article 8. Restricted Stock Units 
 8.1
RSUs. Subject to the terms and conditions of the Plan, the Committee, at any time and from time to time, may grant Awards of RSUs to eligible Employees in such amounts as the Committee shall determine. 

8.2 RSU and Common Share Rights. RSUs shall represent an Employee’s unsecured right to receive from the Company the transfer of
title to Shares subject to the vesting schedule referenced in Article 8.3 below, provided that the Employee has satisfied the conditions of transfer set forth in Article 8.4 below. On each such vesting date, if it occurs, the Company shall transfer
a corresponding number of Shares to an individual brokerage account established and maintained in the Employee’s name. The Employee shall have all the rights of a stockholder with respect to such Shares transferred to the brokerage account,
including but not limited to the right to vote the Shares, to sell, transfer, liquidate or otherwise dispose of the Shares, and to receive all dividends or other distributions paid or made with respect to the Shares from the time they are deposited
in the account. The Employee shall have no voting, transfer, liquidation, or other rights of a Share stockholder with respect to RSUs prior to such time that the corresponding Shares are transferred, if at all, to the Employee’s brokerage
account. Notwithstanding the foregoing, RSU’s may be granted with dividend equivalent rights at the discretion of the Committee. 

8.3 Vesting in RSUs. RSU Awards shall become vested in accordance with the vesting provisions set forth in the pertinent Award
Agreements. 
 8.4 Conditions of Transfer. A transfer of Shares in accordance with paragraph 8.2 above shall be conditioned upon the
Employee meeting both of the following conditions during the entire period from the grant date through the vesting date(s) relating to such RSUs: 

(a) The Employee must continue to be an active employee of the Company or one of its Subsidiaries; and 

(b) The Employee must refrain from committing any criminal offense or malicious tort relating to or against the Company or, as determined by
the Committee in its discretion, engaging in willful acts or omissions or acts or omissions of gross negligence that are or potentially are injurious to the Company’s operations, financial condition or business reputation. 

  
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 If the Employee fails to meet the requirements of Article 8.4(a) and (b), then the Employee shall
forfeit the right to vest in any RSUs that have not already vested as of the time such failure is determined, and the Employee shall accordingly forfeit the right to receive the transfer of title to any corresponding Shares. The forfeiture of rights
with respect to unvested RSUs (and corresponding Shares) shall not affect the rights of the Employee with respect to any RSUs that already have vested nor with respect to any Shares the title of which has already been transferred to the
Employee’s brokerage account. 
 8.5 Effect of Termination of Employment. Notwithstanding contrary provisions of this Article 8,
except as otherwise approved by the Committee and set forth in the pertinent Award Agreement(s): 
 (a) In the event the Employee’s
employment is terminated prior to the relevant vesting date on account of death, and if the Employee had otherwise met the requirements of Article 8.4(a) and (b) from the grant date through the date of such death, then the Employee’s
unvested RSUs shall immediately vest in full upon death and the Employee’s rights hereunder with respect to any such RSUs shall inure to the benefit of the Employee’s executors, administrators, personal representatives and assigns. 

(b) In the event Employee’s employment is terminated prior to the relevant vesting date on account of the Employee having a Disability or
being an Approved Retiree, and if the Employee had otherwise met the requirements of Article 8.4(a) and (b) from the grant date through the date of the termination of employment date, and provided that the Employee continues to meet the
requirements of Article 8.4(b), then the Employee’s rights hereunder with respect to any outstanding, unvested RSUs shall continue in the same manner as if the Employee continued to meet the continuous employment requirement of Article 8.4(a)
through the vesting dates related to the Award, except not for that portion of RSUs granted less than one (1) year prior to the Employee’s termination equal to such number of shares multiplied by the ratio of (A) the number of days
after the termination date and before the first (1st) anniversary of the grant date, over (B) the number of days on and after the grant date and before the first (1st) anniversary of the grant date. 
 (c) In the event Employee’s employment is
terminated prior to the relevant vesting date for any reason other than those circumstances described in paragraphs (a) and (b) of this Article 8.5, such Employee’s outstanding RSUs shall be forfeited to the Company without payment.

 Article 9. Other Awards 
 9.1
Grant of Other Share-Based Awards. The Committee may grant Other Share-Based Awards to Participants in such number, and upon such terms, and at any time and from time to time, as shall be determined by the Committee. 

9.2 Terms of Other Share-Based Awards. Other Share-Based Awards shall contain such terms and conditions as the Committee may from time
to time specify and may be denominated in cash, in Shares, in Share-equivalent units, in Share appreciation units, in securities or debentures convertible into Shares or in a combination of the foregoing and may be paid in cash or in Shares, all as
determined by the Committee. Other Share-Based Awards may be issued alone or in tandem with other Awards granted to Employees. 
 9.3
Other Share-Based Award Agreement. Each Other Share-Based Award shall be evidenced by an Award Agreement that shall specify such terms and conditions as the Committee shall determine. 

9.4 Other Cash Performance-Based Awards. The Committee may grant Other Cash Performance-Based Awards based on performance measures set
forth in Article10 not based on Shares upon such terms and at any time and from time to time as shall be determined by the Committee. Each such Other Cash Performance-Based Award shall be evidenced by an award agreement that shall specify such terms
and conditions as the Committee shall determine. An Other Cash Performance-Based Award not based upon Shares shall not decrease the number of Shares under Article 4 that may be issued pursuant to other Awards. No individual shall be eligible to
receive a payment with respect to cash performance-based awards in excess of $4 million in any one-year performance period (the “Annual Maximum”) or, in the case of a performance period greater than one year, the Annual Maximum multiplied
by the number of full years in the performance period. Other Cash Performance-Based Awards may relate to annual bonus or long-term performance awards. 

  
 11 

 Article 10. Performance Measures for Awards 

10.1 Performance Measures. Unless and until the Committee proposes for shareholder vote and shareholders approve a change in the general
performance measures set forth in this Article 10, the attainment of which may determine the degree of payout and/or vesting with respect to Awards granted to Covered Employees which are designed to qualify for the Performance-Based Exception, the
performance measure(s) to be used for purposes of such Awards shall be chosen from among any one or more of the following performance criteria, or derivations of such performance criteria: 

 

	 	(a)	Stock Price, 

  

	 	(b)	Market Share, 

  

	 	(c)	Sales Revenue, 

  

	 	(d)	Organic sales growth, 

  

	 	(e)	Cash flows, 

  

	 	(f)	Cash flow efficiency, 

  

	 	(g)	Financial reported earnings, 

  

	 	(h)	Economic earnings, 

  

	 	(i)	Earnings per share, 

  

	 	(j)	Appreciation in the Fair Market Value of Shares, 

  

	 	(k)	Return on equity, 

  

	 	(l)	Return on invested capital, 

  

	 	(m)	Total Shareholder Return, 

  

	 	(n)	Operating Total Shareholder Return, 

  

	 	(o)	Operating margins, 

  

	 	(p)	Operating income, 

  

	 	(q)	Earnings before interest, taxes, depreciation and amortization (“EBITDA”) (consolidated or business unit), 

  

	 	(r)	Earnings before or after taxes, 

  

	 	(s)	Volume per guest, 

  

	 	(t)	Customer satisfaction, 

  

	 	(u)	Associate engagement, 

  

	 	(v)	Owner/franchisee satisfaction, 

  

	 	(w)	Timeshare sales volume, 

  

	 	(x)	Timeshare cost, and 

  

	 	(y)	Marketing and sales corporate overhead. 

 The above performance measures may be used either
individually, alternatively or in any combination and established at a subsidiary or business unit level or at a consolidated Company level, in each case as specified by the Committee. Achievement of any of the performance measures above may be
measured either annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to the performance of a designated group of companies, in each case as specified by the
Committee. 

  
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 10.2 Adjustments. The Committee shall have the discretion to adjust the determinations of
the degree of attainment of the preestablished performance objectives; provided, however, that Awards that are designed to qualify for the Performance-Based Exception and that are held by Covered Employees may not be adjusted upward (the Committee
shall retain the discretion to adjust such Awards downward). 
 10.3 Committee Discretion. In the event that applicable tax and/or
securities laws change to permit Committee discretion to alter the governing performance measures without obtaining shareholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining shareholder
approval. In addition, in the event that the Committee determines that it is advisable to grant Awards that do not qualify for the Performance-Based Exception; the Committee may make such grants without satisfying the requirements of Code
Section 162(m). 
 Article 11. Directors’ Share Awards, Fee Deferral Elections, and Director SARs and Options 

11.1 Eligibility. Only Non-Employee Directors shall be eligible to receive Non-Employee Director Share Awards and Director SARs and
Options and to make Fee Deferral Elections. All such awards are subject to prior approval by the Committee. 
 11.2 Non-Employee Director
Share Awards. On the first (1st) full trading day immediately following each Annual Meeting, each Non- Employee Director designated by the Board may receive a Non-Employee Director Share
Award of a number of Shares determined by the Board before such Annual Meeting. Each Non-Employee Director Share Award shall be fully vested and nonforfeitable when granted. 

11.3 Fee Deferral Elections. 

(a) Elections to Defer Payment of Fees. Payment of all or any part of any Fees payable to a Non-Employee Director may be deferred
by election of the Non-Employee Director. Each such election must be made in writing on a form prescribed by the Committee and irrevocably delivered to the Company in the year preceding the year which commences with the next Annual Meeting (the
“Election Year”), and must be irrevocable for such Election Year. Deferral elections for Election Year 2014-2015 and later Election Years may include a separate election regarding whether to receive dividend equivalent units under Article
11.3(d) that relate solely to Fees deferred in such years in the form of additional Stock Units or an immediate cash payment; provided that, to the extent no such election is provided or made, the Non-Employee Director will be deemed to have elected
to receive dividend equivalent units in the form of additional Stock Units. No election may be made under this Article 11.3(a) with respect to Fees for which an election is made under Article 11.5. 

(b) Crediting Stock Units to Accounts. Amounts deferred pursuant to a Fee Deferral Election shall be credited as of the date of
the deferral to a Stock Unit Account in Stock Units. The number of Stock Units credited to a Stock Unit Account with respect to any Non-Employee Director shall equal (i) the amount deferred pursuant to the Fee Deferral Election divided by
(ii) the Fair Market Value of a Share on the date on which the Fees subject to the Fee Deferral Election would have been paid but for the Fee Deferral Election, with fractional units calculated to at least three (3) decimal places. 

(c) Fully Vested Stock Units. All Stock Units credited to a Non-Employee Director’s Stock Unit Account pursuant to this
Article 11.3 shall be at all times fully vested and nonforfeitable. 
 (d) Credit of Dividend Equivalents. Each Stock Unit
credited to a Director’s Stock Unit Account includes one dividend equivalent unit. As of each dividend payment date with respect to Shares, each Non-Employee Director shall have credited to his or her Stock Unit Account an additional number of
Stock Units equal to the product of (i) the per-share cash dividend payable with respect to a Share on such dividend payment date multiplied by the number of dividend equivalent units credited to his or her Stock Unit Account as of the close of
business on the record date for such dividend, divided by (ii) the Fair Market Value of a Share on such dividend payment date. Notwithstanding the foregoing, if a Non-Employee Director made a cash election with respect to dividend equivalent
units pursuant to Article 11.3(a) (the “Cash-Settled Units”), then within 30 days after the dividend payment date, in lieu of the foregoing, the Non-Employee Director shall receive a cash payment equal to the product of (A) the
per-share cash dividend payable with respect to a Share on such dividend payment date multiplied by (B) the number of Cash-Settled Units outstanding as of the close of business on the record date for such dividend. If dividends are paid on
Shares in a form other than cash, then such dividends shall (I) if to be credited to the Stock Unit Account. either be notionally converted to cash or credited “in kind”, or (II) if to be paid in cash, notionally converted to cash if
their value is readily determinable. 

  
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 (e) Payment of Stock Units. Upon Termination of Service, the Stock Units credited
to a Non-Employee Director’s Stock Unit Account shall be paid to the Non-Employee Director in an equal number of shares of Stock in a single lump sum or in substantially equal annual installments over a period not to exceed ten (10) years,
as irrevocably elected in writing by the Non-Employee Director at the time of the Non-Employee Director’s election to defer Fees under Article 11.3(a), pursuant to rules established from time to time by the Committee. 

11.4 Unfunded Status. The interest of each Non-Employee Director in any Fees deferred under this Article 11 (and any Stock Units or
Stock Unit Account relating thereto) or in any Director Stock Award shall be that of a general creditor of the Company. Stock Unit Accounts and Stock Units (and, if any, “in kind” dividends) credited thereto shall at all times be
maintained by the Company as bookkeeping entries evidencing unfunded and unsecured general obligations of the Company. 
 11.5 Director
SARs and Options. 
 (a) Elections to Receive Payment of Fees in the Form of SARs or Options. A Non-Employee Director may
elect to receive payment of all or any part of his or her cash retainer in the form of Director SARs or Options, as determined by the Committee, in lieu of cash. Each such election must be made in writing on a form prescribed by the Committee and
delivered to the Company in the calendar year preceding the calendar year in which occurs the Annual Meeting that marks the commencement of the annual period of service during which such Fees are earned. Each election is irrevocable for that annual
period. Elections under this Article 11.5 may not be made with respect to Fees deferred under Article 11.3. 
 (b) Grant of Director
SARs and Options. On the first (1st) full trading day immediately following each Annual Meeting, each Non- Employee Director who has filed an election under Article 11.5(a) for the
annual period of service that commences with such Annual Meeting shall be granted Director SARs or Options that have a value on the date of grant substantially equal to the amount of Fees otherwise payable to the Non-Employee Director in cash but
for the election to receive Director SARs or Options. The value of Director SARs or Options shall be determined by the Committee in its sole discretion, at a meeting held prior to the Annual Meeting, based on a Black-Scholes option pricing model or
other valuation model that the Committee determines to be appropriate in its sole discretion. 
 (c) Terms of Director SARs and
Options. Each Director SAR and Option shall be evidenced by an Award Agreement that shall specify the Exercise Price, the duration of the SAR or Option, and the number of Shares to which the SAR or Option pertains. Each Director SAR and
Option shall (i) have an Exercise Price equal to or greater than the Fair Market Value of a Share on the date the Award is granted; (ii) be immediately vested and exercisable; (iii) expire on the tenth (10th) anniversary of the date of its grant; and (iv) be nontransferable unless otherwise specified by the Committee. 

(d) Payment. Director SARs and Options granted under this Article 11 shall be exercised by the delivery of notice of exercise to
the Company in such manner as the Committee shall determine, setting forth the number of Shares with respect to which the SAR or Option is to be exercised, accompanied by full payment for the Shares. The Exercise Price upon exercise of any Director
SAR or Option shall be payable to the Company in full either: (i) in cash or its equivalent, (ii) by withholding of Shares deliverable upon exercise or tendering (either actually or by attestation) previously acquired Shares, in each case
having an aggregate Fair Market Value at the time of exercise equal to the total Exercise Price, or (iii) by a combination of (i) and (ii). The Committee also may allow cashless exercise as permitted under the Federal Reserve Board’s
Regulation T, subject to applicable securities law restrictions, or by any other means which the Committee determines to be consistent with the Plan’s purpose and applicable law. 

Article 12. Distribution Awards 
 All
Distribution Awards shall be issued under the Plan as provided in the Allocation Agreement. The Committee shall administer all such Distribution Awards under this Plan, giving service credit to the grantee of each such Distribution Award to the
extent required under the Allocation Agreement. All Distribution Awards shall be subject to substantially similar terms and conditions as provided in the holder’s corresponding awards under the MII Plan. 

  
 14 

 Article 13. Beneficiary Designation 

Each Participant under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively)
to whom any benefit under the Plan is to be paid in case of the Participant’s death before the Participant has received any or all of such benefit. Each such designation shall revoke all prior designations by the same Participant, shall be in a
form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s
death shall be paid to the Participant’s estate. 
 Article 14. Change in Control 

14.1 Treatment of Awards. If a Participant who is actively employed by the Company incurs a Covered Termination of Employment (as
defined in Article 14.2 below) on or within twelve (12) months following a Change in Control (as defined in Article 14.3 below), then the following shall occur: 

(a) Restricted Stock and RSUs. With respect to any Restricted Stock, RSUs or any Other Share-Based Awards taking a form
substantially the same as Restricted Stock or RSUs, the restrictions, forfeiture conditions, deferral of settlement and conditions on distribution other than those imposed by law applicable to such Awards shall lapse, and all such Awards shall be
deemed fully vested, as of the date of the Participant’s Covered Termination of Employment, and the subject Shares, or equity interests that are substituted for the subject Shares as a result of the Change in Control, shall be distributed to
the Participant immediately following such Covered Termination of Employment. Notwithstanding the preceding sentence, in the event no Awards, Shares or substitute equity interests are available in connection with the Change in Control, the
restrictions, forfeiture conditions, deferral of settlement and conditions on distribution other than those imposed by law applicable to such Restricted Stock, RSU and Other Share-Based Awards shall lapse, and all such Awards shall be deemed fully
vested, as of the date of the Change in Control, and the Awards shall be distributed to the Participant immediately following the Change in Control. In the Committee’s discretion, the distribution of Awards as described in this Article 14.1(a)
may be made in the form of a cash payment equal to the product of (i) the per Share value, which shall be (I) in the case of a payment made immediately following a Covered Termination of Employment, the Fair Market Value per Share as of
the date of the Covered Termination of Employment, or (II) in the case of a payment made immediately after the Change in Control, the price paid per Share to general stockholders of the Company, through a tender offer or otherwise, pursuant to the
transaction resulting in the Change in Control, and (ii) the number of subject Shares or substitute equity awards that otherwise would be distributed to the Participant if available and the Committee had not determined to pay cash. 

(b) Options and SARs. As of the date of the Participant’s Covered Termination of Employment, all of the unvested or
unexercisable Options, SARs or Other Share-Based Awards taking a form substantially the same as Options or SARs held by the Participant shall be deemed to be fully vested and exercisable with respect to the subject Shares, or other equity interests
that are substituted for the Shares as a result of the Change in Control, and any other conditions on such Awards shall lapse, other than those imposed by law. Such Awards shall remain exercisable until the earlier of (i) the end of their
original term, or (ii) twelve (12) months (or in the case of an Approved Retiree, five (5) years) following the Participant’s Covered Termination of Employment. Notwithstanding the preceding sentence, in the event no Awards,
Shares or substitute equity interests are available in connection with the Change in Control, the restrictions, forfeiture conditions, deferral of settlement and conditions on distribution other than those imposed by law applicable to such Options,
SARs and Other Share-Based Awards shall lapse, and all such Awards shall be deemed fully vested, as of the date of the Change in Control. In the Committee’s discretion, a cash payment may be made to the Participant immediately following the
Participant’s Covered Termination of Employment or the date of the Change in Control, whichever is the date upon which the Participant is deemed to be fully vested as determined under this Article 14.1(b), in an amount equal to (i) the per
Share value, which shall be (I) in the case of a payment made immediately following a Covered Termination of Employment, the Fair Market Value per Share as of the date of the Covered Termination of Employment, or (II) in the case of a payment
made immediately after the Change in Control, the price paid per Share to general stockholders of the Company, through a tender offer or otherwise, pursuant to the transaction resulting in the Change in Control, (ii) less the Exercise Price,
and (iii) multiplied by the number of subject Shares or substitute equity awards that otherwise would be distributed to the Participant if available and the Committee had not determined to pay cash. 

  
 15 

 (c) Other Cash Performance-Based Awards and Certain Other Share-Based Awards. All
of the Participant’s Other Cash Performance-Based Awards or Other Share-Based Awards subject to performance-based vesting shall be deemed to be fully vested as of the Participant’s Covered Termination of Employment and be paid out
immediately thereafter, where such payment shall be based on a target level of performance, pro rated for the days of such performance period through the date of the Covered Termination of Employment. Notwithstanding the preceding sentence, in the
event no Awards, Shares or substitute equity interests are available in connection with the Change in Control, the restrictions, forfeiture conditions, deferral of settlement and conditions on distribution other than those imposed by law applicable
to such Other Cash Performance-Based Awards or Other Share-Based Awards shall lapse, and all such Awards shall be deemed to be fully vested, as of the date of the Change in Control, in which case payment shall be based on a target level of
performance pro rated for the days of such performance period through the date of the Change in Control. Any Other Share-Based Awards other than those described in Articles 14.1(a) and (b), and other than as described above in this Article 14.1(c),
shall be treated in a manner similar to that described in Articles 14.1(a) and (b). 
 14.2 Covered Termination of Employment. For
purposes of this Article 14, “Covered Termination of Employment” shall mean any involuntary termination of employment of a Participant, provided that such termination does not result from the Participant’s serious misconduct within
the meaning of Article 3.6. 
 14.3 Change in Control Definition. A Change in Control shall occur if: 

(a) Acquisition of Voting Securities. Any Person directly or indirectly becomes the Beneficial Owner of more than thirty percent
(30%) of the Company’s then outstanding voting securities (measured on the basis of voting power), provided that the Person (i) has not acquired such voting securities directly from the Company, (ii) is not the Company or any of
its Subsidiaries, (iii) is not a trustee or other fiduciary holding voting securities under an employee benefit plan of the Company or any of its Subsidiaries, (iv) is not an underwriter temporarily holding the voting securities in
connection with an offering thereof, and (v) is not a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Company stock; or 

(b) Merger or Consolidation. The Company merges or consolidates with any other corporation, other than a merger or consolidation
resulting in the voting securities of the Company outstanding immediately prior to such merger or consolidation representing fifty percent (50%) or more of the combined voting power of the voting securities of the Company, the other corporation
(if such corporation is the surviving corporation) or the parent of the Company or other corporation, in each case outstanding immediately after such merger or consolidation; or 

(c) Change in Majority of Board. Continuing Directors cease to represent a majority of the Board, where “Continuing
Directors” shall mean the directors of the Board immediately after the Distribution, and any other director whose appointment, election or nomination for election by the stockholders is approved by at least a majority of the Continuing
Directors at such time; or 
 (d) Sale, Liquidation or Other Disposition. The stockholders of the Company approve a plan of
complete liquidation of the Company or the Company sells or disposes of all or substantially all of its assets. 
 Notwithstanding the
foregoing provisions of Article 14.3, with respect to any Award that is subject to Code Section 409A, in order to be treated as a Change in Control, any event described in this Article 14.3 also must qualify as a “change in control
event” within the meaning of Code Section 409A(a)(2)(A)(v) and the regulations thereunder. 
 14.4 Section 280G Cut-back
in Benefits. Notwithstanding the other provisions of this Plan, in the event that the amount of payments or other benefits payable to any Participant under this Plan, together with any payments or benefits payable under any other plan, program,
arrangement or agreement maintained by the Company or one of its affiliates, would constitute an “excess parachute payment” (within the meaning of Section 280G or the Code), the payments under this Plan shall be reduced in a manner
determined by the Company (by the minimum possible amounts) until no amount payable to the Participant under the Plan constitutes an “excess parachute payment” (within the meaning of Section 280G of the Code). All determinations
required to be made under this Article 14.4, including whether a payment would result in an “excess parachute payment” and the assumptions utilized in arriving at such determination, shall be made by a registered public accounting firm
selected by the Company. 

  
 16 

 Article 15. Rights of Participants 

15.1 Employment or Service. Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any
Participant’s employment or service at any time, nor confer upon any Participant any right to continue in the employ or service of the Company. 

15.2 Participation. No Employee shall have the right to be selected to receive an Award under this Plan, or, having been so selected,
to be selected to receive a future Award. 
 Article 16. Amendment, Modification, and Termination 

16.1 Amendment, Modification, and Termination. The Board may at any time and from time to time, alter, amend (subject to Article 1.3),
suspend or terminate the Plan in whole or in part; provided, however, that the Board may, in its sole discretion, condition the adoption of any amendment of the Plan on the approval thereof by the requisite vote of the shareholders of the Company
entitled to vote thereon. 
 16.2 Adjustment of Awards upon the Occurrence of Certain Unusual or Nonrecurring Events. Subject to the
restriction set forth in Article 10 hereof on the exercise of upward discretion with respect to Awards which have been designed to comply with the Performance-Based Exception, the Committee may make adjustments in the terms and conditions of, and
the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Article 4.2 hereof) affecting the Company or the financial statements of the Company or of changes in
applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the
Plan. 
 16.3 Awards Previously Granted. No termination, amendment, or modification of the Plan or any Award shall adversely affect
in any material way any Award previously granted under the Plan, without the written consent of the Participant holding such Award. 

Except as provided under Article 16.2, an outstanding SAR or Option may not be amended to change its Exercise Price, cancelled and re-granted
with a new Exercise Price, nor cancelled and replaced with other Awards or cash, unless approved by shareholders. 
 16.4 Compliance with
Code Section 162(m). At all times when Code Section 162(m) is applicable, all Awards granted under this Plan shall comply with the requirements of Code Section 162(m); provided, however, that in the event the Committee determines
that such compliance is not desired with respect to any Award or Awards available for grant under the Plan, then compliance with Code Section 162(m) will not be required. In addition, in the event that changes are made to Code
Section 162(m) to permit greater flexibility with respect to any Award or Awards available under the Plan, the Committee may, subject to this Article 16, make any adjustments it deems appropriate. 

16.5 Substitution of Awards in Mergers and Acquisitions. Awards may be granted under the Plan from time to time in substitution for
awards held by employees or directors of entities who become or are about to become employees or directors of the Company or a Subsidiary as the result of a merger, consolidation or other acquisition of the employing entity or the acquisition by the
Company or a Subsidiary of the assets or stock of the employing entity. The terms and conditions of any substitute awards so granted may vary from the terms and conditions set forth hereof to the extent that the Committee deems appropriate at the
time of grant to conform the substitute awards to the provisions of the awards for which they are substituted. 

  
 17 

 Article 17. Withholding 

17.1 Tax Withholding. The Company shall have the power and the right to deduct from any amount otherwise due to the Participant, or
withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy Federal, state, and local income, employment or other related taxes, domestic or foreign, required by law or regulation to be withheld with respect to any
taxable event arising as a result of this Plan. 
 17.2 Share Withholding. With respect to withholding required in connection with
any Award, the Company may require, or the Committee may permit a Participant to elect, that the withholding requirement be satisfied, in whole or in part, by having the Company withhold Shares having a Fair Market Value on the date the tax is to be
determined equal to the minimum statutory total tax which could be withheld on the transaction. Any election by a Participant shall be irrevocable and shall be subject to any restrictions or limitations that the Committee, in its sole discretion,
deems appropriate. 
 Article 18. Indemnification 

Except as prohibited by law, each person who is or shall have been a member of the Committee, or of the Board, shall be indemnified and held
harmless by the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit or proceeding to which he or she may be a party
or in which he or she may be involved by reason of any action taken or failure to act under the Plan, other than by willful misconduct, and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s
approval, or paid by him or her in satisfaction of any judgment in any such action, suit or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she
undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Articles of
Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 Article 19.
Code Section 409A 
 19.1 General. To the extent that Code Section 409A may apply to any Awards under the Plan, it is
intended that the terms of the Plan and such Awards meet the applicable requirements of Code Section 409A so that a Participant is not taxed under Code Section 409A with respect to such Awards until such time as Shares or other amounts are
distributed to the Participant in accordance with the Plan’s and the Awards’ terms. For this purpose, the Plan and the Awards will be administered and interpreted to comply with Code Section 409A and any applicable Treasury or IRS
guidance. 
 19.2 Delay for Specified Employees. To the extent that any Awards under the Plan may be subject to Code
Section 409A(a)(2)(B)(i), distributions of Shares or other amounts pursuant to such Awards on account of a termination of employment of a Participant who is a Specified Employee (as defined as follows) shall be made or commence not before the
date which is six (6) months following the termination of employment, except in the event of the Participant’s death. Any distribution that is delayed under this Article 19.2 shall be distributed on the first day of the seventh month
following the Specified Employee’s termination of employment (without affecting the timing of any subsequent installment that is not within the six-month period following termination of employment). For this purpose, a Specified Employee is a
person described under Treasury Regulation section 1.409A-1(i), applying the default rules thereunder, except that the definition of compensation for purposes of identifying Specified Employees is the safe harbor definition of compensation set forth
under Treasury Regulation section 1.415(c)-2(d)(4). 
 Article 20. Successors 

All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company,
whether the existence of such successor is the result of a direct or indirect purchase, of all or substantially all of the business and/or assets of the Company, or a merger, consolidation or otherwise. 

Article 21. Legal Construction 
 21.1
Gender and Number. Except where otherwise indicated by the context, any masculine term used hereof also shall include the feminine, the plural shall include the singular and the singular shall include the plural. 

  
 18 

 21.2 Severability. In the event any provision of the Plan shall be held illegal or invalid
for any reason, the illegality or invalidity shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

21.3 Requirements of Law. The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws,
rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 21.4
Securities Law Compliance. With respect to Insiders, transactions under this Plan are intended to comply with all applicable conditions of Rule 16b-3 or its successors under the Exchange Act. To the extent any provision of the plan or action by
the Committee fails to so comply, it shall be deemed null and void, to the extent permitted by law and deemed advisable by the Committee. 

21.5 Governing Law. To the extent not preempted by Federal law, the Plan, and all agreements hereunder, shall be construed in
accordance with and governed by the laws of the State of Florida. 

  
 19EX-10.5

 Exhibit 10.5 

 
 AMENDED AND RESTATED 

SUPERIOR ENERGY SERVICES, INC. 
 NONQUALIFIED DEFERRED COMPENSATION PLAN 
  
 January 1, 2014 

 Table of Contents 

 

							
	 	  	Page	 
	 ARTICLE I PURPOSE AND EFFECTIVE DATE
	  	 	1	  
		
	 ARTICLE II DEFINITIONS
	  	 	1	  
	 2.01
	  	Administrative Committee	  	 	1	  
	 2.02
	  	Base Salary	  	 	1	  
	 2.03
	  	Base Salary Deferral	  	 	1	  
	 2.04
	  	Beneficiary	  	 	1	  
	 2.05
	  	Board	  	 	1	  
	 2.06
	  	Bonus Compensation	  	 	1	  
	 2.07
	  	Business Combination	  	 	2	  
	 2.08
	  	CEO	  	 	2	  
	 2.09
	  	Change of Control	  	 	2	  
	 2.10
	  	Change of Control Participant	  	 	3	  
	 2.11
	  	Claimant	  	 	3	  
	 2.12
	  	Code	  	 	3	  
	 2.13
	  	Common Stock	  	 	3	  
	 2.14
	  	Company	  	 	3	  
	 2.15
	  	Compensation Committee	  	 	4	  
	 2.16
	  	Deferral Account	  	 	4	  
	 2.17
	  	Deferral Period	  	 	4	  
	 2.18
	  	Deferred Amount	  	 	4	  
	 2.19
	  	Deferred RSUs	  	 	4	  
	 2.20
	  	Designee	  	 	4	  
	 2.21
	  	Disabled	  	 	4	  
	 2.22
	  	Eligible Cash Compensation	  	 	4	  
	 2.23
	  	ERISA	  	 	4	  
	 2.24
	  	Form of Payment	  	 	4	  
	 2.25
	  	401(k) Plan	  	 	4	  
	 2.26
	  	Hardship Withdrawal	  	 	5	  
	 2.27
	  	Hypothetical Investment Benchmark	  	 	5	  
	 2.28
	  	Incumbent Board	  	 	5	  
	 2.29
	  	Key Employee	  	 	5	  
	 2.30
	  	Participant	  	 	5	  
	 2.31
	  	Participation Agreement	  	 	5	  
	 2.32
	  	Plan Year	  	 	5	  
	 2.33
	  	Post Transaction Corporation	  	 	5	  
	 2.34
	  	Restricted Stock Units or RSUs	  	 	5	  
	 2.35
	  	Retirement	  	 	5	  
	 2.36
	  	Separation from Service	  	 	6	  
	 2.37
	  	Superior	  	 	6	  
	 2.38
	  	Unforeseeable Emergency	  	 	6	  
	 2.39
	  	Valuation Date	  	 	6	  
	 2.40
	  	Years of Service	  	 	6	  

  
 i 

							
		
	 ARTICLE III PARTICIPATION AND PARTICIPANT ELECTIONS
	  	 	7	  
	 3.01
	  	Participation	  	 	7	  
	 3.02
	  	Deferral of Eligible Cash Compensation	  	 	7	  
	 3.03
	  	Deferral of Restricted Stock Units	  	 	7	  
	 3.04
	  	Election Timing and Effective Dates.	  	 	7	  
	 3.05
	  	Contents of Participation Agreement	  	 	8	  
	 3.06
	  	Modification or Revocation of Election by Participant	  	 	8	  
	 3.07
	  	Vesting	  	 	9	  
		
	 ARTICLE IV MAINTENANCE, CREDITING, AND INVESTMENT OF ACCOUNTS
	  	 	9	  
	 4.01
	  	Maintenance of Deferral Accounts	  	 	9	  
	 4.02
	  	Crediting of Deferral Accounts	  	 	9	  
	 4.03
	  	Statement of Accounts	  	 	10	  
	 4.04
	  	Credit of Dividend Equivalents on Deferred RSUs	  	 	10	  
	 4.05
	  	Withholding of Taxes	  	 	10	  
		
	 ARTICLE V DISTRIBUTION OF BENEFITS
	  	 	10	  
	 5.01
	  	Time and Form of Payment	  	 	10	  
	 5.02
	  	Specified Payment Dates and In-Service Distributions; Effect of Separation from Service	  	 	11	  
	 5.03
	  	Death or Disability	  	 	13	  
	 5.04
	  	Hardship Withdrawals	  	 	13	  
	 5.05
	  	Acceleration of Payment	  	 	13	  
	 5.06
	  	Delay of Payment	  	 	15	  
		
	 ARTICLE VI BENEFICIARY DESIGNATION
	  	 	16	  
	 6.01
	  	Beneficiary Designation	  	 	16	  
	 6.02
	  	No Beneficiary Designation	  	 	16	  
		
	 ARTICLE VII ADMINISTRATION
	  	 	16	  
	 7.01
	  	Administrative Committee Duties	  	 	16	  
	 7.02
	  	Claims Procedure.	  	 	17	  
		
	 ARTICLE VIII AMENDMENT AND TERMINATION OF PLAN
	  	 	18	  
	 8.01
	  	Amendment	  	 	18	  
	 8.02
	  	Company’s Right to Terminate	  	 	18	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	19	  
	 9.01
	  	Unfunded Plan	  	 	19	  
	 9.02
	  	Nonassignability	  	 	20	  
	 9.03
	  	Validity and Severability; Code Section 409A	  	 	20	  
	 9.04
	  	Governing Law	  	 	20	  
	 9.05
	  	Employment Status	  	 	20	  
	 9.06
	  	Underlying Plans and Programs	  	 	20	  

  
 ii 

 ARTICLE I 
 PURPOSE AND EFFECTIVE DATE 
 The purpose of the Superior Energy
Nonqualified Deferred Compensation Plan (“Plan”) is to aid Superior Energy Services, Inc. (“Superior”) and its wholly-owned subsidiaries in retaining and attracting executive employees by providing them with tax deferred savings
opportunities. The Plan provides a select group of management and highly compensated employees (within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (ERISA)) with the
opportunity to elect to defer receipt of specified portions of compensation, and to have these deferred amounts treated as if invested in specified hypothetical investment benchmarks. The Plan is intended to comply with Code Section 409A. The
Plan was originally adopted effective September 1, 2004, first amended and restated effective January 1, 2008, and amended on January 1, 2009. This amended and restated version of the Plan is effective January 1, 2014.

 ARTICLE II 
 DEFINITIONS 
 For the purposes of this Plan, the following words and
phrases shall have the meanings indicated, unless the context clearly indicates otherwise: 
 2.01 Administrative
Committee. “Administrative Committee” means the committee appointed by the Compensation Committee or by any person(s) to whom the Compensation Committee has delegated the power of appointment. As of the effective date of the Plan,
the persons listed on Appendix B are members of the Administrative Committee. 
 2.02 Base Salary. “Base
Salary” means the base rate of cash compensation paid by the Company to or for the benefit of a Participant for services rendered or labor performed while a Participant, before any reduction for withholdings or amounts deferred under the Plan
or any other salary reduction program. 
 2.03 Base Salary Deferral. “Base Salary Deferral” means the
amount of a Participant’s Base Salary that the Participant elects to have withheld on a pre-tax basis from his Base Salary and credited to his Deferral Account pursuant to, and subject to the limitations of, Article III. 

2.04 Beneficiary. “Beneficiary” means the person, persons, or entity designated by the Participant to receive any
benefits payable under the Plan pursuant to Article VI. 
 2.05 Board. “Board” means the Board of
Directors of Superior. 
 2.06 Bonus Compensation. “Bonus Compensation” means: (i) the annual cash
bonus earned each year by a Participant and paid in the following year in a lump sum or installments (including but not limited to Annual Incentive Plan bonuses); and (ii) the cash portion of any Performance Share Unit (“PSU”) awards
paid by Superior after any withholdings or salary reductions, but before reduction for amounts deferred under the Plan. 

  
 1 

 2.07 Business Combination. “Business Combination” has the meaning
set forth in Section 2.09(c). 
 2.08 CEO. “CEO” means the Chief Executive Officer of Superior.

 2.09 Change of Control. “Change of Control” means: 

(a) the acquisition by any person of beneficial ownership of 50% or more of the outstanding shares of the Common Stock or 50% or more of
the combined voting power of Superior’s then-outstanding securities entitled to vote generally in the election of directors; provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change
of Control: 
 (1) any acquisition (other than a Business Combination (as defined below) that constitutes a Change of Control
under subsection (c) hereof) of Common Stock directly from Superior, 
 (2) any acquisition of Common Stock by Superior,

 (3) any acquisition of Common Stock by any employee benefit plan (or related trust) sponsored or maintained by Superior or any
corporation controlled by the Company, or 
 (4) any acquisition of Common Stock by any corporation or other entity pursuant to a
Business Combination that does not constitute a Change of Control under subsection (c) hereof; or 
 (b) individuals who, as
of January 1, 2014, constituted the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to such date whose
election, or nomination for election by Superior’s stockholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, unless such
individual’s 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; or 
 (c) consummation of a reorganization, share exchange, merger, or consolidation
(including any such transaction involving any direct or indirect subsidiary of Superior) or sale or other disposition of all or substantially all of the assets of Superior (a “Business Combination”); provided, however, that in no
such case shall any such transaction constitute a Change of Control if immediately following such Business Combination: 
 (1)
the individuals and entities who were the beneficial owners of Superior’s outstanding Common Stock and Superior’s voting securities entitled to vote generally in the election of directors immediately prior to such Business Combination have
direct or indirect beneficial ownership, respectively, of more 

  
 2 

 than 50% of the then-outstanding shares of common stock, and more than 50% of the combined
voting power of the then-outstanding voting securities entitled to vote generally in the election of directors of the surviving or successor corporation, or, if applicable, the ultimate parent company thereof (the “Post-Transaction
Corporation”), and 
 (2) except to the extent that such ownership existed prior to the Business Combination, no person
(excluding the Post-Transaction Corporation and any employee benefit plan or related trust of either Superior, the Post-Transaction Corporation, or any subsidiary of either corporation) beneficially owns, directly or indirectly, 25% or more of the
then-outstanding shares of common stock of the corporation resulting from such Business Combination or 25% or more of the combined voting power of the then-outstanding voting securities of such corporation, and 

(3) at least a majority of the members of the board of directors of the Post-Transaction Corporation were members of the Incumbent Board
at the time of the execution of the initial agreement, or of the action of the Board providing for such Business Combination; or 

(d) approval by the stockholders of Superior of a complete liquidation or dissolution of Superior. 

For purposes of this definition of “Change of Control,” the term “person” shall mean a natural person or
entity, and shall also mean the group or syndicate created when two or more persons act as a syndicate or other group (including, without limitation, a partnership or limited partnership) for the purpose of acquiring, holding, or disposing of a
security, except that “person” shall not include an underwriter temporarily holding a security pursuant to an offering of the security. 
 Notwithstanding any other provision of this definition of Change of Control, no payment shall be made from this Plan as a result of a Change of Control unless such event qualifies as a Change of Control
under Code Section 409A. 
 2.10 Change of Control Participant. “Change of Control Participant” has
the meaning set forth in Section 8.02(a). 
 2.11 Claimant. “Claimant” has the meaning set forth in
Section 7.02(a). 
 2.12 Code. “Code” means the Internal Revenue Code of 1986, as amended.
References to any provision of the Code or regulation (including a proposed regulation) thereunder shall include any successor provisions or regulations. 
 2.13 Common Stock. “Common Stock” means the common stock of Superior, $0.001 par value per share. 
 2.14 Company. “Company” means Superior and all entities with whom Superior would be considered a single employer under Section 414(b) of the Code (employees of a

  
 3 

 
controlled group of corporations), and all entities with whom Superior would be considered a single employer under Section 414(c) of the Code (employees of partnerships, proprietorships,
etc., under common control). 
 2.15 Compensation Committee. “Compensation Committee” means the
Compensation Committee of the Board. 
 2.16 Deferral Account. “Deferral Account” means the account
maintained on the books of the Company for each Participant pursuant to Article IV. 
 2.17 Deferral Period.
“Deferral Period” has the meaning set forth in Section 3.05. 
 2.18 Deferred Amount.
“Deferred Amount” has the meaning set forth in Section 3.02. 
 2.19 Deferred RSUs. RSUs that are
deferred pursuant to this Plan, in accordance with Sections 3.03 through 3.05. 
 2.20 Designee.
“Designee” means any individual(s) to whom the Board, Compensation Committee, or Administrative Committee has delegated the authority to take action under the Plan. Wherever Board, Compensation Committee, or Administrative Committee is
referenced in the Plan, such reference shall be deemed to also refer to such entity’s Designee. 
 2.21
Disabled. A Participant shall be considered Disabled if the Participant: 
 (a) is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or 

(b) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected
to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer. 

2.22 Eligible Cash Compensation. “Eligible Cash Compensation” means any Base Salary and Bonus Compensation
otherwise earned with respect to a Plan Year. Eligible Cash Compensation does not include expense reimbursements, any form of noncash compensation, stock-based plans, or benefits. 

2.23 ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

2.24 Form of Payment. “Form of Payment” means payment in a lump sum or annual installments (not to exceed 15).

 2.25 401(k) Plan. “401(k) Plan” means the Superior Energy 401(k) Plan, as amended. 

  
 4 

 2.26 Hardship Withdrawal. “Hardship Withdrawal” means the early
payment of all or part of the balance in a Deferral Account(s) in the event of an Unforeseeable Emergency. 
 2.27
Hypothetical Investment Benchmark. “Hypothetical Investment Benchmark” means the phantom investment benchmarks that are used to measure the return credited to a Participant’s Deferral Account. The Hypothetical Investment
Benchmarks are specified by the Administrative Committee and may change from time to time. 
 2.28 Incumbent
Board. “Incumbent Board” has the meaning set forth in Section 2.09(b). 
 2.29 Key
Employee. “Key Employee” shall mean a Participant who is a key employee of the Company under Code Section 416(i) and/or Treasury Regulations Section 1.409A-1(i) because of final and binding action taken by the Board or
the Compensation Committee, or by operation of such Code section or regulation. The definition set forth in Section 416(i) of the Code is adjusted by the Secretary of the Treasury for cost-of-living changes, but as of January 1, 2014, a
Key Employee under Code Section 416(i) is: 
 (a) an officer of the Company having annual compensation from the Company of
greater than $170,000 (no more than 50 employees of the Company are required to be treated as officers); 
 (b) an owner of 1% or
more of the Company having annual compensation from the Company greater than $150,000; or 
 (c) an owner of 5% or more of the
Company. 
 2.30 Participant. “Participant” means any individual who is eligible to participate in this
Plan under Section 3.01 and who elects to participate by filing a Participation Agreement as provided in Article III. 

2.31 Participation Agreement. “Participation Agreement” means the form completed by a Participant in accordance
with Article III. 
 2.32 Plan Year. “Plan Year” means a twelve-month period beginning January 1
and ending the following December 31. 
 2.33 Post Transaction Corporation. “Post-Transaction
Corporation” has the meaning set forth in Section 2.09(c). 
 2.34 Restricted Stock Units or RSUs.
“Restricted Stock Units” or “RSUs” means any grant of restricted stock units from the Company to the Participant under a stockholder approved equity incentive plan of the Company. 

2.35 Retirement. “Retirement” means Separation from Service of a Participant from the Company after attaining age
65, or after age 55 with at least five years of service (in accordance with the method of determining years of service adopted by the Company). For deferrals of compensation earned in Plan Years on and after January 1, 2014,
“Retirement” 

  
 5 

 
means Separation from Service of a Participant from the Company at a time when such Participant’s age plus Years of Service equals at least 60, with any partial years of age being rounded up
to the next whole year. Effective November 1, 2013, Participants may elect to apply the definition in the previous sentence to Plan deferrals for Plan Years prior to January 1, 2014, subject to restrictions in the Plan regarding changes to
the time and form of payment, including Sections 3.06 and 5.02. 
 2.36 Separation from Service. “Separation
from Service” means “separation from service” with the Company as defined in Treasury Regulation Section 1.409A-1(h). A Participant shall not be considered to have incurred a Separation from Service until the Participant has
ceased to provide any services for Superior, its subsidiaries, and any other entity that would be treated as a member of a controlled group that includes Superior under Code Section 414(b) or (c) (as modified by substituting 50% ownership
for 80% for all purposes thereof), without any expectation of the Participant being retained to provide future services as an employee or independent contractor. 
 2.37 Superior. “Superior” means Superior Energy Services, Inc. and its successors and assigns, including but not limited to any corporation or entity with or into which such
company may merge or consolidate. 
 2.38 Unforeseeable Emergency. “Unforeseeable Emergency” means a
severe financial hardship of the Participant or Beneficiary resulting from an illness or accident of the Participant or Beneficiary, the Participant’s or Beneficiary’s spouse, or the Participant’s or Beneficiary’s dependent (as
defined in Code Section 152(a)); loss of the Participant’s or Beneficiary’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of
a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant or Beneficiary. In addition, the need to pay for medical expenses, including non-refundable
deductibles, as well as for the costs of prescription drug medication, may constitute an Unforeseeable Emergency. Finally, the need to pay for the funeral expenses of a spouse or a dependent (as defined in Code Section 152(a)) may also
constitute an Unforeseeable Emergency. An Unforeseeable Emergency must satisfy the requirements of Treasury Regulation Section 1.409A-3(i)(3) in order for a payment to be made. Whether a Participant is faced with an “Unforeseeable
Emergency” permitting distribution under this Plan is to be determined by the Administrative Committee based on the relevant facts and circumstances of each case and in accordance with Code Section 409A. 

2.39 Valuation Date. “Valuation Date” means the last calendar date when the New York Stock Exchange was open, or
such other date as the Administrative Committee in its sole discretion may determine. 
 2.40 Years of Service.
“Years of Service” means Years of Service as determined for vesting purposes under the 401(k) Plan. 

  
 6 

 ARTICLE III 
 PARTICIPATION AND PARTICIPANT ELECTIONS 
 3.01 Participation.
Participation in the Plan shall be limited to executives who (a) are included on a list of eligible employees that the CEO or the Administrative Committee shall establish and revise from time to time and (b) elect to participate in this
Plan by filing a Participation Agreement with the Administrative Committee or its Designee. 
 3.02 Deferral of Eligible
Cash Compensation. Subject to the other terms and conditions of this Plan, a Participant may elect to defer a portion of his or her Eligible Cash Compensation for a given Plan Year or performance period (the “Deferred
Amount”). 
 3.03 Deferral of Restricted Stock Units. 

(a) Subject to the terms and conditions of this Plan, a Participant may elect to defer, on a grant-by-grant basis, the receipt of all or a
portion of the shares of Common Stock that he or she is entitled to receive upon the vesting of RSUs (and any related amounts credited to the Participant’s Dividend Equivalent Account under Section 4.04). Such deferral election must be
made during the applicable Section 3.04 enrollment period for the Plan Year in which the RSUs are granted. 
 (b) A
Participant’s Deferred RSUs shall be accounted for separately from his or her Deferred Amounts, and shall generally be subject to all of the provisions of this Plan except Sections 4.01 and 4.02. 

3.04 Election Timing and Effective Dates. 
 (a) A Participation Agreement must be filed prior to the December 31st immediately preceding the Plan Year for which it is effective or by such earlier deadline as the Administrative Committee may
prescribe. 
 (b) Notwithstanding Section 3.04(a), a Participant who is newly eligible for the Plan (as determined in
accordance with Treas. Reg. Section 1.409A-2(a)(7)) and who does not participate in any other account balance type nonqualified plan of the Company (as determined by Treas. Reg. Section 1.409A-1(c)) may file a Participation Agreement
effective for the remainder of the initial Plan Year of participation and applicable to compensation earned in the remainder of such Plan Year, but only if such election is made not more than 30 days after the Participant becomes eligible for the
Plan. In the case of Bonus Compensation, an election by such newly eligible Participant shall only apply to the portion of the Bonus Compensation that is no greater than the total amount of Bonus Compensation for the calendar year multiplied by the
ratio of the number of days remaining in the calendar year after the election over 365, unless such bonus meets the requirements of Section 3.04(c). 
 (c) Elections to defer Bonus Compensation typically must be made in the year prior to the year during which the services are performed that result in the bonus. However, the Administrative Committee may
allow Participants whose Bonus Compensation is “performance based” compensation (as defined in Treas. Reg. Section 

  
 7 

 1.409A-1(e)) to execute a Participation Agreement applicable to such qualifying Bonus
Compensation by the deadline established by the Retirement Committee, which shall be no later than 6 months prior to the end of the service period during which the Bonus Compensation is earned (e.g. June 30 for qualifying calendar year
bonuses). As noted in the applicable regulations, to be considered “performance based,” the Bonus Compensation must be based on a service period of at least 12 months and awarded based on written performance criteria that are established
within the first 90 days of the service period, among other requirements. 
 3.05 Contents of Participation
Agreement. The Administrative Committee shall have the discretion to specify the contents of Participation Agreements. Subject to Article V, each Participation Agreement shall set forth: (a) the Deferred Amount, expressed as either a
dollar amount or a percentage of the Base Salary and Bonus Compensation for such Plan Year or performance period; provided that a Participant shall be able to defer up to 75% of Base Salary and 100% of Bonus Compensation; (b) whether the
Participant is electing to defer a portion or all of the RSUs that may be awarded to the Participant for that Plan Year and, if so, what portion of those RSUs will be deferred; (c) the period after which payment of the Deferred Amount and the
issuance of the Common Stock underlying the Deferred RSUs, if applicable, are to be made or begin to be made (the “Deferral Period”); and (d) the form in which payments of the Deferred Amount and the issuance of Common Stock
underlying any Deferred RSUs are to be made, which may be a lump sum at the end of the Deferral Period or in substantially equal annual installments over 2 to 15 years following the end of the Deferral Period. 

The Deferral Period may be expressed as ending on a specified date, upon the occurrence of an event (such as a Participant’s
Separation from Service), or in accordance with such other terms and options that may be set forth in the Participation Agreement. The Deferral Period cannot end later than the year in which the Participant attains age 65 (unless the Participant
remains employed by the Company when he/she attains age 65, in which case the Deferral Period will end no later than the Participant’s Separation from Service with the Company). 

3.06 Modification or Revocation of Election by Participant. 

(a) A Participant may not change the amount of his Base Salary Deferrals during a Plan Year. However, a Participant may discontinue a Base
Salary Deferral election if he experiences an Unforeseeable Emergency, or if such discontinuance is required in order to enable the Participant to take a hardship withdrawal from the 401(k) Plan or another similar plan sponsored by the Company, in
accordance with Treas. Reg. Section 1.401(k)-1(d)(3), on such forms and subject to such limitations and restrictions as the Administrative Committee may prescribe. If approved by the Administrative Committee, revocation shall take effect as of
the first payroll period next following its approval. If a Participant discontinues a Base Salary Deferral election during a Plan Year, he or she will not be permitted to elect to make Base Salary Deferrals again until the later of 6 months from the
date of discontinuance or the commencement of the following Plan Year. 
 (b) A Participant may make an election to change the
time or form of his or her payment from the Plan as set forth in an existing Participation Agreement, but in 

  
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 accordance with Treas. Reg. Section 1.409A-2(b), such a change must include the
lengthening of the Deferral Period by no less than five years from the original payment date under the Participation Agreement (as in effect before such amendment). In addition, such amended Participation Agreement must be filed with the
Administrative Committee or its Designee at least 12 months prior to the date of the first scheduled payment under the Participation Agreement (as in effect before such amendment), and will not be effective for 12 months. Under no circumstances may
a Participant’s Participation Agreement be retroactively entered into, modified, or revoked. 
 (c) Special rules apply to
Participant elections to adopt a revised definition of Retirement. See Section 5.02. 
 3.07 Vesting. Subject
to Section 9.01, each Participant shall be 100% vested in his or her Deferral Account(s) at all times. RSUs are subject to the vesting and other provisions of the applicable governing documents. 

ARTICLE IV 

MAINTENANCE, CREDITING, AND INVESTMENT OF ACCOUNTS 
 4.01 Maintenance of Deferral Accounts. 
 (a) The Deferred
Amount of a Participant with respect to each Plan Year of participation in the Plan shall be credited by the Administrative Committee to the Participant’s Deferral Account as and when such Deferred Amount would otherwise have been paid to the
Participant. 
 (b) Separate Deferral Accounts shall be maintained for each Participant. More than one Deferral Account may be
maintained for a Participant as necessary to reflect (a) various Hypothetical Investment Benchmarks and/or (b) separate Participation Agreements specifying different Deferral Periods, deferral sources, and/or forms of payment. A
Participant’s Deferral Account(s) shall be utilized solely as a device for the measurement and determination of the amounts to be paid to the Participant pursuant to this Plan, and shall not constitute or be treated as a trust fund of any kind.

 4.02 Crediting of Deferral Accounts. 

(a) Each Participant shall be entitled to direct the manner in which his or her Deferral Accounts will be deemed to be invested by
selecting among the Hypothetical Investment Benchmarks specified in Appendix A hereto, as amended by the Administrative Committee from time to time, and in accordance with such rules, regulations and procedures as the Administrative
Committee may establish from time to time. Notwithstanding anything to the contrary herein, earnings and losses based on a Participant’s investment elections shall begin to accrue as of the date such Participant’s Deferred Amounts are
credited to his or her Deferral Accounts. 
 (b) The Administrative Committee shall determine the balance of each Deferral
Account, as of each Valuation Date, by adjusting the balance of such Deferral Account as of the immediately preceding Valuation Date to reflect changes in the value 

  
 9 

 of the deemed investments thereof, credits and debits pursuant to Section 4.01(a) and
Section 4.02(a) and distributions pursuant to Article V with respect to such Deferral Account since the preceding Valuation Date. 
 4.03 Statement of Accounts. The Administrative Committee shall submit to each Participant quarterly statements of his or her Deferral Account(s) in such form as the Administrative Committee
deems desirable, setting forth the balance to the credit of such Participant in his or her Deferral Account(s) as of the end of the most recently completed quarter. 
 4.04 Credit of Dividend Equivalents on Deferred RSUs. For any RSUs a Participant elects to defer, the Administrative Committee shall establish and maintain a “Dividend Equivalent
Account” as required under Section 8.3 of the Superior Energy Services, Inc. 2013 Stock Incentive Plan or the equivalent section of any successor plan. All amounts in a Participant’s Dividend Equivalent Account shall be distributed to
the Participant in tandem with the related shares of Common Stock underlying the RSUs. 
 4.05 Withholding of
Taxes. To the extent that the Company is required to withhold any taxes or other amounts from the Deferred Amount pursuant to any state, federal or local law, such amounts shall be taken out of other compensation eligible to be paid to the
Participant that is not deferred under this Plan, unless otherwise specified by the Administrative Committee pursuant to Section 5.05(c) or (f). Although the Plan is designed to enable Participants to defer income taxes on Deferred Amounts and
Deferred RSUs, employment taxes (i.e. FICA taxes) are generally due at the time the applicable compensation becomes vested, regardless of whether an amount is deferred pursuant to this Plan, although exceptions may allow employment taxes to be
withheld and paid within the same calendar year that the amount in question becomes vested. 
 ARTICLE V 

DISTRIBUTION OF BENEFITS 
 5.01 Time and Form of Payment. 
 (a) Unless otherwise stated
in this Article V, at the end of the Deferral Period for each Deferral Account that holds Deferred Amounts, the Company shall pay to the Participant the balance of such Deferral Account at the time or times elected by the Participant in the
applicable Participation Agreement; provided that if the Participant has elected to receive payments from a Deferral Account in a lump sum, the Company shall pay the balance in such Deferral Account (determined as of the most recent Valuation Date
preceding or coinciding with the payment date) in a lump sum in cash as soon as practicable after the end of the Deferral Period (no later than 90 days after the Deferral Period). If the Participant has elected to receive payments from a Deferral
Account in installments, the Company shall make annual cash payments from such Deferral Account, each of which shall consist of an amount equal to (i) the balance of such Deferral Account as of the most recent Valuation Date preceding or
coinciding with the payment date times (ii) a fraction, the numerator of which is one and the denominator of which is the number of remaining installments (including the installment being paid). The first such installment shall be paid in
January of the year specified in the Participation Agreement (for specified date payments), in January of the year following 

  
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 Separation from Service (for payments triggered by a Separation from Service) or as
otherwise specified in the Participation Agreement upon reaching the end of the Deferral Period. Each subsequent installment shall be paid in January of the following years and shall be deemed to be made on a pro rata basis from each of the
different deemed investments of the Deferral Account (if there is more than one such deemed investment). The Participant’s Separation from Service may impact the time and form of his payment, as set forth in Section 5.02. If a Participant
is subject to the 6-month delay set forth in Section 5.02, then the first installment shall be paid on the later of January of the year following Separation from Service or the first day of the seventh month after the Separation from Service,
and all future payments (if any) shall be made in January of each following year. 
 (b) If a Participant elects to defer an
annual grant of RSUs, the shares of Common Stock underlying such grant (and any related amounts credited to the Participant’s Dividend Equivalent Account under Section 4.4) shall be distributed at the time or times elected by the
Participant in the applicable Participation Agreement, provided that (i) if the Participant has a Separation from Service prior to the time or times elected by the Participant, the shares of Common Stock shall be distributed in accordance with
Section 5.02, and (ii) if the Participant dies or becomes Disabled prior to such date, the shares of Common Stock shall be distributed in accordance with Section 5.03. 

5.02 Specified Payment Dates and In-Service Distributions; Effect of Separation from Service. 

(a) Subject to the other provisions of this Article V, if a Participant has elected to defer compensation under the Plan for a stated
number of years, the Deferred Account balance of the Participant (determined, with respect to Deferred Amounts, as of the most recent Valuation Date preceding such Deferral Period), and any shares of Common Stock associated with Deferred RSUs, shall
be distributed in installments or a lump sum in accordance with the Plan and as elected in the Participation Agreement. Notwithstanding the previous sentence, if a Participant has a Separation from Service before the payment date specified in his or
her Participation Agreement, the entirety of his or her account balance shall be distributed to him or her as soon as administratively feasible following the Separation from Service in a lump sum payment (in cash or shares of Common Stock, as
applicable), unless such termination qualifies as a Retirement, in which case the distribution shall commence as soon as administratively feasible (no later than 90 days after such Separation from Service), but shall be in the form of payment
designated by the Participant in the applicable Participation Agreement. 
 (b) If a Participant has commenced receiving
installment payments prior to his Separation from Service, the remaining installments shall be paid to the Participant in a lump sum as soon as administratively feasible following the Separation from Service (no later than 90 days after such
termination), unless the Separation from Service constitutes a Retirement, in which case the remaining installments shall be paid pursuant to the elected payment schedule. 

  
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 (c) Special Rules for Elections to apply the January 1, 2014 Revised Retirement
Definition: If a Participant entered into a Participation Agreement at a time when Retirement was defined as age 65 or age 55 with 5 Years of Service (“Prior Retirement Definition”), such Participant shall have the option to elect to apply
the current definition of Retirement (i.e. total age plus Years of Service equal 60) (the “Retirement Definition Election”) to the amounts covered by such Participation Agreement, with the following conditions being applicable to a
Retirement Definition Election: 
 (1) the Retirement Definition Election will not be effective for 12 months and shall not
affect payments scheduled to be made or commence within 12 months of the election; 
 (2) the commencement of such Deferred
Amount shall be delayed: (i) for in-service distributions, by 5 years from the earlier of the Participant’s Separation from Service or the Specified Date elected on the Participant’s original Participation Agreement; and (ii) for
distributions scheduled to start on Separation from Service, by 5 years from the Participant’s Separation from Service (this subsection (c)(2) shall not apply, however, if at the time of the Separation of Service the Participant does not meet
the current definition of Retirement, in which case there would not be a 5-year delay of the Participant’s lump sum distribution as a result of the Participant electing to change the definition of Retirement); and 

(3) the Administrative Committee may restrict Retirement Definition Election changes under this Section 5.02(c), including the
ability to impose a requirement that such elections be made on or before any date specified by such committee, and to restrict Participants to a one-time option to change their Retirement Definition Election. 

For example, if prior to January 1, 2014, a Participant elected payment of his benefit in 5 installments beginning at Separation from
Service, and the Participant terminates on July 1, 2015, at age 52 with 10 Years of Service, under the Prior Retirement Definition, the Participant would not be Retirement eligible because he would not be at least age 65 (or age 55 with 5 Years
of Service), and would therefore receive his benefit in a lump sum. Under this restated Plan document, the Participant may elect, at any time 12 months or more prior to termination (by June 30, 2014 in this case, or such earlier date that may
be specified by the Administrative Committee), to apply the new definition of Retirement to some or all of his Deferred Amounts. If such Retirement Definition Election is timely made under the above facts, the Participant would be Retirement
eligible at Separation from Service and would receive the above distribution in installments rather than a lump sum. However, in compliance with IRS regulations regarding changes to deferral elections, the installments would not commence until
January of 2021 (January of the year that is 5 years after Retirement). (Further examples of the application of these special rules for Retirement Definition Elections and the resulting payments are included in separate participant communications
regarding such elections, which communications shall be considered part of this Plan.) 

  
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 (d) Lump sum payments (in cash or shares of Common Stock, as applicable) under this
Section 5.02 shall be made no later than 90 days after the Separation of Service. Notwithstanding anything else in this Section 5.02, a Participant who is a Key Employee shall not receive a distribution from his Deferral Account(s) or
distribution of shares of Common Stock associated with Deferred RSUs on account of his or her Separation from Service until the first day of the seventh month following such Separation from Service, unless such balance is distributable pursuant to
another provision of the Plan (e.g. due to death or Disability). 
 5.03 Death or Disability.
Notwithstanding the provisions of Section 5.01 and 5.02 hereof and any Participation Agreement, if a Participant dies or becomes Disabled (whether before or after Separation from Service) prior to receiving full payment of his or her Deferral
Account(s), or Deferred RSUs, the Company shall pay the remaining balance of his or her Deferral Account or Deferred RSUs (determined, with respect to Deferred Amounts, as of the most recent Valuation Date preceding or coinciding with such event) to
the Participant or, if the Participant is deceased, in accordance with Article VI, in a lump sum (in cash or shares of Common Stock, as applicable) soon as practicable following the occurrence of such event (no later than 90 days after the event
occurs). 
 5.04 Hardship Withdrawals. Notwithstanding the provisions of Section 5.01 and any Participation
Agreement, a Participant shall be entitled to early payment of all or part of the balance in his or her Deferral Account(s), or Deferred RSUs, in the event of an Unforeseeable Emergency, in accordance with this Section 5.04. A distribution
pursuant to this Section 5.04 may only be made to the extent reasonably needed to satisfy the Unforeseeable Emergency need, and may not be made if such need is or may be relieved (a) through reimbursement or compensation by insurance or
otherwise, (b) by liquidation of the Participant’s assets to the extent such liquidation would not itself cause severe financial hardship, or (c) by cessation of deferrals under the Plan. An application for an early payment under this
Section 5.04 shall be made to the Administrative Committee in such form and in accordance with such procedures as the Administrative Committee shall determine from time to time. The determination of whether and in what amount and form a
distribution will be permitted pursuant to this Section 5.04 shall be made by the Administrative Committee. 
 5.05
Acceleration of Payment. A Participant shall have no right to compel any accelerated payment of amounts due to a Participant. The Company may accelerate the payment of some or all of the amounts due to a Participant in a given year
only in accordance with this Section and Section 409A of the Code. 
 (a) Domestic Relations Orders. The
Administrative Committee may, in its sole and absolute discretion, accelerate the time or schedule of a payment under the Plan to an individual other than the Participant as may be necessary to fulfill a domestic relations order (as defined in
Section 414(p)(1)(B) of the Code). 
 (b) Conflicts of Interest. The Administrative Committee may, in its sole and
absolute discretion, provide for the acceleration of the time or schedule of a payment under the Plan to the extent necessary for any federal officer or employee in the executive branch to comply with an ethics agreement with the federal government.
Additionally, 

  
 13 

 
the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to the extent reasonably necessary to avoid the violation of an
applicable federal, state, local, or foreign ethics law or conflicts of interest law (including where such payment is reasonably necessary to permit the Participant to participate in activities in the normal course of his or her position in which
the Participant would otherwise not be able to participate under an applicable rule). 
 (c) Employment Taxes. The
Administrative Committee may, in its sole and absolute discretion, provide for the acceleration of the time or schedule of a payment under the Plan to pay the federal Insurance Contributions Act (FICA) tax imposed under Sections 3101, 3121(a), and
3121(v)(2) of the Code, on compensation deferred under the Plan (the FICA amount). Additionally, the Administrative Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment, to pay the income tax at
source on wages imposed under Section 3401 of the Code or the corresponding withholding provisions of applicable state, local, or foreign tax laws as a result of the payment of the FICA amount, and to pay the additional income tax at source on
wages attributable to the pyramiding Section 3401 of the Code wages and taxes. However, the total payment under this acceleration provision must not exceed the aggregate of the FICA amount, and the income tax withholding related to such FICA
amount. 
 (d) Limited Cash-Outs. The Administrative Committee may, in its sole discretion, require a mandatory lump sum
payment of amounts deferred under the Plan that do not exceed the applicable dollar amount under Section 402(g)(1)(B) of the Code, provided that the payment results in the termination and liquidation of the entirety of the Participant’s
interest under the Plan, including all agreements, methods, programs, or other arrangements with respect to which deferrals of compensation are treated as having been deferred under a single plan under Section 409A of the Code. 

(e) Payment Upon Income Inclusion Under Section 409A. The Administrative Committee may, in its sole discretion, provide for
the acceleration of the time or schedule of a payment under the Plan if at any time the Plan fails to meet the requirements of Section 409A of the Code. The payment may not exceed the amount required to be included in income as a result of the
failure to comply with the requirements of Section 409A of the Code. 
 (f) Payment of State, Local, or Foreign
Taxes. The Administrative Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to reflect payment of state, local, or foreign tax obligations arising from participation in the
Plan that apply to an amount deferred under the Plan before the amount is paid or made available to the participant (the state, local, or foreign tax amount). Such payment may not exceed the amount of such taxes due as a result of participation in
the Plan. The payment may be made in the form of withholding pursuant to provisions of applicable state, local, or foreign law or by payment directly to the Participant. Additionally, the Administrative Committee may, in its sole discretion, provide
for the acceleration of the time or schedule of a payment under the Plan to pay the income tax at source on wages imposed under Section 3401 of the Code as a result of 

  
 14 

 
such payment and to pay the additional income tax at source on wages imposed under Section 3401 of the Code attributable to such additional wages and taxes. However, the total payment under
this acceleration provision must not exceed the aggregate of the state, local, and foreign tax amount, and the income tax withholding related to such state, local, and foreign tax amount. 

(g) Bona Fide Disputes as to a Right to a Payment. The Compensation Committee may, in its sole discretion, provide for the
acceleration of the time or schedule of a payment under the Plan where such payments occur as part of a settlement between the Participant and the Company of an arm’s length, bona fide dispute as to the Participant’s right to the deferred
amount, if done in accordance with Treasury Regulation Section 1.409A-3(j)(4)(xiv). 
 (h) Plan Terminations and
Liquidations. The Compensation Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan as provided in Section 8.02. 

(i) Other Events and Conditions. A payment may be accelerated upon such other events and conditions as the Internal Revenue Service
may prescribe in generally applicable guidance published in the Internal Revenue Bulletin. 
 5.06 Delay of
Payment. The Company may delay a payment otherwise due hereunder to a date after the designated payment date under any of the following circumstances: 
 (a) Delay Due to Financial Considerations. Any payment required to be made on a date set forth under the terms of this Plan may be delayed if payment on the originally scheduled date would
jeopardize the ability of the Company to continue as a going concern (in such case, payment will be made during the first taxable year after such payment no longer would have such effect). 

(b) Legal Compliance. If the Company reasonably anticipates that the making of the payment will violate applicable law, provided
that the payment shall be made at the earliest date at which the Company reasonably anticipates that the making of the payment will not cause such violation. (The making of a payment that would cause inclusion in gross income or the application of
any penalty provision or other provision of the Code is not treated as a violation of applicable law.) 
 (c) Compensation
Deduction. If the Company reasonably anticipates that its deduction with respect to a payment under the Plan would be limited by the application of Code Section 162(m) (in such case, payment will be made at either the earliest date at which
the Company reasonably anticipates that the deduction of the payment will not be so limited or the calendar year in which the Participant experiences a Separation from Service). 

(d) Other Events and Conditions. Payment may also be delayed upon such other events and conditions as the Commissioner of Internal
Revenue may prescribe in generally applicable guidance published in the Internal Revenue Bulletin. 

  
 15 

 ARTICLE VI 
 BENEFICIARY DESIGNATION 
 6.01 Beneficiary Designation. Each
Participant shall have the right, at any time, to designate any person, persons or entity as his Beneficiary or Beneficiaries. A Beneficiary designation shall be made, and may be amended, by the Participant by filing a written designation with the
Administrative Committee, on such form and in accordance with such procedures as the Administrative Committee shall establish from time to time. 
 6.02 No Beneficiary Designation. If a Participant fails to designate a Beneficiary as provided above, or if all designated Beneficiaries predecease the Participant, then the Participant
shall be deemed to have designated the surviving spouse of the Participant as the designated Beneficiary. If the Participant dies without a designated Beneficiary (or spouse as the deemed designated Beneficiary), then the Participant’s
Beneficiary shall be deemed to be the Participant’s estate. 
 ARTICLE VII 

ADMINISTRATION 
 7.01 Administrative Committee Duties. The Plan shall be administered by the Administrative Committee. A majority of the members of the Administrative Committee shall constitute a quorum. All
resolutions or other action taken by the Administrative Committee shall be by a vote of a majority of its members present at any meeting or, without a meeting, by an instrument in writing signed by all its members. Members of the Administrative
Committee may participate in a meeting of such committee by means of a conference telephone or similar communications equipment that enables all persons participating in the meeting to hear each other, and such participation in a meeting shall
constitute presence in person at the meeting and waiver of notice of such meeting. 
 The Administrative Committee shall be
responsible for the administration of this Plan and shall have all powers necessary to administer this Plan, including discretionary authority to determine eligibility for benefits and to decide claims under the terms of this Plan, except to the
extent that any such powers are vested in any other person. The Administrative Committee may from time to time establish rules for the administration of this Plan, and it shall have the exclusive right to interpret this Plan and to decide any
matters arising in connection with the administration and operation of this Plan. All rules, interpretations and decisions of the Administrative Committee shall be conclusive and binding on the Company, Participants and Beneficiaries. 

The Administrative Committee’s responsibilities shall include, but shall not be limited to, determining in the first instance issues
related to eligibility, Hypothetical Investment Benchmarks, distribution of Deferred Amounts, determination of account balances, crediting of hypothetical earnings and debiting of hypothetical losses and of distributions, in-service withdrawals,
deferral elections and any other duties concerning the day-to-day operation of this Plan. The Administrative Committee may designate one of its members as a chairperson and may retain and supervise outside providers, third party administrators,
record keepers and professionals (including in-house professionals) to perform any or all of the duties delegated to it hereunder. 

  
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 Neither a member of the Board nor any member of the Administrative Committee shall be liable
for any act or action hereunder, whether of omission or commission, by any other member or employee or by any agent to whom duties in connection with the administration of this Plan have been delegated or for anything done or omitted to be done in
connection with this Plan. The Administrative Committee shall keep records of all of its proceedings and shall keep records of all payments made to Participants or Beneficiaries and payments made for expenses or otherwise. 

Any member of the Administrative Committee who is due a benefit under the Plan shall recuse himself or herself from any Administrative
Committee deliberations that concern such member’s benefits, including deliberations concerning such member’s eligibility for a benefit or his or her level of benefits. The previous sentence shall not apply to deliberations that apply to
Participants generally rather than the particular member at issue. 
 Any expense incurred by the Company or the Administrative
Committee relative to the administration of this Plan shall be paid by the Company and/or may be deducted from the Deferral Accounts of the Participants, as determined by the Administrative Committee. 

7.02 Claims Procedure. 
 (a) Any Participant or Beneficiary (a “Claimant”) who believes that he or she is entitled to a benefit under the Plan which he or she has not received may submit a claim to the Administrative
Committee. Claims for benefits under this Plan shall be made in writing, signed by the Claimant or his or her authorized representative, and must specify the basis of the Claimant’s complaint and the facts upon which he or she relies in making
such claim. A claim shall be deemed filed when received by the Administrative Committee. 
 (b) In the event a claim for benefits
is wholly or partially denied by the Committee, the Administrative Committee shall notify the Claimant in writing of the denial of the claim within a reasonable period of time, but not later than ninety (90) days after receipt of the claim,
unless special circumstances require an extension of time for processing, in which case the ninety (90) day period may be extended to 180 days. The Administrative Committee shall notify the Claimant in writing of any such extension. A notice of
denial shall be written in a manner reasonably calculated to be understood by the Claimant, and shall contain (i) the specific reason or reasons for denial of the claim; (ii) a specific reference to the pertinent Plan provisions upon which
the denial is based; (iii) a description of any additional material or information necessary for the Claimant to perfect the claim, together with an explanation of why such material or information is necessary; and (iv) an explanation of
the Plan’s review procedure. 
 (c) Within sixty (60) days of the receipt by the Claimant of the written notice of
denial of the claim, the Claimant may appeal by filing with the Committee a written request for a full and fair review of the denial of the Claimant’s claim for benefits. 

  
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 Appeal requests under this Plan shall be made in writing, signed by the Claimant or his or
her authorized representative, and must specify the basis of the Claimant’s complaint and the facts upon which he or she relies in making such appeal. An appeal request shall be deemed filed when received by the Administrative Committee.

 (d) The Administrative Committee shall render a decision on the claim appeal promptly, but not later than sixty (60) days
after the receipt of the Claimant’s request for review, unless special circumstances (such as the need to hold a hearing, if necessary), require an extension of time for processing, in which case the sixty (60) day period may be extended
to one hundred twenty (120) days. The Administrative Committee shall notify the Claimant in writing of any such extension. The decision upon review shall be written in a manner reasonably calculated to be understood by the Claimant, and shall
contain (i) the specific reason or reasons for denial of the claim; (ii) a specific reference to the pertinent Plan provisions upon which the denial is based; (iii) a statement that the Claimant shall be provided, upon request and
free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits; and (iv) a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA, if
the adverse benefit determination is sustained on appeal. 
 (e) No lawsuit by a Claimant may be filed prior to exhausting the
Plan’s administrative appeal process. Any lawsuit must be filed no later than the earlier of one year after the Claimant’s claim for benefit was denied or the date the cause of action first arose. 

ARTICLE VIII 
 AMENDMENT AND TERMINATION OF PLAN 
 8.01 Amendment. The
Compensation Committee of the Board, or any person(s) to whom such committee has delegated the right to amend the Plan, may at any time amend this Plan in whole or in part, provided, however, that no amendment shall be effective to decrease the
balance in any Deferral Account as accrued at the time of such amendment. The Administrative Committee shall have authority to approve administrative and technical amendments that do not materially increase the cost of the Plan. All participating
Companies delegate the power of Amendment to the Compensation Committee of the Board (or its designee). The Company may amend the Plan in any other manner that does not cause adverse consequences under such Code Section or other guidance from the
Treasury Department or IRS, provided that no amendments shall divest otherwise vested rights of Participants, or their Beneficiaries. 
 8.02 Company’s Right to Terminate . The Compensation Committee may terminate the Plan (or, where allowed by Section 409A of the Code, a portion of the Plan) and accelerate any
payments due (or that may become due) under the Plan under the following circumstances: 
 (a) Section 409A Change of
Control. The Plan termination occurs pursuant to an irrevocable action of the Compensation Committee that is taken within the thirty (30) days preceding or the twelve (12) months following a Section 409A Change of Control, and
all other plans sponsored by the Company that are required to be aggregated with this Plan under Section 409A of the Code are also terminated with respect to each 

  
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Participant therein who was employed by the Company that underwent the Section 409A Change of Control (“Change of Control Participant”). In the event of such a termination, the
Accounts, together with amounts due to each Change of Control Participant under all aggregated plans, shall be paid at the time and pursuant to the schedule specified by the Compensation Committee, so long as all payments are required to be made no
later than twelve (12) months after the date that the Compensation Committee or its Designee irrevocably approves the termination. 
 (b) Company’s Discretion. In the discretion of the Compensation Committee, provided that: (i) all arrangements sponsored by the Company that would be aggregated with the Agreement under
Treasury Regulation Section 1.409A-1(c) if the same employee participated in all of the arrangements are terminated; (ii) no payments other than payments that would be payable under the terms of the arrangements if the termination had not
occurred are made within 12 months of the termination of the arrangements; (iii) all payments are made within 24 months of the termination of the arrangements; and (iv) the Company does not adopt a new arrangement that under Treasury
Regulation Section 1.409A-1(c) that would be aggregated with the Agreement if the same service provider participated in both arrangements, at any time within three years following the date of termination of the Agreement. 

(c) Dissolution or Bankruptcy Court Order. Within 12 months of a corporate dissolution of the Company taxed under Section 331
of the Code, or with the approval of a bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participant’s gross income in the latest of (i) the calendar
year in which the termination occurs, (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture or (iii) the first calendar year in which the payment is administratively practicable. 

(d) Other. Due to such other events and conditions as the Commissioner of the IRS may prescribe in generally applicable guidance
published in the Internal Revenue Bulletin. 
 ARTICLE IX 

MISCELLANEOUS 
 9.01 Unfunded Plan. This Plan is intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly
compensated employees, within the meaning of Sections 201, 301 and 401 of ERISA. All payments pursuant to the Plan shall be made from the general funds of the Company and no special or separate fund shall be established or other segregation of
assets made to assure payment. No Participant or other person shall have under any circumstances any interest in any particular property or assets of the Company as a result of participating in the Plan. Notwithstanding the foregoing, the Company
may (but shall not be obligated to) create one or more grantor trusts, the assets of which are subject to the claims of the Company’s creditors, to assist it in accumulating funds to pay its obligations under the Plan. Participants shall have
no right to compel the investment of any amounts deposited in any such trust(s). 

  
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 9.02 Nonassignability. Except as specifically set forth in the Plan with
respect to the designation of Beneficiaries, neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual
receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to
seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s
bankruptcy or insolvency. 
 9.03 Validity and Severability; Code Section 409A. The invalidity or
unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision of this Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. If any provision of the Plan is capable of being interpreted in more than one manner, to the extent feasible, the provision shall be interpreted in a manner that does not
result in an excise tax under Code Section 409A. 
 9.04 Governing Law. The validity, interpretation,
construction and performance of this Plan shall in all respects be governed by the laws of the State of Louisiana, without reference to principles of conflict of law, except to the extent preempted by federal law. 

9.05 Employment Status. This Plan does not constitute a contract of employment or impose on the Participant or the Company
any obligation for the Participant to remain an employee of the Company or change the status of the Participant’s employment or the policies of the Company and its affiliates regarding Separation from Service. 

9.06 Underlying Plans and Programs. Nothing in this Plan shall prevent the Company from modifying, amending or terminating
the compensation or the plans and programs pursuant to which cash awards are earned and which are deferred under this Plan. 
 IN WITNESS HEREOF, this Plan, as amended and restated, is hereby executed on the 30th day of December, 2013, effective January 1, 2014, unless otherwise stated. 

 

					
	WITNESSES	 	SUPERIOR ENERGY SERVICES, INC.
			
	/s/ Julie Castex	 	By:	 	/s/ Danny R. Young
			
	/s/ Alan P. Bernard	 	Title:	 	Executive Vice President

  
 20 

 APPENDIX A 
 INVESTMENT BENCHMARKS 
 Model Portfolio – Conservative 

Model Portfolio – Moderate/Conservative 

Model Portfolio – Moderate 
 Model
Portfolio – Moderate/Aggressive 
 Model Portfolio – Aggressive 
 Nationwide VIT Money Market V 
 PIMCO VIT Total Return Admin 

PIMCO VIT Real Return Admin 
 MFS VIT Value Svc

 Dreyfus Stock Index Initial 

American Funds IS Growth 2 
 JPMorgan IT Mid
Cap Value 1 
 Morgan Stanley UIF Mid Cap Growth I 
 Royce Capital Small Cap 
 Vanguard VIF Small Company Growth Inv 

American Funds IS International 2 
 MFS VIT II
International Value Svc 
 Invesco VIF Global Real Estate I 

  
 A-1

 APPENDIX B 
 ADMINISTRATIVE COMMITTEE 
 The members of the Plan’s Administrative Committee
are as follows: 
 Donna Cummins 
 Colleen Hayman 
 Jennifer Phan 

Wayne Robertson 

Tom White 
 Danny
Young 

  
 B-1

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