Document:

Document

        

Exhibit 10.5

[Old National Letterhead]

[Name]                                    Amount:  $###

    This letter agreement (including Appendix A, this “Letter Agreement”) is to confirm your selection by Old National Bancorp (the “Company”) for, and the Company’s grant to you on March 2, 2022 (the “Grant Date”) of, the opportunity to earn a special, one-time cash retention and integration award in the total, pre-tax amount shown above (the “Cash Award”).  

1.    Cash Award Background.  The Cash Award is being made to you (i) in recognition of your important Company executive leadership role in promoting the integration of business activities, systems and personnel following the merger of First Midwest Bancorp, Inc. (“First Midwest”) and the Company, in which the Company was the surviving entity (the “Merger”), achieving Merger-related synergies and motivating the combined organization in furtherance of the Company’s continuing post-Merger success, and (ii) in support of the retention of your valued service as such an executive leadership team member. 

2.    Earning and Payment of Cash Award Generally.  Except as otherwise provided in Paragraph 3, you will earn the Cash Award in two installments, conditioned on and subject only to your continued employment with the Company through and including the vesting date of the relevant installment: fifty percent (50%) on February 15, 2023; and fifty percent (50%) on February 15, 2024 (each such February 15th date referred to as a “Vesting Date”). If that condition is satisfied, each such fifty percent portion of the Cash Award will be paid in a lump sum (minus required tax withholdings) as soon as administratively practicable following the applicable Vesting Date therefor and in any event within thirty (30) days thereafter.  
3.    Accelerated Vesting and Payout in Certain Circumstances.  (a) The unpaid portion of your Cash Award will be paid to you in a lump sum in full (i) upon any early termination by the Company of your service other than for “Cause” or “Unacceptable Performance,” as such terms are defined in your employment agreement with the Company (including any employment agreement with First Midwest assumed by the Company in the Merger, your “Employment Agreement”), or (ii) due to your death or disability (also as determined under your Employment Agreement) or (iii) upon any resignation by you for “Good Reason” (as defined in your Employment Agreement.  If during any relevant period you do not have an Employment Agreement with the Company, then only for that period, capitalized terms used in this Paragraph 3(a) or in Paragraphs 4 or 5 that are used as defined in, or intended to be determined by reference to, your Employment Agreement will instead be determined by reference to comparable provisions in the Company’s most closely parallel incentive compensation or benefit plans.
(b) Payment of such unpaid portion of the Cash Award in circumstances covered by Paragraph 3(a) is subject to and conditioned on your execution and delivery to the Company of the Company’s prescribed form of release and/or severance agreement. With respect to any unpaid portion of the Cash Award that becomes payable under Paragraph 3(a) upon your death, you may designate a beneficiary by completing and delivering to the Company a written designation of beneficiary on such forms or through such procedures as established by the Company for such purposes. If you do not so designate a beneficiary, then any such unpaid portion will be payable to such person(s) determined to be proper recipients under state law applicable to transfers by will or by descent and distribution. 
4.    Change in Control Terms.  If a “Change in Control” (as defined in your Employment Agreement) of the Company occurs after the Grant Date and before the last Vesting Date for the Cash Award, the Change in Control terms and conditions in your Employment Agreement will govern the treatment and disposition of any then unpaid balance of the Cash Award. 
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5.    Forfeiture.  Except as otherwise provided in Paragraphs 3 or 4 of this Letter Agreement, you will forfeit any unpaid portion of the Cash Award upon any termination of your employment prior to February 15, 2024.  For the avoidance of doubt, such a forfeiture will apply in case of any termination of your employment (i) by the Company for “Cause” or “Unacceptable Performance” or (ii) by you voluntarily for any reason other than “Good Reason,” including, without limitation, upon your retirement (whether or not it would qualify for different treatment with respect to other Company incentive awards) or any other resignation by you.   

6.    Restrictive Covenants. You: (a) hereby agree to comply with and be bound by the restrictive covenants contained in Appendix A (the “Restrictive Covenants”); (b) understand and acknowledge that the grant of the Cash Award and its vesting and other terms are expressly conditioned on and subject to your continuing compliance with each of the Restrictive Covenants; and (c) understand and acknowledge that the Company may seek and obtain any and all available remedies for any non-compliance with the Restrictive Covenants, in addition to the forfeiture of the Cash Award. The Restrictive Covenants are independent of and in addition to (not in replacement of) any covenants on the same or similar subjects to which you may have previously agreed in any employment, confidentiality, non-solicitation, non-competition, severance, change in control, incentive compensation grant or award or other agreement to which you are a party or by which you may be bound, all of which other agreements remain in full force and effect.  

7.    Tax Withholding and Other Tax Matters. All payments under this letter will be reduced by and made only after deduction of any taxes required to be withheld under applicable federal, state or local law.  You hereby indemnify the Company and its Affiliates from and against any tax liability (including, without limitation, interest and penalties) relating to any failure by you to satisfy and pay when due (or timely contest) any taxes on the Cash Award. Payments under this Letter Agreement are intended to be “short-term deferrals” that do not constitute “deferred compensation” subject to Section 409A of the Internal Revenue Code (“Section 409A”). The parties agree to interpret and administer this Letter Agreement in a manner intended to comply with Section 409A. 

8.    Nontransferability; General Company Obligation. You will not have any right to transfer, assign, pledge, alienate or create a lien upon the Cash Award. The Cash Award is unfunded and unsecured and payable out of the general funds of the Company.
9.    No Implied Rights.  Nothing in this Letter Agreement confers or is intended to create any rights on your part to receive any future grants or awards of any kind, whether under any Company incentive compensation plan or otherwise, or to have any guaranteed period of continued employment with the Company. Your employment will continue to be at-will and terminable at any time by you or the Company, subject to the terms of any Employment Agreement you have with the Company. The Cash Award will not be taken into account in computing the amount of salary or compensation used to determine any bonus or other benefit (including, without limitation, any severance benefit) under your Employment Agreement or any benefit plan or other arrangement sponsored by the Company. 

10.    Governing Law; Jury Trial Waiver.  To the extent not otherwise governed by the laws of the United States (including the Internal Revenue Code), this Letter Agreement will be governed by and construed in accordance with the laws of the State of Indiana, without reference to that state’s choice of law principles. You and the Company hereby knowingly, voluntarily and irrevocably waive any right to a trial by jury of any dispute under or action relating to this Letter Agreement and agree that any such dispute or action shall be tried before a judge sitting without a jury.

11.    Miscellaneous.  The provisions of Paragraphs 2 through 10, inclusive, this Paragraph 11 and Appendix A of this Letter Agreement will survive the expiration or termination of this Letter Agreement, the vesting or forfeiture of any portion of the Cash Award and/or any termination of your employment for any reason whatsoever. The headings of Paragraphs in this Letter Agreement are inserted for convenience only and shall not affect the interpretation hereof.  This Letter Agreement may be executed in counterparts, each of which will be deemed an original, but all of which collectively will constitute one and the same agreement.
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We look forward to your continuing dedication to and efforts on behalf of the Company. Please acknowledge your acceptance of this Cash Award opportunity and your agreement to the terms of this Letter Agreement by signing the enclosed copy where indicated below and returning it to the Company’s Human Resources department, Attention: George Lance, HR Services, 1 Main Street, 3rd Floor, Evansville, IN 47708, email: George.lance@oldnational.com.  
			
	Sincerely,
	Old National Bancorp
	
	By: ________________________

	Name:
	Title: 

			
	
	

AGREED AND ACCEPTED:

	
	__________________________
	Printed Name:

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APPENDIX A TO CASH AWARD LETTER AGREEMENT 
(Grantee’s Restrictive Covenants)
1.    Definitions. When used in and for purposes of this Appendix A, the following capitalized terms have the respective meanings set forth below. Unless otherwise defined or redefined in this Appendix A, capitalized terms herein have the same respective meanings as set forth in the body of the Award Agreement.
"Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with, such Person, with “Control” and such similar terms meaning the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such other Person, whether through ownership of voting securities or similar ownership interests, by contract or otherwise. 
“Business” means, collectively, the products and services provided by the Company, as the same may evolve or be changed from time to time, including but not limited to those involving the following core business areas: (i) community and/or commercial banking, including lending activities (whether individual/retail consumer loans or lines of credit or commercial loans, letters of credit and real estate or lease transactions), depositary activities, debit and ATM cards, merchant cash management, internet banking and other general banking activities; (ii) investment and brokerage services, including provision of investment advice and investment options; (iii) treasury services, including investment management, wholesale funding, interest rate risk, liquidity and leverage management and capital markets products or services (including interest rate derivatives, foreign exchange and bond financings); (iv) wealth management, including fiduciary and trust services, fee-based asset management, mutual fund management or other investment advisory services; (v) insurance agency services, including insurance brokerage services such as commercial property and casualty, surety, loss control services, employee benefits consulting and administration and personal insurance.
“Company” when used in and for purposes of this Appendix A means Old National Bancorp and its Affiliates, collectively or individually, as the same may exist at any particular referenced time or for any referenced historical “look-back” periods used in this Appendix A (“Look-Back Periods”) and shall include any predecessors or successors to any such entities; and “Employing Company” means the Company entity that was the employer of the Grantee at the relevant time or for the relevant period. For illustrative purposes only (i) as of the Grant Date, the Company includes Old National Bancorp, as the surviving corporation in the Merger, and its subsidiaries, and (ii) as to any Look-Back Periods covering or extending in whole or in part into historical periods prior to the Merger, the Company includes First Midwest and its subsidiaries (and, with respect to any Grantee who is a former employee of First Midwest or one of its subsidiaries, refers to and includes any pre-Merger periods of employment with or service to First Midwest or such subsidiary).
“Confidential Information” means any and all information of or relating to the Company or its Business (including Third-Party Confidential Information, as defined below) that is confidential, private, proprietary or otherwise not generally available to the public (including any and all trade secrets) or not generally known by or available to those engaged in the same or similar business, trade or industry as the Company, together with any and all tangible embodiments, copies, recordations or derivatives of any such information, including, without limitation, any and all reports, analyses, studies, plans, notes, summaries, communications, files, records or other documents or materials based on, derived from, excerpting, incorporating or otherwise reflecting, in whole or in part, any Confidential Information. All such information shall constitute “Confidential Information” (A) whether or not identified or labeled as confidential, (B) whether provided or made available to the Grantee before or after the date of this Award Agreement, (C) whether (i) disclosed or made available to the Grantee by the Company, (ii) created, authored, collected, compiled, prepared or otherwise developed by the Grantee, other Company employees or  any third parties in the course of or in connection with their services for the Company or for its benefit, or (iii) provided or made available to the Grantee for the Company’s use, in trust or confidence (including pursuant to a legal, contractual, fiduciary or other duty of confidentiality), by any customers, clients, vendors, suppliers or other third parties having or considering a business or contractual relationship with the Company (“Third-Party Confidential Information”), and (D) regardless of the form, format, mode of disclosure or media in which it may be maintained, used or communicated (whether written, printed, verbal, visual, graphic, digital, electronic or otherwise and whether in tangible or intangible form (as when held in a Person’s mind or memory)). Without limiting the generality of the foregoing, “Confidential Information” includes information of the types described in any employment, confidentiality, restrictive covenant or award agreements between the Company and the Grantee and in any Company confidentiality policies or guidelines applicable to the Grantee.
“Covered Personnel” means any individual Person who as of the time in question is, or at any time within the two-year Look-Back Period prior thereto was, an employee or temporary or contract worker of, or other individual independent contractor to, the Company with whom the Grantee had a supervisory or other working relationship during the Grantee’s employment with the Company or about whom the Grantee had knowledge or 
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access to or use of Confidential Information relating to such Person’s position, responsibilities, performance or potential by virtue of the Grantee’s employment by the Company.
“Customer” means any Person (or any Affiliate thereof) which (i) is a customer or client of any services or products of the Employing Company as of the time at which it is being determined (or, for or in respect of any post-Termination period, the date of the Grantee’s employment Termination), (ii) was a customer or client of any services or products of the Employing Company at any time during the two-year Look-Back Period immediately prior thereto or (iii) otherwise was a Person with whom the Grantee had direct contact on behalf of the Employing Company at any time during the period of the Grantee’s employment with the Employing Company.
“Grantee” has the same meaning as “you” under the Letter Agreement to which this Appendix A is attached, namely the recipient of the Cash Award named as such in the Letter Agreement.
"Person” means any individual or any corporation, general or limited partnership, firm, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or other entity.
“Prospective Customer” means any Person (or any Affiliate thereof) which, as of the time at which it is being determined (or, for or in respect of any post-Termination period, the date of the Grantee’s employment Termination) or at any time during the two-year Look-Back Period immediately prior thereto, is or was the direct target or subject of sales or marketing activities by the Grantee or is or was a Person that the Grantee knew was a target of the Employing Company’s sales or marketing activities.
2.    Non-Solicitation of Customers and Employees. During the term of Grantee’s employment with the Company and for one (1) year following Termination thereof, the Grantee shall not, directly or indirectly, individually or jointly with any other Persons, (a) solicit or attempt to solicit in any manner, seek to obtain or service, or accept the business of, any Customer or Prospective Customer for any product or service of the type offered by the Company or competitive with the Company's Business, (b) request, advise or suggest, or otherwise induce or cause (or attempt to induce or cause) any customer, client, vendor, supplier, licensor, licensee or consultant, advisor or other business relation of or to the Company to terminate, reduce, limit, or change its business or relationship with the Company, or  interfere with any such Person’s business or relationship with the Company, (c) request, encourage, induce or influence (or attempt to induce, influence or cause) any Covered Personnel to quit, leave or terminate their employment, temporary labor or independent contractor relationship or arrangement with the Company or solicit any such Covered Personnel for employment or engagement on behalf of any Person other than the Company, or (d) hire, employ or otherwise engage (whether as employee, part-time or temporary staff or labor, consultant, independent contractor or otherwise) any such Covered Personnel either directly or for or on behalf of any Person other than the Company. 
3.Safeguarding, and Non-Use and Non-Disclosure, of Confidential Information 
a.Value and Importance of Confidentiality Protections. The Grantee acknowledges and agrees that (i) by virtue of Grantee’s employment, the Grantee will be given access to and use of Confidential Information, (ii) the Company has devoted (and will continue to devote) substantial time, money, and effort to develop Confidential Information and maintain the proprietary and confidential nature thereof, and (iii) Confidential Information is proprietary and confidential and, if any Confidential Information were disclosed or became known by persons engaging in a business in any way competitive with the Company's Business, such disclosure would result in hardship, loss, irreparable injury, and damage to the Company, the measurement of which would be difficult, if not impossible, to determine. Accordingly, the Grantee agrees that the preservation and protection of Confidential Information is an essential part of the Grantee’s duties of employment and that, as a result of the Grantee’s employment with the Company, the Grantee has a duty of fidelity, loyalty, and trust to the Company in safeguarding Confidential Information. 

b.Confidentiality Covenants. At all times both during and after the Termination of the Grantee’s employment with the Company: (i) the Grantee will hold as strictly confidential, and take all steps necessary to protect and safeguard Confidential Information; (ii) the Grantee will not, directly or indirectly, use, or otherwise employ any Confidential Information, except for such use as reasonably required in the ordinary course of the Grantee’s employment by the Company, and then solely during the term of such Company employment and exclusively for the Company’s benefit; and (iii) the Grantee will not, directly or indirectly, disclose, distribute, communicate, disseminate or reveal any Confidential Information to any Person, except for such disclosure (A) to other Company employees who reasonably “need to know” the same to discharge their responsibilities to the Company, but only during the term of the Grantee’s employment with the Company or (B) as legally required by any court or governmental agency (as by subpoena or similar mandatory legal process or court order), but only after prompt notice to the Company to permit it to seek a protective order or other confidential treatment of the Confidential Information being sought and then only to the extent any portions of such Confidential Information are 
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legally required to be disclosed. The Grantee shall follow all Company policies and procedures regarding Confidential Information and shall exercise utmost diligence and take any additional precautions necessary or appropriate under the particular circumstances to safeguard, and protect against any prohibited use or disclosure of, any Confidential Information.

c.Duration. The confidentiality obligations contained in this Agreement shall continue as long as Confidential Information remains confidential or protectable as a trade secret under applicable laws (except that such obligations shall continue if Confidential Information loses its confidential nature through improper use or disclosure, including but not limited to any breach of the Restrictive Covenants in this Appendix A) and, in the case of any Third-Party Confidential Information, for so long as the Company remains contractually or otherwise legally obligated to protect the same.

d.Exceptions. Notwithstanding the foregoing, nothing in this Appendix A prohibits, limits, or restricts, or shall be construed to prohibit, limit, or restrict, the Grantee from exercising any legally protected whistleblower rights (including pursuant to Section 21F of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder), without notice to or consent from the Company. Moreover, pursuant to the federal Defend Trade Secrets Act of 2016: (i) an individual will not be held criminally or civilly liable  under any federal or state trade secret laws for the disclosure of  a trade secret that is made (A) in confidence,  to a federal, state or local government official  or to a lawyer, solely for the purpose of reporting or investigating a suspected violation of law; or (B) in a complaint or other document filed in a lawsuit or other legal proceeding, if such filing is made “under seal” (meaning that it is not accessible to the public); and (ii) an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. 

4.    Remedies. The Company will suffer irreparable damage and injury and will not have an adequate remedy at law if the Grantee breaches any provision of the Restrictive Covenants in this Appendix A. Accordingly, in addition to any and all other remedies that may be available to the Company, the Company shall be entitled to seek injunctive relief to prevent or halt actual, attempted or threatened breaches of the Grantee’s Restrictive Covenants, or to enforce specifically their terms, without proving actual damages or posting any bond or other security. The rights and remedies of the Company set forth in this Appendix A and in this Award Agreement generally are cumulative with, and not exclusive or in lieu of, other rights and remedies available to the Company at law or in equity. In addition, the Company will retain the right to take appropriate disciplinary action against the Grantee for violations of the Restrictive Covenants or any Company policies during the Grantee’s employment by the Company. The existence of any claim or cause of action that the Grantee has against the Company, whether predicated on this Award Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the Restrictive Covenants. 

5.    Periods of Noncompliance and Reasonableness of Periods. The Restrictive Covenants shall be deemed not to run during any periods of noncompliance by the Grantee, the intention of the parties being to have such restrictions and covenants apply for the full periods contemplated by this Appendix A (including those specified following the Grantee’s Termination of employment with the Company). The Company and the Grantee acknowledge and agree that the Restrictive Covenants are reasonable in view of the nature of the Company's Business and the Grantee's advantageous knowledge of and familiarity with the Company's Business, operations, affairs, Customers and Prospective Customers. The Restrictive Covenants are essential terms and conditions to the Company entering into this Award Agreement, and they shall be construed as independent of any other provision in this Award Agreement or of any other agreement between the Grantee and the Company. Notwithstanding anything contained herein to the contrary, if the scope of any restriction or covenant is found by a court of competent jurisdiction to be too broad to permit enforcement of such restriction or covenant as written, then such restriction or covenant shall be enforced to the maximum extent permitted by law. The Grantee and the Company hereby acknowledge the same and authorize any such court to strike or modify any such provision or part thereof, to permit enforcement of the Restrictive Covenants and this Award Agreement to the fullest extent permitted by law.
6.    Survival. The Restrictive Covenants shall survive termination or expiration of this Award Agreement and any Termination of the Grantee’s employment with the Company.
7.    Reimbursement of Certain Costs. If the Grantee breaches or threatens to breach any of the Restrictive Covenants in this Appendix A and the Company initiates legal action against the Grantee and substantially prevails against the Grantee in such action by enforcing such Restrictive Covenants or obtaining damages for such breaches, the Company shall be entitled to payment or reimbursement from the Grantee of the Company’s reasonable costs and expenses in connection with such action (including reasonable attorneys' fees and disbursements, litigation costs and investigative and expert witness fees and costs).

6EX-10.2

  Execution Version

  Exhibit 10.2

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  EMPLOYMENT AGREEMENT

   

  between

   

  SUPERIOR ENERGY SERVICES, INC.

   

  and

   

  JAMES W. SPEXARTH

   

   

   

   

  Dated as of March 28, 2022

   

  EMPLOYMENT AGREEMENT

   

  This Employment Agreement (this “Agreement”), dated and effective as of March 28, 2022 (the “Effective Date”), is by and between Superior Energy Services, Inc., a Delaware corporation (“Superior”), and James W. Spexarth (“Employee”).

   

  WITNESSETH:

   

  WHEREAS, Employee serves as an employee of Superior or one of its subsidiaries (Superior and all of its subsidiaries, collectively, the “Company”), the Company desires to continue the employment of Employee, and Employee desires to remain in the employment of the Company, in each case on the terms and conditions set forth herein; and

   

  WHEREAS, Employee and the Company are parties to that certain Amended and Restated Employment Agreement, effective March 1, 2018 (the “Original Employment Agreement”) which shall be superseded effective as of the Effective Date by this Agreement.

   

  NOW, THEREFORE, in consideration of the premises and of the respective 

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  representations and warranties hereinafter set forth and of the mutual covenants herein contained, the parties hereto agree as follows:

   

  1.Employment. The Company shall continue to employ Employee, and Employee shall continue to serve in the employ of the Company, upon the terms and subject to the conditions set forth in this Agreement. For purposes of this Agreement, Superior shall cause the appropriate entity of the Company that employs Employee to perform any action or obligation required hereunder of the Company, and any action or obligation required hereunder of Superior may be accomplished by Superior or any of its subsidiaries.

   

  2.Position and Duties.

   

  (a)Title and Duties. Employee shall be employed as the Executive Vice President, Chief Financial Officer, and Treasurer of the Company. Employee shall perform such duties, consistent with Employee’s status as an executive officer of the Company elected by the Company’s Board of Directors (the “Board”), as may be prescribed from time to time by the Board, the Company’s Chief Executive Officer, or other officers to whom authority has been delegated by the Board or the Company’s Chief Executive Officer.

   

  (b)Company Policies and Procedures. Employee shall at all times comply with and be subject to such policies and procedures as the Company may establish from time to time for its executive officers and employees, including, without limitation, its Code of Business Ethics and Conduct.

   

  (c)Activities. Employee shall, during the period of Employee’s employment hereunder, devote Employee’s full business time, energy, and best efforts to the business and affairs of the Company. Employee may not engage, directly or indirectly, in any other business, investment, or activity that interferes with Employee’s performance of Employee’s duties hereunder, is contrary to the interest of the Company or any of its subsidiaries, or requires any significant portion of Employee’s business time. The foregoing notwithstanding, the parties recognize and agree that Employee may (i) serve on civic, educational, religious or charitable boards or committees, (ii) serve on the board of directors of an entity other than a civic, educational, religious or charitable entity with prior notice to, and consent by, the Board and (iii) engage in passive personal investments and other business activities which do not conflict with the business and affairs of the Company or any of its subsidiaries or interfere with Employee’s performance of his duties hereunder.

   

  3.Term and Effectiveness.

   

  (a)Employment Period. The terms and provisions of this Agreement shall become operative on the Effective Date and except as otherwise provided herein Employee’s employment with the Company hereunder shall continue until the third anniversary of the Effective Date; provided, however, that on the first anniversary of the Effective Date and on each subsequent anniversary thereof, the term of Employee’s employment under this Agreement shall automatically be extended for one additional 

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  year unless either party gives written notice to the other of that party’s election not to so extend the term hereof no less than 60 days prior to any such annual renewal date (such term, as it may be extended, the “Employment Period”).

   

  (b)Continuing Rights and Obligations. Following Employee’s ceasing, for whatever reason, to be an employee of the Company, each party shall have the right to enforce all its rights, and shall be bound by all obligations, that are continuing rights and obligations under the terms of this Agreement.

   

  4.Compensation and Benefits.  Employee shall be entitled to the compensation and other benefits provided in this Section 4 during the Employment Period.

   

  (a)Salary. During the Employment Period, the Company shall pay to Employee an annual base salary of $425,000 (the “Base Salary”), less applicable deductions and withholdings, which shall be paid in equal bi-weekly installments in accordance with the Company’s regular payroll practices for its employees.

   

  (b)Annual Bonus.  During the Employment Period, Employee shall be eligible to earn an annual bonus under the Company's annual incentive plan (the “Bonus”), with a target bonus opportunity of 70% of annual Base Salary, subject to the Compensation Committee’s approval of the Company's performance goals under the annual incentive plan, as well as the target level and maximum bonus opportunity for Employee.  Employee’s Bonus for 2022 shall be pro-rated for the portion of 2022 during the Employment Period and he shall be eligible to receive a pro-rata bonus under the terms of the Original Employment Agreement for the portion of 2022 from January 1, 2022 until commencement of the Employment Period, as determined by the Compensation Committee.

   

  (c)MIP Award.  Employee will receive an award under the Company’s 2021 Management Incentive Plan (the “Plan”) having a grant date fair value equal to $2,059,970 million (the “MIP Award”). Twenty percent (20%) of the MIP Award will be comprised of time-based restricted stock units (“RSUs”) and eighty percent (80%) of the MIP Award will be comprised of performance-based restricted stock units (“PSUs”).  The PSUs and RSUs shall vest based on achievement of the vesting conditions set forth on Appendix A hereto and shall be subject to the terms and conditions of the Plan and the applicable RSU and PSU award agreement.

   

  (d)Benefits.  Employee shall be eligible to participate in all employee benefit plans and other benefit programs (e.g., automobile allowance and expense reimbursement), in each case, generally available to the Company’s executive officers and in accordance with the terms and conditions of such plans and programs as in effect from time to time.

   

  (e)Consent to Terminate Severance Plan.  In consideration for future employment and the compensation opportunities set forth in the Agreement, Employee consents to the Compensation Committee’s termination of the Severance Plan in 

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  accordance with Section 7.2 of the Severance Plan and Employee’s right to receive the severance payments and benefits thereunder.

   

   

  5.Termination.

   

  (a)Termination by the Company. The Company shall have the right to terminate Employee’s employment under this Agreement for any of the following reasons:

  (i)This Agreement shall automatically terminate upon Employee’s death.

  (ii)Upon Employee’s incapacity due to physical or mental illness and Employee becoming eligible to receive benefits under the Company’s long-term disability plan. The Company shall give Employee at least 60 days prior written notice of termination pursuant to this Section 5(a)(ii).

   

  (iii)For Cause. For purposes of this Agreement, the Company shall have “Cause” to terminate Employee’s employment hereunder upon:

   

  (1)the substantial and continued willful failure by Employee to perform his material duties hereunder, or a material breach or threatened breach of this Agreement by Employee, in either case which results, or could reasonably be expected to result, in material harm to the business or reputation of the Company, which failure or breach is not corrected (if correctable) by Employee within 30 days after written notice of such failure or breach is delivered to Employee by the Company;

   

  (2)Employee’s violation of the Company’s Code of Business Ethics and Conduct, which violation is not corrected (if correctable) by Employee within 30 days after written notice of such violation is delivered to Employee by the Company; or

   

  (3)the commission by Employee of any criminal act involving moral turpitude or a felony which results in an indictment or conviction.

   

  (iv)For any other reason whatsoever in the sole discretion of the executive officer to which Employee reports.

   

  (b)Termination by Employee.	Employee may terminate his employment under this Agreement at any time for any of the following reasons:

   

  (i)For Good Reason. For purposes of this Agreement, Employee shall have “Good Reason” to terminate Employee’s employment if:

   

  (1)without Employee’s prior written consent, there is a material reduction in Employee’s authority, duties or responsibilities with the Company, which reduction is considered to be a significant demotion in the scope of Employee’s employment with the Company, 

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  provided that Good Reason shall not exist (A) in circumstances where Employee's duties or responsibilities are expanded or (B) where the reduction is attributable to a sale of a business unit or a portion of the Company’s assets, provided, in each case, that Employee remains Executive Vice President, Chief Financial Officer, and Treasurer of the Company;

   

  (2)without Employee’s prior written consent, there is a material reduction in Employee’s Base Salary or annual Bonus opportunity (whether in one reduction or cumulatively), excluding an elimination or reduction of a benefit under any benefit plan or arrangement in which Employee participates that affects similarly situated employees in a similar way; or

   

  (3)without Employee's prior written consent, the Company requires Employee to be based at an office that is not within 50 miles of the Company’s principal corporate office in Houston, Texas, or within 30 miles of the Company’s office at which Employee was based prior to such change, excluding travel reasonably required in the performance of Employee's duties hereunder.

   

  Notwithstanding the foregoing, Good Reason shall not exist unless: (i) Employee provides written notice to Superior of the existence of the Good Reason event within 60 days of Employee having knowledge of its initial existence, (ii) Superior is provided 30 days from the receipt of such notice during which it may remedy the Good Reason event (if such Good Reason event is cured by Superior by the end of such 30 day period, Employee shall not have Good Reason to terminate employment), (iii) Employee gives written notice to Superior of his intent to terminate employment within 30 days after Superior’s right to cure has lapsed, and (iv) Employee actually terminates Employee’s employment no later than the date that is one year after the date Employee had knowledge of the initial existence of Good Reason.

   

  (ii)       For any other reason whatsoever in Employee’s sole discretion.

   

  (c)Notice of Termination. Any termination of Employee’s employment by the Company or by Employee, other than termination as a result of Employee’s death, shall be communicated by written notice of termination to the other party hereto in accordance with Section 10, which notice shall indicate the specific termination provision in this Agreement relied upon, the effective date of termination of Employee’s employment and set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Employee’s employment under the provision so indicated.  Upon any termination of Employee’s employment for any reason, Employee shall resign from any and all directorships, committee memberships and any other positions and offices that Employee holds with the Company.

   

  6.Compensation Upon Termination.

   

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  (a)Accrued Amounts. Except as provided in this Section 6, if Employee’s employment hereunder is terminated pursuant to Section 5, all future compensation and benefits to which Employee is otherwise entitled under this Agreement shall cease and terminate as of the date of such termination, and Employee (or his estate) shall be entitled to receive the payments and benefits in Section 6(a)(i)-(v) (the “Accrued Amounts”):

   

  (i)Employee’s Base Salary through the date of termination;

   

  (ii)if Employee’s termination occurs on or after January 1st of a calendar year, but before the date on which bonuses are paid, if any, pursuant to achievement of performance goals set under the Company's annual incentive plan for the year immediately preceding the year in which Employee’s termination of employment occurs, an amount, subject to the Company's discretion as applied in a manner consistent with the determination for similarly situated employees and paid at the same time the Company pays bonuses to similarly situated employees under such plan, equal to the amount Employee would have earned if Employee had remained employed with the Company until the date such bonuses would otherwise have been paid;

   

  (iii)those benefits that are provided by welfare benefit plans and programs adopted and approved by the Company for Employee that, under the terms of the relevant plans and programs, are earned and vested and payable on or before the date of termination;

   

  (iv)any rights Employee (or his estate) may have under any stock option, restricted stock, performance share unit or any other stock-based award; and

   

  (v)medical and similar employee welfare benefits, the continuation of which is required by applicable law or as provided in the applicable welfare benefit plan.

   

   

  (b)Other Terminations. If Employee’s employment under this Agreement  is  terminated  by  the  Company  pursuant  to Section 5(a)(iv) or terminated by Employee pursuant to Section 5(b)(i), then in addition to any other amounts payable to Employee and subject to Section 6(c) and Section 16 (if applicable):

   

  (i)the Company shall pay to Employee in one lump-sum payment on the first business day following the date 60 days after the date of such termination an amount equal to the sum of (A) two (2) times the base salary then in effect and (B) two (2) times the target Bonus for Employee in the current fiscal year;

   

  (ii)for twenty-four (24) months after the date of Employee’s termination of employment, the Company shall continue to provide group health insurance benefits to Employee and Employee’s family at least equal to those that would have been provided to them if Employee’s employment had not been terminated (group health insurance shall be provided via the Company’s payment of the monthly cost of coverage elected by Employee pursuant to 

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  COBRA, or an equivalent amount for periods of coverage after the applicable COBRA period, at such time as the COBRA premiums would be due under such plan; and such premiums, including any premiums paid on Employee’s behalf beyond the COBRA period, will be imputed to Employee as income, to the extent required by law); provided, however, that if Employee becomes reemployed with another employer and is eligible to receive such benefits under another employer provided plan, the benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility; and

   

  (iii)the Company shall pay to Employee on the first business day following the date 60 days after Employee’s termination of employment the amount of Employee’s target annual bonus opportunity for the year in which Employee’s termination of employment occurs, prorated for the days in such calendar year that Employee was employed by the Company.

   

  (c)Release. Notwithstanding any provision hereof to the contrary, Employee shall not be entitled to the payments and benefits under Section 6(b) hereof unless Employee executes and delivers to Superior (without subsequent revocation) a waiver and release substantially in the form attached hereto as Appendix B (the “Release”) no later than the specified in the Release. The Company shall provide Employee with an execution version of the Release within five (5) days from the date of Employee’s termination.

   

  (d)Excise Tax.

   

  (i)Tax Liability. Employee will be liable for and will pay all applicable tax liability, including federal, state, local and foreign income, excise, including taxes on “excess parachute payments” pursuant to Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), or other taxes, by virtue of any payments made to Employee under this Agreement.

   

  (ii)Limitation on Severance Benefits. Notwithstanding any contrary provision in this Agreement, in the event that it shall be determined (as hereinafter provided) that any payment or distribution by the Company to or for the benefit of Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement including, without limitation, any stock option, restricted stock, stock appreciation right or similar right or the lapse or termination of any restriction on, or the vesting or exercisability of, any of the foregoing (individually and collectively, a “Payment”), would be subject, but for the application of this Section 6(d)(ii), to the excise tax imposed  by Section 4999 of the Code, or any successor provision thereto (the “Excise Tax”), by reason of being considered “contingent on a change in ownership or control” of Superior, within the meaning of Section 280G(b)(2) of the Code, or any successor provision thereto, then:

   

  (1)if the After-Tax Payment Amount would be greater by reducing the amount of the Payment otherwise payable to Employee to 

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  the minimum extent necessary (but in no event less than zero) so that, after such reduction, no portion of the Payment would be subject to the Excise Tax, then the Payment shall be so reduced; and

   

  (2)if the After-Tax Payment Amount would be greater without the reduction then there shall be no reduction in the Payment.

   

  As used in this Section 6(d)(ii), “After-Tax Payment Amount” means (i) the amount of the Payment, less (ii) the amount of federal income taxes payable with respect to the Payment calculated at the maximum marginal income tax rate for each year in which the Payment shall be paid to Employee (based upon the rate in effect for such year as set forth in the Code at the time of the Payment), less (iii) the amount of the Excise Tax, if any, imposed on the Payment. For purposes of any reduction made under Section 6(d)(ii), the Payments that shall be reduced shall be those that provide Employee the best economic benefits, and to the extent any Payments are economically equivalent, each shall be reduced pro rata.

   

  (iii)	Determination.  All determinations required to be made under this Section 6(d) and the assumptions to be utilized in arriving at such determinations, will be made by a public accounting firm or another qualified advisor that is selected by the Company in its discretion prior to the applicable transaction, which firm or advisor will provide detailed supporting calculations to both the Company and Employee.

   

  7.Nondisclosure and Non-Competition.

   

  (a)Certain Definitions.  For purposes of this Agreement, the following terms shall have the following meanings:

   

  (i)“Company’s Business” means any line of business in which the Company is engaged at the time and includes, but is not limited to, the following: (a) manufacturing, selling or renting specialized tools or equipment for use with onshore, offshore and subsea oil and gas well drilling, completion, production, pressure management, workover, finishing and related activities; (b) providing onshore and offshore oil and gas well intervention services, including, without limitation, hydraulic workover and snubbing; and (c) providing completion services including, without limitation, sand control systems, well screens and filters, and safety valves.

   

  (ii)“Confidential Information” means any information, knowledge or data of any nature and in any form (including information that is electronically transmitted or stored on any form of magnetic or electronic storage media) relating to the past, current or prospective business or operations of the Company, that at the time or times concerned was not known by or available to Employee through means other than his employment by the Company and is not generally known to persons engaged in businesses similar to those conducted or contemplated by the Company (other than information known by such persons through a violation of an obligation of confidentiality to the 

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  Company), whether produced by the Company or any of its consultants, agents or independent contractors or by Employee, and whether or not marked confidential, including, without limitation, (a) information relating to the Company’s products and services, business plans, business acquisitions, processes, product or service research and development methods or techniques, training methods and other operational methods or techniques, quality assurance procedures or standards, operating procedures, files, plans, specifications, proposals, drawings, charts, graphs, support data, trade secrets, supplier lists, supplier information, purchasing methods or practices, distribution and selling activities, consultants’ reports, marketing and engineering or other technical studies, maintenance records, employment or personnel data, marketing data, strategies or techniques, financial reports, budgets, projections, cost analyses, price lists and analyses, employee lists, customer lists, customer source lists, proprietary computer software; (b) information, ideas, concepts, improvements, discoveries or inventions, whether patentable or not, which Employee conceived, made, developed or acquired, individually or in conjunction with others, during Employee’s employment by the Company that relate to the Company’s Business; (c) ideas, prospects, proposals or other opportunities relating to the Company’s Business that any third party originated and brought to Employee’s attention during his employment by the Company; and (d) and internal notes and memoranda relating to any of the foregoing.

   

  (b)Nondisclosure of Confidential Information. Employee shall hold in a fiduciary capacity for the benefit of the Company all Confidential Information which shall have been obtained by Employee during Employee’s employment by the Company and shall use such Confidential Information solely within the scope of his employment with and for the exclusive benefit of the Company. Employee agrees (i) not to communicate, divulge or make available to any person or entity (other than the Company) any such Confidential Information, except upon the prior written authorization of Superior or as may be required by law or legal process, and (ii) at the end of the Employment Period, to deliver promptly to the Company any Confidential Information in his possession, including any duplicates thereof and any notes or other records Employee has prepared with respect thereto. In the event that the provisions of any applicable law or the order of any court would require Employee to disclose or otherwise make available any Confidential Information, whether during the Employment Period or thereafter, then Employee shall give Superior prompt prior written notice of such required disclosure (including a copy of the disclosure request, if applicable) and an opportunity to contest the requirement of such disclosure or apply for a protective order with respect to such Confidential Information by appropriate proceedings.  In accordance with the Defend Trade Secrets Act, 18 U.S.C. § 1833(b), and other applicable law, nothing in this Agreement, or any other agreement or policy shall prevent Employee from, or expose Employee to criminal or civil liability under federal or state trade secret law for, (i) directly or indirectly sharing any of the Company’s trade secrets or other Confidential Information (except information protected by the Company’s attorney-client or work product privilege) with an attorney or with any federal, state, or local government agencies, regulators, or officials, for the purpose of investigating or reporting a suspected violation of law, whether in response 

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  to a subpoena or otherwise, without notice to the Company, or (ii) disclosing trade secrets in a complaint or other document filed in connection with a legal claim, provided that the filing is made under seal.  Further, nothing herein shall prevent Employee from discussing or disclosing information related to Employee’s general job duties or responsibilities and/or regarding employee wages.

   

  (c)Limited Covenant Not to Compete. This Section 7(c) shall be binding upon Employee during the Employment Period. Section 7(c)(i) shall be binding upon Employee for a period of one year after Employee’s termination of employment if (i) Employee terminates Employee’s employment voluntarily (excluding a termination due to Good Reason) or (ii) the Company terminates Employee’s employment for Cause pursuant to Section 5(a)(iii).  Section 7(c)(ii), (iii) and (iv) shall be binding upon Employee for a period of one year after Employee’s termination of employment for any reason.

   

  (i)Employee shall not, within the Territory (as defined below), directly or indirectly, for himself or others, own, manage, operate, control, be employed by, engage or participate in, allow his skill, knowledge, experience or reputation to be used by, or otherwise be connected in any manner with the ownership, management, operation or control of, any company or other business enterprise engaged in any aspect of the Company’s Business in connection with which Employee provided services during his employment with the Company; provided, however, that nothing contained herein shall prohibit Employee from making passive investments in any publicly held company that do not exceed, in the  aggregate,  one  percent  (1%)  of  the  outstanding  equity  interest  of  such company;

   

  (ii)Employee shall not, and shall not cause any other person to, directly or indirectly, call upon any customer or potential customer of the Company within the Territory, for the purpose of soliciting, diverting or enticing away the business of such person or entity, or otherwise disrupting any previously established relationship existing between such person or entity and the Company;

   

  (iii)Employee shall not, and shall not cause any other person to, directly or indirectly, solicit, induce, influence or attempt to influence any supplier, lessor, licensor, or any other person who has a business relationship with the Company, or who on the date of termination of Employee’s employment hereunder is engaged in discussions or negotiations to enter into a business relationship with the Company, to discontinue or reduce the extent of such relationship with the Company; and

   

  (iv)Employee shall not, and shall not cause any other person to, directly or indirectly, make contact with any of the employees of the Company (including those who are employees of the Company at the time of such contact or at any time in the three (3) months prior to such contact) for the purpose of soliciting such employee for hire, whether as an employee or independent contractor, or otherwise disrupting such employee’s relationship with the 

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  Company.

   

  Employee further agrees that during the Employment Period and for a period of one year thereafter, Employee shall not, and shall not cause any other person to, directly or indirectly, hire any employee of the Company (including those who are employees of the Company at any time in the three (3) months prior to such hiring) as an employee or independent contractor.

   

  For purposes of this Section 7(c), “Territory” means any geographic area or market (including any adjacent offshore areas), whether within or outside the United States, in which the Company engages in the Company’s Business, as defined in Section 7(a)(i) above on the date of termination of Employee’s employment hereunder, including, without limitation, the parishes (or any adjacent offshore areas) of the State of Louisiana as set forth in Appendix C).

   

  (d)Protection of Information.

   

  (i)The Company shall disclose to Employee, or place Employee in a position to have access to or develop, trade secrets or confidential information of the Company; and/or shall entrust Employee with business opportunities of the Company; and/or shall place Employee in a position to develop business good will on behalf of the Company.

   

  (ii)Employee agrees not to disclose or utilize, for Employee’s personal benefit or for the direct or indirect benefit of any other person or entity, or for any other reason, whether for consideration or otherwise, during the Employment Period or at any time thereafter, any information, ideas, concepts, improvements, discoveries or inventions, whether patentable or not, which are conceived, made, developed, or acquired by Employee, individually or in conjunction  with  others,  during  Employee’s  employment  by  the  Company (whether during business hours or otherwise and whether on the Company’s premises or otherwise) which relate to the business, products, or services of the Company (including, without limitation, all such business ideas, prospects, proposals or other opportunities which are developed by Employee during his employment hereunder, or originated by any third party and brought to the attention of Employee during his employment hereunder, together with information relating thereto (including, without limitation, data, memoranda, opinions or other written, electronic or charted means, or any other trade secrets or other confidential or proprietary information of or concerning the Company)) (collectively, “Business Information”). Moreover, all documents, drawings, notes, files, data, records, correspondence, manuals, models, specifications, computer programs, E-mail, voice mail, electronic databases, maps, and all other writings or materials of any type embodying any such Business Information are and shall be the sole and exclusive property of the Company. Upon termination of Employee’s employment by the Company, for any reason, Employee promptly shall deliver all Business Information, and all copies thereof, to the Company.  As a result of knowledge of confidential Business Information of third parties, such as customers, suppliers, partners, 

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  joint ventures, and the like, of the Company, Employee also agrees to preserve and protect the confidentiality of such third party Business Information to the same extent, and on the same basis, as the Company’s Business Information.

   

  (iii)Employee agrees that, during his employment, any inventions (whether or not patentable), concepts, ideas, expressions, discoveries, or improvements, including, without limitation, products, processes, methods, publications, works of authorship, software programs, designs, trade secrets, technical specifications, algorithms, technical data, know-how, internal reports and memoranda, marketing plans and any other patent or proprietary rights conceived, devised, developed, or reduced to practice, in whole or in part, by Employee during his employment with the Company (the “Developments”) are the sole and exclusive property of the Company on a worldwide basis as works made for hire or otherwise, and further that any revenue or other consideration obtained from the sale, license or other transfer or conveyance of any such Development, or a product or service incorporating such Development, is solely for the benefit of and becomes the property of the Company. To the extent a Development may not be considered work made by Employee for hire for the Company, Employee agrees to assign, and automatically assigns at the time of creation of the Development, without any requirement of further consideration, any and all right, title and interest he may have in such Development. Employee shall preserve each such Development as confidential and proprietary information of the Company. Employee shall promptly disclose each such Development and shall, upon demand, at the Company’s expense, execute and deliver to the Company such documents, instruments, deeds, acts and things as the Company may request to evidence or maintain the Company’s ownership of the Development, in any and all countries of the world, or to effect enforcement thereof, and to assign all rights, if any, of Employee in and to each of such Developments.   In addition, Employee agrees not to publish or seek to publish any information whatsoever concerning any Development without the prior written consent of Superior, which may be withheld in its sole and absolute discretion.

   

  (iv)Any inventions relating to the business of the Company conceived or reduced to practice after Employee leaves the employ of the Company shall be conclusively deemed to have been conceived and/or reduced to practice during the period of the employment if conceived and/or reduced to practice within six months from termination of employment, and shall be subject to the terms of this Section 7.

   

  (e)Non-Disparagement. Throughout the Employment Period and thereafter, Employee shall not directly or through another, (i) engage in, any pattern of conduct that involves the making or publishing of written or oral statements or remarks (including, without limitation, the repetition or distribution of derogatory rumors, allegations, negative reports or comments) that are disparaging, deleterious, or damaging to the integrity, reputation or good will of the Company or its management, products or services; (ii) make any statement, posting, or other communication (including on or through any media (whether print, television, radio, the internet, social 

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  media, or with or through any reporter, blogger, “app” (such as Instagram, Snapchat, or the like), or otherwise, collectively “Media”)) that purports to be on behalf of the Company, or which a third party may perceive has been authorized, approved, or endorsed by the Company, or reflects the views of the Company (including as a result of the use of the Company’s email account or address to make any such statement, posting, or communication); (iii) share, post, transmit, or upload any material related to the Company (regardless of whether such comments, statements, or material are disparaging) with, to, through, or on any Media; or (iv) utilize any Company logos, graphics, trade names, or trademarks on any Media or for any other purpose without permission from the Company. After the Employment Period, the Company shall direct its directors and officers not to engage in, directly or through another, any pattern of conduct that involves the making or publishing of written or oral statements or remarks (including, without limitation, the repetition or distribution of derogatory rumors, allegations, negative reports or comments) that are disparaging, deleterious, or damaging to the integrity, reputation or good will of Employee. It is expressly understood that neither this paragraph nor any other term of this Agreement is intended to or shall have the effect of precluding Employee or Superior from good faith compliance with federal or state laws or regulations requiring factual disclosures concerning Employee or the Company. 

   

  (f)Injunctive Relief. Employee acknowledges that a breach by Employee of each of paragraph (b), (c), (d) and (e) of this Section 7 would cause immediate and irreparable harm to the Company for which an adequate monetary remedy does not exist; hence, Employee agrees that, in the event of a breach or threatened breach by Employee of the provisions of paragraph (b), (c), (d) or (e) of this Section 7 during or after the Employment Period, the Company shall be entitled to injunctive relief restraining Employee from violation of any such paragraph without the necessity of proof of actual damage or the posting of any bond, except as required by non-waivable, applicable law. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedy at law or in equity to which the Company may be entitled under applicable law in the event of a breach or threatened breach of this Agreement by Employee including, but not limited to, enforcing any obligations of Employee to the Company under any option, restricted stock or other agreement with the Company, recovery of costs and expenses such as reasonable attorney’s fees incurred by reason of any such breach and actual damages sustained by the Company as a result of any such breach.

   

  (g)Governing Law of this Section 7; Consent to Jurisdiction. Any dispute regarding the reasonableness of the covenants and agreements set forth in this Section 7, or the territorial scope or duration thereof, or the remedies available to the Company upon any breach of such covenants and agreements, shall be governed by and interpreted in accordance with the laws of the state in which the prohibited competing activity or disclosure occurs, and, with respect to each such dispute, the Company and Employee each hereby irrevocably consent to the exclusive jurisdiction of the state and federal courts sitting in the relevant state for resolution of such dispute, and agree to be irrevocably bound by any judgment rendered thereby in connection with such dispute, and further agree that service of process may be made upon him in any legal 

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  proceeding relating to this Section 7 by any means allowed under the laws of such state. Each party irrevocably waives any objection he, she or it may have as to the venue of any such suit, action or proceeding brought in such a court or that such a court is an inconvenient forum.

   

  (h)Employee’s Understanding of this Section . Employee hereby represents to the Company that he has read and understands, and agrees to be bound by, the terms of this Section 7. Employee acknowledges that the geographic scope and duration of the covenants contained in Section 7(c) are the result of arm’s-length bargaining and are fair and reasonable in light of (i) the importance of the functions performed by Employee and the length of time it would take the Company to find and train a suitable replacement, (ii) the  nature  and   wide   geographic  scope   of  the  operations  of   the  Company, (iii) Employee’s level of control over and contact with the Company’s Business and operations in all jurisdictions where same are conducted and (iv) the fact that the Company’s Business is conducted throughout the geographic area where competition is restricted by this Agreement. It is the desire and intent of the parties that the provisions of this Agreement be enforced to the fullest extent permitted under applicable law, whether now or hereafter in effect and therefore, to the extent permitted by applicable law, the parties hereto waive any provision of applicable law that would render any provision of this Section 7 invalid or unenforceable. The provisions of this Section 7 are supplemental to and do not supersede Employee’s obligations under applicable law, regulation, or policy. Employee understands and acknowledges that the Company has made substantial investments in its business, including its goodwill and Confidential Information. Employee agrees that such investments are worthy of protection, and that the Company’s need for the protection afforded by this Section 7 is greater than any hardship Employee might experience by complying with its terms. Employee hereby represents to the Company that he has read and understands, and agrees to be bound by, the terms of this Section 7.

   

  (i)Protected Rights.  Notwithstanding anything to the contrary in this Agreement, Employee understands that nothing contained in this Agreement limits Employee’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (collectively, “Government Agency”). Employee further understands that this Agreement does not limit Employee’s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Agreement does not limit Employee’s right to receive an award for information provided to any Government Agency.

   

  8.Enforceability. This Agreement and all rights of Employee hereunder shall inure to the benefit of and be enforceable by Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Employee should die while any amounts would still be payable to him under this Agreement if he had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the 

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  terms of this Agreement to Employee’s devisee, legatee, or other designee or, if there be no such designee, to Employee’s estate.

   

  9.Arbitration. Employee shall submit any dispute or claim arising from or relating to the Agreement that cannot be resolved to mandatory and binding arbitration administered by the American Arbitration Association (“AAA”) to be held in Houston, Texas, U.S.A., except as otherwise required by law. The arbitration shall be in accordance with the terms of the Plan and the Commercial Arbitration Procedures of the AAA (the “Rules”).  The arbitration shall be conducted before a panel of three (3) arbitrators from the AAA National Roster of approved arbitrators who each have at least fifteen (15) years of employment law experience, of which each of the parties shall select one and the third of which shall be mutually selected by the two (2) arbitrators; provided, that if the two (2) arbitrators are unable to agree to the selection of the third arbitrator within a period of fifteen (15) days following the date in which the two (2) arbitrators are selected by the parties pursuant to this Section, the third arbitrator shall instead be selected by the AAA pursuant to the Rules. Each party in such an arbitration proceeding shall be responsible for the costs and expenses incurred by such party in connection therewith (including attorneys’ fees) which shall not be subject to recovery from the other party in the arbitration except that any and all charges that may be made for the cost of the arbitration and the fees of the arbitrators which shall in all circumstances be paid by the Company. Any court having jurisdiction may enter a judgment upon the award rendered by the arbitrator. In the event of litigation to enforce an arbitration award in connection with or concerning the subject matter of this Agreement, the prevailing party shall be entitled to recover from the non-prevailing party all reasonable out-of-pocket costs and disbursements incurred by such party in connection therewith (including reasonable attorneys’ fees). Notwithstanding the provisions of this Section 9, the Company may, if it so chooses, bring an action in any court of competent jurisdiction for injunctive relief to enforce Employee’s obligations under Section 7.

   

  10.Notices. For purposes of this Agreement, all notices, demands and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or (unless otherwise specified) mailed by United States certified or registered mail, return receipt requested, postage prepared, addressed as follows:

   

  If to Employee:

   

  James W. Spexarth

  [Street Address]

  [City, State, Zip Code]

   

  If to Superior:

   

  General Counsel

  Superior Energy Services, Inc.

  1001 Louisiana Street, Suite 2900

  Houston, Texas  77002

   

  or to such other address as any party may have furnished to the others in writing in accordance 

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  herewith, except that notices of change of address shall be effective only upon receipt.

   

  11.Miscellaneous. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by Employee and such officer of Superior as may be specifically designated by the Board of Directors of Superior. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. Each party participated in the drafting of this Agreement and no inference shall be made against either party in its interpretation.

   

  12.Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. Neither party shall be in breach of this Agreement if subsequent law changes make any provision unenforceable or illegal. The parties agree to negotiate in good faith any modifications that may be necessary to comply with future law changes.  Notwithstanding the foregoing, an arbitrator or reviewing court of competent jurisdiction may modify or blue pencil any invalid or unenforceable provision so as to render it fully valid and enforceable to the maximum extent permissible, in accordance with the intention of the parties hereto.

   

  13.Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

   

  14.Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and as of the Effective Date replaces and supersedes any previous agreement, arrangement or contract, whether written or oral, relating to Employee’s employment, including, but not limited to, any offer letter, employment agreement, change in control agreement or severance agreement. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto.

   

  15.Withholding. The Company may withhold from any amounts payable under this Agreement such federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.

   

  16.Section 409A. Notwithstanding any provision of the Agreement to the contrary, the following provisions shall apply for purposes of complying with Section 409A of the Code and applicable Treasury regulations (“Section 409A”):

   

  (a)Interpretation and Amendment. This Agreement is intended to comply with Section 409A and ambiguous provisions, if any, shall be construed in a manner that is compliant with or exempt from the application of Section 409A, as appropriate. This Agreement shall not be amended in a manner that would cause the Agreement or any amounts payable under the Agreement to fail to comply with the requirements  of Section 409A, to the extent applicable, and, further, the provisions of any purported 

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  amendment that may reasonably be expected to result in such non-compliance shall be of no force or effect with respect to the Agreement.

   

  (b)Separation from Service. Notwithstanding anything to the contrary in this Agreement, with respect to any amounts payable to Employee under this Agreement in connection with a termination of Employee’s employment that would be considered “non-qualified deferred compensation” under Section 409A, a termination of employment shall be considered to have occurred under this Agreement only upon Employee’s “separation from service” with the Company as such term is defined in Treasury Regulation Section 1.409A-1(h), and any successor provision thereto.

   

  (c)Specified Employees. If Employee is a “specified employee,” as such term is defined in Section 409A, any payments payable as a result of Employee’s termination (other than death or disability) shall not be payable before the earlier of (i) the date that is six months after Employee’s termination, (ii) the date of Employee’s death, or (iii) the date that otherwise complies with the requirements of Section 409A. This Section 16(c) shall be applied by accumulating all payments that otherwise would have been paid within six months of Employee’s termination and paying such accumulated amounts at the earliest date which complies with the requirements  of Section 409A.

   

  (d)Specified Employee and Welfare Continuation Benefit. Notwithstanding any provision of this Agreement to the contrary, if, and during the period that, Section 16(c) applies to Employee, Employee shall pay the cost of the benefits provided pursuant to Section 6(b)(ii) as determined under the then current practices of the Company on a monthly basis, provided that the Company shall reimburse Employee the costs of such benefits within thirty (30) days after such reimbursable amounts are incurred by Employee.

   

  (e)Separate Payments. For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), each payment that Employee may be eligible to receive under this Agreement shall be treated as a separate and distinct payment and shall not collectively be treated as a single payment.

   

  (f)Reimbursements and In-Kind Benefits. Notwithstanding anything to the contrary in this Agreement or in any Company policy with respect to such payments, in-kind benefits and reimbursements provided under this Agreement during any tax year of Employee shall not affect in-kind benefits or reimbursements to be provided in any other tax year of Employee and are not subject to liquidation or exchange for another benefit. Notwithstanding anything to the contrary in this Agreement, reimbursement requests must be timely submitted by Employee and, if timely submitted, reimbursement payments shall be made to Employee as soon as administratively practicable following such submission in accordance with the Company’s policies regarding reimbursements, but in no event later than the last day of Employee’s taxable year following the taxable year in which the expense was incurred. This Section 16(f) shall only apply to in-kind benefits and reimbursements that would result in taxable compensation income to Employee.

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  Execution Version

   

  17.Governing Law. This Agreement shall be construed and enforced in accordance with and governed by the internal laws of the State of Texas, without regard to principles of conflict of laws, except as expressly provided in Section 7(g) above with respect to the resolution of disputes arising under, or the Company’s enforcement of, Section 7 of this Agreement.

   

   

  IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written.

   

  SUPERIOR ENERGY SERVICES, INC.

   

   

   

  By: /s/ Michael Y. McGovern	 

  Name: Michael Y. McGovern

  Title: Executive Chairman

   

   

   

  EMPLOYEE

   

   

   

   

   

   

  /s/ James W. Spexarth		

  James W. Spexarth

   

   

  APPENDIX A

   

   

  [Insert Vesting Grid]

   

  APPENDIX B

   

  Form of Waiver and Release

   

  This Waiver and Release (this “Release”) is effective as of the Effective Date (as defined below) by [______] (“Executive”) in favor of Superior Energy Services, Inc. (the “Company”).  Capitalized terms not defined in this Release are as defined in the Employment Agreement between Executive and the Company (the “Agreement”).  Executive gives this Release in consideration of the Company’s promises and covenants as recited in this Release.  Executive agrees as follows:  

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  Execution Version

  1.Termination Date.  Executive’s last day of employment with the Company is [______] (the “Termination Date”). The Company will pay Executive’s accrued but unpaid salary, vacation days and business expenses through the Termination Date.  Subject to Executive’s execution and non-revocation of this Release: (a) Executive’s total severance payment under Section 6(b) shall be $[______], minus withholdings and deductions, payable within 60 days of the Termination Date in one lump sum; and (b) the Company will provide Executive with the Welfare Continuation Benefit as defined in the Agreement in accordance with regular practice.  Effective as of the Termination Date, Executive shall be deemed to have resigned and not hold himself or herself out as, an employee, executive, director, officer, agent, member, or representative of the Company or any of its Affiliates and shall effectuate any documentation the Company requests to effectuate the foregoing.  “Affiliate” means a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Company.

  2.Release of the Company.  In exchange for the consideration provided to Executive pursuant to this Release, which Executive acknowledges is fair and sufficient consideration, Executive, individually and on behalf of Executive’s successors, assigns, attorneys, and all those entitled to assert Executive’s rights, now and forever hereby releases and discharges the Company and its respective officers, directors, stockholders, trustees, employees, agents, fiduciaries, parent corporations, subsidiaries, Affiliates, estates, successors, assigns and attorneys (the “Released Parties”), from any and all claims, actions, causes of action, sums of money due, suits, debts, liens, covenants, contracts, obligations, costs, expenses, damages, judgments, agreements, promises, demands, claims for attorney’s fees and costs, or liabilities whatsoever (collectively, “Claims”), in law or in equity, which Executive ever had or now has against the Released Parties, including, without limitation, any Claims arising by reason of or in any way connected with any employment relationship which existed between the Company or any of its Affiliates and Executive.  It is understood and agreed that this Release is intended to cover all Claims, whether known or unknown, of any nature whatsoever, including those which may be traced either directly or indirectly to the aforesaid employment relationship, or the termination of that relationship, that Executive has, had or purports to have, from the beginning of time to the date of this Release, and including but not limited to Claims for employment discrimination under federal or state law; Claims arising under the Age Discrimination in Employment Act, 29 U.S.C. § 621, et seq., Title VII of the Civil Rights Act, 42 U.S.C. § 2000(e), et seq., the Americans With Disabilities Act, 42 U.S.C. § 12101 et seq.; or the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq.; Claims for statutory or common law wrongful discharge; Claims arising under the Fair Labor Standards Act, 29 U.S.C. § 201 et seq.; Claims under any contracts, agreements, or understandings Executive may have with any of the Released Parties, written or oral (including under the Agreement); Claims for attorney’s fees, expenses and costs; Claims for defamation; Claims for emotional distress; Claims for wages or vacation pay; Claims for benefits or that in any way relate to the design or administration of any employee benefit program, including any claims arising under the Employee Retirement Income Security Act, 29 U.S.C. § 1001, et seq.; or Claims under any other applicable federal, state or local laws or legal concepts.

  3.Release of Claims Under the Age Discrimination in Employment Act.  Without limiting the generality of the foregoing, Executive agrees that by executing this Release, he or she has released and waived any and all Claims he or she has or may have as of the date of this Release under the Age Discrimination in Employment Act, 29 U.S.C. § 621, et seq., and all other 

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  Execution Version

  federal, state, and local laws regarding age discrimination and other forms of discrimination or harassment.   Executive acknowledges and agrees that he or she has been, and hereby is, advised by the Company to consult with an attorney prior to executing this Release; that Executive has carefully read this Release; that Executive fully understands the terms, conditions, and significance of this Release and its final and binding effect; that no other promises or representations were made to Executive other than those set forth in this Release; that Executive is fully competent to manage Executive’s business affairs and understands that Executive may be waiving legal rights by signing this Release; that Executive has executed this Release voluntarily, knowingly, and with an intent to be bound by this Release; and that Executive has full power and authority to release Executive’s Claims as set forth herein and has not assigned any such Claims to any other individual or entity.  Executive further acknowledges and agrees that the Company has offered Executive the opportunity, before executing this Release, to consider this Release for a period of twenty-one (21) calendar days; and that the consideration Executive receives for this Release is in addition to amounts to which Executive was already entitled.  It is further understood that this Release is not effective until seven (7) calendar days after the execution of this Release and that Executive may revoke this Release within seven (7) calendar days from the date of execution hereof. 

  4.Release of Unknown Claims.  Executive understands and agrees that this Release is a full and final release covering all known and unknown, suspected or unsuspected injuries, debts, Claims or damages which have arisen or may have arisen from any matters, acts, omissions or dealings released in this Release.  Executive fully understands that if any fact with respect to any matter covered in this Release is found hereinafter to be other than or different from the facts believed by Executive to be true at the time of the execution of this Release, Executive expressly accepts and assumes that this Release shall be and remain effective, notwithstanding such difference in facts.

  5.Limited Exceptions to Release.  The only exceptions to this Release of Claims are with respect to (1) severance payments and benefits under the Agreement as set forth in Section 1 hereof; (2) such Claims as may arise after the date this Release is executed; (3) any indemnification obligations to Executive under the Company’s bylaws, certificate of incorporation, Texas law or otherwise; (4) Executive’s vested rights under the terms of employee benefit plans sponsored by the Company or its Affiliates; (5) an action to challenge the Release of Claims under the Age Discrimination in Employment Act; (6) applicable Workers’ Compensation benefits for occupational injuries or illnesses; and (7) any Claims which the controlling law clearly states may not be released by private agreement.

  6.Covenant Not to Sue.  Except as otherwise provided in Section 5 of this Release, Executive agrees and covenants not to file any lawsuit, arbitration, or grievance in any local, state or federal court or any other court or tribunal for any Claims released by this Release. For the avoidance of doubt, nothing in this Release, any other agreement between Executive and the Company, or any Company policy shall prevent Executive from filing a charge, reporting possible violations or participating in any investigation with the Equal Employment Opportunity Commission (“EEOC”) or other governmental agency or self-regulatory organization, including making any other disclosures that are protected under whistleblower or other provisions of any applicable federal or state law or regulations.  Executive is, however, waiving Executive’s right to file a court action or to seek or accept individual remedies or damages (including, but not limited to, reinstatement, back pay, front pay, damages, attorneys’ or experts’ fees, costs, and/or 

  {EMPLOY~1.1}	

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  Execution Version

  disbursements) from any of the Released Parties in connection with any action filed by Executive or on Executive’s behalf by any such federal, state, or local administrative agency or any other person or entity. 

  7.Non-Admission.  The benefits provided under this Release are not to be construed as an admission of any liability whatsoever on the part of the Company or any of the other Released Parties, by whom liability is expressly denied.

  8.Surviving Provisions.  Executive acknowledges and agrees that the following sections of the Agreement shall remain in full force and effect following the Termination Date in accordance with their terms: Sections 7 through 17 (inclusive) (collectively, all of the foregoing, the “Surviving Provisions”). Any disputes arising under this Release, under the Surviving Provisions, or otherwise arising between Executive, on the one hand, and any of the Released Parties, on the other hand, shall be resolved in accordance with the dispute resolution terms provided in Section 9 of the Agreement. Notwithstanding the foregoing, in accordance with the Defend Trade Secrets Act, 18 U.S.C. § 1833(b), and other applicable law, nothing in this Release, the Surviving Provisions, or any other agreement between Executive and the Company, or any Company policy shall be read to prevent Executive from, or expose Executive to criminal or civil liability under federal or state trade secret law for, (a) discussing or disclosing information regarding employee compensation or Executive’s general job duties with the Company, (b) sharing information about this Release with Executive’s spouse, attorney, accountant, or financial or other advisor, so long as Executive ensures that such parties maintain the strict confidentiality of this Release, (c) apprising any future employer or other person or entity to which Executive provides services of Executive’s continuing obligations to the Company under this Release, (d) revealing any information (except information protected by any of the Released Parties’ attorney-client privilege or the work product doctrine) with an attorney or to appropriate governmental agencies or regulators, for the purpose of reporting or investigating a suspected violation of law, whether in response to a subpoena or otherwise, without notice to the Company, (e) providing non-privileged information in response to any other lawful subpoena or legal process, or (f) disclosing trade secrets in a complaint or other document filed in a lawsuit or other proceeding, provided the filing is made under seal and otherwise protected from disclosure except pursuant to court order.

  9.Acknowledgement and Revocation Period.  Executive has carefully read this Release and is signing it voluntarily.  In order to be eligible for benefits under this Release, Executive must sign this Release and return it to [______] no earlier than Executive’s Termination Date, and no later than 5:30 p.m. Central Standard Time on the 46th day following the later of (i) the date that Executive received this Release or (ii) Executive’s Termination Date.  Executive acknowledges that Executive has had at least twenty-one (21) days from receipt of this Release to review it prior to signing or that, if Executive is signing this Release prior to the expiration of such 21-day period, Executive is waiving his or her right to review the Release for such full 21-day period prior to signing it.  Executive has the right to revoke this Release within seven (7) days following the date Executive executes it.  In order to revoke this Release, Executive must deliver notice of the revocation in writing to the Company’s General Counsel before the expiration of the seven (7) day period.  However, if Executive revokes this Release within such seven (7) day period, no separation benefits pursuant to this Release will be payable to Executive. If Executive does not revoke this Release within seven (7) days of signing it, this Release shall become fully binding, effective, and enforceable on the eighth (8th) calendar day after the day 

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  Execution Version

  Executive executes it.  The date upon which this Release becomes binding and enforceable is the “Effective Date.”

  10.No Revocation After Seven Days.  Executive acknowledges and agrees that this Release may not be revoked at any time after the expiration of the seven (7) day revocation period.  Executive further acknowledges and agrees that, with the exception of an action to challenge the waiver of Claims under the Age Discrimination in Employment Act, Executive shall not ever attempt to challenge the terms of this Release, attempt to obtain an order declaring this Release to be null and void, or institute litigation against the Company or any other Released Party based upon a claim that is covered by the terms of the Release contained herein, without first repaying all monies paid to him or her under this Release.  Furthermore, with the exception of an action to challenge Executive’s waiver of Claims under the Age Discrimination in Employment Act, if Executive does not prevail in an action to challenge this Release, to obtain an order declaring this Release to be null and void, or in any action against the Company or any other Released Party based upon a Claim that is covered by the Release set forth herein, Executive shall pay to the Company and/or the appropriate Released Party all of their costs and attorneys’ fees incurred in their defense of Executive’s action.

  11.Governing Law and Severability.  This Release and the rights and obligations of the parties hereto shall be governed and construed in accordance with the laws of the State of Texas.  If any provision hereof is unenforceable or is held to be unenforceable, such provision shall be fully severable, and this document and its terms shall be construed and enforced as if such unenforceable provision had never comprised a part hereof, the remaining provisions hereof shall remain in full force and effect, and the court or tribunal construing the provisions shall add as a part hereof a provision as similar in terms and effect to such unenforceable provision as may be enforceable, in lieu of the unenforceable provision.

  12.Complete Agreement.  This Release, along with the Surviving Provisions, set forth the entire understanding and agreement between Executive and the Company concerning the subject matter of this Release and supersede and invalidate any previous agreements or contracts.  No representations, inducements, promises or agreements, oral or otherwise, which are not embodied herein shall be of any force or effect.

  13.Cooperation.	Following the Termination Date, Executive agrees to cooperate with the Company, without any compensation other than that set forth in this Release, in connection with (a) transition of Executive’s job duties, and/or (b) information Executive may have relating to events, occurrences, or omissions that may have occurred (or failed to have occurred) while Executive was employed by the Company.  The Company shall try to schedule Executive’s cooperation pursuant to this Section 13 so as not to unduly interfere with Executive’s other personal or professional pursuits.

   

  [Signature Page Follows]

   

  To confirm Executive’s agreement with the terms and conditions of this Release, Executive has signed and dated it below.

   

   

   

  {EMPLOY~1.1}	

  }

  

  Execution Version

   

  Executive’s Printed Name

   

   

   

   

  Executive’s Signature

   

   

   

  Executive’s Signature Date

   

  APPENDIX C

   

  Louisiana Parishes

   

  Acadia Ascension Assumption Bienville Bossier Caddo Calcasieu Cameron Claiborne De Soto

  East Baton Rouge Iberia

  Iberville Jackson 

  Jefferson

  Jefferson Davis Lafayette Lafourche Lincoln Livingston Natchitoches Orleans Ouachita Plaquemines Red River Sabine

  St. Bernard St. Charles St. James

  St. John the Baptist St. Martin

  St. Mary 

  {EMPLOY~1.1}	

  }

  

  Execution Version

  Terrebonne Union Vermillion Webster

  West Baton Rouge

  {EMPLOY~1.1}	

  }

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