Document:

AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (JAMES O. HARP, JR)

 Exhibit 10.3 
 AMENDMENT TO 
 AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
 This AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Amendment”) is made and
entered into effective as of the 12th day of May, 2008, by and between HORNBECK OFFSHORE OPERATORS, LLC, a Delaware limited liability company (“Employer”), JAMES O. HARP, JR., (“Employee”). 
 WHEREAS, Employer and Employee wish to amend that certain Amended and Restated Employment Agreement dated May 7, 2006 (the “Agreement”)
between Employer and Employee to reflect amendment required for the Agreement to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and to make certain technical changes; 
 NOW, THEREFORE, the parties hereby agree that from and after the date hereof, the following amended provisions shall be effective for the Agreement.

  

	 	1.	Section 2 shall be amended and restated in its entirety to read as follows: 

 2. Term. The term of employment under this Agreement shall commence on January 1, 2007 (the “Commencement Date”) and shall continue through December 31, 2009; provided, however, that beginning on
January 1, 2008, and on every January 1 thereafter (each a “Renewal Date”), the then existing term of this Agreement shall automatically be extended one additional year unless either party gives the other written notice of
termination at least ninety (90) days prior to any such Renewal Date. Written notice by Employer shall be solely pursuant to duly adopted resolution of Employer’s or Parent’s board of directors. Upon delivery of such notice of
nonrenewal from Employer to Employee, Employee shall be entitled to payment by Employer of an amount equal to one half of Employee’s basic annualized salary for the year preceding such notice of nonrenewal, payable to Employee upon termination
of his employment. Following the date of termination of this Agreement, except as set forth in the preceding sentence, Employee shall have no further rights, including but not limited to rights under Section 8, or obligations hereunder, except
obligations set forth in Sections 11 and 12. 
  

	 	2.	Section 7(b)(ii) shall be amended and restated in its entirety to read as follows: 

 (ii) The terms “permanently disabled” and “permanent disability” as used in this Agreement shall mean that Employee is, by
reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a
period of not less than three (3) months under any long term disability plan maintained by Employer that covers Employee. In the absence of such a long term disability plan, “permanently disabled” and “permanent disability”
shall mean that Employee is 

 
unable to engage in any substantial gainful activity for a period of at least ninety (90) days in any one-year period by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. In the event Employee becomes “permanently disabled,” the Board may
terminate Employee’s employment under this Agreement upon ten (10) days’ prior written notice. If any determination with respect to “permanent disability” is disputed by Employee, the parties hereto agree to abide by the
determination with respect to “permanent disability” of a panel of three physicians. Employee and the Board shall each appoint one member, and the third member of the panel shall be appointed by the other two members. Employee agrees to
make himself available for and submit to examinations by such physicians as may be directed by the Board. Failure to submit to any such examination shall constitute a breach of a material part of this Agreement. 
  

	 	3.	Section 8(c)(ii) shall be amended and restated in its entirety to read as follows: 

 (ii) If Employer shall terminate the employment of Employee without good cause effective on a date earlier than the termination date provided for
in Section 2, any and all options, rights or awards granted in conjunction with Parent’s or Employer’s incentive compensation and stock option plans shall immediately vest; provided that, with respect to restricted stock awards or
restricted stock unit awards that contain performance criteria for vesting, the number of shares that would have vested on the date of the termination as if such date were the end of the Measurement Period (as such term is used in the restricted
stock awards and the restricted stock unit awards) shall vest and all other shares covered by such awards shall be forfeited. 
  

	 	4.	Sections 8(d)(i)-(ii) shall be amended and restated in their entirety to read as follows: 

 (i) If a Change in Control of Employer, as defined in Section 8(d)(ii) shall occur, and Employee shall: 
 (1) voluntarily terminate his employment within one year following such Change in Control and such termination shall be as a result of
Employee’s good faith determination that Employer: 
 (A) has after the Change in Control reduced Employee’s annual base
salary or potential bonus level or any incentive compensation or equity incentive compensation plan benefit (as in effect immediately before such Change in Control); 
 (B) has relocated Employee’s office to a location that is more than 35 miles from the location in which Employee principally works for
Employer or Parent immediately before such Change in Control; 
  

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 (C) has relocated the principal executive office of Parent, Employer or the office of
Employer’s operating group for which Employee performed the majority of his services for Employer during the year before the Change in Control to a location that is more than 35 miles from the location of such office immediately before such
Change in Control; 
 (D) has required Employee, in order to perform duties of substantially equal status, dignity and character to
those duties Employee performed immediately before the Change in Control, to travel on Employer’s business to a substantially greater extent than is consistent with Employee’s travel obligations immediately before such Change in Control;

 (E) has failed to continue to provide Employee with benefits substantially equivalent to those enjoyed by Employee under any of
Employer’s life insurance, medical, health and accident or disability plans and incentive compensation or equity incentive compensation plans in which Employee was participating immediately before the Change in Control; 
 (F) has taken any action that would directly or indirectly materially reduce any of such benefits or deprive Employee of any material fringe
benefit enjoyed by Employee immediately before the Change in Control; 
 (G) has failed to provide Employee with at least the number
of paid vacation days to which Employee is entitled on the basis of years of service under Employer’s normal vacation policy in effect immediately before the Change in Control giving credit for time served at prior employers; 
 (2) voluntarily terminate his employment within one year following such Change in Control and such termination shall be as a result of
Employee’s good faith determination that as a result of the Change in Control and a change in circumstances thereafter significantly affecting his position other than those listed in Section 8(d)(i)(1) above, he can no longer adequately
exercise the authorities, powers, functions or duties attached to his position as an executive officer of Employer, Parent or any of their affiliates; or 
 (3) voluntarily terminate his employment within one year following such Change in Control, and such termination shall be as a result of Employee’s good faith determination that he can no longer perform his duties as an
executive officer of Employer, Parent or any of their affiliates by reason of a substantial diminution in his responsibilities, status, title or position; 
  

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 (4) have his employment terminated by Employer for reasons other than those specified in
Section 8(b)(ii) within one year following such Change in Control; 
 then in any of the above four cases, Employee shall have, instead of the
rights described in Section 3(a), the right to immediately terminate this Agreement and receive from Employer, within fifteen business days following the date Employee notifies Employer of his constructive or voluntary termination pursuant to
this Section 8(d)(i)(1), (2) or (3) or within three business days of having his employment terminated under 8(d)(i)(4) above, (A) a lump sum cash payment equal to three times the amount of Employee’s Basic Salary with
respect to the year in which such termination has occurred plus three times the greater of (x) the amount equal to the total bonus paid for the last completed year for which bonuses have been paid or (y) the amount equal to the bonuses
that would have been payable for the then current year (or, in the case of termination date that occurs between January 1 of any year and the date that bonuses are paid based on the previous year), such previous year determined on a basis
consistent with the last completed year for which bonuses have been paid but using the projected bonus amounts for the then current year (or, in the case of a termination date that occurs between January 1 of any year and the date that bonuses
are paid based on the previous year, such previous year), determined by extrapolating the information as of the termination date based on the best information available at the time of the calculation; provided, however, that if Employee for any
reason did not receive a bonus in the immediately preceding year and would not have been eligible for a bonus under (y) of the previous clause, Employee shall be deemed for purposes of this Section 8(d)(i) to have received a bonus in the
amount of one-fourth of his annual Basic Salary for such year, and (B) medical plan coverage and other insurance benefits provided for himself and his spouse and dependents (to the extent his spouse and dependents are covered under the medical
plan and other insurance benefits as of the date of Employee’s termination of employment) for a period of three (3) years following the date of Employee’s termination of employment (provided, however, that if such benefits are not
available under Employer’s benefit plans or applicable laws, Employer shall be responsible for the cost of providing equivalent benefits), and (C) any and all options, rights or awards granted in conjunction with Parent’s or
Employer’s incentive compensation and stock option plans shall immediately vest; provided that, with respect to restricted stock awards or restricted stock unit awards that contain performance criteria for vesting, the greater of (x) the
Base Shares (as such term is used in the restricted stock awards and restricted stock unit awards) or (y) the number of shares that would have vested on the date of the death or determination of permanent disability as if such date were the end
of the Measurement Period (as such term is used in the restricted stock awards and the restricted stock unit awards) shall vest and all other shares covered by such awards shall be forfeited. Employee shall not be required to mitigate the amount of
any payment provided for in this Section 8(d)(i) by seeking other employment or otherwise. Without duplication with the provisions under Section 9, to the extent the provision of any such medical benefits are taxable to Employee or his

  

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spouse or dependents, Employer shall “gross up” Employee for such taxes based on Employee’s actual tax rate (certified to Employer by Employee), up to
35% (without a “gross up” on the initial gross up). The obligation to provide this medical plan coverage shall terminate in the event Employee becomes employed by another employer that provides a medical plan that fully covers Employee and
his dependents without a preexisting condition limitation. Employee shall be eligible for payments pursuant to this Section 8(d) if Employee complies with the terms of Sections 11 and 12 of this Agreement. 
 (ii) For purposes of this Agreement, a “Change in Control” shall mean: 
 (1) the obtaining by any person or persons acting as a group of fifty percent (50%) or more of the voting shares of Parent pursuant to a
“tender offer” for such shares as provided under Rule 14d-2 promulgated under the Securities Exchange Act of 1934, as amended, or any subsequent comparable federal rule or regulation governing tender offers; or 
 (2) a majority of the members of the Parent’s board of directors is replaced during any twelve (12) month period by new directors whose
appointment or election is not endorsed by a majority of the members of the Parent’s board of directors before the date of such new directors’ appointment or election; or 
 (3) any person, or persons acting as a group, acquires (or has acquired during the twelve (12) month period ending on the date of the most
recent acquisition by such person or persons) assets from the Parent that have a total gross fair market value equal to or more than seventy-five percent (75%) of the total gross fair market value of all of the assets of the Parent immediately
before such acquisition or acquisitions (other than transfers to related persons as defined in Section 1.409A-3(i)(5)(vii)(B) of the Treasury Regulations). 
 The determination of whether a Change in Control has occurred shall be made in accordance with Section 409A of the Code (as defined below), and the Treasury Regulations and other guidance issued thereunder. 
  

	 	5.	Section 12(e) shall be amended and restated in its entirety to read as follows: 

 (e) Restricted Area. The Restricted Area shall mean and include each of the following in which Hornbeck’s Business is conducted:

 (i) The following parishes of the State of Louisiana in which Employer carries on and is engaged in Hornbeck’s business:
Acadia, Allen, Ascension, Assumption, Beauregard, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Evangeline, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, St. Bernard,
St. Charles, St. Helena, St. James, St. John, St. Landry, St. Martin, St. Mary, St. Tammany, Tangipahoa, Terrebonne, Vermilion, Washington, West Baton 

  

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Rouge, and West Feliciana and the state and federal waters offshore such parishes; 
 (ii) The following counties of the State of Texas in which Employer carries on and is engaged in Hornbeck’s business: Aransas, Brazoria,
Calhoun, Cameron, Chambers, Fort Bend, Galveston, Harris, Houston, Jackson, Jefferson, Kenedy, Kleberg, Liberty, Matagorda, Montgomery, Nueces, Orange, Refugio, San Jacinto, San Patricio, Waller and Willacy and the state and federal waters offshore
such counties; 
 (iii) The following counties in the State of New York in which Employer carries on and is engaged in Hornbeck’s
business: Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland, Suffolk, and Westchester and the state and federal waters offshore such parishes; 
 (iv) The following counties in the State of New Jersey in which Employer carries on and is engaged in Hornbeck’s business: Atlantic, Bergen, Cape May, Hudson, Middlesex, Monmouth, Ocean and Union and the state and federal
waters offshore such parishes; 
 (v) The following government subdivisions in the country of Trinidad and Tobago: San Fernando,
Galeota and Chagaramas and the state and federal waters offshore the same; 
 (vi) The following government subdivisions of Mexico:
Ciudad del Carmen, Poza Rica and Dos Bocas and the state and federal waters offshore the same; 
 (vi) The following government
subdivisions of Brazil: Macaé, Vitória and Rio de Janeiro and the state and federal waters offshore the same; and 
 (vi) The following government subdivisions of Qatar: Doha and the state and federal waters offshore the same. 
  

	 	6.	A new Section 19(e) shall be added to read as follows: 

 (e) This Agreement shall be construed to the extent necessary to comply with the provisions of Section 409A of the Code and any Treasury Regulations and other guidance issued thereunder. 
  

	 	7.	A new Section 22 shall be added to read as follows: 

 22.
Six-Month Delay. Notwithstanding any provision of this Agreement to the contrary, if, at the time of Employee’s termination of employment with Employer, he is a “specified employee” as defined in Section 409A of the Code,
and one or more of the payments or benefits received or to be received by Employee pursuant to this Agreement would constitute deferred compensation subject to Section 409A of the Code, no such payment or benefit will be provided 

  

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under this Agreement until the earlier of (a) the date that is six (6) months following Employee’s termination of employment with Employer, or
(b) the Employee’s death. The provisions of this Section 22 shall only apply to the extent required to avoid Employee’s incurrence of any penalty tax or interest under Section 409A of the Code or any Treasury Regulations and
other guidance issued thereunder. 

  

	 	8.	The parties hereby agree that from and after the effective date hereof, the Appendix A attached hereto shall be deemed to be the Appendix A attached to the Agreement between the parties for
purposes of defining the bonus calculation methodologies for the year 2008 and thereafter, for so long as Employee shall be entitled to compensation under such Agreement with the EBITDA target reestablished by the Compensation Committee for each
year after 2008, no later than March 31st of such year. 

  

	 	9.	Except as set forth herein, the Agreement shall continue in full force and effect. 

 [Remainder of page intentionally left blank.] 
  

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 IN WITNESS WHEREOF the parties have executed this Amendment as of the date first above written. 

 

			
	EMPLOYER:
	
	HORNBECK OFFSHORE OPERATORS, LLC
		
	By:	 	/s/ Samuel A. Giberga
		 	 Samuel A. Giberga,
 Senior Vice President and General
Counsel

	
	EMPLOYEE:
	
	/s/ JAMES O. HARP, JR.
	JAMES O. HARP, JR.

  

			
	 ACKNOWLEDGED AND AGREED TO FOR
 PURPOSES OF GUARANTEEING
THE
 FINANCIAL OBLIGATIONS OF EMPLOYER
 TO EMPLOYEE:

	
	HORNBECK OFFSHORE SERVICES, INC.
		
	By:	 	/s/ Samuel A. Giberga
		 	 Samuel A. Giberga,
 Senior Vice President and General
Counsel

  

 Signature Page to Amendment to Amended and Restated Employment Agreement 

 APPENDIX A 
 Employer shall annually provide Employee with a bonus comprised of two components, each of which shall represent approximately 50% of the aggregate bonus potential. Component One shall be at least equal as a percentage of Basic Salary as is
determined by comparing the actual Hornbeck Offshore Services, Inc. (“Parent”) earnings before interest, taxes, depreciation and amortization (“EBITDA”), as adjusted by loss on early extinguishment of debt, stock-based
compensation expense and interest income (as applicable) (“adjusted EBITDA”), calculated on a consolidated basis with Parent’s subsidiaries, such actual Parent adjusted EBITDA performance to be derived from audited financial
statements of Parent and its consolidated subsidiaries prepared in accordance with generally accepted accounting principles (“GAAP”), taking into account accruals for such bonuses for Employee and other employees of Employer, to the Parent
adjusted EBITDA target set in advance by the Board (referred to herein as the “Target”) for each fiscal year under the term of this Agreement as contemplated below. Component Two shall be determined at the sole discretion of the
Compensation Committee of the Parent’s Board of Directors based on the performance of the Company and Employee. 
 With respect to Component One,
Employer and Employee agree that the Target is to be aggressively set by the Compensation Committee such that this bonus incentive for Employee is aligned with Parent stockholder goals for each fiscal year. If in any year (or portion thereof) Parent
should issue additional equity in conjunction with any acquisition, newbuild program or for any other purpose, the Target originally set for such year (or portion thereof) will be adjusted to take into account the income statement effect of the use
of proceeds. Bonus awards for the Component One Target based upon such percentage comparisons are as follows: 
  

	 	(i)	achievement of eighty percent (80%) of Target earns a bonus of ten percent (10%) of Basic Salary; 

  

	 	(ii)	achievement of one hundred percent (100%) of Target earns a bonus of fifty percent (50%) of Basic Salary; and 

  

	 	(iii)	achievement of one hundred twenty percent (120%) of Target earns a bonus of one hundred percent (100%) of Basic Salary. 

 With respect to Component One, the Bonus for Target achievement percentages (i) greater than eighty percent (80%) and less than one hundred percent (100%) and
(ii) greater than one hundred percent (100%) but less than one hundred twenty percent (120%) shall be determined by the Compensation Committee using a curve which is a straight line connecting eighty percent (80%) and one hundred
percent (100%) and another line connecting one hundred percent (100%) and one hundred twenty percent (120%). Notwithstanding the above, the Compensation Committee, in its sole discretion, may award a bonus to Employee under Component One
for a Target achievement percentage that is less than eighty percent (80%), and the Compensation Committee, in its sole discretion, may award an additional bonus to Employee for a Target achievement percentage in excess of one hundred twenty percent
(120%). 
 The applicable Component One Target and any other financial terms that vary from year to year will be set forth each year on an
Appendix B. 
  

 A-1AMENDMENT TO THE SECOND AMENDED AND RESTATED HORNBECK OFFSHORE SERVICES. INC

 Exhibit 10.4 
 AMENDMENT TO THE 
 SECOND AMENDED and RESTATED 
 HORNBECK OFFSHORE SERVICES, INC. 
 INCENTIVE COMPENSATION PLAN 
 This AMENDMENT TO THE SECOND AMENDED and RESTATED HORNBECK OFFSHORE SERVICES, INC. INCENTIVE COMPENSATION PLAN (this “Amendment”) is made
effective this 12th day of May, 2008 by the Board of Directors (the “Board”) of Hornbeck Offshore Services, Inc. (the “Company”). 
 WHEREAS, the Company sponsors the Second Amended and Restated Hornbeck Offshore Services, Inc. Incentive Compensation Plan (the “Plan”); 
 WHEREAS, pursuant to Section 13.1 of the Plan, the Board may at any time amend the provisions of the Plan; and 
 WHEREAS, the Company desires to amend the Plan (i) to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the final regulations and other guidance issued thereunder, and
(ii) to add a section which governs the resolution of disputes which arise under the Plan. 
 NOW, THEREFORE, the Board hereby amends the
Plan as follows: 
 1. Section 2.5 of the Plan is hereby amended by adding the following language to the end thereof: 
 With respect to any Award subject to Section 409A of the Code, the above definition of “Change in Control” shall not apply. Rather, with respect to
these Awards, “Change in Control” shall mean the occurrence of a Change in Ownership of the Corporation, a Change in Effective Control of the Corporation, or a Change in Ownership of a Substantial Portion of Corporate Assets, as those
terms are defined in subparagraphs (a), (b) and (c) of this Section 2.5, respectively, and in accordance with Section 1.409A-3(i)(5) of the Treasury Regulations, or any combination of Change in Control events.

 (a) “Change in Ownership” shall mean a Change in Control event in which one person, or more than one person acting as a
group, acquires ownership of stock of the Corporation that, together with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Corporation.

 (b) “Change in Effective Control” shall mean a Change in Control event in which (i) any one person, or more than one
person acting as a group, acquires within a twelve (12) month period stock possessing fifty percent (50%) or more of the total voting power of the stock of such corporation; or (ii) a majority of members of the Corporation’s
Board of Directors is replaced during 

 
any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Corporation’s Board of Directors
before the date of the appointment or election. 
 (c) “Change in Ownership of a Substantial Portion of Corporate Assets”
shall mean a Change in Control event in which any one unrelated person, or more than one person acting as a group, acquires from the Corporation during a twelve (12) month period assets having a total gross fair market value equal to or more
than seventy-five percent (75%) of the total gross fair market value of all of the assets of the Corporation immediately before such acquisition or acquisitions. 
 2. Section 2.7 of the Plan is hereby amended by adding the following language to the end thereof: 
 With respect to any
Award subject to Section 409A of the Code, the above definition of “Disability” shall not apply. Rather, with respect to these Awards, “Disability” shall mean that a person is, by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three
(3) months under any long term disability plan maintained by the Company that covers such person. In the absence of such a long term disability plan, “Disability” shall mean that a person is unable to engage in any substantial gainful
activity for a period of at least ninety (90) days in any one-year period by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not
less than twelve (12) months. 
 3. The second to last sentence in Section 2.18 of the Plan is hereby amended by adding the clause
“, determined in accordance with applicable guidance and regulations promulgated under Section 409A of the Code (or any successor provision thereto)” immediately after the phrase, “the value established by the Board.”

 4. Sections 2.41 through 2.44 of the Plan are hereby renumbered as Sections 2.42 through 2.45. 
 5. New Section 2.41 is hereby added to the Plan, which reads as follows: 
 2.41 “Specified Employee” shall mean, for any period during which the Company is publicly traded on an established securities
market or otherwise, a Participant who, on the date of his separation from service, is treated as a “key employee” as defined under Section 416(i)(1)(A)(i), (ii), or (iii) of the Code (applied in accordance with the Treasury
Regulations thereunder and disregarding subparagraph (5) thereof). A Participant will be treated as a Specified Employee on the date of his separation from service if such event occurs within the 12-month period following the effective date of
the Company’s determination that the Participant is a Specified Employee in accordance with the preceding sentence. The determination date and the effective date of such determination shall be established by resolution of the Board. 

 

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 6. Section 2.42 of the Plan (renumbered Section 2.41 – the definition of “Stock Appreciation
Right”) is hereby amended by deleting the parenthetical “(or such other value as may be specified in the agreement granting such Stock Appreciation Right)”. 
 7. New Section 6.8 is hereby added to the Plan, which reads as follows: 
 6.8 Discretion of Committee. The Committee shall have the sole discretion, exercisable at any time, to extend the term during which a Stock
Option is to remain exercisable following the Participant’s termination of service with the Company or a Subsidiary from the period otherwise in effect for that Stock Option and set forth in the Award agreement to such greater period of time as
the Committee shall deem appropriate; provided, however, that the term during which the Stock Option is exercisable shall not be extended to a date beyond the later of (i) the Award term under subsection 6.4 or (ii) thirty
(30) days following the first date on which the exercise of the Stock Option would no longer violate applicable federal, state, local or foreign laws and would no longer jeopardize the ability of the Company to continue as a going concern. An
extension of the time during which a Stock Option is exercisable shall not be treated as the grant of a new Stock Option except to the extent required, with respect to an Incentive Stock Option, under Section 424(h) of the Code and, with
respect to a Non-Qualified Stock Option, under Section 409A of the Code. 
 8. Section 9 of the Plan is hereby amended in its entirety to
read as follows: 
 SECTION 9. OTHER AWARDS 
 9.1. General. The Committee may, in its sole and absolute discretion, grant to any eligible Consultant, non-employee Director or Employee of the Company or a Subsidiary, other forms of Awards based upon, payable in or otherwise
related to, in whole or in part, the Common Stock, if the Committee, in its sole and absolute discretion, determines that such other form of Award is appropriate and not inconsistent with the purposes of this Plan. The types of Awards that may be
issued under this Section 9 shall include but not be limited to restricted stock units, dividend equivalent rights, and performance-based compensation. The terms and conditions of such other form of Award shall be specified in an Award
agreement that sets forth the terms and conditions of such Award, including, but not limited to, the price, the vesting schedule, and any Performance Goal and other conditions and restrictions as the Committee shall impose as are not inconsistent
with the terms of the Plan. In no event shall the price per Share of any Award based upon, payable in or otherwise related to, in whole or in part, the Common Stock be less than the par value of such Share. To the extent that any Award issued under
this Section 9 constitutes a “nonqualified deferred compensation plan” under Section 409A of the Code, then such Award shall be subject to the restrictions set forth in subsection 9.2 hereof. 
 9.2. Restrictions on Deferred Compensation. 
  

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 (a) Applicability of Code Section 409A. Notwithstanding any provision herein or in an
applicable Award agreement to the contrary, any Award issued hereunder that constitutes a deferral of compensation under a “nonqualified deferred compensation plan,” as such term is defined under Section 409A(d)(1) of the Code (or a
successor provision thereto), shall be subject to the requirements of this subsection 9.2 and the Award agreement shall include such terms and conditions as are required to comply with the requirements of Section 409A of the Code (or a
successor provision thereto) and applicable guidance published in the Internal Revenue Bulletin. 
 (b) Restrictions on
Distributions. A Participant shall not be permitted to exercise or otherwise receive payment in connection with an Award subject to this subsection 9.2 on a date earlier than the date on which any of the following events occur:

 (i) The Participant’s separation from service; 
 (ii) The date the Participant becomes Disabled (as defined in subsection 2.7 for purposes of Awards that are subject to Code
Section 409A); 
 (iii) The Participant’s death; 
 (iv) At a time or pursuant to a fixed schedule specified in the applicable Award agreement; 
 (v) Upon a Change in Control (as defined in subsection 2.5 for purposes of Awards that are subject to Code Section 409A); or 

(vi) Upon the occurrence of an unforeseeable emergency (as defined under Section 409A(a)(2)(B)(ii)(I) of the Code). 
 The Committee may include one or more of the foregoing events in the applicable Award agreement as permissible events upon the earliest occurrence
of which the Participant may exercise or otherwise receive payment in connection with such Award. 
 (c) Delay for Specified
Employees. Notwithstanding the foregoing, or any provision of this Plan or the terms of an Award agreement to the contrary, a Participant who is a Specified Employee may not exercise or otherwise receive payment under any Award subject to this
subsection 9.2 following his separation from service prior to the earliest of (i) the first day of the seventh (7th) month following the date of such Participant’s separation from service, (ii) the Participant’s death
or (iii) the occurrence of a permissible acceleration event described in paragraph (d) hereof. 
 (d) Prohibited
Acceleration. The time at which, or the schedule pursuant to which, a Participant may exercise or otherwise receive payment in connection with an Award subject to this subsection 9.2 may not be accelerated, except as follows: 

 

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 (i) Income Inclusion under Code Section 409A. If the Award fails to meet the
requirements of Section 409A of the Code, the Participant may receive payment in connection with the Award before the Award would otherwise be paid, provided, however, that the amount paid to the Participant shall not exceed the lesser of
(i) the amount payable under such Award or (ii) the amount to be reported pursuant to Section 409A of the Code on the applicable Form W-2 (or Form 1099) as taxable income to the Participant. 
 (ii) Withholding Purposes. If the Company is required to withhold an amount to pay the Participant’s portion of the Federal Insurance
Contributions Act (FICA) tax imposed under Sections 3101, 3121(a) or 3121(v)(2) of the Code with respect to an amount that is or will be paid to the Participant under the Award before the amount otherwise would be paid, the Committee may withhold an
amount equal to the lesser of: (i) the amount payable under such Award or (ii) the aggregate of the FICA taxes imposed and the income tax withholding related to such amount. 
 An acceleration will not be deemed to have occurred where the time or schedule for receiving payment in connection with an Award is accelerated as the result of the
occurrence of an intervening event that is described in the Award agreement and that constitutes a permissible event described in paragraph (b) (except to the extent otherwise limited in accordance with paragraph (c)). 

(e) Delay for Compelling Business Reasons. Notwithstanding any provision of this subsection 9.2 to the contrary, the date on which
a Participant may exercise or otherwise receive payment under an Award subject to this subsection 9.2 may be delayed to a date later than the date specified in the Award agreement; provided such delay satisfies the requirements of this
paragraph (e). 
 (i) Going Concern. In the event the Board determines that the exercise of the Award or the making of any
payment under the Award on the date specified in the Award agreement would jeopardize the ability of the Company to continue as a going concern, the Committee may delay the exercise or payment of the Award until the first calendar year in which the
Board notifies the Committee that the exercise or payment would not have such effect. 
 (ii) Loss of Deduction. In the event the
Board determines that the Company’s Federal income tax deduction for benefits recognized or paid under the Award would not be permitted due to the application of Section 162(m) of the Code, the Committee may delay the date on which the
Award would otherwise be exercised or the date on which the payment of such benefits would otherwise be made or commence, provided that the Award is exercised or the payment is made either (i) in the first taxable year of the Participant in
which the Company reasonably anticipates (or should reasonably anticipate) that the Federal income tax deduction of such benefit would not be barred by application of Section 

  

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162(m) of the Code or (ii) during the period beginning with the date of the Participant’s separation from service and ending on the later of the last day of
the taxable year of the Company in which the Participant’s separation from service occurred or, if later, the 15th day of the third month following the Participant’s separation from service. In the case of a Specified Employee, however,
the period described in clause (ii) of the immediately preceding sentence shall instead be measured from the first day of the seventh (7th) month following such Participant’s separation from service to the last day of the taxable year
of the Company in which such date occurred or, if later, the 15th day of the third month following such date. 
 (iii) Violation of
Securities Laws. In the event the Board reasonably anticipates that the exercise of the Award or the payment or commencement of benefits under the Award will violate Federal securities laws or other applicable law (other than Section 409A
of the Code), the date on which the Award would otherwise be exercised or the date on which the payment of such benefits would otherwise be made or commence may be delayed until the earliest date on which the Board reasonably anticipates that the
exercise of the Award or the making or commencement of such payment would not cause such violation. 
 (f) Administrative Delay in
Payment. An Award subject to this subsection 9.2 shall be exercised or paid on the date specified in accordance with the provisions of the foregoing paragraphs of this subsection 9.2; provided that, in the case of administrative
necessity, the exercise or payment of such Award may be delayed up to the later of (i) the last day of the calendar year in which the Award would otherwise be exercised or the payment would otherwise be made or (ii) the 15th day of the
third calendar month following the date on which the Award would be exercised or the payment would otherwise be made. Further, if, as a result of events beyond the control of the Participant (or following the Participant’s death, the
Participant’s Designated Beneficiary), it is not administratively practicable for the Committee to calculate the amount of benefits due to such Participant as of the date on which the Award would otherwise be exercised or payment would
otherwise be made, the exercise or payment may be delayed until the first calendar year in which calculation of the amount is administratively practicable. 
 (g) No Participant Election. Notwithstanding the foregoing provisions, if the period during which payment of an Award will be made occurs, or will occur, in two calendar years, the Participant shall not be permitted to
elect the calendar year in which the payment shall be made. 
 9. Section 10 of the Plan is hereby amended in its entirety to read as follows:

 SECTION 10. RESERVED 
 10. Section 14 of the
Plan is hereby amended in its entirety to read as follows: 
 SECTION 14. AMENDMENTS AND ADJUSTMENTS TO AWARDS 
  

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 The Committee or the Board may amend, modify or terminate any outstanding Award with the
Participant’s consent at any time prior to payment or exercise in any manner not inconsistent with the terms of this Plan, including, without limitation, (i) to change the date or dates as of which and/or the terms and conditions pursuant
to which (A) a Stock Option becomes exercisable or (B) a Performance Award is deemed earned or (ii) to cancel an Award and grant a new Award in substitution therefor under such different terms and conditions as the Committee or the
Board determines in its sole discretion to be appropriate including, but not limited to, having an exercise price per share which may be higher or lower than the exercise price per share of the cancelled Award. The Committee or the Board may also
make adjustments in the terms and conditions of, and the criteria included in agreements evidencing Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 12 hereof)
affecting the Company, or the financial statements of the Company or any Affiliate, or of changes in applicable laws, regulations or accounting principles, whenever the Committee or the Board determines that such adjustments are appropriate to
prevent reduction or enlargement of the benefits or potential benefits intended to be made available pursuant to this Plan. Any provision of this Plan (other than Section 9.2) or any agreement regarding an Award to the contrary
notwithstanding, the Committee or the Board may cause any Award granted to be cancelled in consideration of a cash payment or alternative Award made to the holder of such cancelled Award equal in value to the Fair Market Value of such cancelled
Award; provided, no cash payment or alternative Award shall be made which would constitute an impermissible acceleration of a payment of deferred compensation under Code Section 409A. The determinations of value pursuant to this
Section 14 shall be made by the Committee or the Board in its sole discretion. 
 11. Section 15.10 of the Plan is hereby amended in
its entirety to read as follows: 
 15.10. Code Section 409A. It is the intent of the Company that the Plan comply in all
respects with Section 409A of the Code and that any ambiguities or inconsistencies in construction of the Plan be interpreted to give effect to such intention. 
 12. Section 15.13 of the Plan is hereby amended in its entirety to read as follows: 
 15.13.
Transferability of Awards. Incentive Stock Options may not be transferred or assigned other than by will or the laws of descent and distribution and may be exercised during the lifetime of the Participant only by the Participant or the
Participant’s legally authorized representative, and each Award agreement in respect of an Incentive Stock Option shall so provide. The designation by a Participant of a Beneficiary will not constitute a transfer of the Stock Option. The
Committee may waive or modify any limitation contained in the preceding sentences of this Section 15.13 that is not required for compliance with Section 422 of the Code. The Committee may, in its discretion, authorize all or a
portion of an Award other than an Incentive Stock Option to be granted to a Participant to be on terms which permit transfer by such Participant to (i) the spouse, children or grandchildren of the Participant (“Immediate Family
Members”), 

  

 7 

 
(ii) a trust or trusts for the exclusive benefit of such Immediate Family Members, or (iii) a partnership in which such Immediate Family Members are the only
partners, (iv) an entity exempt from federal income tax pursuant to Section 501(c)(3) of the Code or any successor provision, or (v) a split interest trust or pooled income fund described in Section 2522(c)(2) of the Code or any
successor provision, provided that (w) there shall be no consideration for any such transfer, (x) the Award agreement pursuant to which such Award is granted must be approved by the Committee and must expressly provide for transferability
in a manner consistent with this Section 15.13, (y) no such transfer shall be permitted if the Common Stock issuable under such Award would not be eligible to be registered on Form S-8 promulgated under the Securities Act, and
(z) subsequent transfers of the Award shall be prohibited except those by will or the laws of descent and distribution. Transferred Awards shall continue to be subject to the same terms and conditions as were applicable immediately prior to
transfer, provided that for purposes of Section 6.7 or Section 7, as applicable, and Articles 12, 13, 14, and 15 hereof the term “Participant” shall be deemed to include the transferee. The events of a
termination of service shall continue to be applied with respect to the original Participant, following which the transferred Award shall be exercisable by the transferee only to the extent and for the periods specified in the original Award
agreement and applicable to the Participant. The Committee and the Company shall have no obligation to inform any transferee of an Award of any expiration, termination, lapse or acceleration of such Award. The Company shall have no obligation to
register with any federal or state securities commission or agency any Common Stock issuable or issued under an Award that has been transferred by a Participant under this Section 15.13. Notwithstanding the foregoing, Awards granted
under this Plan may be transferred to a former spouse of a Participant pursuant to a valid court order incident to a divorce. 
 13. Section 15.16
is hereby deleted in its entirety and replaced with the following: 
 15.16. Date of Grant of an Award. Each Award will be deemed
to have been granted as of the date on which the Committee has completed the action declaring the Award, which date shall be specified by the Committee in the applicable Award agreement, notwithstanding any delay which may elapse in executing and
delivering such Award agreement. However, a Participant will not be entitled to receive a benefit under an Award until the Award is accepted by the Participant in a manner deemed appropriate by the Committee. 
 14. New Section 15.17 is hereby added to the Plan, which reads as follows: 
 15.17 Dispute Resolution. The provisions of this Section 15.17 shall be the exclusive means of resolving disputes of the parties
(including any other persons claiming any rights or having any obligations through the Company or Participant) arising out of or relating to the Plan or any applicable Award agreement. The parties shall resolve any disputes arising out of or
relating to the Plan or any applicable Award agreement pursuant to the Hornbeck-Offshore Operators, LLC Exclusive Dispute Resolution Agreement Mediation and Arbitration Procedure (the “Procedure”), a copy of which, as it may be amended
from time to time, by the Company in its sole discretion, is 

  

 8 

 
attached to this Plan as Exhibit A and is incorporated herein by reference. In the case of a dispute which is not subject to the Procedure, either party may file suit
and each party agrees that any suit, action, or proceeding arising out of or relating to the Plan or any applicable Award agreement shall be brought in any state court of competent jurisdiction in St. Tammany Parish or in the United States District
Court for the Eastern District of Louisiana and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection a party may have to the laying of venue for any
such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 15.17 shall for
any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 
  

 9

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