Document:

Ex-4.14

Exhibit 4.14

DATED: 24th March, 2011

WNS GLOBAL SERVICES PRIVATE LIMITED

AND

AVIVA GLOBAL SERVICES (MANAGEMENT SERVICES) PRIVATE LIMITED

AND

WNS CAPITAL INVESTMENT LIMITED

NOVATION

AND

AGREEMENT OF AMENDMENT

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THIS AGREEMENT is made on 24th March, 2011

BETWEEN:

	(1)	 	WNS GLOBAL SERVICES PRIVATE LIMITED, a company incorporated in India (registration no.
U72200MH1996PTC100196 whose registered office is at Gate #4, Plant 10, Godrej & Boyce Complex,
Pirojshanagar, L.B.S. Marg, Vikhroli (W), Mumbai — 400 079 (“WNS India”);
	 
	(2)	 	AVIVA GLOBAL SERVICES (MANAGEMENT SERVICES) PRIVATE LIMITED, a company incorporated in
Singapore (company number 200812047E) whose registered office is situated at 3 Anson Road,
#07-01 Springleaf Tower Singapore 079909 (“Customer”); and
	 
	(3)	 	WNS CAPITAL INVESTMENT LIMITED, a company incorporated in Mauritius (company number 081866)
whose registered office is situated at C/o. Multiconsult Ltd., Rogers House, 5, President John
Kennedy Street, Port Louis, Mauritius (“WNS Mauritius”).

Each a “Party” and jointly or collectively “Parties”

INTRODUCTION:

	(A)	 	Customer and WNS Mauritius are parties to a Master Services Agreement (“MSA”)dated
11th July 2008.
	 
	(B)	 	Customer and WNS Mauritius have agreed to amend the MSA in the manner set out in this
Novation and Agreement of Amendment.
	 
	(C)	 	WNS India has agreed to accept all of the obligations of WNS Mauritius under the MSA as
amended by this Novation and Agreement of Amendment.
	 
	(D)	 	Customer has agreed to release WNS Mauritius from all of its obligations under the MSA and
consequently agreed to WNS India assuming such obligations with effect from [31st
March 2011] (“the Effective Date”).
	 
	(E)	 	The Parties have entered into this Novation and Agreement of Amendment on the terms set out
below.
	 
	(F)	 	The deed of Novation and Agreement of Amendment would be effective as of the Effective Date.

THE PARTIES AGREE as follows:

	1.	 	INTERPRETATION
	 
	1.1	 	Capitalised terms not expressly defined in this Novation and Agreement of Amendment shall,
unless otherwise specified or inconsistent with the context have the meanings ascribed to them
in the MSA.
	 
	1.2	 	The headings in this Agreement do not affect its interpretation.

	2.	 	NOVATION
	 
	 	 	With effect from the Effective Date:
	 
	2.1	 	WNS India shall perform WNS Mauritius’s obligations under the MSA and is bound by the terms
of the MSA in every way as if WNS India had at all times been a party to the MSA in place of
WNS Mauritius;
	 
	2.2	 	Customer releases and discharges WNS Mauritius from further performance of the MSA and all
liabilities, claims and demands howsoever arising under the MSA, whether in contract, tort or
otherwise, and accepts the liability of WNS India under the MSA in place of the liability of
WNS Mauritius;and

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	2.3	 	Customer shall perform its obligations under the MSA and be bound by the terms of the MSA in
every way as if WNS India had at all times been a party to the MSA in place of WNS Mauritius.
	 
	2.4	 	Customer and WNS India hereby agree to amend the MSA on such terms and conditions as set out
in Annex 1. The Parties agree that WNS Mauritius shall have no privity to such amendment.

	3.	 	AMENDMENT
	 
	3.1	 	The MSA is varied as set out in Annex 1. WNS India and Customer hereby agree that the terms
and conditions of Annex 1 shall be binding on them for all Services rendered by WNS India to
Customer on or after the Effective Date.
	 
	3.2	 	Supplier and Customer hereby acknowledge and agree that the execution of this Novation and
Agreement of Amendment shall have no adverse impact directly or indirectly on any rights or
other benefits of the beneficiaries under Supplier Guarantee, as provided for in Clause 41.3
of the MSA.

	4.	 	GENERAL
	 
	4.1	 	Interpretation

	 	(A)	 	The Parties hereby acknowledge and agree that all references to the MSA in this
Novation and Agreement of Amendment shall mean the MSA as amended by this Novation and
Agreement of Amendment.

	4.2	 	Governing Law and Jurisdiction

	 	(A)	 	This Novation and Agreement of Amendment is governed by and shall be construed
in accordance with the laws of England and Wales. Each Party submits to the exclusive
jurisdiction of the English courts for all purposes relating to this Novation and
Agreement Amendment.

	4.3	 	Waivers

	 	(A)	 	Waiver of any right arising from a breach of this Novation and Agreement of
Amendment or of any right, power, authority, discretion or remedy arising upon default
under this Novation and Agreement of Amendment must be in writing and duly executed by
the party granting the waiver.
	 
	 	(B)	 	A failure or delay in exercise, or partial exercise, of:

	 	(a)	 	a right arising from a breach of this Novation and Agreement of
Amendment; or:
	 
	 	(b)	 	a right, power, authority, discretion or remedy created or
arising upon default under this Novation and Agreement of Amendment;

	 	 	 	does not result in a waiver of that right, power, authority, discretion or remedy.
	 
	 	(C)	 	None of the Parties are entitled to rely on a delay in the exercise or
non-exercise of a right, power, authority, discretion, or remedy arising from a breach
of this Novation and Agreement of Amendment or on a default under this Novation and
Agreement of Amendment as constituting a waiver of that right, power, authority,
discretion or remedy.
	 
	 	(D)	 	None of the parties shall rely on any conduct of another party as a defence to
the exercise of a right, power, authority, discretion or remedy by that other party.
	 
	 	(E)	 	This clause 4.3 may not itself be waived except by writing duly executed by the
party waiving its rights under such provisions.

	4.4	 	Variation

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	 	(A)	 	A variation to any term of this Novation and Agreement of Amendment must be in
writing and duly executed by the parties.

	4.5	 	Further Assurances

	 	(A)	 	Each Party shall do all things and execute all further documents necessary to
give full effect to this Novation and Agreement of Amendment.

	4.6	 	Miscellaneous

	 	(A)	 	All other terms and conditions of the MSA are unaffected by the terms of this
Novation and Agreement of Amendment and therefore remain in full force and effect.
	 
	 	(B)	 	A person who is not a Party to this Novation and Agreement of Amendment shall
have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of
its terms but this does not affect any right or remedy of a third party which exists or
is available apart from that Act.
	 
	 	(C)	 	This Novation and Agreement of Amendment may be entered into by the parties in
any number of counterparts. Each counterpart shall, when executed and delivered, be
regarded as an original, and all the counterparts shall together constitute one and the
same instrument. This Novation and Agreement of Amendment shall not take effect until
it has been executed by all the Parties. This Novation and Agreement of Amendment may
be validly exchanged and delivered by fax or email.

	5.	 	GOVERNING LAW
	 
	5.1	 	This Agreement and all matters arising from or in connection with it are governed by English
law.

	6.	 	JURISDICTION
	 
	6.1	 	The courts of England have exclusive jurisdiction to settle any dispute arising from or in
connection with this Agreement (a “Dispute”).
	 
	6.2	 	The parties agree that the courts of England are the most appropriate and convenient courts
to settle any Dispute and, accordingly, that they will not argue to the contrary.

EXECUTED by the parties

	 	 	 	 	 
	Signed by
	 	)	 	Ravi Kulkarni, Director
	for and on behalf of
	 	)	 	 
	WNS India:
	 	)	 	Sd/-
	 
	 	 	 	Signature    (Location : Mauritius)
	 
	 	 	 	 
	Signed by
	 	)	 	Sonia Lutchmiah, Director
	for and on behalf of
	 	)	 	 
	WNS Mauritius:
	 	)	 	Sd/-
	 
	 	 	 	Signature    (Location : Mauritius)
	 
	 	 	 	 
	Signed by
	 	)	 	Anupam Sahay
	for and behalf of
	 	)	 	 
	Customer:
	 	)	 	Sd/-
	 
	 	 	 	Signature

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ANNEX 1:

Clause 4.3 and 4.13 are replaced with the following:

	4.3	 	Without prejudice to any other rights or remedies of Customer under this Agreement (including
pursuant to Clauses 4.1 and 4.2 above), but subject to Clause 4.4, where:

	 	(A)	 	Customer is entitled to terminate this Agreement pursuant to any of Clauses
23.5 to 23.9 (inclusive) or 23.11;
	 
	 	(B)	 	a Regulator has notified Customer that the exercise of Customer’s rights under
this Clause 4.3 is necessary as a result of Supplier’s breach of this Agreement
(including a breach of Clause 2.2(E)) and Customer has provided sufficient evidence of
such a notification;
	 
	 	(C)	 	a Party is claiming an Event of Force Majeure in respect of receipt of (with
respect to Customer as Claiming Party) or supply of (with respect to Supplier as
Claiming Party) a Service (or part thereof) and such Event of Force Majeure continues
for a period of ten (10) consecutive Business Days;
	 
	 	(D)	 	Customer is entitled to terminate this Agreement pursuant to Clause 23.21(A) or
Clause 23.21(B);
	 
	 	(E)	 	Customer is entitled to terminate this Agreement pursuant to Clause 23.16
(Termination on Insolvency or Similar Event); or
	 
	 	(F)	 	Supplier is in material breach of this Agreement and the breach gives rise to,
or is reasonably likely to give rise to, the activation of the Business Continuity
Plan,

	 	 	(each a “Service Event”), Customer may (on its behalf and/or on behalf of any Service
Recipient) forthwith at its sole discretion and on written Notice containing the information
set out in Clause 4.5 (a “Step-In Notice”) to Supplier elect to:

	 	(A)	 	receive services similar to the affected Services (and Services related
thereto) from a third party or a member of Customer Group and to suspend the receipt of
the same from Supplier; and/or
	 
	 	(B)	 	appoint officers and/or employees of Customer Group and/or external consultants
and advisers who are not a BPO Supplier or employed or engaged by any BPO Supplier (the
“Supervisory Team”) with a view to supervise (subject to Clause 4.4) the supply of the
Services to the standards set out in this Agreement and remedying the Service Event,

	 	 	(together, the “Step-In Rights”).
	 
	4.13	 	Supplier shall pay Customer the Step-In Costs within thirty (30) days of receipt of a valid invoice from Customer for such amounts.

Notwithstanding the expiry or early termination of this Agreement, the provisions of this Clause
4.13 shall continue to apply to each Party without limit in time.

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Use of Office Space

Clause 15.12 — 15.15 are replaced with the following:

	15.12	 	AGS India provides certain support services to Customer, which interalia includes
supervision of the activities of Supplier. Supplier shall provide AGS India with reasonable
office space at the Sites within thirty (30) days from the Effective Date sufficient to
accommodate a maximum of thirty (30) AGS India Personnel on a full-time basis at no cost to
Customer to carry out the supervision activities (the “Supervision Office Space”).
	 
	15.13	 	The Supervision Office Space shall:

	 	(A)	 	Include such individual offices and meeting rooms as may be reasonably required
by AGS India;
	 
	 	(B)	 	be of at least the same standard (in terms of office environment, area and
facilities) as the office space owned by Noida Customer Operations Private Limited and
used by Customer Personnel in Pune prior to the Effective Date; and
	 
	 	(C)	 	Include at least one “telepresence room” for the use of AGS India Personnel.

	15.14	 	The AGS India Personnel using the Supervision Office Space shall have access to all Common
areas of the Sites as are reasonably required in order for such AGS India Personnel to perform
the supervision activities , including reasonable use of normal incidental office facilities
such as parking, dining and bathroom facilities.
	 
	15.15	 	Management, maintenance, repair and upkeep of the Supervision Office Space shall be the
responsibility of Supplier. Without limitation to the foregoing, Supplier shall be responsible
for the following in the Supervision Office Space:

	 	(A)	 	provision and maintenance of all necessary furniture, fixtures and fittings;
	 
	 	(B)	 	provision and maintenance of all wiring and cabling; and
	 
	 	(C)	 	installation and maintenance of all necessary utilities and services.

Clause 34.6(A) is replaced with the following

	 	(A)	 	in respect of Supplier to:

	 	(i)	 	the indemnities given by Supplier pursuant to Clause
30.22(Intellectual Property Indemnities);
	 
	 	(ii)	 	Supplier’s obligations to pay the Incentive Payment, to pay
Service Credits and to pay any sum pursuant to Schedule 4 (Pricing, Invoicing
and Payment) and any other sum in the nature of charges, costs or expenses in
accordance with this Agreement;
	 
	 	(iii)	 	the indemnities given by the Supplier pursuant to Clause 35
(Tax);and
	 
	 	(iv)	 	any damages or loss incurred by Customer or any other Service
Recipient due to the wilful or deliberate act or omission or dishonesty of
Supplier, any of its Sub-contractors or any Supplier Personnel;

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Clause 35 is replaced with the following

	35.1	 	All sums payable under this Agreement, shall be paid free and clear of all tax deductions and
tax withholdings whatsoever, save where such deductions and tax withholdings are on account of
compliance of extant tax laws in India. Where any tax deductions or tax withholdings are
required by the extant tax laws in India to be made from payments of any such sums for
services rendered the Party liable to make the payment shall pay to the recipient such sums,
only after the required tax deduction or tax withholding is so made.
	 
	35.2	 	Subject to clause 35.3, all sums payable under this Agreement are exclusive of any Specified
Sales Taxes and are inclusive of any amounts in respect of any Other Sales Tax properly
chargeable in respect of them.
	 
	35.3	 	Notwithstanding clauses 35.1 and 35.2,
	 
	(A)	 	if any Indian Service Tax (other than Tax chargeable in respect of the One-off Charge as
defined in paragraph 5 of Schedule 4 (Pricing, Invoicing and Payment) or the Incentive
Payment) is chargeable in respect of the Services provided pursuant to this Agreement and a
Party (or a member of its Group) is liable to account for such Tax to the relevant tax
authority, Customer and Supplier shall each bear 50% of such Tax PROVIDED THAT if the total
Indian Service Tax (other than Tax chargeable in respect of the One-off Charge as defined in
paragraph 5 of Schedule 4 (Pricing, Invoicing and Payment)or the Incentive Payment) chargeable
in respect of the Services exceeds or could exceed GBP £2,000,000 in any twelve (12) month
period (which amounts shall be determined by reference to the spot rate(s) published in the
Financial Times on any date on which such a determination is made as the case may be),Supplier
and Customer shall use reasonable endeavours to mitigate such cost. If the Parties cannot
agree an effective method to mitigate such cost within three (3) months from the time such
taxes first become payable, Customer may terminate this Agreement by Notice to Supplier with
immediate effect; and
	 
	(B)	 	if any Services are held by a UK Tax authority to be a taxable supply in respect of which
Customer or a member of Customer Group is liable to account for VAT to the UK Tax authority,
Supplier shall not be liable under this Agreement to make any payment to Customer, and
Customer shall not be entitled to withhold or deduct any amount from any sums payable under
this Agreement, in respect of such VAT.

For the avoidance of doubt this Clause 35.3 is not an “Agreement to Agree” for the purposes of
Clause 36.

	35.4	 	If Customer is required to make a deduction or withholding on account of any Indian Income
Tax imposed by the Republic of India in respect of payments for the services rendered by
Supplier, Customer shall carry out the necessary withholding tax compliances as prescribed by
the Indian tax law prevailing at the time of making the payment. Customer shall also provide
Supplier with a withholding tax certificate at appropriate intervals as prescribed by law in
order to facilitate Supplier to claim the credit of the taxes so withheld.
	 
	35.5	 	Supplier undertakes to indemnify Customer against all reasonable costs and expenses incurred
by Customer and any tax, interest, penalty or other damages levied on Customer as a result of
any tax proceedings or prosecution which may be initiated by the Indian revenue authorities
against Customer for any non-compliance with the tax regulations under the applicable extant
Indian tax laws in connection with this Agreement
	 
	 	 	Further Supplier undertakes to provide full co-operation to Customer in the course of such
tax proceedings.
	 
	35.6	 	Supplier undertakes to indemnify Customer against all reasonable costs and expenses incurred
by Customer and any interest, penalty or other damages levied on Customer as a result of any
proceedings or prosecution which may be initiated against Customer for any non-compliance by
Supplier with extant exchange control regulations in India applicable for services rendered
under this Agreement.
	 
	35.7	 	Customer shall promptly co-operate with Supplier in completing any procedural formalities and
shall promptly take such action and give such information and assistance as Supplier may
reasonably request which are necessary, from time to time, for Customer or Supplier (as
appropriate) to obtain authorisation from Income Tax authorities to make or receive (as

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	 	 	appropriate) any sums payable under this Agreement without any such deduction or withholding
on account of Indian Income Tax (including the filing of any relevant tax forms).

Clause 18- New Services

The following is inserted as a new paragraph 18.5

	18.5	 	Before any New Service is introduced, Supplier shall consider the Indian tax implications of
introducing such New Services. Further, Supplier shall intimate Customer highlighting any tax
exposures or risks arising to the parties, on the introduction of such New Services, in order
to discuss and mutually agree, before the implementation of such New Services.

Clause 41 — Assignment and Place of Business

Clause 41.4 shall no longer apply.

Definition

Schedule 1 is amended by the addition of the following new Definitions

	 	 	 
	“AGS India”

	 	means A.G.S. Customer Services (India) Private Limited
a company registered in India and having its
registered office at F-40, NDSE Part-1, New Delhi 110
049, India (hereinafter referred to as “AGS India”) is
a wholly owned subsidiary of Customer.
	 
	 	 
	“Indian Income Tax”

	 	means generally, income tax which is required to be
deducted or withheld from certain payments for
services rendered under this agreement pursuant to
extant laws in India and specifically, pursuant to any
lower rate of tax deduction certificate issued by the
Indian Revenue Authorities on such payments.

7exv10w1

Exhibit 10.1

RESTRICTED STOCK AGREEMENT

HERCULES OFFSHORE

2004 LONG-TERM INCENTIVE PLAN

          This Restricted Stock Agreement (the “Agreement”) is made and entered into by and between
Hercules Offshore, Inc., a Delaware corporation (the “Company”), and Participant Name (the
“Participant”) as of Grant Date (the “Date of Grant”).

W I T N E S S E T H

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

          WHEREAS, the Committee believes that the grant of Restricted Stock to the Participant as
described herein is consistent with the stated purposes for which the Plan was adopted; and

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

     1. Restricted Stock. In order to encourage the Participant’s contribution to the successful
performance of the Company, and in consideration of the covenants and promises of the Participant
herein contained, the Company hereby grants to the Participant as of the Date of Grant, an Award of
«Rest_Stk» shares of Common Stock, subject to the conditions and restrictions set forth below and
in the Plan (the “Restricted Stock”).

     2. Restrictions on Transfer Before Vesting.

	 	(a)	 	The Restricted Stock will be transferred of record to the
Participant and a certificate or certificates representing said Restricted
Stock will be issued in the name of the Participant immediately upon the
execution of this Agreement. Each of such Restricted Stock certificates will
bear a legend as provided by the Company, conspicuously referring to the terms,
conditions and restrictions as permitted under Section 6(c) of the Plan. The
Company may either deliver such Restricted Stock certificate(s) to the
Participant, retain custody of such Restricted Stock certificate(s) prior to
vesting or require the Participant to enter into an escrow arrangement under
which such Restricted Stock certificate(s) will be held by an escrow agent.
The delivery of any shares of Restricted Stock pursuant to this Agreement is
subject to the provisions of Paragraph 9 below.
	 
	 	(b)	 	The shares of Restricted Stock granted hereunder to the
Participant may not be sold, assigned, transferred, pledged or otherwise
encumbered, whether voluntarily or involuntarily, by operation of law or
otherwise, from the Date of Grant until said shares shall have become vested in
the Participant in accordance with the provisions of Paragraph 4. Consistent
with the foregoing, except as contemplated by Paragraph 6, no right or benefit
under this Agreement shall be subject to transfer, anticipation, alienation,
sale, assignment, pledge, encumbrance or charge, whether voluntary,
involuntary, by operation of law or

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	 	 	 	otherwise, and any attempt to transfer, anticipate, alienate, sell, assign,
pledge, encumber or charge the same shall be void. No right or benefit
hereunder shall in any manner be liable for or subject to any debts,
contracts, liabilities or torts of the person entitled to such benefits. If
the Participant or his Beneficiary hereunder shall become bankrupt or
attempt to transfer, anticipate, alienate, assign, sell, pledge, encumber or
charge any right or benefit hereunder, other than as contemplated by
Paragraph 6, or if any creditor shall attempt to subject the same to a writ
of garnishment, attachment, execution, sequestration, or any other form of
process or involuntary lien or seizure, then any and all rights and benefits
under this Agreement shall cease and terminate.

     3. Vesting.

	 	(a)	 	Of the shares of Restricted Stock awarded hereunder, _________
shall be referred to as the “Financial Performance Shares.” The remaining shares of Restricted Stock shall be referred to as the “Safety Performance
Shares.”
	 
	 	(b)	 	Eligible Financial Performance Shares shall be eligible for
vesting, either by satisfaction of the Continuous Service Requirement or in
accordance with Paragraph 4(b) below. “Eligible Financial Performance Shares”
shall mean a number of the Financial Performance Shares determined as
follows, but subject to adjustment under Paragraph 3(e) below:

	 	(i)	 	If the EBITDA of the Company and its
Subsidiaries, determined on a consolidated basis, for the fiscal year
ending December 31, 2011 (“Fiscal 2011”) (“2011 EBITDA”) is less than
Threshold 2011 EBITDA (as defined below), the number of Eligible
Financial Performance Shares shall be zero.
	 
	 	(ii)	 	If the 2011 EBITDA is equal to or greater than
the Maximum 2011 EBITDA (as defined below), all of the Financial
Performance Shares shall become Eligible Financial Performance Shares.
	 
	 	(iii)	 	If the 2011 EBITDA is equal to or greater than
the Threshold 2011 EBITDA, but less than the Maximum 2011 EBITDA, the
number of Eligible Financial Performance Shares shall be equal to:

	 	(1)	 	__________________, plus
	 
	 	(2)	 	__________________ multiplied by
a fraction (the value of which shall not be less than 0 nor more
than 1),

	 	(A)	 	the numerator of
which shall be the lesser of (I) the difference between
the Maximum 2011 EBITDA and the Threshold 2011 EBITDA,
and (II) the excess of the 2011 EBITDA over the
Threshold 2011 EBITDA; and
	 
	 	(B)	 	the denominator
of which shall be the difference between the Maximum
2011 EBITDA and the Threshold 2011 EBITDA.

	 	 	 	All Financial Performance Shares that do not become Eligible Financial
Performance Shares shall be forfeited effective as of the Performance
Certification Date (as defined below).

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	 	(c)	 	Eligible Safety Performance Shares shall be eligible for
vesting, either by satisfaction of the Continuous Service Requirement or in
accordance with Paragraph 4(b) below. “Eligible Safety Performance Shares”
shall mean a number of Safety Performance Shares determined as
follows, but subject to adjustment under Paragraph 3(e) below:

	 	(i)	 	If the total recordable incident rate (as a
measurement of workplace safety) of the Company and its Subsidiaries,
determined on a consolidated basis (“TRIR”), for Fiscal 2011 (“2011
TRIR”) is greater than the Maximum 2011 TRIR (as defined below), the
number Eligible Safety Performance Shares shall be zero.
	 
	 	(ii)	 	If the 2011 TRIR is equal or less than the
Minimum 2011 TRIR, all of the Safety Performance Shares shall become
Eligible Safety Performance Shares.
	 
	 	(iii)	 	If the 2011 TRIR is equal to or less than the
Maximum 2011 TRIR, but greater than the Minimum 2011 TRIR (as defined
below), the number of Eligible Safety Performance Shares shall be equal
to:

	 	(1)	 	__________________, plus
	 
	 	(2)	 	__________________ multiplied by
a fraction (the value of which shall not be less than 0 nor more
than 1),

	 	(A)	 	the numerator of
which shall be the lesser of (I) the difference between
the Maximum 2011 TRIR and the Minimum 2011 TRIR, and
(II) the excess of the Maximum 2011 TRIR over the 2011
TRIR; and
	 
	 	(B)	 	the denominator
of which shall be the difference between the Maximum
2011 TRIR and the Minimum 2011 TRIR.

	 	 	 	All Safety Performance Shares that do not become Eligible Safety Performance
Shares shall be forfeited effective as of the Performance Certification
Date.
	 
	 	(d)	 	Subject to the provisions of Paragraph 3(e) below, the following terms shall have the meanings set forth below:

	 	(i)	 	“Maximum 2011 EBITDA” means the number
Established by the Committee as the largest 2011 EBITDA that will be
recognized and used in computing the number of Financial Performance
Shares that will become Eligible Financial Performance Shares under
Paragraph 3(b) above.
	 
	 	(ii)	 	“Maximum 2011 TRIR” means the number
Established by the Committee as the highest 2011 TRIR that will result
in any of the Safety Performance Shares becoming Eligible Safety
Performance Shares under Paragraph 3(c) above.
	 
	 	(iii)	 	“Minimum 2011 TRIR” means the number
Established by the Committee as the lowest 2011 TRIR that will be
recognized and used in

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	 	 	 	computing the number of the Safety Performance Shares that will
become Eligible Safety Performance Shares under Paragraph 3(c) above.
	 
	 	(iv)	 	“Performance Certification Date” means the date
as of which the Committee makes the written certifications required
under Paragraph11(c) below.
	 
	 	(v)	 	“Threshold 2011 EBITDA” means the number
Established by the Committee as the lowest 2011 EBITDA that will result
in any of the Financial Performance Shares becoming Eligible Financial
Performance Shares under Paragraph 3(b) above.
	 
	 	(vi)	 	“Established by the Committee” means set by the
Committee in accordance with its charter, this Agreement and the terms of the Plan on
or before the Date of Grant and identified in writing as the
quantitative standards to be used as the Maximum 2011 EBITDA, the
Maximum 2011 TRIR, the Minimum 2011 TRIR, or the Threshold 2011 EBITDA,
as the case may be, for purposes of this Agreement. In addition, the Committee shall have the right, which it may exercise in its discretion at any
time after having set the quantitative standards as provided in the preceding sentence, to increase
the Threshold 2011 EBITDA and/or the Maximum 2011 EBITDA, and to decrease the Maximum 2011 TRIR
and/or the Minimum 2011 TRIR, and if the Committee makes any such increase to the Threshold 2011
EBITDA or the Maximum 2011 EBITDA, or any such decrease the Maximum 2011 TRIR and/or the Minimum
2011 TRIR, such changed quantitative standards shall be deemed “Established by the Committee.”

	 	(e)	 	Notwithstanding the other provisions of this Agreement, the Committee shall have
the right, which it may exercise in its discretion, to reduce the number of Performance Shares that
become Eligible Performance Shares in any way the Committee determines appropriate, including but
not limited to, by reducing the number of Eligible Financial Performance Shares that result from
the application of Paragraph 3(b) above, by reducing the number of Eligible Safety Performance
Shares that result from the application of Paragraph 3(c) above, by increasing the Threshold 2011
EBITDA and/or the Maximum 2011 EBITDA, by decreasing the Maximum 2011 TRIR and/or the Minimum 2011
TRIR, and/or by reducing the number of shares of Restricted Stock reflected in and taken into
account under Paragraphs 3(b)(iii)(1), 3(b)(iii)(2), 3(c)(iii)(1) and/or 3(c)(iii)(2).
	 
	 	(f)	 	The Eligible Financial Performance Shares, if any, and the
Eligible Safety Performance Shares, if any (together, the “Eligible Performance
Shares”) shall be the only Restricted Stock awarded under this Agreement that
shall be eligible to vest. A portion of the Eligible Performance Shares, if
any, shall vest on each of the dates set forth below (each a “Service
Vesting Date”) if the Participant remains employed by, or provides services to,
the Company or a Subsidiary continuously from the Date of Grant until such
Service Vesting Date (the “Continuous Service Requirement”), as follows:

	 	 	 	 	 
	 	 	Cumulative Percentage of Eligible
	 	 	Performance Shares Vesting on each Service
	Service Vesting Dates	 	Vesting Date
	The later of (i) the First Anniversary of
Date of Grant, or (ii) the Performance Certification Date
	 	 	33 1/3	%
	The later of (i) the
Second Anniversary of Date
of Grant, or (ii) the Performance Certification Date
	 	 	66 2/3	%
	The later of (i) the
Third Anniversary of Date
of Grant, or (ii) the Performance Certification Date
	 	 	100	%

     4. Effect of Termination of Employment or Services.

	 	(a)	 	If for any reason, the Participant’s employment by (or, if the
Participant is not an Employee, the Participant ceases to perform services to)
the Company and its Subsidiaries, then the shares of Eligible Performance
Shares that have not previously vested in accordance with the vesting schedule
reflected in Paragraph 3(e) above, as of the date of such termination of
employment (or cessation of services, as applicable), shall be forfeited by the
Participant to the Company.
	 
	 	(b)	 	Notwithstanding Paragraph 4(a) above, upon the termination of
the Participant’s employment (or cessation of services, as applicable), whether
voluntary or involuntary, the Committee may, in its sole and absolute
discretion, elect to accelerate the vesting of some or all of the
unvested shares of Eligible

4

 

	 	 	 	Performance Shares. The Committee may not, however, provide for the vesting
of any Restricted Stock that has not become Eligible Performance Shares in
accordance with Paragraph 3(b) or 3(c), above.

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

	 	(a)	 	give the Participant any right to be awarded any further
restricted stock or any other Award in the future, even if restricted stock or
other Awards are granted on a regular or repeated basis, as grants of
restricted stock and other Awards are completely voluntary and made solely in
the discretion of the Committee;
	 
	 	(b)	 	give the Participant or any other person any interest in any
fund or in any specified asset or assets of the Company or any Subsidiary; or
	 
	 	(c)	 	confer upon the Participant the right to continue in the
employment or service of the Company or any Subsidiary, or affect the right of
the Company or any Subsidiary to terminate the employment or service of the
Participant at any time or for any reason.

     6. Prerequisites to Benefits. Neither the Participant, nor any person claiming through the
Participant, shall have any right or interest in the Restricted Stock awarded hereunder, unless and
until all the terms, conditions and provisions of this Agreement and the Plan which affect the
Participant or such other person, including but not limited to the vesting requirements, shall have
been complied with as specified herein.

     7. Rights as a Stockholder. Subject to the limitations and restrictions contained herein, the
Participant (or Beneficiary) shall have all rights as a stockholder with respect to the shares of
Restricted Stock (other than the right to vote), including the right to receive dividends and other
distributions; provided, however, that any dividends or other distributions attributable to shares
of Restricted Stock that have not otherwise vested shall be subject to the same restrictions as the
shares of Restricted Stock to which they related until such restrictions lapse. Cash or other
property from dividends or other distributions attributable to shares of Restricted Stock that
vests hereunder shall be paid or delivered, after reduction for applicable withholding, as soon as
practicable, but not later than 2 1/2 months following date on which the underlying shares of
Restricted Stock become vested.

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

     9. Securities Act. The Company will not be required to deliver any shares of Common Stock pursuant to
this Agreement if, in the opinion of counsel for the Company, such issuance would violate the
Securities Act of 1933, as amended (the “Securities Act”) or any other applicable federal or state
securities laws or regulations. The Committee may require that the Participant, prior to the
issuance of any such shares, sign and deliver to the Company a written statement, which shall be in
a form and contain content acceptable to the Committee, in its sole discretion (“Investment
Letter”):

	 	(a)	 	stating that the Participant is acquiring the shares for
investment and not with a view to the sale or distribution thereof;
	 
	 	(b)	 	stating that the Participant will not sell any shares of Common
Stock that the Participant may then own or thereafter acquire except either:

	 	(i)	 	through a broker on a national securities
exchange or
	 
	 	(ii)	 	with the prior written approval of the Company;
and

5

 

	 	(c)	 	containing such other terms and conditions as counsel for the
Company may reasonably require to assure compliance with the Securities Act or
other applicable federal or state securities laws and regulations.

     10. Federal and State Taxes.

	 	(a)	 	Any vested shares of Common Stock and cash or other property
payable or deliverable to the Participant hereunder shall be subject to the
payment of, or shall be reduced by, any amount or amounts which the Company is
required to withhold under the then-applicable provisions of the Internal
Revenue Code of 1986, as amended (the “Code”), or its successors, or any other
federal, state or local tax withholding requirement. When the Company is
required to withhold any amount or amounts under the applicable provisions of
the Code, the Company shall withhold from the vested shares of Common Stock to
be issued to the Participant a number of shares, or from any cash or other
property payable or deliverable to hereunder, necessary to satisfy the
Company’s withholding obligations. The number of shares of Common Stock to be
withheld shall be based upon the Fair Market Value of the shares on the date of
withholding.
	 
	 	(b)	 	Notwithstanding Paragraph 9(a) above, if the Participant
elects, and the Committee agrees, the Company’s withholding obligations may
instead be satisfied as follows:

	 	(i)	 	the Participant may direct the Company to
withhold cash that is otherwise payable to the Participant;
	 
	 	(ii)	 	the Participant may deliver to the Company a
sufficient number of shares of Common Stock then owned by the
Participant to satisfy the Company’s withholding obligations, based on
the Fair Market Value of the shares as of the date of withholding;
	 
	 	(iii)	 	the Participant may deliver sufficient cash to
the Company to satisfy its withholding obligations; or
	 
	 	(iv)	 	any combination of the alternatives described
in Paragraphs 10(b)(i) through 10(b)(iii) above.

	 	(c)	 	Authorization of the Participant to the Company to withhold
taxes pursuant to one or more of the alternatives described in Paragraph 10(b)
above must be in a form and content acceptable to the Committee. The payment
or authorization to withhold taxes by the Participant shall be completed prior
to the delivery of any shares pursuant to this Agreement. An authorization to
withhold taxes pursuant to this provision will be irrevocable unless and until
the tax liability of the Participant has been fully paid.

     11. Authority of Committee. Notwithstanding provisions of the Plan to the contrary:

	 	(a)	 	for purposes of this Agreement, all references to the
“Committee” shall mean only those members of the Compensation Committee of the
Board of Directors of
the Company who are Outside Directors or a properly constituted and
authorized sub-committee of the Compensation Committee of the Board of
Directors of the Company comprised solely of two (2) or more Outside
Directors;
	 
	 	(b)	 	all acts and determinations relating to this Agreement shall be
performed by the Committee and may not be delegated to the Chief Executive
Officer, any other officer of the Company or any other person or group of
persons other than in accordance with Paragraph 11(a) above; and

6

 

	 	(c)	 	without limiting the foregoing and unless the Restricted Stock
has been forfeited earlier, the Committee shall certify in writing as promptly
as possible after the close of Fiscal 2011 whether, and the extent to which,
the requirements of Paragraphs 3(b) and 3(c), have been met and the number of
Eligible Financial Performance Shares and Eligible Safety Performance Shares,
if any, resulting therefrom and, following each Service Vesting Date, whether
or not all material requirements of this Agreement have been satisfied by the
Participant and, if so, the number of Eligible Performance Shares vesting on
each such Service Vesting Date in accordance with this Agreement.

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

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

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

	 	 	 	 	 	 	 

	 	 	HERCULES OFFSHORE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

James W. Noe
	 	 
	 

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

	 	Date:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	PARTICIPANT	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Name:
	 	 

Participant Name
	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 

	 	 

7

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