Document:

exv10w2

 

Exhibit 10.2

SECOND AMENDMENT TO CREDIT AGREEMENT

     THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered into
as of August 14, 2007 (the “Effective Date”) among SUPERIOR OFFSHORE INTERNATIONAL, INC., a
Delaware corporation as successor by merger to Superior Offshore International, L.L.C.
(“Borrower”), JPMORGAN CHASE BANK, N.A., for itself, as Lender and as Administrative Agent
for the Lenders (in such capacity, the “Agent”).

     WHEREAS, Borrower, Agent and Lenders are parties to that certain Credit Agreement, dated as of
February 27, 2007, as amended by that certain First Amendment to Credit Agreement, dated June 18,
2007 (“First Amendment”) (as further amended, restated or modified from time to time, the
“Credit Agreement”); and

     WHEREAS, Borrower has requested that the Credit Agreement be further amended as set forth
herein.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

ARTICLE I

Definitions

     Section 1.01 Definitions. Capitalized terms used in this Amendment, to the extent not
otherwise defined herein, shall have the same meaning as in the Credit Agreement, as amended
hereby.

ARTICLE II

Amendments

     Section 2.01 Amendment to Section 2.05(c). Effective as of the Effective Date,
Section 2.05(c) of the Credit Agreement is hereby amended and restated in its entirety as
follows:

“Any provision of this Agreement to the contrary notwithstanding, at
the request of the Borrower, the Administrative Agent may in its sole
discretion (but with absolutely no obligation), make Revolving Loans
to the Borrower, on behalf of the Revolving Lenders, in amounts that
exceed Availability (any such excess Revolving Loans are herein
referred to collectively as “Overadvances”); provided
that, no Overadvance shall result in a Default due to Borrower’s
failure to comply with Section 2.01 for so long as such Overadvance
remains outstanding in accordance with the terms of this paragraph,
but solely with respect to the amount of such Overadvance. In
addition, Overadvances may be made even if the condition precedent
set forth in Section 4.02(c) has not been satisfied. All
Overadvances shall constitute ABR Borrowings. The authority of the
Administrative Agent to make Overadvances is

 

 

limited to an aggregate amount not to exceed $2,000,000 at any time, no Overadvance
may remain outstanding for more than thirty (30) days and no
Overadvance shall cause any Revolving Lender’s Revolving Exposure to
exceed its Revolving Commitment; provided that,
notwithstanding anything to the contrary in the foregoing, so long as
no unwaived (in writing) Event of Default has occurred and is
continuing, the Administrative Agent shall make Overadvances in an
aggregate amount not to exceed $7,500,000 at any time for a period of
time beginning on August 14, 2007 until the earlier of (i) September
14, 2007 and (ii) the date that the Export-Import Bank of the United
States has guaranteed certain foreign accounts receivable for the
benefit of the Lenders under a transaction specific revolving loan
facility in an amount not less than $7,500,000 (such period of time,
the “Permitted Overadvance Period”); provided,
further, the Required Lenders may at any time (other than
during the Permitted Overadvance Period) revoke the Administrative
Agent’s authorization to make Overadvances. Any such revocation must
be in writing and shall become effective prospectively upon the
Administrative Agent’s receipt thereof.”

     Section 2.02 Amendment to Section 6.17(a). Effective as of the Effective Date,
Section 6.17(a) of the Credit Agreement is hereby amended and restated in its entirety as
follows:

“Fixed Charge Coverage Ratio. The Borrower will not permit the
Fixed Charge Coverage Ratio, determined for any period of four consecutive
fiscal quarters to be less than 1.2 to 1.0 as of the end of each fiscal
quarter; provided, however, that for the quarter ending
September 30, 2007 such ratio shall not be less than 0.80:1.0.”

ARTICLE III

Conditions Precedent

     Section 3.01 Conditions. The effectiveness of this Amendment is subject to the
satisfaction of the following conditions precedent (such date on which such conditions are
satisfied being the “Effective Date”), unless specifically waived by Agent and Lenders.

     (a) Agent shall have received all of the following documents, each
document (unless otherwise indicated) being dated the date hereof, duly
authorized, executed and delivered by the parties thereto, and in form and
substance reasonably satisfactory to Agent and Lenders:

     (i) this Amendment;

     (ii) such additional documents, instruments and
information as Agent or Lenders or their legal counsel may
reasonably request.

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     (b) The representations and warranties contained in the Credit
Agreement and/or in the other Loan Documents in each case, as Modified
hereby (herein defined) and as contained herein shall be true and correct as
of the Effective Date as if made on such date, except to the extent such
representations and warranties (i) relate to any matter with respect to
which written notice has been given to Agent and/or Lenders by Loan Parties
pursuant to and in accordance with the Credit Agreement or (ii) which by
their terms expressly speak as of an earlier date;

     (c) All corporate proceedings taken in connection with the transactions
contemplated by this Amendment and all documents, instruments and other
legal matters incident thereto shall be reasonably satisfactory to Agent,
Lenders and their legal counsel; and

     (d) Agent shall have received a fee in the amount of $150,000, which
shall be fully earned, nonrefundable and payable on the Effective Date.

     Section 3.02 The term “Modified” as used herein shall mean and include expressly
amended or modified, as the case may be, and shall include correlative meanings thereof; provided
however, for the avoidance of doubt, the term “Modified” shall not include any waivers that are
subsequently terminated and of no longer of any force and effect pursuant to the terms hereof.

ARTICLE IV

No Waiver

     Section 4.01 No Waiver. Except as specifically set forth herein, nothing contained in
this Amendment or any other communication between Agent and Borrower will be a waiver of any
present or future violation, Default or Event of Default under the Credit Agreement or any other
agreement executed in connection therewith (the “Other Agreements”), including, without
limitation, any present or future Default or Event of Default arising under Section 6.17(a) and
Section 5.01(c) of the Credit Agreement. Nothing contained in this Amendment or any other
communication between Agent and Borrower will directly or indirectly in any way whatsoever either:
(i) impair, prejudice or otherwise adversely affect Agent’s right at any time to exercise any
right, privilege or remedy in connection with the Credit Agreement or any Other Agreements, (ii)
except as set forth herein, amend or alter any provision of the Credit Agreement or any Other
Agreement or any other contract or instrument, or (iii) constitute any course of dealing or other
basis for altering any obligation of Borrower under the Credit Agreement or any Other Agreement or
any right, privilege or remedy of Agent under the Credit Agreement or any Other Agreement or any
other contract or instrument.

ARTICLE V

Ratifications, Representations and Warranties

     Section 5.01 Ratifications. The terms and provisions set forth in this Amendment
shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement
and

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except as Modified and superseded by this Amendment, the terms and provisions of the Credit
Agreement are each ratified and confirmed and shall continue in full force and effect.
Additionally, Borrower hereby ratifies and confirms its agreements under the Credit Agreement and
the other Loan Documents, in each case as Modified hereby, as of each of the date hereof, the
Effective Date. Borrower hereby agrees that all Liens and security interests securing payment of
the Obligations are hereby collectively renewed, ratified and brought forward as security for the
payment and performance of the Obligations, as the same may have been Modified by this Amendment
and the documents executed in connection herewith, in each case as of each of the Effective Date.

     Section 5.02 Representations and Warranties. Borrower hereby represents and warrants
to Agent and Lenders as of the date hereof and the Effective Date that (i) the execution, delivery
and performance of this Amendment and any and all other Loan Documents executed and/or delivered in
connection herewith have been authorized by all requisite corporate action on the part of the
Borrower and will not violate the certificate/articles of incorporation or other analogous
formation documents of the Borrower (ii) the representations and warranties contained in the Credit
Agreement, and any other Loan Document, in each case as Modified hereby, are true and correct on
and as of the date hereof and as of the Effective Date as though made on and as of such date,
except to the extent any such representations and warranties (A) relate to any matter with respect
to which written notice has been provided by the Borrower pursuant to and in accordance with the
Credit Agreement or (B) which by their terms expressly speak as of an earlier date, (iii) no
Default or Event of Default has occurred and is continuing under the Credit Agreement or the Loan
Documents, each as Modified hereby, (iv) Borrower has not amended its certificate/articles of
incorporation or other analogous formation document or bylaws or other analogous charter or
organizational documents after April 18, 2007.

ARTICLE VI

Miscellaneous

     Section 6.01 Survival of Representations and Warranties. All representations and
warranties made in the Credit Agreement or any other document or documents relating thereto,
including, without limitation, any Loan Document furnished in connection with this Amendment, shall
survive the execution and delivery of this Amendment and the other Loan Documents, in each case, as
Modified hereby, and no investigation by Agent or any Lender or any closing shall affect the
representations and warranties or the right of Agent or Lenders to rely upon them.

     Section 6.02 Reference to Credit Agreement; Obligations. Each of the Loan Documents,
including the Credit Agreement and any and all other agreements, documents or instruments now or
hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the
Credit Agreement, are hereby amended so that any reference in such Loan Documents to the Credit
Agreement or any other Loan Documents shall mean a reference to the
Credit Agreement or such other Loan Document, in each case as Modified hereby. Borrower
acknowledges and agrees that its obligations under this Amendment and the Credit Agreement, as
amended hereby, constitute “Obligations” as defined in the Credit Agreement and as used in the Loan
Documents.

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     Section 6.03 Expenses. As provided in the Credit Agreement, Borrower agrees to pay on
demand all reasonable costs and expenses incurred by Agent in connection with the preparation,
negotiation and execution of this Amendment and the other Loan Documents executed pursuant hereto
and any and all amendments, modifications, and supplements thereto, including, without limitation,
the reasonable costs and fees of Agent’s legal counsel, and all reasonable costs and expenses
incurred by Agent in connection with the enforcement or preservation of any rights under the Credit
Agreement or any other Loan Document, in each case as Modified hereby.

     Section 6.04 Severability. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder
of this Amendment and the effect thereof shall be confined to the provision so held to be invalid
or unenforceable. Furthermore, in lieu of each such invalid or unenforceable provision there shall
be added automatically as a part of this Amendment a valid and enforceable provision that comes
closest to expressing the intention of such invalid unenforceable provision.

     Section 6.05 APPLICABLE LAW. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE
LOAN DOCUMENTS, IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
THIS AMENDMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED, AND
ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS)
OF THE STATE OF TEXAS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

     Section 6.06 Successors and Assigns. This Amendment is binding upon and shall inure
to the benefit of Agent, Lenders, the Borrower and their respective successors and assigns, except
that the Borrower may not assign or transfer any of its rights or obligations hereunder without the
prior written consent of each Lender.

     Section 6.07 Counterparts. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original, but all of which
when taken together shall constitute one and the same instrument.

     Section 6.08 Headings. The headings, captions, and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of this Amendment.

     Section 6.09 Release. BORROWER ACKNOWLEDGES THAT, BASED ON THE FACTS AND
CIRCUMSTANCES KNOWN TO BORROWER AS OF THE DATE HEREOF, IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET,
CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER RESULTING FROM THE CREDIT
AGREEMENT, THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS THAT CAN BE ASSERTED TO REDUCE OR
ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE “OBLIGATIONS” OR TO SEEK AFFIRMATIVE RELIEF
OR DAMAGES OF ANY KIND OR NATURE FROM AGENT OR LENDERS. BORROWER HEREBY VOLUNTARILY AND KNOWINGLY
RELEASE AND FOREVER DISCHARGE AGENT AND LENDER, THEIR RESPECTIVE PREDECESSORS, OFFICERS, DIRECTORS,

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EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF
ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, IN EACH CASE, TO THE EXTENT (A)
KNOWN, ANTICIPATED OR SUSPECTED BY BORROWER AS OF THE DATE HEREOF AND (B) RESULTING FROM THE
CREDIT AGREEMENT, THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, WHETHER FIXED, CONTINGENT, OR
CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS
AMENDMENT IS EXECUTED, WHICH BORROWER MAY NOW HAVE AGAINST AGENT AND ANY LENDER, THEIR
PREDECESSORS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS, IF ANY, AND
IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR
REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY LOANS, INCLUDING, WITHOUT LIMITATION, ANY
CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE
HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT
OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.

     Section 6.10 NO ORAL AGREEMENTS. THIS WRITTEN AGREEMENT REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.

[Remainder of Page Intentionally Left Blank; Signature Pages Follow.]

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     IN WITNESS WHEREOF, this Amendment has been executed on the Effective Date.

	 	 	 	 	 
	 	BORROWER:

SUPERIOR OFFSHORE INTERNATIONAL, INC.

 	 
	 	By:  	/s/ Roger D. Burks
 	 
	 	 	Name:  	Roger D. Burks 	 
	 	 	Title:  	Chief Financial Officer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	AGENT:

JPMORGAN CHASE BANK, N.A.

Individually, as Administrative Agent and Lender

 	 
	 	By:  	/s/ Christy West
 	 
	 	 	Name:  	Christy West 	 
	 	 	Title:  	Vice Presidentexv10w7

 

Exhibit 10.7

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (“Agreement”) is made by and between Superior Offshore
International, Inc., a Delaware corporation (“Company”), and David Weinhoffer (“Executive”).

W I T N E S S E T H:

     WHEREAS, Executive has accepted an offer of employment with the Company and has agreed to
become employed by the Company effective May 29, 2007; and

     WHEREAS, Company is desirous of employing Executive on the terms and conditions, and for the
consideration, hereinafter set forth and Executive is desirous of being so employed by Company on
such terms and conditions and for such consideration;

     NOW, THEREFORE, for and in consideration of the mutual promises, covenants and obligations
contained herein, Company and Executive agree as follows:

ARTICLE 1: EMPLOYMENT AND DUTIES

     1.1 Employment; Effective Date. Effective as of May 29, 2007 (the “Effective Date”), and
continuing for the period of time set forth in Article 2 of this Agreement, Company agrees to
employ Executive and Executive agrees to be employed by Company, subject to the terms and
conditions of this Agreement.

     1.2 Positions. From and after the Effective Date, Company shall employ Executive in the
position of Vice President—Business Development, or in such other positions as the parties mutually
may agree.

     1.3 Duties and Services. Executive agrees to serve in the position referred to in paragraph
1.2 and to perform diligently and to the best of his abilities the duties and services appertaining
to such offices, as well as such additional duties and services appropriate to such offices which
the parties mutually may agree upon from time to time. Executive’s employment shall also be
subject to the policies maintained and established by Company that are of general applicability to
Company’s executive employees, as such policies may be amended from time to time.

     1.4 Other Interests. Executive agrees, during the period of his employment by Company, to
devote his primary business time, energy and best efforts to the business and affairs of Company
and its affiliates and not to engage, directly or indirectly, in any other business or businesses,
whether or not similar to that of Company, except with the prior consent of the Company’s Chief
Executive Officer.

     1.5 Duty of Loyalty. Executive acknowledges and agrees that Executive owes a fiduciary duty
of loyalty to act at all times in the best interests of Company. In keeping with

 

such duty, Executive shall make full disclosure to Company of all business opportunities pertaining
to Company’s business and shall not appropriate for Executive’s own benefit business opportunities
concerning Company’s business.

     1.6 Place of Employment. Executive’s performance of services under this Agreement shall be
rendered in Houston, Texas, subject to necessary travel requirements of Executive’s position and
duties hereunder. Executive understands and agrees that he may be required to periodically travel
to, among other locations, the Company’s office in Lafayette, Louisiana. Executive shall not be
required to relocate to a location that is more than 50 miles from Houston, Texas without
Executive’s consent to such relocation.

ARTICLE 2: TERM AND TERMINATION OF EMPLOYMENT

     2.1 Term. Unless sooner terminated pursuant to other provisions hereof, Company agrees to
employ Executive for the period beginning on the Effective Date and ending on May 31, 2009 (the
“Initial Expiration Date”); provided, however, that beginning on the Initial Expiration Date, and
on each anniversary of the Initial Expiration Date thereafter, if this Agreement has not been
terminated pursuant to paragraph 2.2 or 2.3, then said term of employment shall automatically be
extended for an additional one-year period unless on or before the date that is 90 days prior to
the first day of any such extension period either party shall give written notice to the other that
no such automatic extension shall occur.

     2.2 Company’s Right to Terminate. Notwithstanding the provisions of paragraph 2.1, Company
shall have the right to terminate Executive’s employment under this Agreement at any time for any
of the following reasons:

     (i) upon Executive’s death;

     (ii) upon Executive’s becoming incapacitated by accident, sickness or other
circumstance which, in the opinion of a physician selected by Company, renders him mentally
or physically incapable of performing the duties and services required of him hereunder
(“Disability”);

     (iii) for cause, which for purposes of this Agreement shall mean Executive (A) has
willfully breached any of his duties and obligations hereunder resulting in materially
adverse consequences to Company or any of its affiliates, (B) has misappropriated funds or
property of Company or any of its affiliates, or (C) has engaged in conduct that is
materially adverse to the interests of Company or any of its affiliates (each referred to
hereinafter as “Cause”); or

     (iv) for any other reason whatsoever, in the sole discretion of either the Company’s
Chief Executive Officer or the Board of Directors.

     2.3 Executive’s Right to Terminate. Notwithstanding the provisions of paragraph 2.1,
Executive shall have the right to terminate his employment under this Agreement for any of
the following reasons:

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     (i) within 60 days of and in connection with or based upon (A) a material breach by
Company of any material provision of this Agreement, (B) a material reduction in title of
the Executive set forth in paragraph 1.2 without Executive’s consent to such reduction or
(C) any requirement that Executive relocate in violation of paragraph 1.6 (each referred to
hereinafter as “Good Reason”); provided, however, that, prior to Executive’s termination of
employment under this paragraph 2.3(i), Executive must give written notice to Company of any
such breach, reduction or requirement and such breach, reduction or requirement must remain
uncorrected for 20 days following such written notice;

     (ii) at any time after there is a Change in Control (as such term is defined in
paragraph 6.1); or

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

     2.4 Notice of Termination. If Company or Executive desires to terminate Executive’s
employment hereunder at any time prior to expiration of the term of employment as provided in
paragraph 2.1, it or he shall do so by giving written notice to the other party that it or he has
elected to terminate Executive’s employment hereunder and stating the effective date for such
termination, provided that no such action shall alter or amend any other provisions hereof or
rights arising hereunder.

ARTICLE 3: COMPENSATION AND BENEFITS

     3.1 Base Salary. During the period of this Agreement, Executive shall receive a minimum
annual base salary of $300,000. Executive’s annual base salary shall be reviewed by the Board of
Directors (or a committee thereof) on an annual basis, and, in the sole discretion of the Board of
Directors (or such committee), such annual base salary may be increased, but not decreased.
Executive’s annual base salary shall be paid in equal installments in accordance with the Company’s
standard policy regarding payment of compensation to executives but no less frequently than
monthly.

     3.2 Incentive Compensation. Executive shall be eligible to receive incentive compensation in
such amounts and on such terms as shall be determined in the sole discretion of the Board of
Directors (or a committee thereof).

     3.3 Other Perquisites. During his employment hereunder, Executive shall be afforded the
following benefits as incidences of his employment:

     (i) Business and Entertainment Expenses - Subject to Company’s standard policies and
procedures with respect to expense reimbursement as applied to its executive employees
generally, Company shall reimburse Executive for, or pay on behalf of Executive, reasonable
and appropriate expenses incurred by Executive for business related purposes, including
costs of entertainment and business development.

     (ii) Car Allowance - Company shall provide to Executive an automobile allowance of $850
per month or such greater amount as is approved by the Chief

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Executive Officer or the Board of Directors (or a committee thereof). Notwithstanding
anything in this Agreement to the contrary, any such reimbursement shall be made no later
than March 15 of the calendar year following the calendar year in which such reimbursable
expenses were incurred.

     (iii) Other Company Benefits - Executive and, to the extent applicable, Executive’s
spouse, dependents and beneficiaries, shall be allowed to participate in all benefits, plans
and programs, including improvements or modifications of the same, which are now, or may
hereafter be, available to other executive employees of Company. Such benefits, plans and
programs shall include, without limitation, any profit sharing plan, thrift plan, health
insurance or health care plan, life insurance, disability insurance, pension plan,
supplemental retirement plan, vacation and sick leave plan, and the like which may be
maintained by Company. Company shall not, however, by reason of this paragraph be obligated
to institute, maintain, or refrain from changing, amending, or discontinuing, any such
benefit plan or program, so long as such changes are similarly applicable to executive
employees generally.

ARTICLE 4: PROTECTION OF INFORMATION

     4.1 Disclosure to Executive. Company shall disclose to Executive, or place Executive in a
position to have access to or develop, trade secrets or confidential information of Company or its
affiliates; and/or shall entrust Executive with business opportunities of Company or its
affiliates; and/or shall place Executive in a position to develop business good will on behalf of
Company or its affiliates.

     4.2 Property of Company. All documents, drawings, memoranda, notes, records, files,
correspondence, manuals, models, specifications, computer programs, e-mail, voice mail, electronic
databases, maps, and all other writings or materials of any type embodying any information relating
to Company or its business are and shall be the sole and exclusive property of Company. Upon
termination of Executive’s employment by Company, for any reason, Executive promptly shall deliver
the same, and all copies thereof, to Company; provided, however, that Executive may retain any
Company supplied cellular telephones in his possession at the time of such termination but Company
shall be entitled to immediately discontinue the cellular service for such telephones upon such
termination of employment.

     4.3 No Unauthorized Use or Disclosure. Executive will not, at any time during or after
Executive’s employment by Company, make any unauthorized disclosure of any confidential business
information or trade secrets of Company or its affiliates, or make any use thereof, except in the
carrying out of Executive’s employment responsibilities hereunder. Affiliates of the Company shall
be third party beneficiaries of Executive’s obligations under this paragraph. As a result of
Executive’s employment by Company, Executive may also from time to time have access to, or
knowledge of, confidential business information or trade secrets of third parties, such as
customers, suppliers, partners, joint venturers, and the like, of Company and its affiliates.
Executive also agrees to preserve and protect the confidentiality of such third party confidential
information and trade secrets to the same extent, and on the same basis, as Company’s confidential
business information and trade secrets.

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     4.4 Remedies. Executive acknowledges that money damages would not be sufficient remedy for
any breach of this Article by Executive, and Company shall be entitled to specific performance and
injunctive relief as remedies for such breach or any threatened breach. Such remedies shall not be
deemed the exclusive remedies for a breach of this Article, but shall be in addition to all
remedies available at law or in equity to Company, including the recovery of damages from
Executive.

ARTICLE 5: NONCOMPETITION OBLIGATIONS

     5.1 In General. As part of the consideration for the compensation and benefits to be paid to
Executive hereunder; to protect the trade secrets and confidential information of Company and its
affiliates that have been and will in the future be disclosed or entrusted to Executive, the
business good will of Company and its affiliates that has been and will in the future be developed
in Executive, or the business opportunities that have been and will in the future be disclosed or
entrusted to Executive by Company and its affiliates; and as an additional incentive for Company to
enter into this Agreement, Company and Executive agree to the noncompetition obligations hereunder.
Executive shall not, directly or indirectly for Executive or for others, in the State of Texas and
in all parishes of the State of Louisiana and in the U.S. Gulf of Mexico:

     (i) engage in any business competitive with the business conducted by Company during
the term of employment of Executive in such states; or

     (ii) render advice or services to, be employed by, acquire an ownership interest in, or
otherwise assist, any other person, association, or entity who is engaged, directly or
indirectly, in any business competitive with the business conducted by Company during the
term of employment of Executive in such states with respect to such competitive business,
except that Executive may hold up to 2% of the outstanding shares of any publicly held
company engaged in such competitive activities.

The noncompetition obligations set forth above shall apply only during the period that Executive is
employed by Company and for one year thereafter.

     5.2 Enforcement and Remedies. Executive acknowledges that money damages would not be
sufficient remedy for any breach of this Article by Executive, and Company shall be entitled to
specific performance and injunctive relief as remedies for such breach or any threatened breach.
Such remedies shall not be deemed the exclusive remedies for a breach of this Article, but shall be
in addition to all remedies available at law or in equity to Company, including, without
limitation, the recovery of damages from Executive.

     5.3 Reformation. It is expressly understood and agreed that Company and Executive consider
the restrictions contained in this Article to be reasonable and necessary to protect the
proprietary information of Company. Nevertheless, if any of the aforesaid restrictions are found
by a court having jurisdiction to be unreasonable, or overly broad as to geographic area or time,
or otherwise unenforceable, the parties intend for the restrictions therein set forth to be
modified by such court so as to be reasonable and enforceable and, as so modified by the court, to
be fully enforced.

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ARTICLE 6: EFFECT OF TERMINATION ON COMPENSATION

     6.1 Defined Terms. For purposes of this Article 6, the following terms shall have the
meanings indicated:

     “Change in Control” means (i) a merger of Company with another entity, a consolidation
involving Company, or the sale of all or substantially all of the assets of Company to
another entity if, in any such case, (A) the holders of equity securities of Company
immediately prior to such transaction or event do not beneficially own immediately after
such transaction or event equity securities of the resulting entity entitled to 60% or more
of the votes then eligible to be cast in the election of directors generally (or comparable
governing body) of the resulting entity in substantially the same proportions that they
owned the equity securities of Company immediately prior to such transaction or event or (B)
the persons who were members of the Board of Directors immediately prior to such transaction
or event shall not constitute at least a majority of the board of directors of the resulting
entity immediately after such transaction or event, (ii) the dissolution or liquidation of
Company, (iii) when any person or entity (other than Louis E. Schaefer, Jr. or Schaefer
Holdings, LP or their affiliates), including a “group” as contemplated by Section 13(d)(3)
of the Securities Exchange Act of 1934, as amended, acquires or gains ownership or control
(including, without limitation, power to vote) of more than 50% of the combined voting power
of the outstanding securities of, (A) if Company has not engaged in a merger or
consolidation, Company, or (B) if Company has engaged in a merger or consolidation, the
resulting entity, or (iv) as a result of or in connection with a contested election of
directors, the persons who were members of the Board of Directors immediately before such
election shall cease to constitute a majority of the Board of Directors. For purposes of
the preceding sentence, (1) “resulting entity” in the context of a transaction or event that
is a merger, consolidation or sale of all or substantially all assets shall mean the
surviving entity (or acquiring entity in the case of an asset sale) unless the surviving
entity (or acquiring entity in the case of an asset sale) is a subsidiary of another entity
and the holders of common stock of Company receive capital stock of such other entity in
such transaction or event, in which event the resulting entity shall be such other entity,
and (2) subsequent to the consummation of a merger or consolidation that does not constitute
a Change in Control, the term “Company” shall refer to the resulting entity and the term
“Board of Directors” shall refer to the board of directors (or comparable governing body) of
the resulting entity.

     “Termination Benefits” means (i) a lump sum cash payment equal to 100% of the sum of
Executive’s annual base salary at the rate in effect under paragraph 3.1 on the date of
termination of Executive’s employment and (ii) all of the outstanding stock options,
restricted stock or unit awards and other equity based awards granted by Company to
Executive shall become fully vested and immediately exercisable in full on the date of
termination of Executive’s employment.

     6.2 By Expiration. If Executive’s employment with the Company shall terminate upon expiration
of the term provided in paragraph 2.1 hereof because Executive has provided the notice contemplated
in such paragraph to Company, then all compensation and all benefits to Executive hereunder shall
continue to be provided until the expiration of such term and such

-6-

 

compensation and benefits shall terminate contemporaneously with termination of his
employment. If Executive’s employment with the Company shall terminate upon expiration of the term
provided in paragraph 2.1 hereof because Company has provided the notice contemplated in such
paragraph to Executive, then (i) all compensation and all benefits to Executive hereunder shall
continue to be provided until the expiration of such term, (ii) such compensation and benefits
shall terminate contemporaneously with termination of his employment, and (iii) Company shall
provide Executive with the Termination Benefits. Any lump sum cash payment due to Executive
pursuant to clause (iii) of the preceding sentence shall be paid to Executive within ten business
days of the date of Executive’s termination of employment with Company; provided, however, if
Section 409A of the Internal Revenue Code on 1986, as amended (“Code”), is applicable and Executive
is a “specified employee” under Section 409A(a)(2)(B)(i) of the Code, then on or after the
six-month anniversary of the date of termination. The Executive agrees to execute a mutual release
and waiver of claims against Employer in the form attached as Exhibit A on the date that
any such lump-sum payment is paid to the Executive.

     6.3 By Company. If Executive’s employment with the Company shall be terminated by Company
prior to expiration of the term provided in paragraph 2.1, then, upon such termination, regardless
of the reason therefor, all compensation and benefits to Executive hereunder shall terminate
contemporaneously with the termination of such employment; provided, however, if Executive complies
fully with his obligations under Article 5 hereof, that:

     (i) if such termination shall be for a reason encompassed by paragraph 2.2(i), then,
for a period of 6 months beginning on the date of such termination, Company shall pay to
Executive’s designated beneficiary (or his estate if Executive does not have a beneficiary
designation on file with Company for this purpose) his base salary at the rate in effect
under paragraph 3.1 on the date of such termination, and all of the outstanding stock
options, restricted stock or unit awards and other equity based awards granted by Company to
Executive shall become fully vested and immediately exercisable in full on the date of
termination of Executive’s employment;

     (ii) if such termination shall be for a reason encompassed by paragraph 2.2(ii), then,
for a period of 6 months beginning on the date of such termination, Company shall pay to
Executive (or, in the event of Executive’s death, his designated beneficiary (or his estate
if Executive does not have a beneficiary designation on file with Company for this purpose))
his base salary at the rate in effect under paragraph 3.1 on the date of such termination,
and all of the outstanding stock options, restricted stock or unit awards and other equity
based awards granted by Company to Executive shall become fully vested and immediately
exercisable in full on the date of termination of Executive’s employment;

     (iii) if such termination shall be for any reason other than those encompassed by
paragraphs 2.2(i), (ii), or (iii), then Company shall provide Executive with the Termination
Benefits. Any lump sum cash payment due to Executive pursuant to the preceding sentence
shall be paid to Executive within ten business days of the date of Executive’s termination
of employment with Company; provided that, if Section 409A of the Code is applicable and
Executive is a “specified employee” under

-7-

 

Section 409A(a)(2)(B)(i) of the Code, then on or after the six-month anniversary of the
date of termination. The Executive agrees to execute a mutual release and waiver of claims
against Employer in the form attached as Exhibit A on the date that any such
lump-sum payment is paid to the Executive.

     6.4 By Executive. If Executive’s employment with the Company shall be terminated by Executive
prior to expiration of the term provided in paragraph 2.1, then, upon such termination, regardless
of the reason therefor, all compensation and benefits to Executive hereunder shall terminate
contemporaneously with the termination of such employment; provided, however, if Executive complies
fully with his obligations under Article 5 hereof, that:

     (i) if such termination occurs for a reason encompassed by paragraph 2.3(i), then
Company shall provide Executive with the Termination Benefits; and

     (ii) if such termination shall occur within the 180-day period beginning on the date
upon which a Change in Control occurs, then Company shall provide Executive with the
Termination Benefits.

     If Executive is entitled to Termination Benefits under either clause (i) or clause (ii) of the
preceding sentence, then Executive shall not also be entitled to additional Termination Benefits
under the other clause. Any lump sum cash payment due to Executive pursuant to this paragraph
shall be paid to Executive within ten business days of the date of Executive’s termination of
employment with Company; provided, however, if Section 409A of the Code is applicable and Executive
is a “specified employee” under Section 409A(a)(2)(B)(i) of the Code, then on or after the
six-month anniversary of the date of termination. The Executive agrees to execute a mutual release
and waiver of claims against Employer in the form attached as Exhibit A on the date that
any such lump-sum payment is paid to the Executive.

     6.5 Liquidated Damages. In light of the difficulties in estimating the damages for an early
termination of this Agreement, Company and Executive hereby agree that the payments, if any, to be
received by Executive pursuant to this Article 6 shall be received by Executive as liquidated
damages.

     6.6 Other Benefits. This Agreement governs the rights and obligations of Executive and
Company with respect to Executive’s base salary and certain perquisites of employment. Except as
expressly provided herein, Executive’s rights and obligations both during the term of his
employment and thereafter with respect to stock options, restricted units or stock, incentive and
deferred compensation, life insurance policies insuring the life of Executive, and other benefits
under the plans and programs maintained by Company shall be governed by the separate agreements,
plans and other documents and instruments governing such matters.

ARTICLE 7: MISCELLANEOUS

     7.1 Notices. For purposes of this Agreement, notices and all other communications provided
for herein shall be in writing and shall be deemed to have been duly given when personally
delivered or when mailed by United States registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

-8-

 

	 	 	 	 	 
	If to Company to:

	 	Superior Offshore International, Inc.	 	 
	 

	 	717 Texas Avenue, Suite 3150	 	 
	 

	 	Houston, Texas 77002	 	 
	 

	 	Attention: Chairman of the Board	 	 
	 
	 	 	 	 
	 

	 	with a copy to (which copy shall not constitute notice):	 	 
	 
	 	 	 	 
	 

	 	Bracewell & Giuliani LLP	 	 
	 

	 	711 Louisiana Street, Suite 2300	 	 
	 

	 	Houston, Texas 77002	 	 
	 

	 	Attention: William S. Anderson	 	 
	 

	 	Telephone: (713) 221-1122	 	 
	 

	 	Facsimile: (713) 437-5370	 	 
	 
	 	 	 	 
	If to Executive to:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

or to such other address as either party may furnish to the other in writing in accordance
herewith, except that notices or changes of address shall be effective only upon receipt.

     7.2 Applicable Law. This Agreement is entered into under, and shall be governed for all
purposes by, the laws of the State of Texas. Any cause of action arising between the parties
regarding this Agreement shall be brought only in a court having jurisdiction over the Company in
Houston, Harris County, Texas. Executive consents to personal jurisdiction in any State or Federal
court of competent jurisdiction over the Company in Houston, Harris County, Texas and waives any
entitlement he might otherwise have to a transfer of venue under the preferred venue requirements
of State or Federal rules of civil procedure rules.

     7.3 No Waiver. No failure by either party hereto at any time to give notice of any breach by
the other party of, or to require compliance with, any condition or provision of this Agreement
shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time.

     7.4 Severability. If a court of competent jurisdiction determines that any provision of this
Agreement is invalid or unenforceable, then the invalidity or unenforceability of that provision
shall not affect the validity or enforceability of any other provision of this Agreement, and all
other provisions shall remain in full force and effect.

     7.5 Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original, but all of which together will constitute one and the same
Agreement.

     7.6 Withholding of Taxes and Other Employee Deductions. Company may withhold from any
benefits and payments made pursuant to this Agreement all federal, state, city and other taxes as
may be required pursuant to any law or governmental regulation or ruling and all other normal
employee deductions made with respect to Company’s employees generally.

-9-

 

     7.7 Headings. The paragraph headings have been inserted for purposes of convenience and shall
not be used for interpretive purposes.

     7.8 Gender and Plurals. Wherever the context so requires, the masculine gender includes the
feminine or neuter, and the singular number includes the plural and conversely.

     7.9 Affiliate. As used in this Agreement, the term “affiliate” shall mean any entity which
owns or controls, is owned or controlled by, or is under common ownership or control with, Company.

     7.10 Assignment. This Agreement shall be binding upon and inure to the benefit of Company and
any successor of Company, by merger or otherwise. Except as provided in the preceding sentence,
this Agreement, and the rights and obligations of the parties hereunder, are personal and neither
this Agreement, nor any right, benefit, or obligation of either party hereto, shall be subject to
voluntary or involuntary assignment, alienation or transfer, whether by operation of law or
otherwise, without the prior written consent of the other party.

     7.11 Term. This Agreement has a term co-extensive with the term of employment provided in
paragraph 2.1. Termination shall not affect any right or obligation of any party which is accrued
or vested prior to such termination.

     7.12 Release. The Executive hereby irrevocably releases the Company and its predecessors
(including Superior Offshore International, L.L.C.) and each and every affiliate, officer, member,
shareholder, manager, director and employee of the Company and its predecessors (including Superior
Offshore International, L.L.C.) (the “Releasees”) from any claims, liabilities, costs, expenses,
actions, suits or demands however arising, whether at law or in equity, contingent, known or
unknown, which the Executive or his heirs, successors or assigns may have or assert against the
Releasees as of the date of the Effective Date in respect of any ownership interest in the
Releasees or in connection with or arising out of any employment relationship with the Releasees
prior to the Effective Date (including claims for breach of any contract relating to employment or
compensation, or for discrimination based upon race, color, ethnicity, sex, age, national origin,
religion, disability, sexual orientation, or any other unlawful criterion or circumstance);
provided, however, that this release shall not apply to the Executive’s rights to accrued but
unpaid salary, accrued but unpaid vacation and unpaid reimbursable expenses, in each case to the
extent accrued prior to the Effective Date; provided, further, that this release shall not apply to
any rights, benefits, obligations or restrictions arising under this Agreement or any agreements
entered into pursuant to the Superior Offshore International, Inc. 2007 Stock Incentive Plan on or
after the Effective Date.

     7.13 Entire Agreement. This Agreement constitutes the entire agreement of the parties with
regard to the subject matter hereof and thereof and supersedes all prior agreements and
understandings, oral or written, between the parties with respect to the subject matter hereof and
thereof, and contain all the covenants, promises, representations, warranties and agreements
between the parties with respect to employment of Executive by Company or any of its predecessors
(including Superior Offshore International, L.L.C.). Without limiting the scope of the preceding
sentence, all understandings and agreements between the Executive, on the one hand, and the Company
or any of its predecessors or their respective shareholders, members,

-10-

 

managers or officers, on the other hand, preceding the date of execution of this Agreement and
relating to the subject matter hereof or thereof are hereby null and void and of no further force
and effect. Any modification of this Agreement will be effective only if it is in writing and
signed by the party to be charged.

[Signatures Appear on Next Page]

-11-

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the       day of May,
2007, to be effective as of the Effective Date.

	 	 	 	 	 
	 	SUPERIOR OFFSHORE INTERNATIONAL, INC.

 	 
	 	By:  	     /s/ R. Joshua Koch, Jr.
 	 
	 	 	Name:  	R. Joshua Koch, Jr. 	 
	 	 	Title:  	Senior Vice President and General Counsel 	 
	 

	 	 	 	 	 
	 	 	 
	 	     /s/ David Weinhoffer
 	 
	 	David Weinhoffer 	 
	 	 	 
	 

[Signature Page to Employment Agreement]

 

 

EXHIBIT A

GENERAL RELEASE

     THIS GENERAL
RELEASE is entered into among Superior Offshore International, Inc., a Delaware
corporation (“Employer”), and      
             
   (the “Employee”) as of the    
        day of
             
       . The Employer and the Employee agree as follows:

      
    1. Employment Status. The Employee’s employment with the Employer shall terminate
effective as of           
          ,    
                 .

     
     2. Payment and Benefits. Upon the effectiveness of this Release as set forth in
Paragraphs 12 and 13 hereof, Employer shall provide the Employee with the payments and benefits set
forth in Paragraph [6.1 or 6.2] of the Employment Agreement among the Employer and the Employee,
dated as of            
         , 2007 (as amended
from time to time, the “Employment Agreement”).

          3. No Liability. This Release does not constitute an admission by the Employer, or
any of its subsidiaries, affiliates, divisions, trustees, officers, directors, partners, agents, or
employees, or by the Employee, of any unlawful acts or of any violation of federal, state or local
laws.

          4. Employee Release. In consideration of the payments and benefits set forth in
Paragraph [6.2 or 6.3] of the Employment Agreement, the Employee for himself, his heirs,
administrators, representatives, executors, successors and assigns (collectively, “Employee
Releasors”) does hereby irrevocably and unconditionally release, acquit and forever discharge
the Employer and each of its subsidiaries, affiliates, divisions, successors, assigns, trustees,
officers, directors, partners, agents, and former and current employees, including without
limitation all persons acting by, through, under or in concert with any of them (collectively,
“Employer Releasees”), and each of them from any and all charges, complaints, claims,
liabilities, obligations, promises, agreements, controversies, damages, remedies, actions, causes
of action, suits, rights, demands, costs, losses, debts and expenses (including attorneys’ fees and
costs) of any nature whatsoever, known or unknown, whether pursuant to contract or in law or equity
or otherwise and whether arising under any and all federal, state, local, county and/or municipal
statutes, regulations, rules, and/or ordinances, including, without limitation, Title VII of the
Civil Rights Act of 1964; the Age Discrimination in Employment Act, the Americans with Disabilities
Act, the Older Workers Benefit Protection Act, the Equal Pay Act of 1962, Chapter 21 of the Texas
Labor Code and Section 451 of the Texas Labor Code and/or claims under the Constitutions of the
United States and/or the State of Texas or any other unlawful criterion or circumstance, which
Employee Releasors had, now have, or may have or claim to have in the future against each or any of
the Employer Releasees by reason of any matter, cause or thing occurring, done or omitted to be
done from the beginning of the world until the date of the execution of this Release (the
“Employee Released Claims”); provided, however, that nothing herein shall
release Employer from any right of indemnification or to director and officer liability insurance
coverage under any Employer organizational documents or at law under any plan or agreement and
applicable to the Employee.

 

 

     Nothing in this Release is intended to interfere with the Employee’s right to make a complaint
or claim with a federal or state administrative agency including, for example, the National Labor
Relations Board, the Equal Employment Opportunity Commission or the Texas Workforce Commission.
However, by executing this Release, the Employee hereby waives the right to recover in any
proceeding that the Employee may bring before the Equal Employment Opportunity Commission or any
federal or state administrative agency or in any proceeding brought by the Equal Employment
Opportunity Commission or any state human rights commission on the Employee’s behalf. In addition,
this release is not intended to interfere with the Employee’s right to challenge that his waiver of
any and all ADEA claims pursuant to this Release is a knowing and voluntary waiver, notwithstanding
the Employee’s specific representation to the Employer Group that he has entered into this
Agreement knowingly and voluntarily and that he has been advised by the Employer Group to consult
with an attorney of his choice regarding same.

          5. Employer Release. The Employer on behalf of itself and its subsidiaries,
affiliates, divisions, successors, assigns, officers, directors, agents, partners and current and
former employees (collectively, the “Employer Releasors” and together with the Employee
Releasors, the “Releasing Parties”) agrees to and does hereby irrevocably and
unconditionally release, acquit and forever discharge the Employee, and his heirs, executors,
administrators, representatives, successors and assigns (hereinafter collectively referred to as
the “Employee Releasees”), with respect to and from any and all charges, complaints,
claims, liabilities, obligations, promises, agreements, controversies, damages, remedies, causes of
action, suits, rights, demands, costs, losses, debts, and expenses (including attorneys’ fees and
costs) of any kind whatsoever, known or unknown, whether in law or equity and whether arising under
federal, state or local law, which the Releasors had, now have, or may have or claim to have in the
future against each or any of the Employee Releasees by reason of any matter, course or thing
whatsoever from the beginning of the world until the date of execution of this Release (the
“Employer Released Claims” and, together with the Employee Released Claims, the
“Released Claims”); provided, however, that nothing herein shall release
the Employee from (i) obligations or restrictions arising under or referred to or described in the
Employment Agreement and nothing herein shall impair the right or ability of Employer to enforce
such provisions in accordance with the terms of the Employment Agreement or (ii) any claims arising
out of the Employee’s fraud or willful misconduct in connection with the conduct of the business of
the Employer Group.

          6. No Additional Facts; Bar. Each of the Releasing Parties hereby expressly waives
any rights such Releasing Party may have under the statutes of any jurisdiction or common law
principles of similar effect, to preserve Released Claims that such Releasing Party does not know
or suspect to exist in such Releasing Party’s favor at the time of executing this Release. Each of
the Releasing Parties understands and acknowledges that it may discover facts different from, or in
addition to, those which it knows or believes to be true with respect to the claims released
herein, and agrees that this release shall be and remain effective in all respects notwithstanding
any subsequent discovery of different and/or additional facts. Should any Releasing Party discover
that any fact relied upon in entering into this release was untrue, or that any fact was concealed,
or that an understanding of the facts or law was incorrect, no Releasing Party shall be entitled to
any relief as a result thereof, and the undersigned surrenders any rights it might have to rescind
this release on any ground. This release is intended to be and

 

 

is final and binding regardless of any claim of misrepresentation, promise made with the
intention of performing, concealment of fact, mistake of law, or any other circumstances
whatsoever. The Employee acknowledges and agrees that if he should hereafter make any claim or
demand or commence or threaten to commence any action, claim or proceeding against the Employer
Releasees with respect to any cause, matter or thing which is the subject of the release under
Paragraph 4 of this Release, this Release may be raised as a complete bar to any such action, claim
or proceeding, and the applicable Employer Releasee may recover from the Employee all costs
incurred in connection with such action, claim or proceeding, including attorneys’ fees. The
Employer Group acknowledges and agrees that if it should hereafter make any claim or demand or
commence or threaten to commence any action, claim or proceeding against any of the Employee
Releasees with respect to any cause, matter or thing which is the subject of the release under
Paragraph 5 of this Release, this Release may be raised as a complete bar to any such action, claim
or proceeding, and the applicable Employee Releasee may recover from Employer all costs incurred in
connection with such action, claim or proceeding, including attorneys’ fees.

          7. Restrictive Covenants. The Employee acknowledges that the provisions of Article 4
and Article 5 of the Employment Agreement shall continue to apply pursuant to their terms
notwithstanding the termination of the Employment Agreement.

          8. No Assignment of Released Claims. Each Releasing Party represents and warrants to
the Released Parties that there has been no assignment or other transfer of any interest in any
Released Claim.

          9. Severability. If any provision of this Release is held invalid or unenforceable by
any court of competent jurisdiction, the other provisions of this Release will remain in full force
and effect. Any provision of this Release held invalid or unenforceable only in part of degree
will remain in full force and effect to the extent not held invalid or unenforceable.

          10. Amendment. This Release may not be amended, modified or waived except in a
writing signed by the party against whom any such amendment, modification or waiver is sought to be
enforced.

          11. Governing Law. This Release shall be governed by and construed in accordance with
the laws of the State of Texas, without regard to conflicts of laws principles.

          12. Acknowledgment. The parties hereto have read this Release, understand it, and
voluntarily accept its terms, and the Employee acknowledges that he has been advised by Employer to
seek the advice of legal counsel before entering into this Release, and has been provided with a
period of twenty-one (21) days in which to consider entering into this Release.

          13. Revocation. The Employee has a period of seven (7) days following the execution
of this Release during which the Employee may revoke this Release, and this Release shall not
become effective or enforceable until such revocation period has expired. If, within the ten (10)
day period following such expiration, Employer fails to execute this Release, then this Release
shall become null and void and have no force or effect.

 

 

          14. Counterparts. This Release may be executed by the parties hereto in counterparts,
which taken together shall be deemed one original.

     IN WITNESS WHEREOF, the parties have executed this Release on the date first set forth above.

	 	 	 	 	 
	 

	 	 

Executive
	 	 
	 
	 	 	 	 
	 

	 	Superior Offshore International, Inc.	 	 
	 
	 	 	 	 

	 	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Title:

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