Document:

exv10w1

Exhibit 10.1

STOCK OPTION AGREEMENT

     THIS AGREEMENT, executed by the parties on the dates indicated on the signature page, is by
and between Superior Energy Services, Inc. (“Superior”), and <<Participant Name>> (the
“Optionee”).

     WHEREAS Optionee is a key employee of Superior or one of its subsidiaries (collectively, the
“Company”) and Superior considers it desirable and in its best interest that Optionee be given an
inducement to acquire a proprietary interest in the Company and an added incentive to advance the
interests of the Company by possessing an option to purchase shares of the common stock of
Superior, $.001 par value per share (the “Common Stock”), in accordance with the <<Plan
Name>> (the “Plan”).

     NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties as
follows:

1.

GRANT OF OPTION

     On <<Grant Date>> (the “Date of Grant”), Superior granted to Optionee the right,
privilege and option to purchase <<Awards Granted>> shares of Common Stock (the
“Option”) at an exercise price of $_____ per share (the “Exercise Price”). The Option shall be
exercisable at the time specified in Article II below. The Option is a non-qualified stock option
and shall not be treated as an incentive stock option under Section 422 of the Internal Revenue
Code of 1986, as amended (the “Code”).

2.

TIME OF EXERCISE

     2.1      Subject to the provisions of the Plan and the other provisions of this Agreement, the
Option shall vest in annual installments (disregarding any fractional shares) as follows:

	 	 	 	 	 
	Scheduled Vesting Date	 	Amount of Shares To Vest
	December 31, 20__

	 	 	33	%
	December 31, 20__

	 	 	33	%
	December 31, 20__

	 	Remaining balance

     The Option shall expire and may not be exercised later than the tenth anniversary of the Date
of Grant.

     2.2      Except as otherwise provided herein, upon the termination of Optionee’s employment with
the Company, any portion of the Option that has not yet become exercisable shall terminate
immediately. If Optionee’s employment by the Company is terminated because of death or disability
(within the meaning of Section 22(e)(3) of the Code), any portion of the Option that has not yet
vested shall become immediately exercisable on the date of such termination of employment. If the
Optionee’s employment by the Company is terminated

 

 

because of (a) Optionee’s retirement on or after reaching age 55 with five years of service,
or (b) the Company’s termination of Optionee’s employment without Cause (as defined below), then,
if approved by the Compensation Committee of the Board of Directors of Superior, any portion of the
Option that has not yet vested shall become immediately exercisable on the date of such termination
of employment.

     2.3      If Optionee’s employment by the Company is terminated for Cause, the Option shall
terminate in full immediately, whether or not exercisable at the time of termination of employment.
“Cause” for termination of employment shall be deemed to exist upon either (a) a final
determination is made in accordance with the terms of Optionee’s employment agreement, if any, with
the Company that the Optionee’s employment has been terminated for “cause” within the meaning of
the employment agreement or (b), if the Optionee is not subject to an employment agreement: (i)
failure to abide by the Company’s rules and regulations governing the transaction of its business,
including without limitation, its Code of Business Ethics and Conduct; (ii) inattention to duties,
or the commission of acts within employment with the Company amounting to negligence or misconduct;
(iii) misappropriation of funds or property of the Company or committing any fraud against the
Company or against any other person or entity in the course of employment with the Company; (iv)
misappropriation of any corporate opportunity, or otherwise obtaining personal profit from any
transaction which is adverse to the interests of the Company or to the benefits of which the
Company is entitled; or (v) the commission of a felony or other crime involving moral turpitude.

     2.4      Except as provided in Sections 2.5 and 2.6, if Optionee’s employment with the Company is
terminated, the Option must be exercised, to the extent exercisable at the time of termination of
employment, within 30 days of the date on which Optionee ceases to be an employee, but in no event
later than the tenth anniversary of the Date of Grant.

     2.5      If Optionee’s employment by the Company is terminated because of (a) death, (b) disability
(within the meaning of Section 22(e)(3) of the Code) or (c) retirement on or after reaching age 55
with five years of service, the Option must be exercised, to the extent exercisable at the time of
termination of employment, on or before the tenth anniversary of the Date of Grant. In the event
of Optionee’s death, the Option may, to the extent exercisable at the time of death, be exercised
by his estate, or by the person to whom such right devolves from him by reason of his death. If
the Optionee’s employment is terminated by the Company other than for Cause, then the Option must
be exercised, to the extent exercisable at the time of termination of employment, within five years
following the date of termination of employment, but in no event later than the tenth anniversary
of the Date of Grant.

     2.6      If there has been a Change of Control (as defined in the Plan) of Superior, (a) if the
Option remains outstanding after the Change of Control, either as a right to purchase Common Stock
or as a right to purchase that number and class of shares of stock or other securities or property
(including without limitation, cash) to which the Optionee would have been entitled if, immediately
prior to the Change of Control, the Optionee had been the record owner of the number of shares of
Common Stock then covered by the Option and (b) if the Optionee’s employment is terminated by the
Company other than for Cause within a one-year period following the Change of Control, then the
Option must be exercised within five years

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following the date of termination of employment, but in no event later than the tenth
anniversary of the Date of Grant.

3.

FORFEITURE OF OPTION AND OPTION GAIN

     If at any time during Optionee’s employment by the Company or within 36 months after
termination of employment, Optionee engages in any activity in competition with any activity of the
Company, or inimical, contrary or harmful to the interests of the Company, including but not
limited to:

     (a) conduct relating to Optionee’s employment for which either criminal or civil penalties
against Optionee may be sought;

     (b) conduct or activity that results in termination of Optionee’s employment for Cause;

     (c) violation of Company policies, including, without limitation, the Company’s Code of
Business Ethics and Conduct;

     (d) accepting employment with, acquiring a 5% or more equity or participation interest in,
serving as a consultant, advisor, director or agent of, directly or indirectly soliciting or
recruiting any employee of the Company who was employed at any time during Optionee’s tenure with
the Company, or otherwise assisting in any other capacity or manner any company or enterprise that
is directly or indirectly in competition with or acting against the interests of the Company or any
of its lines of business (a “competitor”), except for (i) any isolated, sporadic accommodation or
assistance provided to a competitor, at its request, by Optionee during Optionee’s tenure with the
Company, but only if provided in the good faith and reasonable belief that such action would
benefit the Company by promoting good business relations with the competitor and would not harm the
Company’s interests in any substantial manner or (ii) any other service or assistance that is
provided at the request or with the written permission of the Company;

     (e) disclosing or misusing any confidential information or material concerning the Company; or

     (f) making any statement or disclosing any information to any customers, suppliers, lessors,
lessees, licensors, licensees, regulators, employees or others with whom the Company engages in
business that is defamatory or derogatory with respect to the business, operations, technology,
management, or other employees of the Company, or taking any other action that could reasonably be
expected to injure the Company in its business relationships with any of the foregoing parties or
result in any other detrimental effect on the Company;

then the Company shall provide written notice to the Optionee of the Optionee’s violation of this
Agreement, and the Optionee shall pay in cash to the Company, without interest, any option gain
realized by Optionee from exercising all or a portion of the Option during the period beginning one
year prior to termination of employment (or one year prior to the date Optionee first engages in
such activity if no termination occurs) and ending on the date on which the Option terminates,

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and the Option shall terminate without any payment to Optionee effective the date on which Optionee
engages in such activity, unless terminated sooner by operation of another term or condition of
this Agreement or the Plan. For purposes hereof, “option gain” shall mean the difference between
the closing market price of the Common Stock on the date of exercise minus the exercise price,
multiplied by the number of shares purchased.

4.

METHOD OF EXERCISE OF OPTION

     Optionee may exercise all or a portion of the Option by contacting Merrill Lynch, the
Company’s third party administrator, or any successor administrator, in accordance with the
procedures established by the Company. Optionee shall specify the number of shares to be purchased
and must pay the total exercise price of the shares, which may be accomplished in any manner set
forth in the Plan or approved by the Company. Once the Company or its delegee has received the
exercise price for the shares, the appropriate officer of the Company shall cause the transfer of
title of the shares purchased to Optionee on the Company’s stock records and cause such shares to
be issued in Optionee’s name or to an account in Optionee’s name with his brokerage firm. Optionee
shall not have any rights as a stockholder until such shares are issued to him.

5.

NO CONTRACT OF EMPLOYMENT INTENDED

     Nothing in this Agreement shall confer upon Optionee any right to continue in the employ of
the Company, or to interfere in any way with the right of the Company to terminate Optionee’s
employment relationship with the Company at any time.

6.

NON-TRANSFERABILITY, BINDING EFFECT AND SUCCESSORS

     6.1      The Option may not be transferred, assigned, pledged or hypothecated in any manner, by
operation of law or otherwise, other than by will or by the laws of descent and distribution, or
pursuant to a domestic relations order, as defined in the Code, and shall not be subject to
execution, attachment or similar process. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective heirs, executors and administrators and
permitted successors.

     6.2      If in connection with a Change of Control, the Option is assumed by a successor to the
Company, then, as used herein, “Company” shall include any successor to the Company’s business and
assets that assumes and agrees to perform this Agreement.

7.

INCONSISTENT PROVISIONS

     The Option is subject to the provisions of the Plan as in effect on the date hereof and as it
may be amended. In the event any provision of this Agreement conflicts with such a provision of the
Plan, the Plan provision shall control.

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8.

ELECTRONIC DELIVERY; ACCEPTANCE OF AGREEMENT

     8.1      Superior may, in its sole discretion, deliver any documents related to the Optionee’s
current or future participation in the Plan by electronic means or request your consent to
participate in the Plan by electronic means. By accepting the terms of this Agreement, the
Optionee hereby consents to receive such documents by electronic delivery and agrees to participate
in the Plan through an on-line or electronic system established and maintained by Superior or a
third party designated by Superior.

     8.2      The Optionee must expressly accept the terms and conditions of this Agreement by
electronically accepting this Agreement in a timely manner. If the Optionee does not accept the
terms of this Agreement, this Option is subject to cancellation.

* * * * * * * * * * * * *

     By clicking the “Accept” button, the Optionee represents that he or she is familiar with the
terms and provisions of the Plan, and hereby accepts this Agreement subject to all of the terms and
provisions thereof. Optionee has reviewed the Plan and this Agreement in their entirety and fully
understands all provisions of this Agreement. Optionee agrees to accept as binding, conclusive and
final all decisions or interpretations of the Compensation Committee of Superior’s Board of
Directors upon any questions arising under the Plan or this Agreement.

PLEASE PRINT AND KEEP A COPY FOR YOUR RECORDS

5exv10w2

Exhibit 10.2

RESTRICTED STOCK AGREEMENT

     This RESTRICTED STOCK AGREEMENT (this “Agreement”), executed by the parties on the dates
indicated on the signature page, is by and between Superior Energy Services, Inc. (“Superior”) and
<<Participant Name>> (the “Award Recipient”).

     WHEREAS, Superior maintains the <<Plan Name>> (the “Plan”), under which the
Compensation Committee of the Board of Directors of Superior (the “Committee”) may, directly or
indirectly, among other things, grant restricted shares of Superior’s common stock, $.001 par value
per share (the “Common Stock”), to key employees of Superior or its subsidiaries (collectively, the
“Company”); and

     WHEREAS, pursuant to the Plan the Committee has awarded to the Award Recipient restricted
shares of Common Stock on the terms and conditions specified below;

     NOW, THEREFORE, the parties agree as follows:

1.

AWARD OF SHARES

     On
<<Grant Date>> (the “Date of Grant”), and upon the terms and conditions of the Plan and
this Agreement, and in consideration of services rendered, Superior awarded to the Award Recipient
<<Awards Granted>> restricted shares of Common Stock (the “Restricted Stock”), that
vest, subject to Sections 2, 3 and 4 hereof, in annual installments (disregarding any fractional
share) as follows:

	 	 	 	 	 
	 	 	Amount of
	Scheduled Vesting Date	 	Restricted Stock To Vest
	January 1, 20__

	 	 	33	%
	January 1, 20__

	 	 	33	%
	January 1, 20__

	 	Remaining balance

2.

AWARD RESTRICTIONS ON

RESTRICTED STOCK

     2.1 In addition to the conditions and restrictions provided in the Plan, neither the shares of
Restricted Stock nor the right to vote the Restricted Stock, to receive dividends thereon or to
enjoy any other rights or interests thereunder or hereunder may be sold, assigned, donated,
transferred, exchanged, pledged, hypothecated or otherwise encumbered prior to vesting. Subject to
the restrictions on transfer provided in this Section 2.1, the Award Recipient shall be entitled to
all rights of a shareholder of Superior with respect to the Restricted Stock, including the right
to vote the shares and receive all dividends and other distributions declared thereon.

     2.2 If the shares of Restricted Stock have not already vested in accordance with Section 1
above, the shares of Restricted Stock shall vest and all restrictions set forth in Section 2.1
shall lapse on the earlier of: (a) the date on which the employment of the Award

 

 

Recipient terminates as a result of any of the events specified in Sections 3(a) or (b) below, (b) if
permitted by the Committee in accordance with Section 3 below, retirement or termination by the
Company, or (c) the occurrence of a Change of Control (as defined in the Plan).

3.

TERMINATION OF EMPLOYMENT

     If the Award Recipient’s employment terminates as the result of (a) death or (b) disability
(within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the
“Code”)), all unvested shares of Restricted Stock granted hereunder shall immediately vest. Unless
the Committee determines otherwise in the case of retirement of the Award Recipient or termination
by the Company of the Award Recipient’s employment, termination of employment for any other reason,
except termination upon a Change of Control (as defined in the Plan), shall automatically result in
the termination and forfeiture of all unvested Restricted Stock.

4.

FORFEITURE OF AWARD

     4.1      If at any time during Award Recipient’s employment by the Company or within 36 months
after termination of employment, Award Recipient engages in any activity in competition with any
activity of the Company, or inimical, contrary or harmful to the interests of the Company,
including but not limited to:

     (a) conduct relating to Award Recipient’s employment for which either criminal or civil
penalties against Award Recipient may be sought;

     (b) conduct or activity that results in the termination of Award Recipient’s employment
for “cause” within the meaning of the terms of Award Recipient’s employment agreement, if
any, with the Company or if the Optionee is not subject to an employment agreement: (i)
failure to abide by the Company’s rules and regulations governing the transaction of its
business, including without limitation, its Code of Business Ethics and Conduct; (ii)
inattention to duties, or the commission of acts within employment with the Company
amounting to negligence or misconduct; (iii) misappropriation of funds or property of the
Company or committing any fraud against the Company or against any other person or entity in
the course of employment with the Company; (iv) misappropriation of any corporate
opportunity, or otherwise obtaining personal profit from any transaction which is adverse to
the interests of the Company or to the benefits of which the Company is entitled; or (v) the
commission of a felony or other crime involving moral turpitude.

     (c) accepting employment with, acquiring a 5% or more equity or participation interest
in, serving as a consultant, advisor, director or agent of, directly or indirectly
soliciting or recruiting any employee of the Company who was employed at any time during
Award Recipient’s tenure with the Company, or otherwise assisting in any other capacity or
manner any company or enterprise that is directly or indirectly in competition with or
acting against the interests of the Company or any of its lines of business (a
“competitor”), except for (i) any isolated, sporadic accommodation or

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assistance provided to a competitor, at its request, by Award Recipient during Award
Recipient’s tenure with the Company, but only if provided in the good faith and reasonable
belief that such action would benefit the Company by promoting good business relations with
the competitor and would not harm the Company’s interests in any substantial manner or (ii)
any other service or assistance that is provided at the request or with the written
permission of the Company;

     (d) disclosing or misusing any confidential information or material concerning the
Company; or

     (e) making any statement or disclosing any information to any customers, suppliers,
lessors, lessees, licensors, licensees, regulators, employees or others with whom the
Company engages in business that is defamatory or derogatory with respect to the business,
operations, technology, management, or other employees of the Company, or taking any other
action that could reasonably be expected to injure the Company in its business relationships
with any of the foregoing parties or result in any other detrimental effect on the Company;

then the Company shall provide written notice to the Award Recipient of the Award Recipient’s
violation of this Agreement, and the award of Restricted Stock granted hereunder shall
automatically terminate and be forfeited effective on the date on which the Award Recipient
breaches this Section 4.1 and (i) all shares of Common Stock acquired by the Award Recipient
pursuant to this Agreement (or other securities into which such shares have been converted or
exchanged) shall be returned to the Company or, if no longer held by the Award Recipient, the Award
Recipient shall pay to the Company, without interest, all cash, securities or other assets received
by the Award Recipient upon the sale or transfer of such stock or securities, and (ii) all unvested
shares of Restricted Stock shall be forfeited.

     4.2      If the Award Recipient owes any amount to the Company under Section 4.1 above, the Award
Recipient acknowledges that the Company may, to the fullest extent permitted by applicable law,
deduct such amount from any amounts the Company owes the Award Recipient from time to time for any
reason (including without limitation amounts owed to the Award Recipient as salary, wages,
reimbursements or other compensation, fringe benefits, retirement benefits or vacation pay).
Whether or not the Company elects to make any such set-off in whole or in part, if the Company does
not recover by means of set-off the full amount the Award Recipient owes it, the Award Recipient
hereby agrees to pay immediately the unpaid balance to the Company.

     4.3      The Award Recipient may be released from the Award Recipient’s obligations under Sections
4.1 and 4.2 above only if the Committee determines in its sole discretion that such action is in
the best interests of the Company.

5.

ESCROW

     5.1      The shares of Restricted Stock will generally be represented in book or electronic entry
rather than a physical certificate, and Superior shall take steps necessary to restrict transfer

3

 

of the Restricted Stock as it deems necessary or advisable until the lapse of restrictions
under the terms hereof. In the event a stock certificates evidencing the Restricted Stock is
issued, the certificate shall be retained by Superior until the lapse of restrictions under the
terms hereof, and Superior shall place a legend, in the form specified in the Plan, on such stock
certificate restricting the transferability of the shares of Restricted Stock.

     5.2      Upon the lapse of the restrictions on shares of Restricted Stock, Superior will credit the
Award Recipient’s brokerage account with the vested shares of Restricted Stock. If the Award
Recipient has not established a brokerage account, the shares will be held by Superior’s transfer
agent until such time as the Award Recipient opens such an account.

6.

WITHHOLDING TAXES

     At the time that all or any portion of the Restricted Stock vests, the Award Recipient must
deliver to Superior the amount of income tax withholding required by law. In accordance with and
subject to the terms of the Plan, the Award Recipient may satisfy the tax withholding obligation in
whole or in part by delivering currently owned shares of Common Stock or by electing to have
Superior withhold from the shares the Award Recipient otherwise would receive hereunder shares of
Common Stock having a value equal to the minimum amount required to be withheld (as determined
under the Plan).

7.

ADDITIONAL CONDITIONS

     Anything in this Agreement to the contrary notwithstanding, if at any time Superior further
determines, in its sole discretion, that the listing, registration or qualification (or any
updating of any such document) of the shares of Common Stock issuable pursuant hereto is necessary
on any securities exchange or under any federal or state securities or blue sky law, or that the
consent or approval of any governmental regulatory body is necessary or desirable as a condition
of, or in connection with the issuance of shares of Common Stock pursuant thereto, or the removal
of any restrictions imposed on such shares, such shares of Common Stock shall not be issued, in
whole or in part, or the restrictions thereon removed, unless such listing, registration,
qualification, consent or approval shall have been effected or obtained free of any conditions not
acceptable to Superior. Superior agrees to use commercially reasonable efforts to issue all shares
of Common Stock issuable hereunder on the terms provided herein.

8.

NO CONTRACT OF EMPLOYMENT INTENDED

     Nothing in this Agreement shall confer upon the Award Recipient any right to continue in the
employment of the Company, or to interfere in any way with the right of the Company to terminate
the Award Recipient’s employment relationship with the Company at any time.

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9.

BINDING EFFECT

     This Agreement may not be transferred, assigned pledged or hypothecated in any manner or law
or otherwise, other than by will or by the laws of descent and distribution or pursuant to a
domestic relations order as defined in the Code, and shall not be subject to execution, attachment
or similar process. This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective heirs, executors, administrators, legal representatives and permitted
successors. Without limiting the generality of the foregoing, whenever the term “Award Recipient”
is used in any provision of this Agreement under circumstances where the provision appropriately
applies to the heirs, executors, administrators or legal representatives to whom this award may be
transferred by will or by the laws of descent and distribution, the term “Award Recipient” shall be
deemed to include such person or persons.

10.

INCONSISTENT PROVISIONS

     The shares of Restricted Stock granted hereby are subject to the terms, conditions,
restrictions and other provisions of the Plan as fully as if all such provisions were set forth in
their entirety in this Agreement. If any provision of this Agreement conflicts with a provision of
the Plan, the Plan provision shall control. The Award Recipient acknowledges that a copy of the
Plan and a prospectus summarizing the Plan was distributed or made available to the Award Recipient
and that the Award Recipient was advised to review such materials prior to entering into this
Agreement. The Award Recipient waives the right to claim that the provisions of the Plan are not
binding upon the Award Recipient and the Award Recipient’s heirs, executors, administrators, legal
representatives and successors.

11.

GOVERNING LAW

     This Agreement shall be governed by and construed in accordance with the laws of the State of
Louisiana.

12.

SEVERABILITY

     If any term or provision of this Agreement, or the application thereof to any person or
circumstance, shall at any time or to any extent be invalid, illegal or unenforceable in any
respect as written, the Award Recipient and Superior intend for any court construing this Agreement
to modify or limit such provision so as to render it valid and enforceable to the fullest extent
allowed by law. Any such provision that is not susceptible of such reformation shall be ignored so
as to not affect any other term or provision hereof, and the remainder of this Agreement, or the
application of such term or provision to persons or circumstances other than those as to which it
is held invalid, illegal or unenforceable, shall not be affected thereby and each term and
provision of this Agreement shall be valid and enforced to the fullest extent permitted by law.

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13.

ENTIRE AGREEMENT; MODIFICATION

     The Plan and this Agreement contain the entire agreement between the parties with respect to
the subject matter contained herein and may not be modified, except as provided in the Plan, as it
may be amended from time to time in the manner provided therein, or in this Agreement, as it may be
amended from time to time by a written document signed by each of the parties hereto. Any oral or
written agreements, representations, warranties, written inducements, or other communications with
respect to the subject matter contained herein made prior to the execution of the Agreement shall
be void and ineffective for all purposes.

14.

ELECTRONIC DELIVERY; ACCEPTANCE OF AGREEMENT

     14.1      Superior may, in its sole discretion, deliver any documents related to the Award
Recipient’s current or future participation in the Plan by electronic means or request your consent
to participate in the Plan by electronic means. By accepting the terms of this Agreement, the
Award Recipient hereby consents to receive such documents by electronic delivery and agree to
participate in the Plan through an on-line or electronic system established and maintained by
Superior or a third party designated by Superior.

     14.2      The Award Recipient must expressly accept the terms and conditions of this Agreement by
electronically accepting this Agreement in a timely manner. If the Award Recipient does not accept
the terms of this Agreement, this award of Restricted Stock is subject to cancellation.

* * * * * * * * * * * * *

     By clicking the “Accept” button, the Award Recipient represents that he or she is familiar
with the terms and provisions of the Plan, and hereby accepts this Agreement subject to all of the
terms and provisions thereof. Award Recipient has reviewed the Plan and this Agreement in their
entirety and fully understands all provisions of this Agreement. Award Recipient agrees to accept
as binding, conclusive and final all decisions or interpretations of the Committee upon any
questions arising under the Plan or this Agreement.

PLEASE PRINT AND KEEP A COPY FOR YOUR RECORDS

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