Document:

Fourth Amendment to the Credit Agreement, dated as of February 13, 2007.

 Exhibit 4.8 
 EXECUTION COPY 
 February 13, 2007 
 Hercules Offshore, Inc. 
 11 Greenway Plaza, Suite 2950 
 Houston, Texas 77046 
  

	Re:	Fourth Amendment under the Hercules Offshore, LLC Credit Agreement dated June 29, 2005 (as amended by that Consent, Release, Waiver and Amendment dated as of January 25,
2006 (the “First Amendment”), that Second Amendment dated January 25, 2006 (the “Second Amendment”), that Third Amended dated June 12, 2006 (the “Third Amendment”), and as the same may be further amended from
time to time, the “Credit Agreement”) by and among Hercules Offshore, Inc., f/k/a Hercules Offshore, LLC (“Borrower”), Comerica Bank and such other financial institutions which are or may from time to time become parties to the
Credit Agreement (the “Lenders”), and Comerica Bank in its capacity as Administrative Agent for the Lenders (“Agent”) (“Fourth Amendment”). 

 Ladies and Gentlemen: 
 Reference is made to the Credit Agreement. Except as specifically defined to the
contrary herein, capitalized terms used in this Fourth Amendment shall have the meanings given them in the Credit Agreement. 
 The Borrower
has requested and, with the approval of the requisite Lenders attached hereto, the Agent has agreed to amend the Credit Agreement as follows: 
 1. Article I of the Credit Agreement is hereby amended by inserting the following new definition in the appropriate alphabetical order: 
 “Investment Policy” shall mean, the Hercules Offshore, Inc. Investment Policy attached hereto as Exhibit K, and such amendments thereto or replacements thereof as may be approved in writing by the Agent from time to time.

 2. Section 9.05 of the Credit Agreement is hereby amended by deleting the period at the end of subsection (i) thereof and
inserting a semicolon followed by the word “and” and the following new subsection (j): 
 “(j) Other
Investments which are consistent with the Investment Policy.” 
 3. Section 9.07 of the Credit Agreement is hereby amended and
restated as follows: 
 “Section 9.07 Limitation on Operating Leases. The Borrower will not, and will not permit any Subsidiary to,
create, incur, assume or suffer to exist any obligation for the payment of rent or hire of Property of any kind whatsoever (real or personal), under operating leases or operating lease agreements which would cause the aggregate amount of all
payments made by the Borrower and the Subsidiaries pursuant to all such leases or lease agreements, including, without limitation, any residual payments at the end of any lease, to exceed $10,000,000 in any period of twelve consecutive calendar
months during the life of such leases.” 

 4. The Credit Agreement is hereby amended by adding a new Exhibit K in the form attached hereto as
Attachment 1. 
 This Fourth Amendment shall be deemed effective as of December 15, 2006 upon the receipt by the Agent via facsimile
(followed by the prompt delivery of original signatures) of counterpart originals of this Fourth Amendment, in each case duly executed and delivered by the Agent, the Borrower, and the requisite Lenders. 
 The facsimile or other electronically transmitted copy of this Fourth Amendment is to be treated the same as an originally executed copy of this Fourth
Amendment. 
 This Fourth Amendment may be executed in counterparts, each of which shall be deemed to constitute an original document.

 The Borrower ratifies and confirms, as of the date hereof after giving effect to this Fourth Amendment each of the representations and
warranties set forth in Sections 7.01 through 7.22, inclusive, of the Credit Agreement (except to the extent that such representations and warranties were expressly made as of a particular date, in which event the Borrower ratifies and confirms that
such representations and warranties were true and correct as of such date). 
 This Fourth Amendment is limited to the specific matters
described above and shall not be deemed to be a waiver, consent to or agreement to release any other matter, including without limitation any failure to comply with any provision of the Credit Agreement or any other Loan Document, or to apply to any
other financial covenant or any other reporting period, or to amend or alter in any respect the term and conditions of the Credit Agreement (including without limitation all conditions and requirements for Borrowings and all indemnification
obligations of the Borrower and as set forth in the Credit Agreement), the Notes or any of the other Loan Documents, or to constitute a waiver or release by the Lenders or the Agent of any right, remedy, Default or Event of Default under the Credit
Agreement or any other Loan Documents, except, in each case, as specifically set forth above. Nor shall this Fourth Amendment affect in any manner whatsoever any rights or remedies of the Lenders with respect to any other non-compliance by the
Borrower or any Subsidiary with the Credit Agreement or the other Loan Documents (including without limitation any non-disclosure), whether in the nature of a Default or an Event of Default, and whether now in existence or subsequently arising.

  

 2 

 By signing and returning a counterpart of this Fourth Amendment to the Agent, the Borrower acknowledges
acceptance of the terms of this Fourth Amendment. This Fourth Amendment shall not become effective unless and until the counterpart signature pages of the Borrower and the requisite Lenders are executed and returned to the Agent (via facsimile at
(313) 222-9434 or electronic pdf file to wbmurdock@comerica.com; Attn: Bill Murdock). 
 (Signatures appear on the following pages)

  

 3 

			
	 Very truly yours,
  
 COMERICA BANK, as Agent

		
	By:	 	/s/ S. John Castellano
		 	S. John Castellano
	Its:	 	Senior Vice President

 AGREED TO AND ACCEPTED BY: 
  

			
	COMERICA BANK, as Lender
		
	By:	 	/s/ S. John Castellano
		 	S. John Castellano
	Its:	 	Senior Vice President

  

 4 

 AGREED TO AND ACCEPTED BY: 
  

			
	 Hercules Offshore, Inc.

		
	By:	 	 /s/ Stephen Butz

	Its:	 	Vice President and Treasurer

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 Venture II CDO 2002, Limited
 By its investment advisor,
 MJX Asset Management LLC
  

	[Lender]
		
	By:	 	 /s/ Kenneth Ostmann

	Name:	 	Kenneth Ostmann
	Title:	 	Director
		
	Date:	 	 February 13, 2007

  

 6 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 Venture CDO 2002, Limited
 By its investment advisor,
 MJX Asset Management LLC
  

	[Lender]
		
	 By:
	 	 /s/ Kenneth Ostmann

	 Name:
	 	Kenneth Ostmann
	 Title:
	 	Director
		
	 Date:
	 	 February 13, 2007

  

 7 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 Venture V CDO Limited
 By its investment advisor,
 MJX Asset Management LLC
  

		 	[Lender]
		
	By:	 	 /s/ Kenneth Ostmann

	Name:	 	Kenneth Ostmann
	Title:	 	Director
		
	Date:	 	 February 13, 2007

  

 8 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 Venture IV CDO Limited
 By its investment advisor,
 MJX Asset Management LLC
  

	[Lender]
		
	 By:
	 	 /s/ Kenneth Ostmann

	 Name:
	 	Kenneth Ostmann
	 Title:
	 	Director
		
	 Date:
	 	 February 13, 2007

  

 9 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 Vista Leveraged Income Fund
 By its investment advisor,
 MJX Asset Management LLC
  

		 	[Lender]
		
	By:	 	 /s/ Kenneth Ostmann

	Name:	 	Kenneth Ostmann
	Title:	 	Director
		
	Date:	 	 February 13, 2007

  

 10 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 ORIX FINANCE CORP.

	[Lender]
		
	By:	 	 /s/ Christopher L. Smith

	Name:	 	Christopher L. Smith
	Title:	 	Authorized Representative
		
	Date:	 	 February 13, 2007
  

  

 11 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 OLYMPIC CLO I

	[Lender]
		
	 By:
	 	 /s/ John M. Casparian

	 Name:
	 	John M. Casparian
	 Title:
	 	Senior Managing Director
		 	Churchill Pacific, Manager
		
	 Date:
	 	February 12, 2007

  

 12 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 AMEGY BANK NATIONAL ASSOCIATION

	[Lender]
		
	By:	 	 /s/ C. Ross Bartley

	Name:	 	C. Ross Bartley
		
	Date:	 	February 12, 2007

  

 13 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 PPM MONARCH BAY FUNDING LLC

	[Lender]
		
	 By:
	 	 /s/ Kristi Milton

	 Name:
	 	Kristi Milton
		
	 Date:
	 	February 12, 2007

  

 14 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	
	 SIERRA CLO I

	[Lender]
		
	 By:
	 	 /s/ John M. Casparian

	 Name:
	 	John M. Casparian
	 Title:
	 	Senior Managing Director
		 	Churchill Pacific, Manager
		
	 Date:
	 	February 12, 2007

  

 15 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 WHITNEY CLO I

	[Lender]
		
	 By:
	 	 /s/ John M. Casparian

	 Name:
	 	John M. Casparian
	 Title:
	 	Senior Managing Director
		 	Churchill Pacific, Manager
		
	 Date:
	 	February 12, 2007

  

 16 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 RIVIERA FUNDING LLC

	[Lender]
		
	 By:
	 	 /s/ Kristi Milton

	 Name:
	 	Kristi Milton
		
	 Date:
	 	February 12, 2007

  

 17 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	Atlas Loan Funding 2, LLC
		
	 By:
	 	Atlas Capital Funding, Ltd.
		
	 By:
	 	Structured Asset Investors, LLC
		 	 Its Investment Manager

	[Lender]
		
	 By:
	 	 /s/ Diana M. Himes

	 Name:
	 	Diana M. Himes
	 Title:
	 	Associate
		
	 Date:
	 	 February 12, 2007

  

 18 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 WB Loan Funding 4, LLC

	[Lender]
		
	 By:
	 	 /s/ Diana M. Himes

	 Name:
	 	Diana M. Himes
	 Title:
	 	Associate
		
	 Date:
	 	 February 12, 2007

  

 19 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 PPM SHADOW CREEK FUNDING LLC

	[Lender]
		
	 By:
	 	 /s/ Kristi Milton

	 Name:
	 	Kristi Milton
		
	 Date:
	 	February 12, 2007

  

 20 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 UBS AB, Stamford Branch

	[Lender]
		
	By:	 	 /s/ Douglas Gervolino

	Name:	 	Douglas Gervolino
	Title:	 	Associate Director Banking Products Services, US
		
	Date:	 	 February 11, 2007

		
	By:	 	 /s/ Toba Lumbantobing

	Name:	 	Toba Lumbantobing
	Title:	 	Associate Director Banking Products Services, US
		
	Date:	 	 February 11, 2007

  

 21 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 Oppenheimer Senior Floating Rate Fund

	[Lender]
		
	 By:
	 	 /s/ Jason Reuter

	 Name:
	 	Jason Reuter
	 Title:
	 	Manager
		
	 Date:
	 	 February 8, 2007

  

 22 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 Whitney National Bank

	[Lender]
		
	 By:
	 	 /s/ Stephen Birnbaum

	 Name:
	 	Stephen Birnbaum
		
	 Date:
	 	2-9-07

  

 23 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	GREYROCK CDO LTD
	By:	 	 Aladdin Capital Management as Manager

	[Lender]
		
	 By:
	 	 /s/ Stephen H. Hooker

	 Name:
	 	Stephen H. Hooker, CFA
	 Title:
	 	Director
		
	 Date:
	 	2/9/07

  

 24 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	US Capital Funding V, Ltd.
	 By: Stone Castle Advisors, LLC

	[Lender]
		
	 By:
	 	 /s/ Matthew Mayers

	 Name:
	 	Matthew Mayers
		
	 Date:
	 	2/8/07

  

 25 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 Cambria Institutional Loan Fund

	[Lender]
		
	By:	 	 /s/ Olivier A. Taboures

	Name:	 	Olivier A. Taboures
		
	Date:	 	2-9-07

  

 26 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	ARES ENHANCED LOAN INVESTMENT STRATEGY II, LTD.
		
	By:	 	 Ares Enhanced Loan Management II, L.P.,
 Investment
Manager

		
	By:	 	 Ares Enhanced Loan GP II, LLC
 Its General
Partner
  

		 	[Lender]
		
	By:	 	 /s/ AMERICO CASCELLA

	Name:	 	AMERICO CASCELLA
	Title:	 	VICE PRESIDENT
		
	Date:	 	February 12, 2007

  

 27 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	ARES ENHANCED LOAN INVESTMENT
STRATEGY, LTD.
		
	By:	 	 Ares Enhanced Loan Management, L.P.,
 Investment
Manager

		
	By:	 	 Ares Enhanced Loan GP, LLC
 Its General
Partner
  

		 	[Lender]
		
	By:	 	 /s/ AMERICO CASCELLA

	Name:	 	AMERICO CASCELLA
	Title:	 	VICE PRESIDENT
		
	Date:	 	February 12, 2007

  

 28 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	Ares IX CLO Ltd.
		
	By:	 	 Ares CLO Management IX, L.P.,
 Investment
Manager

		
	By:	 	 Ares CLO GP IX, LLC,
 Its General
Partner

	  
 [Lender]

		
	By:	 	 /s/ AMERICO CASCELLA

	Name:	 	AMERICO CASCELLA
	Title:	 	VICE PRESIDENT
		
	Date:	 	February 12, 2007

  

 29 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	Ares X CLO Ltd.
		
	 By:
	 	Ares CLO Management X, L.P.,
		 	Investment Manager
		
	 By:
	 	Ares CLO GP X, LLC,
		 	 Its General Partner
  

		 	[Lender]
		
	 By:
	 	 /s/ AMERICO CASCELLA

	 Name:
	 	AMERICO CASCELLA
	 Title:
	 	VICE PRESIDENT
		
	 Date:
	 	February 12, 2007

  

 30 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	Ares VR CLO Ltd.
		
	By:	 	 Ares CLO Management VR, L.P.,
 Investment
Manager

		
	By:	 	 Ares CLO GP VR, LLC,
 Its General Partner
  

		 	[Lender]
		
	By:	 	 /s/ AMERICO CASCELLA

	Name:	 	AMERICO CASCELLA
	Title:	 	VICE PRESIDENT
		
	Date:	 	February 12, 2007

  

 31 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	ARES LEVERAGED FINANCE GENERAL II
		
	 By:
	 	ARES CLO MANAGEMENT IIIR/IVR, L.P.
		
	 By:
	 	 ARES CLO GP IIIR/IVR, LLC, ITS
 GENERAL
PARTNER

		
	 By:
	 	 ARES MANAGEMENT LLC, ITS MANAGER

	[Lender]
		
	 By:
	 	 /s/ AMERICO CASCELLA

	 Name:
	 	AMERICO CASCELLA
	 Title:
	 	VICE PRESIDENT
		
	 Date:
	 	February 12, 2007

  

 32 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 SERVES 2006-1, Ltd.

	[Lender]
		
	By:	 	 /s/ Chris Kappas

	Name:	 	Chris Kappas
	Title:	 	Managing Director
		 	PPM America, Inc., as Collateral Manager
		
	Date:	 	 February 13, 2007

  

 33 

 AUTHORIZATION OF AMENDMENT 
 The undersigned Lender hereby consents to amendments as specified above and authorizes the Agent to issue the foregoing Fourth Amendment subject to the
foregoing terms and conditions. 
  

			
	 PPM GRAYHAWK CLO, LTD.

	[Lender]
		
	 By:
	 	 /s/ Chris Kappas

	 Name:
	 	Chris Kappas
	 Title:
	 	Managing Director
		 	PPM America, Inc., as Collateral Manager
		
	 Date:
	 	 February 13, 2007

  

 34 

 ATTACHMENT 1 
 Hercules Offshore, Inc. Investment Policy 
  

	 	1.	Purpose: This corporate investment policy is designed to provide the operational guidelines for the management of the company’s corporate cash assets. 

 

	 	2.	Objectives: 

 A. Preserve capital;

 B. Provide sufficient liquidity to satisfy operating requirements, working capital purposes and strategic initiatives;

 C. Capture a market rate of return based on the company’s investment policy parameters and market conditions.

  

	 	3.	Eligible Instruments: Assets subject to this investment policy may be invested only in the following U.S. Dollar denominated securities: 

  

			
		
	 • Money market mutual funds
	  	• Obligations issued by the U.S. Treasury
		
	 • Obligations of a U.S. Federal
	  	• Auction Rate Certificates
		
	 Agency or U.S. Government
	  	• Auction Preferred Stock
		
	 Sponsored enterprise
	  	• Certificates of Deposit
		
	 • Commercial Paper
	  	• Municipal Securities
		
	 • Corporate Debt
	  	• Repurchase Transactions
		
	 • Variable Rate Demand Obligations
	  	• Eurodollar Time Deposits

  

	 	4.	Final Maturity: No security in the account may have a final maturity of more than 90 days other than Eligible Instruments with auction or put features, with the next
auction or put date within 90 days. With respect to those instruments, the next auction or put date, and not final maturity, should be considered as the instrument’s final maturity for all purposes hereunder. 

  

	 	5.	Credit Rating Minimums: Account assets may be invested only in Eligible Instruments: (i) bearing a credit rating of A-2/P-2 or higher for short-term investments
and; (ii) bearing a credit rating of A-/A3 or higher for longer-term investments. 

  

	 	6.	Issuer Concentration: No more than 25% of the total portfolio per issuer at the time of purchase. Money Market, Mutual Funds, U.S. Treasury Obligations, Certificate of
Deposit, and Eurodollar Time Deposits are exempt from these concentration limits. 

  

	 	7.	Communication: The investment provider will contact the company’s Treasury Department as soon as reasonably practicable upon the occurrence of any of the
following events: 

 A. A security held in the account is downgraded; 
 B. A security held in the account is downgraded causing the credit quality to fall below the minimum standards stated in this Investment
Policy. 
  

	 	8.	Changes to the Investment Policy: Any changes to the investment policy will be discussed with the Audit Committee of Hercules Board of Directors.Form of Stock Option Agreement.

 Exhibit 10.12 
 HERCULES OFFSHORE 2004 LONG-TERM INCENTIVE PLAN 
 SUMMARY OF STOCK OPTION GRANT 
 You have been granted the option to purchase shares of Common Stock of Hercules Offshore, Inc., a Delaware corporation (the “Company”) on the
terms and conditions set forth below and in accordance with the Stock Option Award Agreement (the “Agreement”) to which this Summary of Stock Option Grant is attached and the Hercules Offshore 2004 Long-Term Incentive Plan (the
“Plan”): 
  

			
	 Optionee Name:
	 	Employee Name
		
	Number of Option Shares Granted:	 	
		
	Type of Option (check one):	 	 ̈ Incentive Stock Option
		 	 x Nonqualified Stock Option

	Effective Date:	 	
		
	Exercise Price per Share:	 	
		
	Vesting Schedule:	 	

  

			
	 % of Grant
	 	 Date Vested

	1/3%	 	First anniversary date of grant
	1/3%	 	Second anniversary date of grant
	1/3%	 	Third anniversary date of grant

 By your signature and the signature of the Company’s representative below, you and the Company agree
that the Option is granted under and governed by the terms of the Agreement and the Plan. 
  

									
	OPTIONEE:	 		 	HERCULES OFFSHORE, INC.	 	
					
	  
	 		 	By	 	  
	 	
	(Signature of Optionee)	 		 	Name:	 	  
	 	
		 		 	Title:	 	  
	 	

  

 Page 1 

 HERCULES OFFSHORE 2004 LONG-TERM INCENTIVE PLAN 
 CONSENT OF OPTIONEE’S SPOUSE 
 I
have reviewed the Stock Option Award Agreement, the Summary of Stock Option Grant, and the Hercules Offshore 2004 Long-Term Incentive Plan and agree to and accept all of the terms set forth therein to the extent of any interest I may now have or may
have in the future pursuant to the grant of the Option described therein to my spouse. 
  

	
	OPTIONEE’S SPOUSE:
	
	  

	[Signature of Optionee’s Spouse, if any]

  

 Page 2 

 HERCULES OFFSHORE, INC. 
 STOCK OPTION AWARD AGREEMENT 
 THIS AGREEMENT is made as of the Effective Date
(as set forth on the Summary of Stock Option Grant) between HERCULES OFFSHORE, INC., a Delaware corporation (the “Company”), and Optionee pursuant to the Hercules Offshore 2004 Long-Term Incentive Plan (the “Plan”). 

WHEREAS, the Board, or a Committee designated by the Board, has authority to grant Options under the Plan to Employees and directors of the Company;
and 
 WHEREAS, the Board or the Committee, as appropriate, has determined to award Optionee the Option described in this Agreement;

 NOW, THEREFORE, the Company and Optionee agree as follows: 
 1. Effect of Plan and Authority of Board or Committee. This Agreement and the Option granted hereunder are subject to the Plan, which is incorporated herein by reference. The Board or the Committee is
authorized to make all determinations and interpretations with respect to matters arising under the Plan, this Agreement and the Option granted hereunder. Capitalized terms used and not otherwise defined herein have the respective meanings given
them in the Plan or in the Summary of Stock Option Grant, which is attached hereto and incorporated herein by this reference for all purposes. 
 2. Grant of Option. On the terms and conditions set forth in this Agreement, the Summary of Stock Option Grant and the Plan, as of the Effective Date, the Company hereby grants to Optionee the option to purchase the number of shares
of Common Stock set forth on the Summary of Stock Option Grant at the Exercise Price per share set forth on the Summary of Stock Option Grant (the “Option”). The Option is intended to be an Incentive Stock Option or a Nonqualified Stock
Option, as provided in the Summary of Stock Option Grant. It is agreed that the exercise price is at least 100% of the Fair Market Value of a share of Common Stock on the Effective Date (110% of Fair Market Value if the Option is intended to be an
ISO and if Optionee owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, within the meaning of Section 422(b)(6) of the Code). 
 3. Exercisability and Restrictions. 
 (a) Subject to the provisions of Section 3(b) and (c), this Option may be exercised in installments on the vesting dates in the Vesting Schedule set forth on the Summary of Stock Option Grant. Each installment
shall be exercisable, as to all or part of the shares covered by the installment, at any time or times after the respective vesting date for such installment and until the expiration or termination of the Option. 
  

 Page 3 

 (b) Upon exercise of all or any portion of the Option prior to a Conversion Transaction,
Optionee shall be required, as a condition to such exercise, to execute and become a party to the Company’s Operating Agreement to the extent Optionee is not already a party thereto. 
 (c) Upon exercise of all or any portion of the Option in accordance with this Agreement and the Plan, Optionee may not sell, assign or
transfer for a period of one year following such exercise a portion of the shares of Common Stock received upon such exercise equal to the Restriction Shares (as defined below). The restriction in this Section 3(c) shall terminate immediately
in the event that (x) Optionee’s employment or service with the Company ceases for any reason whatsoever, or (y) there is a Change in Control of the Company. “Restriction Shares” shall mean a number of shares equal to the
quotient obtained by dividing (i) the product of (A) 50% times (B) the After-Tax Value (as defined below) of the exercise in question by (ii) the Fair Market Value of a share of Common Stock as of the date of exercise.
“After-Tax Value” shall mean the (x) the aggregate Fair Market Value of all shares received upon the applicable exercise of the Option, minus (y) the aggregate exercise price paid for all shares upon the applicable
exercise of the Option, minus (z) the amount of taxes owed by Optionee as a result of such exercise of the Option. 
 4. Term. 

(a) Term of Option. This Option may not be exercised after the expiration of 10 years from the Effective Date (five years from
the Effective Date if Optionee owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, within the meaning of Section 422(b)(6) of the Code). 
 (b) Early Termination. Except as provided below, this Option may not be exercised unless Optionee shall have been in the continuous
employ or service of the Company or an affiliate of the Company from the Effective Date to the date of exercise of the Option. This Option may be exercised after the date of Optionee’s termination of employment or service with the Company or a
Subsidiary only in accordance with the following: 
 (i) In the event Optionee’s employment or service is terminated on
account of death or permanent or total disability (within the meaning of Section 22(e)(3) of the Code), this Option will automatically vest in full and may be exercised, at any time and from time to time, in whole or in part, by Optionee or a
legal representative of Optionee (in the case of Optionee’s death), for up to three years from the date of such termination of employment or service, unless the Option, by its terms, expires earlier. 
  

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 (ii) In the event Optionee’s employment or service is terminated by the Company
without “Cause” (as such term is defined in the Employment Agreement between Optionee and the Company), this Option will automatically vest in full and may be exercised by Optionee, at any time and from time to time, in whole or in part,
for up to three years from the date of such termination of employment or service, unless the Option, by its terms, expires earlier. 
 (iii) In the event Optionee’s employment or service is terminated for any reason other than the reasons set forth in subparagraphs (i) and (ii) of this Section 4(b), this Option may be exercised by Optionee, to the
extent then vested, at any time and from time to time, in whole or in part, for up to three months from the date of such termination of employment or service, unless the Option, by its terms, expires earlier. 
 5. Manner of Exercise and Payment. This Option shall be exercised by the delivery of a written notice of exercise in a form prescribed by the
Board or the Committee to the Company, setting forth the number of shares of Common Stock with respect to which the Option is to be exercised, accompanied by full payment for such shares. The purchase price for such shares shall be payable to the
Company in the manner specified in Section 8 of the Plan. 
 6. Withholding Tax. Promptly after demand by the Company, and at its
direction, Optionee shall pay to the Company an amount equal to the applicable withholding taxes due in connection with the exercise of the Option. Such withholding taxes may be paid in cash or, subject to the further provisions of this
Section 6 of this Agreement, in whole or in part, by having the Company withhold from the shares of Common Stock otherwise issuable upon exercise of the Option a number of shares of Common Stock having a value equal to the amount of such
withholding taxes or by delivering to the Company a number of issued and outstanding shares of Common Stock (excluding restricted shares still subject to a risk of forfeiture) having a value equal to the amount of such withholding taxes. The value
of any shares of Common Stock so withheld by or delivered to the Company shall be based on the Fair Market Value of such shares on the date on which the tax withholding is to be made. Optionee shall pay to the Company in cash the amount, if any, by
which the amount of such withholding taxes exceeds the value of the shares of Common Stock so withheld or delivered. An election by Optionee to have shares withheld or to deliver shares to pay withholding taxes (an “Election”) must be made
at or prior to the time of exercise of the Option. All Elections shall be made in the same manner as is required for the exercise of the Option and shall be made on a form approved by the Company. 
 7. Delivery of Shares. Delivery of the certificates representing the shares of Common Stock purchased upon exercise of this Option shall be made
promptly after receipt of notice of exercise and full payment of the exercise price and any required withholding 

  

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taxes. If the Company so elects, its obligation to deliver shares of Common Stock upon the exercise of this Option shall be conditioned upon its receipt from
the person exercising this Option of an executed investment letter, in form and content satisfactory to the Company and its legal counsel, evidencing the investment intent of such person and such other matters as the Company may reasonably require.
If the Company so elects, the certificate or certificates representing the shares of Common Stock, issued upon exercise of this Option shall bear any legends required by the Company’s Operating Agreement as well as a legend in substantially the
following form: 
 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF l933 OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED UNLESS SUCH SHARES ARE FIRST REGISTERED THEREUNDER OR UNLESS THE COMPANY RECEIVES A WRITTEN OPINION OF COUNSEL, WHICH OPINION AND COUNSEL ARE
ACCEPTABLE TO THE COMPANY, TO THE EFFECT THAT REGISTRATION THEREUNDER IS NOT REQUIRED. 
 8. Nonassignability. The Option granted
hereunder may not be sold, transferred, pledged, exchanged, hypothecated or otherwise disposed of, other than by will or pursuant to the applicable laws of descent and distribution. In the case of the death of Optionee or other person entitled to
exercise the Option, the Company may require, as a condition to the transfer of the Option by will or pursuant to the laws of descent and distribution or the exercise thereof, that the person entitled to exercise the Option execute and deliver to
the Company such instruments and documents as may be reasonably requested by the Company to evidence and confirm such person’s right and title to the Option. 
 9. Notices. All notices between the parties hereto shall be in writing. Notices to Optionee shall be given to Optionee’s address as contained in the Company’s records. Notices to the Company shall be
addressed to Randall Stilley at the principal executive offices of the Company. 
 10. Relationship With Contract of Employment.

 (a) The grant of an Option does not form part of Optionee’s entitlement to remuneration or benefit pursuant to his contract of
employment, if any, nor does the existence of a contract of employment between any person and the Company or a Subsidiary give such person any right or entitlement to have an Option granted to him or any expectation that an Option might be granted
to him whether subject to any conditions or at all. 
 (b) The rights and obligations of Optionee under the terms of his contract of
employment with the Company or a Subsidiary, if any, shall not be affected by the grant of an Option. 
  

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 (c) The rights granted to Optionee upon the grant of an Option shall not afford Optionee any rights or
additional rights to compensation or damages in consequence of the loss or termination of his office or employment with the Company or a Subsidiary for any reason whatsoever. 
 (d) Optionee shall not be entitled to any compensation or damages for any loss or potential loss which he may suffer by reason of being or becoming
unable to exercise an Option in consequence of the loss or termination of his office or employment with the Company or a Subsidiary for any reason (including, without limitation, any breach of contract by his employer) or in any other circumstances
whatsoever. 
 11. Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws (and not the
principles relating to conflicts of laws) of the State of Delaware, except as superseded by applicable federal law. 
  

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