Document:

Second Amendment to Employment Agreement, James O. Harp, Jr.

 EXHIBIT 10.10 
  
 SECOND AMENDMENT TO 
  
 EMPLOYMENT AGREEMENT 
  
 THIS AMENDMENT TO EMPLOYMENT AGREEMENT is made and entered into effective as of the 11th day of March, 2005, by and
between HORNBECK OFFSHORE OPERATORS, LLC, a Delaware limited liability company (formerly HORNBECK-LEEVAC MARINE OPERATORS, Inc., a Delaware corporation) (the “Employer”), JAMES O. HARP, JR., (the “Employee”).

  
 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 Amended and Restated Senior Employment Agreement (“Agreement”) dated January 1, 2001, as previously amended, between the parties for purposes of defining
the bonus calculation methodologies for the year 2005 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 2005, no
later than March 31st of such year. 
  

			
	 EMPLOYER:
  
 HORNBECK OFFSHORE OPERATORS, LLC

		
	 By:
	 	 /s/ Todd M. Hornbeck

	 Name:
	 	 Todd M. Hornbeck

	 Title:
	 	 President and Chief Executive Officer

  
  
  

	
	 EMPLOYEE:

	
	 /s/ James O. Harp, Jr.

	 JAMES O. HARP, JR.

  
  
  
  
  
  

			
	 Amendment to Employment Agreement of James O. Harp, Jr.
	  	 Page 2

	 	  	 

  
 ACKNOWLEDGED AND AGREED TO FOR 
 PURPOSES OF GUARANTEEING THE 
 FINANCIAL OBLIGATIONS OF EMPLOYER 
 TO EMPLOYEE: 
  
 HORNBECK OFFSHORE SERVICES, INC. 
  

			
		
	 By:
	 	 /s/ Todd M. Hornbeck

	 Name:
	 	 Todd M. Hornbeck

	 Title:
	 	 President and Chief Executive Officer

  
  
  

 APPENDIX A 
  
 Employer shall annually provide Employee with a bonus comprised of two components, each of which shall represent 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, amortization and loss on early extinguishment of
debt calculated on a consolidated basis with Parent’s subsidiaries (“EBITDA”), such actual Parent 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 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. For purposes hereof, neither Target EBITDA nor actual EBITDA of Parent and its subsidiaries on consolidated basis shall include any special charges for
any expenses that will be required to be recorded for stock-based compensation as a result of new accounting rules to become effective July 2005. 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 EBITDA 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: 
  
 achievement of eighty percent (80%) of Target earns a bonus of seven and one half percent (7.5%) of Basic Salary; 
  
 achievement of one hundred percent (100%) of Target earns a bonus of thirty seven and
one half percent (37.5%) of Basic Salary; and 
  
 achievement of one
hundred fifty percent (150%) of Target earns a bonus of seventy five percent (75%) 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 fifty percent (150%) 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 fifty percent (150%). 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 fifty percent (150%). 
  
 The applicable EBITDA Target and any other financial terms that vary from year to year will be set forth each year on an Appendix B as contemplated by
the February 17, 2003 amendment to Employment Agreement.Director & Advisory Compensation Policy

 Exhibit 10.15 
  
 

 
 Service with Energy 
  
 DIRECTOR & ADVISORY DIRECTOR 
 COMPENSATION POLICY

 Effective February 22, 2005 
  
 Effective Date 
  
 The effective date of the revised plan shall be February 22, 2005. 
  
 Cash Compensation Plan 
  
 Each Non-employee Director will
receive a total annual retainer of $26,000 paid quarterly on the first day of each calendar quarter. The Chairman of the Board and the Chairman of each of the Audit and Compensation Committees will each receive an additional total annual retainer of
$8,000 paid quarterly on the first day of each calendar quarter. Each Non-employee Director of the Company will receive $1,200 for each Board meeting if attended in person and $800 if attended by telephonic communications. Non-employee directors
appointed to committees will receive $800 for each committee meeting. Committee members must attend meetings in person or by telephonic communications to receive the applicable compensation. 
  
 Stock Option Program 
  
 Non-employee Directors will receive a minimum annual grant of 4,000 options, which amount may be
reviewed annually and increased at the discretion of the Compensation Committee. 
  
 Health Benefit Program 
  
 After 3 years of service as a
Non-employee Director, such Non-employee Director and his immediate family may also elect to participate in the same insurance benefit programs on the same monetary terms as the executive officers. 
  
 Longevity Plan 
  
 The Company will provide a Longevity Plan for the benefit of Non-employee Directors as follows: Upon completion of three years of service as a
Non-employee Director, the Non-employee Director will be granted (the “Three-Year Grant”) an option to purchase the number of shares of common stock equaling 25% of the options granted to such Director over the previous 
  

			
		
	 103 Northpark Boulevard, Suite 300
	 	Phone (985) 727-2000
	Covington, Louisiana 70433	 	Fax:    (985) 727-2006

 
three years. Upon completion of five years of service as a Non-employee Director, the Non-employee Director will be granted (the “Five-Year Grant”) an option
to purchase the number of shares of common stock equaling 50% of the options granted to such Director over the previous five-years less the number of shares covered by options awarded in the Three-Year Grant, if any. Thereafter, upon completion of
each successive period of five years of service, a Non-employee Director will be granted (a “Successive Longevity Grant”) an option to purchase the number of shares of common stock equaling 50% of the options granted to such Director over
the previous five-years (exclusive of any prior Longevity Grants during such five years). The exercise price of the options granted under the Longevity Plan will be the fair market value per share of the common stock on the date of grant. The
longevity options will vest in two tranches, 50% on the date of grant and 50% on the first anniversary of the date of grant. A Three-Year Grant, a Five Year Grant or a Successive Longevity Grant are also referred to herein individually as a
“Longevity Grant” or collectively as “Longevity Grants.” For purposes of the calculations contemplated by this paragraph, sign-on option awards shall not be counted and awards matched to purchases shall not be counted.
Non-employee Directors on the approval date of the Longevity Plan will have an anniversary date (start date) of the Plan approval date. Non-employee board members joining the board after the Plan approval date, will have an anniversary date, the
earlier of, on the date they are voted on the board or elected to the board by the shareholders. 
  
 Stock Option Grants 
  
 All options awarded to Non-employee
Directors under this plan will be granted under and issued from the Company’s Incentive Compensation Plan, as such plan may be amended and restated from time to time. 
  
 Definition: Non-employee Director - A non-employee director or advisory director of the Company who has not been employed by the Company for at least
3 years and/or has not tendered his resignation from the Board; provided that payments for an advisory or consulting agreement or for professional services shall not constitute employment for this purpose.2005 Executive Nonqualified Stock Option Agreement

 Exhibit 10.16 
  

  
 EXECUTIVE 
 NON-QUALIFIED 
 STOCK OPTION AGREEMENT 
  
 between 
  
 HORNBECK OFFSHORE SERVICES, INC. 
  
 and 
  

  
 Hornbeck Offshore Services, Inc. Incentive Compensation Plan 
  

			
	 Grant Number:             
	 	Date of Grant:             , 2005

  

  
  
  

 EXECUTIVE NON-QUALIFIED 
 STOCK OPTION AGREEMENT 
  
 This Non-Qualified
Stock Option Agreement (this “Agreement”) is made and entered into as of             , 2005, between Hornbeck Offshore Services, Inc., a Delaware corporation (the
“Company”), and              (the “Optionee”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company has adopted the Hornbeck Offshore Services, Inc. Incentive Compensation Plan (the “Plan”) to assist the Company in attracting and
retaining key employees, non-employee Directors and consultants through the award of stock-based incentives and other equity interests that encourage stock ownership by such employees, non-employee Directors and consultants; and 
  
 WHEREAS, the Company desires to grant this non-qualified stock option (the
“Option”) to the Optionee pursuant to the Plan. 
  
 NOW,
THEREFORE, the parties hereto agree that this Option is granted under and governed by (i) the “Terms and Conditions of Non-Qualified Stock Option,” attached hereto and (ii) the terms and conditions of the Plan. 
  
 Subject to the foregoing, the Company hereby grants to the Optionee the right and
option to purchase from the Company up to              shares (the “Shares”) of the Company’s $.01 par value per share common stock (subject to adjustment pursuant to the
terms and conditions of the Plan) at an exercise price of $              per share (subject to adjustment pursuant to the terms and conditions of the Plan). 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the
day and year first above written. 
  

			
	HORNBECK OFFSHORE SERVICES, INC.
		
	By:	 	 
	 Name:
	 	 
	Title:	 	 
	
	OPTIONEE:
	
	 

			
	Printed Name:	 	 

  
  
  
  
  
  
  

 HORNBECK OFFSHORE SERVICES, INC. 
 INCENTIVE COMPENSATION PLAN 
  
 TERMS AND
CONDITIONS OF 
 NON-QUALIFIED STOCK OPTION 
  
 (For use with employees only) 
  
 The Option is granted pursuant to the Hornbeck Offshore Services, Inc. Incentive Compensation Plan (the “Plan”) and is evidenced by the Agreement between
the Company and the Optionee, of which these Terms and Conditions of Non-Qualified Stock Option (the “Terms and Conditions”) are a part. Certain capitalized terms used but not otherwise defined herein are used as defined in the Glossary
included at the end of these Terms and Conditions. 
  

	SECTION 1	Option Price. The option price of the Shares is set forth on the signature page of the Agreement. 

  

	SECTION 2	Payment of Purchase Price. The purchase price of the Shares as to which the Option may be exercised shall be paid in full to the Company at the time of the exercise of the Option, or
any portion thereof, (i) in cash, (ii) in shares of Common Stock owned by the Optionee, (iii) by surrendering Shares issuable pursuant to the Option, (iv) by a combination of any of the above, or (v) by such other consideration as may be deemed
acceptable by the Committee in its sole discretion. 

  

	SECTION 3	Exercise of Option. 

  

	          3.1	Subject to the terms and conditions of the Agreement (including, without limitation, the Plan), the Optionee may exercise the Option from time to time with respect to all or any part of the
Vested Shares during the period commencing on the date the Shares to be purchased first become Vested Shares and ending on the date ten (10) years from the Date of Grant. 

  

	          3.2	 Subject to the terms and conditions of the Agreement (including, without limitation, the Plan), the Option may be exercised by giving written notice to the Company stating
that the person providing such notice elects to exercise the Option and the number of Vested Shares with respect to which the Option is being exercised. Such notice shall be signed by the person exercising the Option and shall be accompanied by the
payment required by Section 2 and any taxes payable pursuant to Subsection 3.4. The stock certificate or certificates representing the Shares as to which the Option is exercised shall be registered in the name of the Optionee (or such other person
designated by the Designated Beneficiary exercising pursuant to Section 5 hereof) and may contain a legend or legends making appropriate reference to the restrictions, if any, imposed on such Shares. If the Option is exercised pursuant to the
provisions of Section 5 hereof, the notice required hereunder shall be 

	 	 
accompanied by appropriate proof of the right of the person exercising the option to exercise the Option. 

  

	          3.3	The Optionee (or, if the Optionee has died, the Designated Beneficiary) shall have no rights as a shareholder with respect to any Shares until the issuance of a stock certificate representing
such Shares following due exercise of the Option. Except as otherwise provided in Section 9, no adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions or other rights on or
with respect to Shares purchased pursuant to the Option for which the record date is prior to the date of purchase. 

  

	          3.4	The Optionee shall satisfy all federal, state, local or other taxes required to be withheld by the Company with respect to the exercise of the Option, or any part thereof, either (a) by
payment of the amount of such withholding in cash or (b) through (i) the retention by the Company of Shares out of the Shares being acquired through the exercise of the Option, (ii) the delivery of already owned shares of Common Stock or (iii) other
consideration acceptable to the Committee. 

  

	SECTION 4	Termination of Employment. 

  

	          4.1	If the Optionee’s employment with the Company or any of its Subsidiaries terminates for any reason, the Option shall terminate with respect to any Unvested Shares as of the date of
termination of employment. If the Optionee’s employment with the Company or any of its Subsidiaries terminates for any reason other than death, Cause, Disability, or as provided in Subsection 4.6, with respect to Vested Shares covered by the
Option, the Optionee shall have the right, during the period ending three (3) months after such termination of employment (the “Grace Period”), to exercise the Option or any portion thereof with respect to all Shares which were Vested
Shares on the date of such termination of employment, subject to the expiration of the term of the Option as set forth in Subsection 3.1. Upon the expiration of such Grace Period, all rights to exercise the Option shall cease.

  

	          4.2	If the Optionee dies while employed by the Company or any of its Subsidiaries, or if the Optionee dies within the Grace Period, with respect to Vested Shares covered by the Option, Section 5
shall apply and Optionee’s Designated Beneficiary shall have the right, during the period ending on the day twelve (12) months after the date of the Optionee’s death, to exercise the Option or any portion thereof with respect to all Shares
which were Vested Shares on the date of death, subject to the expiration of the term of the Option as set forth in Subsection 3.1. All rights to exercise the Option shall terminate upon the expiration of such twelve (12) month period.

  

	          4.3	 If, as a result of Disability, the Optionee’s employment with the Company or any of its Subsidiaries terminates, with respect to Vested Shares covered by the Option, the
Optionee shall have the right, during the period ending on the day twelve (12) months after such termination of employment, to exercise the Option or any portion thereof 

  

 2 

	 	 
with respect to all Shares which were Vested Shares on the date of termination of employment, subject to the expiration of the term of the Option as set forth in
Subsection 3.1. All of the Optionee’s rights to exercise the Option shall terminate upon the expiration of such twelve (12) month period. 

  

	          4.4	In the event of a Change in Control, all Shares subject to the Option (with respect to which the Option has not previously terminated or been exercised or surrendered) shall immediately
become Vested Shares and all portions of the Option which have not previously terminated or been exercised or surrendered shall immediately become exercisable. 

  

	          4.5	In the event that the Optionee’s employment with the Company or any Subsidiary is terminated for Cause, all rights to exercise the Option shall terminate simultaneously with the
termination of the Optionee’s employment. 

  

	          4.6	If the Optionee retires from employment with the Company or any of its Subsidiaries after the Optionee has attained 60 years of age and completed at least 10 years of service with the Company
or any of its Subsidiaries, with respect to Vested Shares covered by the Option, the Optionee shall have the right, during the period ending on the day twelve (12) months after such termination of employment, to exercise the Option or any portion
thereof with respect to all Shares which were Vested Shares on the date of termination of employment, subject to the expiration of the term of the Option as set forth in Subsection 3.1. All of the Optionee’s rights to exercise the Option shall
terminate upon the expiration of such twelve (12) month period. 

  

	SECTION 5	Effect of Death. Upon the Optionee’s death, the Optionee’s Designated Beneficiary shall have the right, subject to the provisions of Sections 3 and 4 and the other applicable
provisions of the Agreement, to exercise the Option. 

  

	SECTION 6	Vesting of Shares. 

  

	          6.1	Subject to Subsection 4.4 and Section 10, the Shares covered by the Option shall constitute “Vested Shares” in accordance with the following schedule: 

  

			
	 Date

	  	 Portion of Shares originally subject to the Option which shall
become Vested Shares on such Date

	 First Anniversary of Date of Grant
	  	One Third
	 Second Anniversary of Date of Grant
	  	One Third
	 Third Anniversary of Date of Grant
	  	One Third

  
 Notwithstanding the foregoing
schedule, if an Optionee retires from employment with the Company or any of its Subsidiaries after the Optionee has attained 60 years of age and completed at least 10 years of service with the Company or any of its Subsidiaries all Shares subject to
the Option shall fully vest and become Vested Shares. In addition, the Committee may deem all or any portion of the Shares to be 

  

 3 

	 	 
Vested Shares whenever, in the Committee’s sole discretion, circumstances warrant such action. 

  

	          6.2	“Unvested Shares” shall mean Shares which have not become Vested Shares in accordance with Subsections 4.4 or 6.1 or Section 10. 

  

	SECTION 7	Options Not Transferable. Neither the Option nor any of the rights and privileges thereunder may be transferred, sold, assigned, pledged, gifted or otherwise transferred in any manner
other than by will or by the laws of descent and distribution. The Option may be exercised during the Optionee’s lifetime only by the Optionee. Any attempted transfer, sale, assignment, pledge, gift or other transfer of the Option or of any
right or privilege thereunder contrary to the provisions of the Agreement, and the levy of any execution, attachment or similar process upon the Option or any right or privilege thereunder, shall be null and void and without force or effect. No
transfer of the Option by will or by the laws of descent and distribution shall be effective to bind the Company unless the Company is furnished with written notice thereof and an authenticated copy of the will and/or such other evidence as the
Committee may deem necessary to establish the validity of the exercise or transfer and the acceptance by the transferee or transferees of the terms and conditions of the Agreement. 

  

	SECTION 8	Compliance with Securities and Other Laws. Without limiting the provisions of the Plan, the Company shall not be required to issue or deliver any certificates for Shares purchased
pursuant to the exercise of the Option prior to: (i) the obtaining of any approval from any governmental agency which the Committee shall, in its sole discretion, determine to be necessary or advisable; (ii) the completion of any registration or
other qualification of such Shares under any law, ruling or regulation of any federal, state, local or other governmental body which the Committee shall, in its sole discretion, determine to be necessary or advisable; and (iii) the determination by
the Committee that the Optionee has tendered to the Company or otherwise satisfied any federal, state, local or other tax owed by the Optionee as a result of exercising the Option when the Company has a legal liability to satisfy such tax. In
addition, if Shares reserved for issuance upon the exercise of the Option shall not then be registered under the Act, the Company may, upon the exercise of the Option, require the Optionee or the Optionee’s permitted transferee to represent in
writing that the Shares being acquired are being acquired for investment and not with a view to distribution. In addition, the Company may mark any certificate evidencing the Shares with a legend restricting transfer and may issue stop transfer
orders relating to any such certificate. 

  

	SECTION 9	Reorganization. In the event of a Reorganization, the number of Shares subject to the Option, and the exercise price applicable to such Shares, shall (to the extent deemed appropriate
by the Committee) be proportionately adjusted (as determined by the Committee in its sole discretion) to account for any increase or decrease in the number of issued and outstanding shares of Common Stock resulting from such Reorganization.

  

 4 

	SECTION 10	Dissolution, Liquidation and/or Corporate Transaction. 

  

	        10.1	In the event of a dissolution or liquidation of the Company, the Option shall terminate as of a date to be fixed by the Committee; provided, however, that the Optionee shall be given not less
than thirty (30) days prior written notice of the termination date. Upon such notification, all Shares subject to the Option (with respect to which the Option has not previously terminated or been exercised or surrendered) shall immediately become
Vested Shares and all portions of the Option which have not previously terminated or been exercised or surrendered shall immediately become exercisable, subject to the expiration of the term of the Option as set forth in Subsection 3.1 and Section
4. Upon the termination date fixed by the Committee, the Option shall terminate as to any unexercised portion and shall be of no further effect. 

  

	        10.2	If a Corporate Transaction is consummated and immediately following the consummation of such Corporate Transaction the Persons who were holders of shares of Common Stock immediately prior to
the consummation of such Corporate Transaction do not receive any securities or other property (hereinafter collectively referred to as “Transactional Consideration”) as a result of such Corporate Transaction and substantially all of such
Persons continue to hold the shares of Common Stock held by them immediately prior to the consummation of such Corporate Transaction (in substantially the same proportions relative to each other), the Option will remain outstanding and will (subject
to the provisions of Subsection 4.4) continue in full force and effect in accordance with its terms (without any modification) following the consummation of the Corporate Transaction. 

  

	 	(a)	 	If a Corporate Transaction is consummated and immediately following the consummation of such Corporate Transaction the Persons who were holders of shares of Common Stock immediately prior to
the consummation of such Corporate Transaction do receive Transactional Consideration as a result of such Corporate Transaction or substantially all of such Persons do not continue to hold the shares of Common Stock held by them immediately prior to
the consummation of such Corporate Transaction (in substantially the same proportions relative to each other), the terms and conditions of the Option will be modified as follows: 

  

	 	(i)	 	 If the documentation pursuant to which a Corporate Transaction will be consummated provides for the assumption (by the entity issuing Transactional Consideration to the
Persons who were the holders of shares of Common Stock immediately prior to the consummation of such Corporate Transaction) of the Option without any modification or amendment (other than Permitted Modifications and the modifications contemplated by
Subsection 4.4), the Option will remain outstanding and will continue in full force and effect in accordance with its terms following the consummation of such 

  

 5 

	 	 
Corporate Transaction (subject to such Permitted Modifications and the provisions of Subsection 4.4). 

  

	 	(ii)	 	If the documentation pursuant to which a Corporate Transaction will be consummated does not provide for the assumption by the entity issuing Transactional Consideration to the Persons who
were the holders of shares of Common Stock immediately prior to the consummation of such Corporate Transaction of the Option without any modification or amendment (other than Permitted Modifications), all vesting restrictions (performance based or
otherwise) applicable to the Option will accelerate, all Shares subject to the Option will be deemed to be Vested Shares and the Optionee may (subject to the expiration of the term of the Option as set forth in Subsection 3.1 and Section 4) exercise
the Option without regard to such vesting restrictions during the ten (10) day period immediately preceding the consummation of such Corporate Transaction. For purposes of the immediately preceding sentence, all performance based goals, if any, will
be deemed to have been satisfied in full. If the Option will not be assumed without any modification or amendment (other than Permitted Modifications and modifications resulting from the provisions of Subsection 4.4), the Company will provide the
Optionee with reasonable notice of the termination of such vesting restrictions and the impending termination of the Option. Upon the consummation of such a Corporate Transaction, the Option will automatically terminate and cease to be outstanding.

  
 Nothing contained in this Section 10 will be deemed to
extend the term of the Option or to revive any portion of the Option which has previously lapsed or been cancelled, terminated or surrendered. 
  

	SECTION 11	Reservation of Shares. During the term of the Agreement, the Company agrees that it will at all times reserve and keep available such number of shares of Common Stock as shall be
sufficient to satisfy the requirements of the Agreement. The inability of the Company to obtain authority from any regulatory body having jurisdiction which is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of
any shares of Common Stock shall relieve the Company of any liability in respect of the nonissuance or nonsale of any Common Stock as to which such requisite authority shall not have been obtained. 

  

	SECTION 12	General. 

  

	        12.1	No Right to Employment. Neither the granting of the Option, the exercise of any part thereof, nor any provision of the Agreement shall confer upon or be construed as giving the
Optionee any right to remain in the employ of the Company or any of its Subsidiaries. 

  

 6 

	        12.2	Benefit. Except as otherwise indicated herein, the Agreement shall be binding upon and shall inure to the benefit of the successors, assigns, legal representatives, heirs, legatees,
executors and administrators of the respective parties thereto. 

  

	        12.3	Modifications. The Agreement may only be altered or amended, within the limitations of the Plan and only pursuant to a written instrument signed by the Company and the Optionee.

  

	        12.4	Entire Agreement. The Agreement contains the entire agreement between the parties, and no waiver of any of the terms of the Agreement shall be valid unless signed by the party against
whom such waiver is asserted. 

  

	        12.5	Severability. Should any one or more of the provisions of the Agreement be determined to be illegal or unenforceable, all of the other provisions thereof shall be given effect
separately therefrom and shall not be affected thereby. 

  

	        12.6	Notices. Any notice or other written instrument required or permitted to be given, made or sent under the Agreement shall be in writing, signed by the party giving or making the same
and shall be sent by United States mail, registered or certified, with postage prepaid, to the addresses set forth below: 

  

			
	 If to Company:
	  	Hornbeck Offshore Services, Inc.
	 	  	Attention: Todd M. Hornbeck
	 	  	103 Northpark Blvd., Suite 300
	 	  	Covington, Louisiana 70433
		
	 If to Optionee:
	  	 To the latest address of record for the
 Optionee according to
the
 personnel records of the Company.

  
 Either party shall have the
right to change the place to which any such notice or other written instrument shall be sent by notice sent pursuant to this Subsection 12.6. The date of mailing of any notice or other written instrument shall be deemed to be the date of such notice
or instrument and shall be effective from such date. 
  

	        12.7	Governing Law. The Agreement will be governed by and construed in accordance with the laws of the State of Delaware (exclusive of conflicts of law principles).

  

	        12.8	Status of Option. The Option is not intended to qualify as an “incentive stock option” within the meaning of Section 422 of the Code. 

  

	        12.9	Employment Agreement Controls. Notwithstanding any language in this agreement to the contrary, to the extent of any conflict between this Agreement and any written employment agreement
with Optionee, the terms of such employment agreement shall control. 

  
  

 7 

 GLOSSARY 
  
 Except as otherwise defined, the following words and phrases shall have the following meanings when used in this Agreement. 
  
 “Act” shall mean the Securities Act of 1933, as amended. 
  
 “Agreement” shall mean the Non-Qualified Stock Option Agreement between the
Company and Optionee, the Terms and Conditions attached thereto and the terms and conditions of the Plan. 
  
 “Cause” shall have the meaning set forth in the Plan. 
  
 “Change in Control” shall have the meaning set forth in the Plan. 
  

“Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 “Committee” shall have the meaning set forth in the Plan. 
  
 “Common Stock” shall mean the $.01 par value per share common stock of the Company. 
  
 “Company” shall mean Hornbeck Offshore Services, Inc., a Delaware
corporation. 
  
 “Corporate Transaction” shall have the meaning
set forth in the Plan. 
  
 “Date of Grant” shall mean the date set
forth in the first paragraph on the signature page of the Agreement. 
  
 “Disability” shall have the meaning set forth in the Plan. 
  
 “Option” shall mean the right (evidenced by the Agreement) to purchase shares of Common Stock. 
  
 “Optionee” shall have the meaning set forth on the signature page of the Agreement. 
  
 “Permitted Modifications” shall have the meaning set forth in the Plan. 
  
 “Person” shall have the meaning set forth in the Plan. 
  
 “Reorganization” shall have the meaning set forth in the Plan. 
  
 “Section” shall mean a section or subsection of the Terms and Conditions.

  
 “Shares” shall mean the shares of Common Stock subject to the
Option. 
  
 “Unvested Shares” shall have the meaning set forth in
Subsection 6.2 of the Terms and Conditions. 
  
 “Vested Shares”
shall have the meaning set forth in Subsection 6.1 of the Terms and Conditions.

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