Document:

exv10w14

Exhibit 10.14

November 1, 2010

Don P. Rodney

P.O. Box 97

Grand Cayman KY1-1301

Cayman Islands

	Re:	 	 Extension of Expatriate Employment Agreement between Hercules Offshore, Inc. and Don P.
Rodney

Dear Mr. Rodney:

          Please refer to the Expatriate Employment Agreement between Hercules Offshore, Inc. (the
“Company”) and Don P. Rodney, dated November 1, 2006 (as amended, the “Contract”), setting forth
the terms of your employment as President of the Hercules International Holdings group of
international companies based in the Cayman Islands. Capitalized terms used but not defined herein
shall have the meanings assigned to them in the Contract.

          This letter (the “Letter”) will memorialize the Parties’ agreement to extend the term of the
Contract and make such other modifications as set forth hereinbelow.

          NOW, THEREFORE, the parties agree, for good and sufficient consideration, the sufficiency of
which is hereby acknowledged, to modify and amend the Contract as follows:

	1.	 	Extension of Term: The Term of the Contract is hereby extended through October 31,
2011.
	 
	2.	 	Reporting Person. The person to whom you shall report as designated in Section 1 of
the Contract shall be changed from Lisa W. Rodriguez to Stephen M. Butz.
	 
	3.	 	Full Force and Effect. Except as modified herein, the Contract shall continue in
full force and effect according to its terms and conditions. This Letter, when accepted by
you, will become part of the Contract. In the event of any conflict or ambiguity between the
terms and provisions of this Letter and the terms and provisions of the Contract, the terms
and provisions of this Letter shall control.
	 
	4.	 	Entire Agreement. This Letter and the Contract contain the entire agreement between
the Company and you with respect to the subject matter of the Contract, and there are no
agreements, understandings, representations or warranties between the Company and you other
than those expressly referred to herein and in the Contract.

 

 

Don P. Rodney

November 1, 2010

Page 2 of 2

     If you are in agreement with respect to the terms addressed above, please indicate your
acceptance and approval below.

Sincerely,

/s/ Stephen M. Butz                                                       

Stephen M. Butz

Senior Vice President and Chief Financial Officer

Acknowledged and agreed to:

	 	 	 	 	 

	By:
	 	 	 	 
	 

	 	/s/ Don P. Rodney 

Don P. Rodneyexv10w27

Exhibit 10.27

PERFORMANCE AWARD AGREEMENT

HERCULES OFFSHORE

2004 LONG-TERM INCENTIVE PLAN

     This Performance Award Agreement (the “Agreement”) is made and entered into by and between
Hercules Offshore, Inc., a Delaware corporation (the “Company”), and John T. Rynd (the
“Participant”) as of January 1, 2011 (the “Grant Date”).

W I T N E S S E T H

     WHEREAS, the Company has adopted the Amended and Restated Hercules Offshore 2004 Long-Term
Incentive Plan (the “Plan”) to strengthen the ability of the Company to attract, motivate and
retain Employees, Outside Directors and Consultants who possess superior capabilities and to
encourage such persons to have a proprietary interest in the Company; and

     WHEREAS, the Compensation Committee of the Board of Directors of Hercules Offshore, Inc.
believes that the grant to the Participant of a Performance Award, as described herein, is
consistent with the stated purposes for which the Plan was adopted; and

     NOW, THEREFORE, in consideration of the mutual covenants and conditions hereafter set forth
and for other good and valuable consideration, the Company and the Participant agree as follows:

     1. Performance Award. In order to encourage the Participant’s contribution to the successful
performance of the Company, and in consideration of the covenants and promises of the Participant
herein contained, the Company hereby grants to the Participant as of the Grant Date this
Performance Award (“Award”), subject to the conditions and restrictions set forth in this Agreement
and in the Plan.

     2. Vesting and Payment.

	 	(a)	 	This Award shall vest if, and only if, the following requirements (the “Vesting
Requirements”) are satisfied. The Vesting Requirements are:

	 	(i)	 	Participant remains continuously employed by the Company from the
Grant Date until the earlier of (1) March 31, 2014, or (2) the date on which a
Change in Control of the Company occurs (such earlier date being referred to
herein as the “Vesting Date”); and
	 
	 	(ii)	 	The Average Share Price is at least $5.00.

	 	 	 	The term “Average Share Price” shall mean the average of the closing prices for one
share of Common Stock of the Company reported on the consolidated transaction
reporting system for the principal national securities exchange on which shares of
Common Stock are listed for each day on which such a price is reported during the
period of ninety (90) calendar days ending on the day prior to the Vesting Date.
	 
	 	(b)	 	If the Vesting Requirements are satisfied, the Participant shall vest, as of
the Vesting Date, in the right to an amount, less applicable withholding (the
“Retention Payment”), equal to the product of

	 	(i)	 	250,000,
	 
	 	(ii)	 	A percentage determined by dividing (1) the lesser of the Average
Share Price, and $10.00, by (2) $10.00, and
	 
	 	(iii)	 	The lesser of the Average Share Price and $10.00.

	 	(c)	 	The Company shall pay the Retention Payment to the Participant in a single,
lump sum cash payment during the thirty (30) calendar day period beginning on the first
day after the Vesting Date. No other amounts shall be owed or paid under this
Agreement.

1

 

     3. Restrictions on Transfer. If the Participant should die on or after the Vesting Date and
before receiving payment of the Retention Payment, the Retention Payment shall be paid to the
Participant’s Beneficiary designated in accordance with the Plan, if any, and if no such
Beneficiary is designated, then to the estate of the Participant. Except as provided in the
preceding sentence of this Paragraph 3, no right or benefit under this Agreement shall be subject
to transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or charge, whether
voluntary, involuntary, by operation of law or otherwise, and any attempt to transfer, anticipate,
alienate, sell, assign, pledge, encumber or charge the same shall be void. No right or benefit
hereunder shall in any manner be liable for or subject to any debts, contracts, liabilities or
torts of the person entitled to such benefits. If the Participant or his Beneficiary hereunder
shall become bankrupt or attempt to transfer, anticipate, alienate, assign, sell, pledge, encumber
or charge any right or benefit hereunder, other than as contemplated by this Paragraph 3, or if any
creditor shall attempt to subject the same to a writ of garnishment, attachment, execution,
sequestration, or any other form of process or involuntary lien or seizure, then such right or
benefit shall cease and terminate.

     4. Effect of Termination of Employment. Vesting in the Performance Award is conditioned
upon, among other things, Participant’s continuous employment by the Company from the Grant Date
until the Vesting Date. Termination of the Participant’s employment with the Company by any means
prior to the Vesting Date shall result in forfeiture of the Performance Award.

     5. Limitation of Rights. Nothing in this Agreement or the Plan shall be construed to:

	 	(a)	 	give the Participant any right to be awarded any other Award in the future,
even if other Awards are granted on a regular or repeated basis, as grants of Awards
are completely voluntary and made solely in the discretion of the Committee;
	 
	 	(b)	 	give the Participant or any other person any interest in any property,
including but not limited to, any fund, asset or assets or shares of Common Stock of
the Company or any Subsidiary; or
	 
	 	(c)	 	confer upon the Participant the right to continue in the employment or service
of the Company or any Subsidiary, or affect the right of the Company or any Subsidiary
to terminate the employment or service of the Participant at any time or for any
reason.

     6. Successors and Assigns. This Agreement shall bind and inure to the benefit of and be
enforceable by the Participant, the Company and their respective permitted successors and assigns
(including personal representatives, heirs and legatees), except that the Participant may not
assign any rights or obligations under this Agreement except to the extent and in the manner
expressly permitted herein.

     7. Governing Law. This Award Agreement shall be governed by, construed and enforced in
accordance with the laws of the State of Delaware.

     8. Definitions. All capitalized terms in this Agreement shall have the meanings ascribed to
them in the Plan unless otherwise defined in this Award Agreement.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officers
thereunto duly authorized, and the Participant has hereunto set his hand as of the day and year
first above written.

	 	 	 	 	 	 	 	 	 

	 	 	HERCULES OFFSHORE, INC.
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ James W. Noe	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	James W. Noe	 	 
	 

	 	 	 	Title:
	 	Senior Vice President, General Counsel, Chief Compliance Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	PARTICIPANT
	 
	 	 	 	 	 	 	 	 
	 

	 	Name:	 	/s/ John T. Rynd	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	John T. Rynd	 	 

2exv10w28

Exhibit 10.28

PERFORMANCE AWARD AGREEMENT

HERCULES OFFSHORE

2004 LONG-TERM INCENTIVE PLAN

     This Performance Award Agreement (the “Agreement”) is made and entered into by and between
Hercules Offshore, Inc., a Delaware corporation (the “Company”), and John T. Rynd (the
“Participant”) as of January 1, 2011 (the “Grant Date”).

W I T N E S S E T H

     WHEREAS, the Company has adopted the Amended and Restated Hercules Offshore 2004 Long-Term
Incentive Plan (the “Plan”) to strengthen the ability of the Company to attract, motivate and
retain Employees, Outside Directors and Consultants who possess superior capabilities and to
encourage such persons to have a proprietary interest in the Company; and

     WHEREAS, the Compensation Committee of the Board of Directors of Hercules Offshore, Inc.
believes that the grant to the Participant of a Performance Award, as described herein, is
consistent with the stated purposes for which the Plan was adopted; and

     NOW, THEREFORE, in consideration of the mutual covenants and conditions hereafter set forth
and for other good and valuable consideration, the Company and the Participant agree as follows:

     1. Performance Award. In order to encourage the Participant’s contribution to the successful
performance of the Company, and in consideration of the covenants and promises of the Participant
herein contained, the Company hereby grants to the Participant as of the Grant Date this
Performance Award (“Award”), subject to the conditions and restrictions set forth in this Agreement
and in the Plan.

     2. Vesting and Payment.

	 	(a)	 	This Award shall vest if, and only if, the following requirements (the “Vesting
Requirements”) are satisfied. The Vesting Requirements are:

	 	(i)	 	Participant remains continuously employed by the Company from the
Grant Date until the earlier of (1) December 31, 2013, or (2) the date on which
a Change in Control of the Company occurs (such earlier date being referred to
herein as the “Vesting Date”); and
	 
	 	(ii)	 	The Average Share Price is at least $5.00.

	 	 	 	The term “Average Share Price” shall mean the average of the closing prices for one
share of Common Stock of the Company reported on the consolidated transaction
reporting system for the principal national securities exchange on which shares of
Common Stock are listed for each day on which such a price is reported during the
period of ninety (90) calendar days ending on the day prior to the Vesting Date.
	 
	 	(b)	 	If the Vesting Requirements are satisfied, the Participant shall vest, as of
the Vesting Date, in the right to an amount, less applicable withholding (the
“Retention Payment”), equal to the product of

	 	(i)	 	250,000,
	 
	 	(ii)	 	A percentage determined by dividing (1) the lesser of the Average
Share Price, and $10.00, by (2) $10.00, and
	 
	 	(iii)	 	The lesser of the Average Share Price and $10.00.

	 	(c)	 	The Company shall pay the Retention Payment to the Participant in a single,
lump sum cash payment during the thirty (30) calendar day period beginning on the first
day after the Vesting Date. No other amounts shall be owed or paid under this
Agreement.

1

 

     3. Restrictions on Transfer. If the Participant should die on or after the Vesting Date and
before receiving payment of the Retention Payment, the Retention Payment shall be paid to the
Participant’s Beneficiary designated in accordance with the Plan, if any, and if no such
Beneficiary is designated, then to the estate of the Participant. Except as provided in the
preceding sentence of this Paragraph 3, no right or benefit under this Agreement shall be subject
to transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or charge, whether
voluntary, involuntary, by operation of law or otherwise, and any attempt to transfer, anticipate,
alienate, sell, assign, pledge, encumber or charge the same shall be void. No right or benefit
hereunder shall in any manner be liable for or subject to any debts, contracts, liabilities or
torts of the person entitled to such benefits. If the Participant or his Beneficiary hereunder
shall become bankrupt or attempt to transfer, anticipate, alienate, assign, sell, pledge, encumber
or charge any right or benefit hereunder, other than as contemplated by this Paragraph 3, or if any
creditor shall attempt to subject the same to a writ of garnishment, attachment, execution,
sequestration, or any other form of process or involuntary lien or seizure, then such right or
benefit shall cease and terminate.

     4. Effect of Termination of Employment. Vesting in the Performance Award is conditioned
upon, among other things, Participant’s continuous employment by the Company from the Grant Date
until the Vesting Date. Termination of the Participant’s employment with the Company by any means
prior to the Vesting Date shall result in forfeiture of the Performance Award.

     5. Limitation of Rights. Nothing in this Agreement or the Plan shall be construed to:

	 	(a)	 	give the Participant any right to be awarded any other Award in the future,
even if other Awards are granted on a regular or repeated basis, as grants of Awards
are completely voluntary and made solely in the discretion of the Committee;
	 
	 	(b)	 	give the Participant or any other person any interest in any property,
including but not limited to, any fund, asset or assets or shares of Common Stock of
the Company or any Subsidiary; or
	 
	 	(c)	 	confer upon the Participant the right to continue in the employment or service
of the Company or any Subsidiary, or affect the right of the Company or any Subsidiary
to terminate the employment or service of the Participant at any time or for any
reason.

     6. Successors and Assigns. This Agreement shall bind and inure to the benefit of and be
enforceable by the Participant, the Company and their respective permitted successors and assigns
(including personal representatives, heirs and legatees), except that the Participant may not
assign any rights or obligations under this Agreement except to the extent and in the manner
expressly permitted herein.

     7. Governing Law. This Award Agreement shall be governed by, construed and enforced in
accordance with the laws of the State of Delaware.

     8. Definitions. All capitalized terms in this Agreement shall have the meanings ascribed to
them in the Plan unless otherwise defined in this Award Agreement.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officers
thereunto duly authorized, and the Participant has hereunto set his hand as of the day and year
first above written.

	 	 	 	 	 	 	 

	 	 	HERCULES OFFSHORE, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ James W. Noe
	 	 	 	 	 
	 

	 	 	 	Name:
	 	James W. Noe
	 

	 	 	 	Title:
	 	Senior Vice President, General Counsel, Chief Compliance Officer
	 
	 	 	 	 	 	 
	 	 	PARTICIPANT
	 
	 	 	 	 	 	 
	 

	 	Name:	 	/s/ John T. Rynd
	 	 	 	 	 
	 

	 	 	 	Name:
	 	John T. Rynd

2

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