Document:

Exhibit 10.20

 

 

FY20__ Annual Grant

 

ENERGY XXI SERVICES, LLC

2006 LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARDS AGREEMENT

 

This Restricted Stock
Unit Awards Agreement (the “Agreement”), made as of the ___ day of ________, 20__ (the “Grant Date”), by
and between Energy XXI Services, LLC (the “Employer”), Energy XXI (Bermuda) Limited, a Bermuda entity (the “Company”)
and ____________________ (the “Grantee”), evidences the grant by the Employer of restricted stock units (“Restricted
Stock Units” or “Award”) to the Grantee on such date and the Grantee’s acceptance of the Award in accordance
with the provisions of the Energy XXI Services, LLC 2006 Long-Term Incentive Plan, as amended or restated from time to time (the
“Plan”). All capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan. The Employer,
the Company and the Grantee agree as follows:

 

1.          Basis
for Award. This Award is made in accordance with Section 4.2 of the Plan. The Grantee hereby receives as of the date hereof
a Restricted Stock Unit Award pursuant to the terms of this Agreement (the “Grant”).

 

2.          Restricted
Stock Units Awarded.

(a)          The
Employer hereby awards to the Grantee, in the aggregate, ____________ Restricted Stock Units.

 

(b)          The
Employer shall in accordance with the Plan establish and maintain a Restricted Stock Unit Account for the Grantee, and such account
shall be credited with the number of Restricted Stock Units granted to the Grantee. The Restricted Stock Unit Account shall be
credited for the value of any securities or other property (including regular cash dividends) distributed with respect of the Stock.
Any such property shall be deemed reinvested in Common Stock and be subject to the same vesting schedule as the Restricted Stock
Units to which they relate.

 

(c)          Until
the Restricted Stock Units awarded to the Grantee shall have vested, the Restricted Stock Units and any related securities, cash
dividends or other property nominally credited to a Restricted Stock Unit Account shall not be sold, transferred, or otherwise
disposed of and shall not be pledged or otherwise hypothecated.

 

3.          Vesting.

 

(a)          The
Restricted Stock Units covered by this Agreement shall vest with respect to 33.33% of the Restricted Stock Units, on each of the
first, second and third anniversaries of the Grant Date (the “Vesting Dates”) provided that, Grantee is still
employed by the Employer (or the Company or any Affiliate) on such Vesting Date. Except as provided in Section 3(b) below, if the
Grantee ceases to be employed by the Employer (or the Company or any Affiliate) for any other reason at any time prior to the lapse
of restrictions, the unvested Restricted Stock Units shall automatically be forfeited upon such cessation of employment.

 

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FY20__ Annual Grant

 

(b)          The
Restricted Stock Units shall immediately vest upon: (i) the death of the Grantee; (ii) Disability of the Grantee; or (iii) a
Change of Control of the Company.

 

4.          Payment.

 

(a)          Except
as provided below, payment shall be made in cash or Common Stock to the Grantee (at the sole discretion of the Committee) as soon
as practicable after the Vesting Date, or event set forth in Section 3(b), and in any event, within 21⁄2 months after such
date. If and to the extent that payment is made in Common Stock, the Committee shall cause a stock certificate to be delivered
to the Grantee with respect to such Common Stock free of all restrictions hereunder, except for applicable federal securities laws
restrictions. Any securities, cash dividends or other property credited to the Restricted Stock Unit Account other than Restricted
Stock Units shall be paid in kind, or, in the discretion of the Committee, in cash.

 

(b)          
Notwithstanding Section 4(a) above, settlement with respect to the Restricted Stock Units awarded to you pursuant to Section 2(a)
above may be deferred pursuant to this Section 4(b) (the “Deferrable Shares”). In the event that upon any Vesting Date
the value of the cash or property to be distributed with respect to the Deferrable Shares in connection with the Vesting Date is
more than two times the value of such Deferrable Shares on the Grant Date such excess shall not be paid pursuant to Section 4(a)
but shall instead be paid pursuant to this Section 4(b) (the “Deferred Portion”). The Deferred Portion will be deemed
reinvested in Common Stock and will be paid, in cash or in Common Stock (at the sole discretion of the Committee), in substantially
equal installments on the first and second annual anniversaries of such Vesting Date regardless of continued employment of the
Grantee. In the event vesting of the Deferrable Shares results from an event set forth in Section 3(b), this Section 4(b) will
not apply and payment with respect to the Deferrable Shares will be made pursuant to Section 4(a); provided, however, in the event
of a Change of Control of the Company that does not constitute a distribution event under Section 409A(a)(2)(A)(v) of the Code,
the Deferrable Shares will vest upon the occurrence of such Change of Control but the deferred payment provisions of this Section
4(b) will apply to payment of the Deferred Portion. If and to the extent that payment is made in Common Stock, the Committee shall
cause a stock certificate to be delivered to the Grantee with respect to such Common Stock free of all restrictions hereunder,
except for applicable federal securities laws restrictions. Any securities, cash dividends or other property credited to the Restricted
Stock Unit Account other than Restricted Stock Units shall be paid in kind, or, in the discretion of the Committee, in cash.

 

5.          Compliance
with Laws and Regulations. The issuance of shares of Common Stock upon vesting of the Restricted Stock Units shall be subject
to compliance by the Employer, the Company and the Grantee with all applicable requirements of securities laws, other applicable
laws and regulations of any stock exchange on which the shares of Common Stock may be listed at the time of such issuance or transfer.
The Grantee understands that the Company is under no obligation to register or qualify the shares of Common Stock with the Securities
and Exchange Commission (“SEC”), any state securities commission or any stock exchange to effect such compliance.

 

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FY20__ Annual Grant

 

6.          Tax
Withholding. The Employer and the Company may deduct from any payment of any kind otherwise due to the Grantee (including
payments due when the Restricted Stock Units vest) any federal, state or local taxes of any kind required by law to be withheld
with respect to the shares of Restricted Stock Units. Alternatively, the Grantee may no later than the date as of which the Restricted
Stock Units vest, pay to the Employer or the Company (in cash or to the extent permitted by the Committee, Common Stock held by
the Grantee whose Fair Market Value on the day preceding the date the Restricted Stock Units vests is equal to the amount of the
Grantee’s tax withholding liability) any federal, state or local taxes of any kind required by law to be withheld, if any,
with respect to the Restricted Stock Units for which the restrictions shall lapse.

 

7.          Nontransferability.
This Award is not transferable.

 

8.          No
Right to Continued Employment. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation
on the right of the Employer or the Company or any of its Affiliates to terminate the Grantee’s employment at any time, in
absence of a specific written agreement to the contrary.

 

9.          Severability.   In
the event that any provision of this Agreement shall be held illegal, invalid, or unenforceable for any reason, such provision
shall be fully severable and shall not affect the remaining provisions of this Agreement, and the Agreement shall be construed
and enforced as if the illegal, invalid, or unenforceable provision had never been included herein.

 

10.         Certain
Restrictions.   By executing this Agreement, Grantee acknowledges that he will enter into such written
representations, warranties and agreements and execute such documents as the Employer or the Company may reasonably request in
order to comply with the terms of this Agreement or the Plan, or securities laws or any other applicable laws, rules or regulations.

 

11.         Amendment
and Termination. Except as otherwise provided in the Plan or this Agreement, no amendment or termination of this Agreement
shall be made by the Employer or the Company without the written consent of the Grantee.

 

12.         No
Guarantee of Tax Consequences.   Neither the Employer nor the Company makes any commitment or guarantee
to Grantee that any federal or state tax treatment will apply or be available to any person eligible for benefits under this Agreement.

 

13.         Binding
Effect. This Agreement shall be binding upon and inure to the benefit of any successors to the Employer, the Company and
all persons lawfully claiming under Participant.

 

14.         Governing
Law and Venue. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Texas. The
courts in Harris County, Texas shall be the exclusive venue for any dispute regarding the Plan or this Agreement.

 

[Signatures on following page]

 

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FY20__ Annual Grant

 

IN WITNESS WHEREOF,
the parties hereto have signed this Agreement as of the date first above written.

 

	 	ENERGY XXI SERVICES, LLC
	 	 	 
	 	By:	 
	 	Name:	D. West Griffin
	 	Title:	Director
	 	 	 
	 	ENERGY XXI (BERMUDA) LIMITED, a Bermuda entity
	 	 	 
	 	By:	 
	 	Name:	John D. Schiller, Jr.
	 	Title:	Chairman and CEO
	 	 	 
	 	GRANTEE
	 	 	 
	 	By:	 

 

    	Page 4Exhibit 10.21

 

 

FY__ Performance Unit Award Agreement

 

ENERGY XXI SERVICES, LLC

2006 LONG-TERM INCENTIVE PLAN

PERFORMANCE UNIT AWARDS AGREEMENT

 

This Performance Unit
Awards Agreement (the “Agreement”), made as of the __ day of _________, 20__ (the “Grant Date”), by and
between Energy XXI Services, LLC (the “Employer”), Energy XXI (Bermuda) Limited, a Bermuda entity (the “Company”)
and ______________ (the “Grantee”), evidences the grant by the Employer of (“Performance Units” or “Award”)
to the Grantee on such date and the Grantee’s acceptance of the Award in accordance with the provisions of the Energy XXI
Services, LLC 2006 Long-Term Incentive Plan, as amended or restated from time to time (the “Plan”). All capitalized
terms not otherwise defined herein shall have the meanings set forth in the Plan. The Employer, the Company and the Grantee agree
as follows:

 

1.          Purpose
for Award. The Grantee hereby receives as of the date hereof a Performance Unit Award of   Performance Units
pursuant to the terms of this Agreement (the “Grant”). This Grant is intended to reward the Grantee for future increases
in the value of the Company’s Common Stock. All calculations required pursuant to this Agreement shall be made by the Committee
and shall be final and binding on the Grantee. The Grant is comprised of both Time-Based Performance Units (25% of total award)
and TSR Modified Performance Units (75% of total award).

 

(a)          Calculation
of Time-Based Units. The amount payable to the Grantee pursuant to the Time-Based Performance Units shall be determined
as of the applicable Vesting Date pursuant to Section 3(a) or the payment event pursuant to Section 3(b), and shall be based upon
the number of Time-Based Performance Units which vest/are payable as of such date multiplied by the Adjusted Notional Value (defined
below). This calculation will be made by the Committee.

 

(b)          Calculation
of TSR Modified Performance Units.

 

(i)          Basic
calculation of TSR Modified Performance Units. The amount payable to the Grantee pursuant to the TSR Modified Performance Units
shall be determined as of the applicable Vesting Date pursuant to Section 3(a) or the payment event pursuant to Section 3(b). Such
amount shall be based upon the number of TSR Modified Performance Units which vest/are payable as of such date multiplied by the
Adjusted Notional Value. This amount shall then be multiplied by the appropriate “TSR Unit Number Modifier” set forth
on Exhibit A to determine the amount (if any) payable as of such date.

 

(ii)         Make-up
calculation of TSR Modified Performance Units. In addition, solely in the event of vesting pursuant to Section 3(a) below on
July 21, 2015, the following special “make-up” adjustment will apply if either of the prior two Vesting Dates (defined
below), the TSR Unit Number Modifier was lower than the TSR Unit Number Modifier on July 21, 2015 (respectively, the “2013
TSR Unit Number Modifier,” the “2014 TSR Unit Number Modifier,” and the “2015 TSR Unit Number Modifier”).
In the event the “make-up” adjustment described in the preceding sentence is appropriate, an amount in addition to
the amount set forth in Section 1(b)(i) will be payable to the Grantee pursuant to Section 4 with respect to the TSR Modified Performance
Units at the time provided with respect to the Vesting Date occurring on July 21, 2015 (the “Make-Up Adjustment”).
The Make-Up Adjustment is equal to the difference in the number of units that originally vested and the number of units that would
have vested if the third year Unit Number Modifier had been applied, multiplied by the ending unit value.

 

    	 

    	 

    

 

FY___ Performance Unit Award Agreement

 

2.          Performance
Units Value.

 

(a)          Performance
Unit Value. Each Performance Unit will have an initial notional value of five dollars ($5.00) per Performance Unit. At
the applicable Vesting Date under Section 3(a) or the payment event under Section 3(b), the notional value of each Performance
Unit shall be adjusted by the Committee to reflect the appreciation (if any) of the Common Stock (the “Adjusted Notional
Value”), determined as follows:

 

$5.00 + ($5.00 x [appreciation of the
Common Stock above $ /share, expressed as a percentage]) = Adjusted Notional Value.

 

If the value of the Common Stock has not
increased above $ /share as of the applicable determination date, then the Adjusted Notional Value shall be five dollars
($5.00).

 

(b)          Accounts.
The Employer shall in accordance with the Plan establish and maintain a bookkeeping account for the Grantee (the “Performance
Unit Account”), and such account shall be credited with the number of Performance Units granted to the Grantee. The Employer
may establish separate bookkeeping accounts for the Time-Based Performance Units and the TSR Modified Performance Units which collectively
will constitute the Performance Unit Account.

 

(c)          Transfer.
Until the Performance Units awarded to the Grantee shall have vested, the Performance Units nominally credited to the Grantee’s
Performance Unit Account shall not be sold, transferred, or otherwise disposed of and shall not be pledged or otherwise hypothecated.

 

3.          Vesting.

 

(a)          Vesting
Dates. The Performance Units covered by this Agreement shall vest ratably over three (3) years, provided that Grantee
is still employed by the Employer (or the Company or any Affiliate) on such each of these dates as follows: July 21, 2013, 2014;
and 2015 (the “Vesting Dates”). Except as provided in Section 3(b) below, if the Grantee ceases to be employed by the
Employer (or the Company or any Affiliate) for any other reason at any time prior to the applicable Vesting Date, the unvested
Performance Units shall automatically be forfeited upon such cessation of employment.

 

(b)          Additional
Vesting Events. Notwithstanding Section 3(a) above, all outstanding Performance Units that have not previously been forfeited
pursuant to Section 3(a) shall become immediately payable upon: (i) the death of the Grantee; (ii) Disability of the Grantee; or
(iii) a Change of Control of the Company.

 

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FY___ Performance Unit Award Agreement

 

4.          Time
and Form of Payment.

 

(a)          Generally.
Except as provided below, payment shall be made in cash or Common Stock to the Grantee (at the sole discretion of the Committee)
in a lump sum as soon as practicable after the Vesting Date, or event set forth in Section 3(b), and in any event, within 2 weeks
after such date or event. To the extent that payment is made in Common Stock, the Committee shall cause a stock certificate to
be delivered to the Grantee with respect to such Common Stock free of all restrictions hereunder, except for applicable federal
securities laws restrictions.

 

(b)          Deferrable
Units. Notwithstanding Section 4(a) above, settlement with respect to the value of the Performance Units awarded pursuant
to this Agreement may be deferred pursuant to this Section 4(b) (the “Deferrable Performance Units”). In the event
that the value of Performance Units to be paid with respect to the Deferrable Performance Units in connection with any Vesting
Date is more than two-times the Grant Date Value, such excess shall not be paid pursuant to Section 4(a) but shall instead
be paid pursuant to this Section 4(b) (the “Deferred Portion”). The Deferred Portion will be paid in cash or Common
Stock (at the sole discretion of the Committee) in substantially equal installments on the first and second annual anniversaries
of such Vesting Date regardless of continued employment of the Grantee. In the event vesting of the Deferrable Performance Units
results from an event set forth in Section 3(b), this Section 4(b) will not apply and payment with respect to the Deferrable Performance
Units will be made pursuant to Section 4(a); provided, however, in the event of a Change of Control of the Company that does not
constitute a distribution event under Section 409A(a)(2)(A)(v) of the Code, the Deferrable Performance Units will vest upon the
occurrence of such Change of Control but the deferred payment provisions of this Section 4(b) will apply to payment of the Deferred
Portion. To the extent that payment is made in Common Stock, the Committee shall cause a stock certificate to be delivered to the
Grantee with respect to such Common Stock free of all restrictions hereunder, except for applicable federal securities laws restrictions.
For purposes of clarity, the Deferred Portion is intended to constitute a “payment” within the meaning of Treasury
Regulation § 1.409A-2(b)(2) separate from the remaining amounts payable pursuant to this Agreement, which remaining amounts
are intended to constitute a “payment,” within the meaning of Treasury Regulation § 1.409A-2(b)(2), separate from
the Deferred Portion and a “short term deferral” within the meaning of Treasury Regulation § 1.409A-1(b)(4).

 

5.          Compliance
with Laws and Regulations. The issuance of shares of Common Stock upon vesting of the Performance Units shall be subject
to compliance by the Employer, the Company and the Grantee with all applicable requirements of securities laws, other applicable
laws and regulations of any stock exchange on which the shares of Common Stock may be listed at the time of such issuance or transfer.
The Grantee understands that the Company is under no obligation to register or qualify the shares of Common Stock with the Securities
and Exchange Commission (“SEC”), any state securities commission or any stock exchange to effect such compliance.

 

    	3

    	 

    

 

FY___ Performance Unit Award Agreement

 

6.          Tax
Withholding. The Employer and the Company may deduct from any payment of any kind otherwise due to the Grantee (including
payments due when the Performance Units vest) any federal, state or local taxes of any kind required by law to be withheld with
respect to the payment of Performance Units. Alternatively, the Grantee may no later than the date as of which the Performance
Units vest, pay to the Employer or the Company (in cash or to the extent permitted by the Committee, Common Stock held by the Grantee
whose Fair Market Value on the day preceding the date the Performance Units vests or is payable is equal to the amount of the Grantee’s
tax withholding liability) any federal, state or local taxes of any kind required by law to be withheld, if any, with respect to
the Performance Units that vest or become payable.

 

7.          Nontransferability.
This Award is not transferable.

 

8.          No
Right to Continued Employment. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation
on the right of the Employer or the Company or any of its Affiliates to terminate the Grantee’s employment at any time, in
absence of a specific written agreement to the contrary.

 

9.          Severability.
In the event that any provision of this Agreement shall be held illegal, invalid, or unenforceable for any reason, such provision
shall be fully severable and shall not affect the remaining provisions of this Agreement, and the Agreement shall be construed
and enforced as if the illegal, invalid, or unenforceable provision had never been included herein.

 

10.         Certain
Restrictions. By executing this Agreement, Grantee acknowledges that he will enter into such written representations, warranties
and agreements and execute such documents as the Employer or the Company may reasonably request in order to comply with the terms
of this Agreement or the Plan, or securities laws or any other applicable laws, rules or regulations.

 

11.         Amendment
and Termination. Except as otherwise provided in the Plan or this Agreement, no amendment or termination of this Agreement
shall be made by the Employer or the Company without the written consent of the Grantee.

 

12.         No
Guarantee of Tax Consequences. Neither the Employer nor the Company makes any commitment or guarantee to Grantee that any
federal or state tax treatment will apply or be available to any person eligible for benefits under this Agreement.

 

13.         Binding
Effect. This Agreement shall be binding upon and inure to the benefit of any successors to the Employer, the Company and
all persons lawfully claiming under Participant.

 

14.         Committee
Determinations. Every interpretation, decision or determination made by Committee pursuant to this Award shall be final
and binding upon the Grantee, and may not be challenged or overturned, in whole or in part, except upon clear and convincing proof
that such interpretation, decision or determination is an abuse of discretion.

 

15.         Governing
Law and Venue. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Texas. The
courts in Harris County, Texas shall be the exclusive venue for any dispute regarding the Plan or this Agreement.

 

[Signatures on following
page]

 

    	4

    	 

    

 

FY___ Performance Unit Award Agreement

 

IN WITNESS WHEREOF,
the parties hereto have signed this Agreement as of the date first above written.

 

	 	ENERGY XXI SERVICES, LLC
	 	 	 
	 	By:	 
	 	 	D. West Griffin
	 	 	Chief Financial Officer
	 	 	 
	 	ENERGY XXI (BERMUDA) LIMITED, a Bermuda entity
	 	 	 
	 	By:	 
	 	 	John D. Schiller, Jr.
	 	 	Chairman and CEO
	 	 	 
	 	GRANTEE:	 
	 	 	 
	 	 

 

    	5

    	 

    

 

FY__ Performance Unit Award Agreement

 

Exhibit A

 

	 	 	TSR Performance Goal	 	TSR Unit Number
 Modifier
	Below Threshold	 	Below 5%	 	0%
	Threshold	 	5% to below 10%	 	50%
	Target	 	10% to below 20%	 	100%
	Maximum	 	20% and above	 	200%

 

“Total Shareholder Return”
(“TSR”) means the compounded annual closing stock price appreciation (including dividends, if any, to the extent paid)
of the Common Stock for the period beginning on the Grant Date and ending on the date immediately preceding the applicable Vesting
Date under Section 3(a)v or the payment event under Section 3(b).

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