Document:

Exhibit 10.18

		
			EXHIBIT 10.18
		

		
			 
		

		
			 
		

		
			PERFORMANCE SHARE UNIT AWARD AGREEMENT
		

		
			 
		

		
			 
		

		
			This PERFORMANCE SHARE UNIT AWARD AGREEMENT (this “Agreement”) is by and between Superior Energy Services, Inc. (“Superior”) and <<Participant Name>> (the “Participant”).
		

		
			WHEREAS, Superior has adopted the 2013 Stock Incentive Plan (the “Plan”), under which the Compensation Committee (the “Committee”) of the Board of Directors of Superior, or its delegee, may, among other things, grant awards of performance share units payable in cash, or a combination of cash and shares of Superior common stock, $.001 par value per share (the “Common Stock”), to officers and key employees of Superior or its subsidiaries (collectively, the “Company”); and
		

		
			WHEREAS, the Committee believes that entering into this Agreement with the Participant is consistent with the purpose for which the Plan was adopted.
		

		
			NOW, THEREFORE, Superior and the Participant hereby agree as follows:
		

			
	
			
				 Section 1.
			The Plan. The Plan, a copy of which has been made available to the Participant, is incorporated by reference and made a part of this Agreement as if fully set forth herein. This Agreement uses a number of defined terms that are defined in the Plan or in the body of this Agreement. These defined terms are capitalized wherever they are used.

			
	
			
				 Section 2.
			Award.

			
	
			
				 (a)
			On <<Grant Date>>, Superior granted to the Participant an Other Stock Based Award consisting of <<Awards Granted>> performance share units (the “Units”), subject to the terms and conditions of this Agreement.

			
	
			
				 (b)
			Depending on the Company’s achievement of the performance goals specified in Section 2(c) during the period beginning January 1, 20__ and ending December 31, 20__ (the “Performance Period”), the Participant shall be entitled to a payment equal to the value of the Units determined pursuant to Section 2(d) if, except as otherwise provided in Section 3, he remains actively employed with the Company on January 2, 20__.

			
	
			
				 (c)
			The amount paid with respect to the Units shall be based upon the Company’s achievement of the following performance criteria as determined by the Committee: return on assets relative to the return on assets of the Company’s “Peer Group” listed on Schedule A attached hereto (“Relative ROA”); and the Company’s total shareholder return relative to the total shareholder return of the Company’s “Peer Group” listed on Schedule A attached hereto (“Relative TSR”) in accordance with the following matrix:

		

		

		 

 

		
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Relative ROA

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Performance

				
	
					
						Performance Level Compared to Peer Group

					
					
						 

					
					
						Percentage(%)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						        Below 25th Percentile

					
					
						 

					
					
						 

					
0 
					
					
						%

				
	
					
						Threshold

					
					
						 

					
					
						        25th Percentile

					
					
						 

					
					
						 

					
25 
					
					
						%

				
	
					
						Target

					
					
						 

					
					
						        50th Percentile

					
					
						 

					
					
						 

					
50 
					
					
						%

				
	
					
						Maximum

					
					
						 

					
					
						        75th Percentile or above

					
					
						 

					
					
						 

					
100 
					
					
						%

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Relative TSR

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Performance

				
	
					
						Performance Level Compared to Peer Group

					
					
						 

					
					
						Percentage(%)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						        Below 25th Percentile

					
					
						 

					
					
						 

					
0 
					
					
						%

				
	
					
						Threshold

					
					
						 

					
					
						        25th Percentile

					
					
						 

					
					
						 

					
25 
					
					
						%

				
	
					
						Target

					
					
						 

					
					
						        50th Percentile

					
					
						 

					
					
						 

					
50 
					
					
						%

				
	
					
						Maximum

					
					
						 

					
					
						        75th Percentile or above

					
					
						 

					
					
						 

					
100 
					
					
						%

				

		
			 
		

		
			(i)Return on assets with respect to the Company or any other company in the peer group shall be calculated as (A) the sum of the Company’s income from continuing operations before income taxes and depreciation, depletion, amortization and accretion, divided by (B) the sum of the Company’s total assets plus accumulated depreciation and depletion, less goodwill and other intangible assets, investment in unconsolidated companies and non-interest bearing current liabilities.
		

		
			(ii)Total shareholder return as applied to the Company or any company in the peer group means stock price appreciation from the beginning to the end of the Performance Period, including monthly reinvestment of dividends and distributions paid during the Performance Period.
		

		
			(iii)The Committee shall adjust the performance criteria in Section 2(c)(i) with respect to the Company or any other company in the peer group for any year during the Performance Period, to recognize (A) the effect of accounting changes in accordance with generally accepted accounting principles, (B) the impact of changes to international, federal and state tax laws, and (C) unusual or non-recurring transactions or events during the Performance Period, including those arising from the acquisition or disposition of assets, impairments or costs associated with exit or disposal activities or material impairments that are reported on a Form 8-K filed with the Securities and Exchange Commission. 
		

			
	
			
				 (d)
			The amount payable to the Participant pursuant to this Agreement shall be an amount equal to the number of Units awarded to the Participant multiplied by the product of (i) $100 and (ii) the sum of the Performance Percentages set forth above for the level of achievement of each of the performance criteria set forth in Section 2(c). By way of example, if the Company reached the 25th percentile in Relative ROA and the 50th percentile in Relative TSR, the sum of the Performance Percentages would be 75% and the amount payable with respect to each Unit would be $75. If Relative ROA reached the 75th percentile but Relative TSR 
		

		 

		

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			was below the 25th percentile, the sum of the Performance Percentages would be 100% and the amount payable with respect to each Unit would be $100. Performance results between the threshold, target and maximum levels will be calculated on a pro rata basis. The maximum payout for each Unit is $200.

			
	
			
				 (e)
			Except as provided in Section 3(b), payment of amounts due under the Units shall be made on March 30, 20___. Any amount paid in respect of the Units shall be payable in such combination of cash and Common Stock (with the Common Stock valued at its Fair Market Value) as determined by the Committee in its sole discretion; provided, however, that no more than fifty percent (50%) of the payment may be made in Common Stock. Prior to any payments under this Agreement, the Committee shall certify in writing, by resolution or otherwise, the amount to be paid in respect of the Units as a result of the achievement of Relative ROA and Relative TSR. The Committee retains discretion to decrease the amount payable to the Participant if it deems appropriate, but shall not increase the amount payable to the Participant to an amount that is higher than the amount payable under the formula described herein.

			
	
			
				 Section 3.
			Early Termination; Change of Control.

			
	
			
				 (a)
			In the event of the Participant’s termination of employment prior to the end of the Performance Period due to (i) any reason other than voluntary termination by the Participant (other than as permitted under Section 3(a)(iv)) or cause as determined by the Committee in its sole discretion, (ii) death, (iii) disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the “Code”)), or (iv) Retirement (as hereinafter defined), the Participant shall forfeit as of the date of termination a number of Units determined by multiplying the number of Units by a fraction, the numerator of which is the number of full months following the date of termination, death, disability or Retirement to the end of the Performance Period and the denominator of which is thirty six (36). The Committee shall determine the number of Units forfeited and the amount to be paid to the Participant or his beneficiary in accordance with Section 2(e) based on the performance criteria for the entire Performance Period. As used herein, “Retirement” is defined as the voluntary termination of employment at or after age 55 with at least five years of service.

			
	
			
				 (b)
			In the event of a Change of Control, the Participant shall be deemed to have achieved the maximum level for Relative ROA and Relative TSR in accordance with the terms of the Plan.  Payment shall be made to the Participant as soon as administratively practical following the Change of Control, but in no event later than 2.5 months following the end of the year in the such Change of Control occurs.  Notwithstanding the foregoing, if the Change of Control does not qualify as a “change in control event” under Section 409A of the Code, and any regulations or guidance promulgated thereunder, then payment shall be made at the time specified in Section 2(e).  

			
	
			
				 Section 4.
			Forfeiture of Award.

			
	
			
				 (a)
			If the Participant engages in grossly negligent conduct or intentional misconduct that either (i) requires the Company’s financial statements to be restated at any time beginning on the Date of Grant and ending on the third anniversary of the end of the Performance Period or (ii) results in an increase of the value of the Participant’s Units, then the Committee, after considering the costs and benefits to the Company of doing so, may seek recovery for the benefit 
		

		 

		

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			of the Company of the after-tax portion of the difference between the value of the Units received by the Participant during the three-year period following such conduct and the value of the Units that would have been received based on the restated financial statements or absent the increase described in part (ii) above (the “Excess Unit Value”).  All determination regarding the value of the Units shall be made solely by the Committee in good faith.

			
	
			
				 (b)
			The Units granted hereunder are also subject to any clawback policies the Company may adopt in order to conform to the requirements of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any resulting rules issued by the SEC or national securities exchanges thereunder.

			
	
			
				 (c)
			If the Committee determines that the Participant owes any amount to the Company under Sections 4(a) or 4(b) above, the Participant shall pay to the Company, without interest, the Excess Unit Value (or the amount recoverable under Section 4(b)).  The Participant acknowledges that the Company may, to the fullest extent permitted by applicable law, deduct the amount owed from any amounts the Company owes the Participant from time to time for any reason (including without limitation amounts owed to the Participant as salary, wages, reimbursements or other compensation, fringe benefits, retirement benefits or vacation pay). Whether or not the Company elects to make any such set-off in whole or in part, if the Company does not recover by means of set-off the full amount the Participant owes it, the Participant hereby agrees to pay immediately the unpaid balance to the Company.

			
	
			
				 Section 5.
			Miscellaneous.

			
	
			
				 (a)
			The Participant understands and acknowledges that he is one of a limited number of employees of the Company who have been selected to receive grants of Units and that the grant is considered confidential information. The Participant hereby covenants and agrees not to disclose the award of Units pursuant to this Agreement to any other person except (i) the Participant’s immediate family and legal or financial advisors who agree to maintain the confidentiality of this Agreement, (ii) as required in connection with the administration of this Agreement and the Plan as it relates to this award or under applicable law, and (iii) to the extent the terms of this Agreement have been publicly disclosed by the Company.

			
	
			
				 (b)
			The Company shall be entitled to require a cash payment by or on behalf of the Participant and/or to deduct from other compensation payable to the Participant any sums required by federal, state or local tax law to be withheld with respect to the award or payments in respect of any Units or the issuance of Common Stock. Alternatively, the Participant may irrevocably elect, in such manner and at such time or times prior to any applicable tax date, as may be permitted by the Committee, to have the Company withhold and reacquire Units or Common Stock to satisfy any withholding obligations of the Company. Any election to have Units or Common Stock so held back and reacquired shall be subject to the Committee’s approval.

			
	
			
				 (c)
			The authority to manage and control the operation and administration of this Agreement shall be vested in the Committee, and the Committee shall have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of this Agreement by the Committee and any decision made by it with respect to this Agreement shall be final and binding on all persons.

		 

		

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				 (d)
			Notwithstanding anything in this Agreement to the contrary, the terms of this Agreement shall be subject to the terms of the Plan, and this Agreement is subject to all interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan.

			
	
			
				 (e)
			This Agreement shall be construed and interpreted to comply with Section 409A of the Internal Revenue Code of 1986, as amended. Superior reserves the right to amend this Agreement to the extent it reasonably determines is necessary in order to preserve the intended tax consequences of the Units in light of Section 409A and any regulations or other guidance promulgated thereunder. Neither the Company nor the members of the Committee shall be liable for any determination or action taken or made with respect to this Agreement or the Units granted thereunder.

			
	
			
				 (f)
			Each notice relating to this Agreement shall be in writing and delivered in person or by mail to Superior at its office, 1001 Louisiana Street, Suite 2900, Houston, TX 77002, to the attention of the Secretary or at such other address as Superior may specify in writing to the Participant by a notice delivered in accordance with this Section 5(f). All notices to the Participant shall be delivered to the Participant’s address on file with the Company or at such other address as the Participant may specify in writing to the Secretary by a notice delivered in accordance with this Section 5(f) and Section 5(m).

			
	
			
				 (g)
			Neither this Agreement nor the rights of Participant hereunder shall be transferable by the Participant during his life other than by will or pursuant to applicable laws of descent and distribution. No rights or privileges of the Participant in connection herewith shall be transferred, assigned, pledged or hypothecated by Participant or by any other person in any way, whether by operation of law, or otherwise, and shall not be subject to execution, attachment, garnishment or similar process. In the event of any such occurrence, this Agreement shall automatically be terminated and shall thereafter be null and void.

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

			
	
			
				 (i)
			This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.  For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by the grant of the Units or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the courts of Harris County, Texas, or the federal courts for the United States for the Southern District of Texas, and no other courts, where this grant is made and/or to be performed.

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

		 

		

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			affected thereby and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law.

			
	
			
				 (k)
			The Plan and this Agreement contain the entire agreement between the parties with respect to the subject matter contained herein and may not be modified, except as provided herein or in the Plan or as it may be amended from time to time by a written document signed by each of the parties hereto, including by electronic means as provided in Section 5(m). Any oral or written agreements, representations, warranties, written inducements, or other communications with respect to the subject matter contained herein made prior to the execution of the Agreement shall be void and ineffective for all purposes.

			
	
			
				 (l)
			Superior’s obligation under the Plan and this Agreement is an unsecured and unfunded promise to pay benefits that may be earned in the future. Superior shall have no obligation to set aside, earmark or invest any fund or money with which to pay its obligations under this Agreement. The Participant or any successor in interest shall be and remain a general creditor of Superior in the same manner as any other creditor having a general claim for matured and unpaid compensation.

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

			
	
			
				 (n)
			The Participant must expressly accept the terms and conditions of this Agreement by electronically accepting this Agreement in a timely manner.  If the Participant does not accept the terms of this Agreement, this award of Units is subject to cancellation.

			
	
			
				 (o)
			The Participant acknowledges that a waiver by Superior of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant or any other Plan participant.

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

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

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			
		

		 

		

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			Schedule A
		

		
			 
		

		
			PEER GROUP COMPANIES
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Baker Hughes Incorporated

				
	
					
						 

					
					
						 

					
					
						Basic Energy Services Inc.

				
	
					
						 

					
					
						 

					
					
						Cameron International Corporation

				
	
					
						 

					
					
						 

					
					
						FMC Technologies, Inc.

				
	
					
						 

					
					
						 

					
					
						Halliburton Company

				
	
					
						 

					
					
						 

					
					
						Helix Energy Solutions Group Inc.

				
	
					
						 

					
					
						 

					
					
						Helmerich & Payne, Inc.

				
	
					
						 

					
					
						 

					
					
						Key Energy Services, Inc.

				
	
					
						 

					
					
						 

					
					
						Nabors Industries Ltd.

				
	
					
						 

					
					
						 

					
					
						National Oilwell Varco, Inc.

				
	
					
						 

					
					
						 

					
					
						Oceaneering International, Inc.

				
	
					
						 

					
					
						 

					
					
						Oil States International, Inc.

				
	
					
						 

					
					
						 

					
					
						Patterson-UTI Energy, Inc.

				
	
					
						 

					
					
						 

					
					
						RPC, Inc.

				
	
					
						 

					
					
						 

					
					
						Schlumberger Limited

				
	
					
						 

					
					
						 

					
					
						Weatherford International, Ltd.

				

		
			 
		

		
			If any peer group company’s Relative ROA or Relative TSR shall cease to be publicly available (due to a business combination, receivership, bankruptcy or other event) or if any such company is no longer publicly held, the Committee shall exclude that company from the peer group and, in its sole discretion, substitute another comparable company.
		

		
			 
		

		
			 
		

		
			 
		

		
			PLEASE PRINT AND KEEP A COPY FOR YOUR RECORDS
		

		
			 
		

		
			 
		

		 

		

			7Exhibit 10.29

		
			EXHIBIT 10.29
		

		
			 
		

		
			 
		

		
			Superior Energy Services, Inc.
Directors Deferred Compensation Plan
		

		
			(As amended and restated December 8, 2014)
		

			
	
			
				 1.
			Purpose.  The purpose of the Superior Energy Services, Inc. Directors Deferred Compensation Plan (the “Plan”) is to aid Superior Energy Services, Inc. (“Superior”) in attracting and retaining experienced outside or non-employee directors by providing them with tax-deferred savings opportunities.  The Plan is intended to comply with Code Section 409A.  

			
	
			
				 2.
			Definitions.  For the purposes of this Plan, the following words and phrases shall have the meanings indicated, unless the context clearly indicates otherwise:

		
			“Account” means the bookkeeping account maintained by the Company for each Participant pursuant to Section 4.
		

		
			“Administrative Committee” means the committee appointed by the Nominating and Corporate Governance Committee or by any person(s) to whom the Nominating and Corporate Governance Committee has delegated the power of appointment.  As of the effective date of the Plan, the persons listed on Appendix B are members of the Administrative Committee.
		

		
			“Beneficiary” means the person, persons or entity designated by the Participant to receive any benefits payable under the Plan pursuant to Section 6.
		

		
			“Board” means the Board of Directors of Superior.
		

		
			“Business Combination” means the consummation of a reorganization, share exchange, merger or consolidation (including any such transaction involving any direct or indirect subsidiary of Superior), or sale or other disposition of all or substantially all of the assets of Superior.  
		

		
			“Cash Compensation” means all compensation payable by Superior in cash to a Non-Employee Director for his or her services as a member of the Board, including, without limitation, any annual retainer, fees for attending meetings of the Board or any committee thereof, fees for acting as chairperson of the Board or any committee, and any other fees as may become payable to a Non-Employee Director, including the additional retainer payable to the Lead Director.  “Cash Compensation” does not include expense reimbursements, any form of noncash compensation, stock-based plan awards, or benefits.
		

		
			“Change of Control” means:
		

		
			(a)the acquisition by any person of beneficial ownership of 50% or more of the outstanding shares of the Common Stock or 50% or more of the combined voting power of Superior’s then-outstanding securities entitled to vote generally in the election of directors; provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change of Control:
		

		

		

		 

 

		(1)any acquisition (other than a Business Combination that constitutes a Change of Control under subsection (c) hereof) of Common Stock directly from Superior,
		

		
			(2)any acquisition of Common Stock by Superior,
		

		
			(3)any acquisition of Common Stock by any employee benefit plan (or related trust) sponsored or maintained by Superior or any corporation controlled by the Company, or
		

		
			(4)any acquisition of Common Stock by any corporation or other entity pursuant to a Business Combination that does not constitute a Change of Control under subsection (c) hereof; or
		

		
			(b)individuals who, as of January 1, 2011, constituted the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to such date whose election, or nomination for election by Superior’s stockholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, unless such individual’s initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Incumbent Board; or
		

		
			(c)a Business Combination; provided, however, that in no such case shall any such transaction constitute a Change of Control if immediately following such Business Combination:
		

		
			(1)the individuals and entities who were the beneficial owners of Superior’s outstanding Common Stock and Superior’s voting securities entitled to vote generally in the election of directors immediately prior to such Business Combination have direct or indirect beneficial ownership, respectively, of more than 50% of the then-outstanding shares of common stock, and more than 50% of the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors of the surviving or successor corporation, or, if applicable, the ultimate parent company thereof (the “Post-Transaction Corporation”), and
		

		
			(2)except to the extent that such ownership existed prior to the Business Combination, no person (excluding the Post-Transaction Corporation and any employee benefit plan or related trust of either Superior, the Post-Transaction Corporation, or any subsidiary of either corporation) beneficially owns, directly or indirectly, 25% or more of the then-outstanding shares of common stock of the corporation resulting from such Business Combination or 25% or more of the combined voting power of the then-outstanding voting securities of such corporation, and
		

		
			(3)at least a majority of the members of the board of directors of the Post-Transaction Corporation were members of the Incumbent Board at the 
		

		 

		

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		time of the execution of the initial agreement, or of the action of the Board providing for such Business Combination; or
		

		
			(d)approval by the stockholders of Superior of a complete liquidation or dissolution of Superior.
		

		
			For purposes of this definition of “Change of Control,” the term “person” shall mean a natural person or entity, and shall also mean the group or syndicate created when two or more persons act as a syndicate or other group (including, without limitation, a partnership or limited partnership) for the purpose of acquiring, holding, or disposing of a security, except that “person” shall not include an underwriter temporarily holding a security pursuant to an offering of the security.
		

		
			Notwithstanding any other provision of this definition of Change of Control, no payment shall be made from this Plan as a result of a Change of Control unless such event qualifies as a Change of Control under Section 409A.
		

		
			“Change of Control Participant” has the meaning set forth in Section 8.2(a).
		

		
			“Code” means the Internal Revenue Code of 1986, as amended.  References to any provision of the Code or regulation (including a proposed regulation) thereunder shall include any successor provisions or regulations.
		

		
			“Common Stock” means the common stock of Superior, $0.001 par value per share.
		

		
			“Company” means Superior and its subsidiaries.
		

		
			“Deferral Amount” has the meaning set forth in Section 3.2(b).
		

		
			“Deferral Period” has the meaning set forth in Section 3.5.
		

		
			“Deferred Stock Units” or “DSUs” has the meaning set forth in Section 3.2(a).
		

		
			“Designee” means any individual(s) to whom the Board, the Nominating and Corporate Governance Committee, or Administrative Committee has delegated the authority to take action under the Plan.  Wherever Board, Nominating and Corporate Governance Committee, or Administrative Committee is referenced in the Plan, such reference shall be deemed to also refer to such entity’s Designee.
		

		
			“Disabled”  A Participant shall be considered Disabled if the Participant:
		

		
			(a)is unable to engage in any substantial gainful activity 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 12 months, or
		

		
			(b)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 12 months, receiving income replacement benefits for 
		

		 

		

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		a period of not less than three months under an accident and health plan covering employees of the Participant’s employer.
		

		
			“Fair Market Value” of Common Stock shall be determined for purposes of this Plan as follows: (i) if the Common Stock is listed on an established stock exchange or any automated quotation system that provides sale quotations, the closing sale price for a share of the Common Stock on such exchange or quotation system on the applicable date, or if no sale of the Common Stock shall have been made on that day, on the next preceding day on which there was a sale of the Common Stock; (ii) if the Common Stock is not listed on any exchange or quotation system, but bid and asked prices are quoted and published, the mean between the quoted bid and asked prices on the applicable date, and if bid and asked prices are not available on such day, on the next preceding day on which such prices were available; and (iii) if the Common Stock is not regularly quoted, the fair market value of a share of Common Stock on the applicable date as established by the Nominating and Corporate Governance Committee in good faith.
		

		
			“Hypothetical Investment Benchmark” means the phantom investment benchmarks which are used to measure the return credited to a Participant’s Account. The Hypothetical Investment Benchmarks are specified by the Administrative Committee and may change from time to time.
		

		
			“Non-Employee Director” means any member of the Board who is not employed by the Company.  
		

		
			“Participant” means any Non-Employee Director who elects to participate by filing a Participation Agreement as provided in Section 3, and any former Non-Employee Director who has outstanding deferred amounts under the Plan.
		

		
			“Participation Agreement” means the form completed by a Participant in accordance with Section 3.
		

		
			“Plan Year” means a twelve-month period beginning January 1 and ending the following December 31.
		

		
			“Restricted Stock Units” means any grant of restricted stock units from the Company to the Participant under a shareholder-approved equity incentive plan of the Company.  
		

		
			“Separation from Service” means “separation from service” with the Company as defined in Treasury Regulation Section 1.409A-1(h).  A Participant shall not be considered to have incurred a Separation from Service until the Participant has ceased to provide any services for Superior, its subsidiaries, and any other entity that would be treated as a member of a controlled group that includes Superior under Code Section 414(b) or (c) (as modified by substituting 50% ownership for 80% for all purposes thereof), without any expectation of the Participant being retained to provide future services as a director or independent contractor.  
		

		
			“Superior” means Superior Energy Services, Inc. and its successors and assigns, including but not limited to any corporation or entity with or into which such company may merge or consolidate.
		

		

		

		 

		

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		“Unforeseeable Emergency” means a severe financial hardship of the Participant or Beneficiary resulting from an illness or accident of the Participant or Beneficiary, the Participant’s or Beneficiary’s spouse, or the Participant’s or Beneficiary’s dependent (as defined in Code Section 152(a)); loss of the Participant’s or Beneficiary’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant or Beneficiary.  In addition, the need to pay for medical expenses, including non-refundable deductibles, as well as for the costs of prescription drug medication, may constitute an Unforeseeable Emergency.  Finally, the need to pay for the funeral expenses of a spouse or a dependent (as defined in Code Section 152(a)) may also constitute an Unforeseeable Emergency.  An Unforeseeable Emergency must satisfy the requirements of Treasury Regulation Section 1.409A-3(i)(3) in order for a payment to be made.  Whether a Participant is faced with an “Unforeseeable Emergency” permitting distribution under this Plan is to be determined by the Administrative Committee based on the relevant facts and circumstances of each case and in accordance with Code Section 409A.  
		

		
			“Valuation Date” means the last calendar date when the New York Stock Exchange was open, or such other date as the Administrative Committee in its sole discretion may determine.
		

			
	
			
				 3.
			Participation and Participant Elections.  

			
	
			
				 3.1
			Participation.  Participation in the Plan shall be limited to those individuals who (a) are Non-Employee Directors and (b) elect to participate in this Plan by filing a Participation Agreement with the Administrative Committee or its Designee.  

			
	
			
				 3.2
			Deferral of Cash Compensation.  Subject to the other terms and conditions of this Plan, a Participant may elect to convert or defer up to a total of 100% of his or her Cash Compensation for a given Plan Year under the Plan, expressed as either a dollar amount or a percentage of the Participant’s Cash Compensation for such Plan Year, as set forth in Sections 3.2(a) and (b).

			
	
			
				 (a)
			A Participant may elect to convert all or a portion of his or her Cash Compensation for a given Plan Year to Deferred Stock Units, or DSUs.  Each DSU represents the right to receive one share of Common Stock upon payout.  The DSUs will be fully vested and credited to the Participant’s Account as of the date on which the Cash Compensation would otherwise have been paid.  The number of DSUs credited to a Participant’s Account is determined by dividing the dollar amount of the Cash Compensation being converted on the applicable payment date by the Fair Market Value of the Common Stock on such payment date.  Like the Restricted Stock Units, a Participant does not have the right to vote any DSUs or to receive dividends with respect to any DSUs until the DSUs are settled in shares of Common Stock.  However, during the Deferral Period, each DSU shall be credited with dividend equivalents as set forth in Section 4.4.  A Participant’s DSUs shall be accounted for separately from his or her Deferral Amounts, and shall be subject to the all of the provisions of this Plan except Section 4.2.  

			
	
			
				 (b)
			A Participant may elect to defer all or a portion of his or her Cash Compensation for a given Plan Year under the Plan (the “Deferral Amount”), which amounts shall 
		

		 

		

			5

		

		

			 

		

 

			be credited to the Participant’s Account and be notionally invested in certain Hypothetical Investment Benchmarks as set forth in Section 4.

			
	
			
				 3.3
			Deferral of Restricted Stock Units.  

			
	
			
				 (a)
			Subject to the terms and conditions of this Section 3.3, a Participant may elect to defer, on a grant-by-grant basis, the receipt of all or a portion of the shares of Common Stock that he or she is entitled to receive upon his or her Separation of Service or upon vesting of such Restricted Stock Units, as applicable, in connection with the payout of those Restricted Stock Units (and any related amounts credited to the Participant’s Dividend Equivalent Account under Section 4.4).  Except as permitted by Section 3.3(b), such deferral election must be made during the applicable Section 3.4 enrollment period for the Plan Year in which the Restricted Stock Units are granted; provided that if the Non-Employee Director makes such an election during the 30-day period described in Section 3.4(b) and after the date of grant of the Restricted Stock Units, the number of shares deferred shall be equal to the total number of Restricted Stock Units multiplied by a fraction, the numerator of which is the number of days between the date on which the election is made and the date of the next annual meeting following the date of grant, and the denominator of which is the number of days between the date of grant and the date of the next annual meeting, rounded to next lower number of whole shares.  

			
	
			
				 (b)
			A Participant may make a one-time election to defer receipt of all or a portion of the shares of Common Stock underlying any grant of Restricted Stock Units awarded to him or her prior to the date of Board approval of this Plan.  Such election (i) must be received by the Administrative Committee by March 31, 2011, (ii) will become irrevocable on that date, (iii) shall not take effect until March 31, 2012; and (iv) must provide that the Deferral Period with respect to such Restricted Stock Units shall end no earlier than the fifth anniversary of the date of Participant’s Separation from Service, provided that if the Participant dies or becomes Disabled prior to such date, the shares of Common Stock shall be distributed to in accordance with Section 5.2.

			
	
			
				 (c)
			A Participant’s deferred Restricted Stock Units shall be accounted for separately from his or her Deferral Amounts, and shall be subject to the all of the provisions of this Plan except Sections 3.6 and 4.2.  

			
	
			
				 3.4
			Election Timing and Effective Dates.

			
	
			
				 (a)
			A Participation Agreement must be filed prior to the December 31st immediately preceding the Plan Year for which it is effective or by such earlier deadline as the Administrative Committee may prescribe.

			
	
			
				 (b)
			Notwithstanding Section 3.4(a), a Participant who is newly eligible for the Plan (as determined in accordance with Treas. Reg. Section 1.409A-2(a)(7)) and who does not participate in any other account balance type nonqualified plan (as determined by Treas. Reg. Section 1.409A-1(c)) of the Company may file a Participation Agreement effective for the remainder of the initial Plan Year and applicable to compensation earned in the remainder of such Plan Year, but only if such election is made not more than 30 days after the Participant becomes eligible for the Plan.  

		 

		

			6

		

		

			 

		

 

			
	
			
				 3.5
			Contents of Participation Agreement.  The Administrative Committee shall have the discretion to specify the contents of Participation Agreements.  Subject to Section 7, each Participation Agreement shall set forth: (a) whether the Participant is electing to defer his or her Cash Compensation and/or Restricted Stock Units for that Plan Year; (b) the Deferral Amount and the period after which payment of the Deferral Amount and the issuance of the Common Stock underlying the DSUs or the deferred Restricted Stock Units, if applicable, are to be made or begin to be made (the “Deferral Period”); and (c) the form in which payments of the Deferral Amount, the DSUs and the deferred Restricted Stock Units, if applicable, are to be made, which may be a lump sum or in substantially equal annual installments of 2 to 10 years.  The Deferral Period may be expressed as ending on a specified date, upon the occurrence of an event (such as a Participant’s Separation from Service), or in accordance with such other terms and options that may be set forth in the Participation Agreement; provided, however, that the Deferral Period shall end no later than the tenth anniversary of the date of Participant’s Separation from Service.

			
	
			
				 3.6
			Modification or Revocation of Election by Participant.

			
	
			
				 (a)
			A Participant may not change the Deferral Amount during a Plan Year.  However, a Participant may discontinue participation if he or she experiences an Unforeseeable Emergency, by completing such forms, and subject to such limitations and restrictions, as the Administrative Committee may prescribe.  If approved by the Administrative Committee, revocation shall take effect as of the next regularly-scheduled date on which Cash Compensation is to be paid.  If a Participant discontinues participation during a Plan Year, he or she will not be permitted to participate again in the Plan until the later of six months from the date of discontinuance or the commencement of the following Plan Year.

			
	
			
				 (b)
			A Participant may make an election to change the time or form of his or her payment from the Plan as set forth in an existing Participation Agreement, but in accordance with Treas. Reg. Section 1.409A-2(b), such a change must include the lengthening of the Deferral Period by no less than five years from the original payment date under the Participation Agreement (as in effect before such amendment).  In addition, such amended Participation Agreement must be filed with the Administrative Committee or its Designee at least 12 months prior to the date of the first scheduled payment under the Participation Agreement (as in effect before such amendment), and will not be effective for 12 months.  Under no circumstances may a Participant’s Participation Agreement be retroactively entered into, modified, or revoked.

			
	
			
				 3.7
			Vesting of Accounts.  Subject to Section 9.1 and the terms of any deferred RSUs, each Participant shall be 100% vested in his or her Account(s) at all times.

			
	
			
				 4.
			Maintenance, Crediting, and Investment of Accounts.  

			
	
			
				 4.1
			Maintenance of Accounts.  

			
	
			
				 (a)
			The Deferral Amount of a Participant with respect to each Plan Year of participation in the Plan shall be credited by the Administrative Committee to the Participant’s Account as and when such Deferral Amount would otherwise have been paid to the Participant.  

			
	
			
				 (b)
			Separate Accounts shall be maintained for each Participant.  More than one Account may be maintained for a Participant as necessary to reflect (i) various Hypothetical Investment Benchmarks, (ii) DSUs or deferred RSUs, and/or (iii) separate 
		

		 

		

			7

		

		

			 

		

 

			Participation Agreements specifying different Deferral Periods and/or forms of payment.  A Participant’s Account(s) shall be utilized solely as a device for the measurement and determination of the amounts to be paid to the Participant pursuant to this Plan, and shall not constitute or be treated as a trust fund of any kind.  

			
	
			
				 4.2
			Crediting of Accounts.  

			
	
			
				 (a)
			Each Participant shall be entitled to direct the manner in which his or her Accounts (other than Accounts related to DSUs or deferred RSUs) will be deemed to be invested by selecting among the Hypothetical Investment Benchmarks specified in Appendix A hereto, as amended by the Administrative Committee from time to time, and in accordance with such rules, regulations and procedures as the Administrative Committee may establish from time to time.  Notwithstanding anything to the contrary herein, earnings and losses based on a Participant’s investment elections shall begin to accrue as of the date such Participant’s Deferral Amounts are credited to his or her Accounts.

			
	
			
				 (b)
			The Administrative Committee shall determine the balance of each Account, as of each Valuation Date, by adjusting the balance of such Account as of the immediately preceding Valuation Date to reflect changes in the value of the deemed investments thereof, credits and debits pursuant to Section 4.1(a) and Section 4.2(a) and distributions pursuant to Section 5 with respect to such Account since the preceding Valuation Date.

			
	
			
				 4.3
			Statement of Accounts.  The Administrative Committee shall submit to each Participant quarterly statements of his or her Account(s) in such form as the Administrative Committee deems desirable, setting forth the balance to the credit of such Participant in his or her Account(s) as of the end of the most recently-completed quarter.

			
	
			
				 4.4
			Credit of Dividend Equivalents on Deferred Stock Units and Deferred Restricted Stock Units.  For any Deferred Stock Units or Restricted Stock Units a Participant elects to defer, the Administrative Committee shall establish and maintain a “Dividend Equivalent Account” as required under Section 6.4 of the Amended and Restated Superior Energy Services, Inc. 2004 Directors Restricted Stock Units Plan or the equivalent section of any successor plan.  All amounts in a Participant’s Dividend Equivalent Account shall be distributed to the Participant in tandem with the related shares of Common Stock underlying the Deferred Stock Units or the Restricted Stock Units, as applicable.  

			
	
			
				 5.
			Distribution of Benefits.

			
	
			
				 5.1
			Time and Form of Payment.  

			
	
			
				 (a)
			Unless otherwise stated in this Section 5, at the end of the Deferral Period for each Account, the Company shall pay to the Participant the balance of such Account at the time or times elected by the Participant in the applicable Participation Agreement; provided that if the Participant has elected to receive payments from an Account in a lump sum, the Company shall pay the balance in such Account (determined as of the most recent Valuation Date preceding or coinciding with the payment date) in a lump sum in cash as soon as practicable after the end of the Deferral Period (no later than 90 days after the Deferral Period).  If the Participant has elected to receive payments from an Account in installments, the Company shall make annual payments from such Account, each of which shall consist of an amount equal to (i) the balance of 
		

		 

		

			8

		

		

			 

		

 

			such Account as of the most recent Valuation Date preceding or coinciding with the payment date times (ii) a fraction, the numerator of which is one and the denominator of which is the number of remaining installments (including the installment being paid).  The first such installment shall be paid in January of the year specified in the Participation Agreement (for specified date payments), in January of the year following Separation from Service (for payments triggered by a Separation from Service) or as otherwise specified in the Participation Agreement upon reaching the end of the Deferral Period.  Each subsequent installment shall be paid in January of the following years and shall be deemed to be made on a pro rata basis from each of the different deemed investments of the Account (if there is more than one such deemed investment).  

			
	
			
				 (b)
			If a Participant elects to defer an annual grant of Restricted Stock Units, the shares of Common Stock underlying such grant (and any related amounts credited to the Participant’s Dividend Equivalent Account under Section 4.4) shall be distributed at the time or times elected by the Participant in the applicable Participation Agreement, provided that if the Participant dies or becomes Disabled prior to such date, the shares of Common Stock shall be distributed to in accordance with Section 5.2.  

			
	
			
				 (c)
			Payments of DSUs shall be made in whole shares of Common Stock.  No fractional shares shall be issued, and any fractional shares will be converted to a cash payment based on the Fair Market Value of the Common Stock on the Valuation Date prior to distribution, or such other date as determined by the Administrative Committee.

			
	
			
				 5.2
			Death or Disability.  Notwithstanding the provisions of Sections 5.1 hereof and any Participation Agreement, if a Participant dies or becomes Disabled (whether before or after Separation from Service) prior to receiving full payment of his or her Account(s), the Company shall pay the remaining balance of his or her Account (determined as of the most recent Valuation Date preceding or coinciding with such event) to the Participant or, if the Participant is deceased, in accordance with Section 6, in a lump sum in cash as soon as practicable following the occurrence of such event (no later than 90 days after the event occurs).

			
	
			
				 5.3
			Hardship Withdrawals.  Notwithstanding the provisions of Section 5.1 and any Participation Agreement, a Participant shall be entitled to early payment of all or part of the balance in his or her Account(s) in the event of an Unforeseeable Emergency, in accordance with this Section 5.3.  A distribution pursuant to this Section 5.3 may only be made to the extent reasonably needed to satisfy the Unforeseeable Emergency need, and may not be made if such need is or may be relieved (a) through reimbursement or compensation by insurance or otherwise, (b) by liquidation of the Participant’s assets to the extent such liquidation would not itself cause severe financial hardship, or (c) by cessation of deferrals under the Plan.  An application for an early payment under this Section 5.3 shall be made to the Administrative Committee in such form and in accordance with such procedures as the Administrative Committee shall determine from time to time.  The determination of whether and in what amount and form a distribution will be permitted pursuant to this Section 5.3 shall be made by the Administrative Committee.

			
	
			
				 5.4
			Withholding of Taxes.  Notwithstanding any other provision of this Plan, the Company shall withhold from payments made hereunder any amounts required to be so withheld by any applicable law or regulation.

		 

		

			9

		

		

			 

		

 

			
	
			
				 5.5
			Acceleration of Payment.  A Participant shall have no right to compel any accelerated payment of amounts due to a Participant.  The Company may accelerate the payment of some or all of the amounts due to a Participant in a given year only in accordance with this Section and Section 409A of the Code.

			
	
			
				 (a)
			Domestic Relations Orders. The Administrative Committee may, in its sole and absolute discretion, accelerate the time or schedule of a payment under the Plan to an individual other than the Participant as may be necessary to fulfill a domestic relations order (as defined in Section 414(p)(1)(B) of the Code).

			
	
			
				 (b)
			Conflicts of Interest.  The Administrative Committee may, in its sole and absolute discretion, provide for the acceleration of the time or schedule of a payment under the Plan to the extent necessary for any Federal officer or employee in the executive branch to comply with an ethics agreement with the Federal government.  Additionally, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to the extent reasonably necessary to avoid the violation of an applicable Federal, state, local, or foreign ethics law or conflicts of interest law (including where such payment is reasonably necessary to permit the Participant to participate in activities in the normal course of his or her position in which the Participant would otherwise not be able to participate under an applicable rule).

			
	
			
				 (c)
			Limited Cash-Outs.  The Administrative Committee may, in its sole discretion, require a mandatory lump sum payment of amounts deferred under the Plan that do not exceed the applicable dollar amount under Section 402(g)(1)(B) of the Code, provided that the payment results in the termination and liquidation of the entirety of the Participant’s interest under the Plan, including all agreements, methods, programs, or other arrangements with respect to which deferrals of compensation are treated as having been deferred under a single plan under Section 409A of the Code.

			
	
			
				 (d)
			Payment Upon Income Inclusion Under Section 409A.  The Administrative Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan if at any time the Plan fails to meet the requirements of Section 409A of the Code.  The payment may not exceed the amount required to be included in income as a result of the failure to comply with the requirements of Section 409A of the Code.

			
	
			
				 (e)
			Payment of State, Local, or Foreign Taxes.  The Administrative Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to reflect payment of state, local, or foreign tax obligations arising from participation in the Plan that apply to an amount deferred under the Plan before the amount is paid or made available to the participant (the state, local, or foreign tax amount).  Such payment may not exceed the amount of such taxes due as a result of participation in the Plan.  The payment may be made in the form of withholding pursuant to provisions of applicable state, local, or foreign law or by payment directly to the Participant.  Additionally, the Administrative Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to pay the income tax at source on wages imposed under Section 3401 of the Code as a result of such payment and to pay the additional income tax at source on wages imposed under Section 3401 of the Code attributable to such additional wages and taxes.  However, the total payment under this 
		

		 

		

			10

		

		

			 

		

 

			acceleration provision must not exceed the aggregate of the state, local, and foreign tax amount, and the income tax withholding related to such state, local, and foreign tax amount.

			
	
			
				 (f)
			Bona Fide Disputes as to a Right to a Payment.  The Nominating and Corporate Governance Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan where such payments occur as part of a settlement between the Participant and the Company of an arm’s length, bona fide dispute as to the Participant’s right to the deferred amount, if done in accordance with Treasury Regulation Section 1.409A-3(j)(4)(xiv).

			
	
			
				 (g)
			Plan Terminations and Liquidations.  The Nominating and Corporate Governance Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan as provided in Section 8.2.

			
	
			
				 (h)
			Other Events and Conditions.  A payment may be accelerated upon such other events and conditions as the Internal Revenue Service may prescribe in generally applicable guidance published in the Internal Revenue Bulletin.

			
	
			
				 5.6
			Delay of Payment.  The Company may delay a payment otherwise due hereunder to a date after the designated payment date under any of the following circumstances:

			
	
			
				 (a)
			Delay Due to Financial Considerations. Any payment required to be made on a date set forth under the terms of this Plan may be delayed if payment on the originally scheduled date would jeopardize the ability of the Company to continue as a going concern (in such case, payment will be made during the first taxable year after such payment no longer would have such effect).

			
	
			
				 (b)
			Legal Compliance.  If the Company reasonably anticipates that the making of the payment will violate applicable law, provided that the payment shall be made at the earliest date at which the Company reasonably anticipates that the making of the payment will not cause such violation.  (The making of a payment that would cause inclusion in gross income or the application of any penalty provision or other provision of the Code is not treated as a violation of applicable law.)

			
	
			
				 (c)
			Other Events and Conditions.  Payment may also be delayed upon such other events and conditions as the Commissioner of Internal Revenue may prescribe in generally applicable guidance published in the Internal Revenue Bulletin, if a Participant is subject to the requirements of Section 16(a) of the Securities Exchange Act of 1934, the Participant’s balance under this Plan shall not be distributed on account of a Change of Control prior to the date that is one year after the date of the Change of Control, unless such balance is distributable pursuant to another provision of the Plan.

			
	
			
				 5.7
			Source of Shares of Common Stock for DSU Payout.  All shares of Common Stock issuable upon the payout of Deferred Stock Units following the applicable Deferral Period shall be issued under, and subject to the terms and conditions of, Superior’s 2013 Stock Incentive Plan, or any successor stock incentive plan providing for the issuance of Common Stock to Non-Employee Directors.  

			
	
			
				 6.
			Beneficiary Designation.  

		 

		

			11

		

		

			 

		

 

			
	
			
				 6.1
			Right to Designate Beneficiary.  Each Participant shall have the right, at any time, to designate any person, persons, or entity as his or her Beneficiary or Beneficiaries.  A Beneficiary designation shall be made, and may be amended, by the Participant by filing a written designation with the Administrative Committee, on such form and in accordance with such procedures as the Administrative Committee shall establish from time to time.

			
	
			
				 6.2
			No Beneficiary Designation.  If a Participant fails to designate a Beneficiary as provided above, or if all designated Beneficiaries predecease the Participant, then the Participant shall be deemed to have designated the surviving spouse of the Participant as the designated Beneficiary.  If the Participant dies without a designated Beneficiary (or spouse as the deemed designated Beneficiary), then the Participant’s Beneficiary shall be deemed to be the Participant’s estate.

			
	
			
				 7.
			Administration.  

			
	
			
				 7.1
			Administrative Committee.  The Plan shall be administered by the Administrative Committee.  A majority of the members of the Administrative Committee shall constitute a quorum.  All resolutions or other action taken by the Administrative Committee shall be by a vote of a majority of its members present at any meeting or, without a meeting, by an instrument in writing signed by all its members.  Members of the Administrative Committee may participate in a meeting of such committee by means of a conference telephone or similar communications equipment that enables all persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in person at the meeting and waiver of notice of such meeting.

			
	
			
				 7.2
			Committee Responsibilities.  The Administrative Committee shall be responsible for the administration of this Plan and shall have all powers necessary to administer this Plan, including discretionary authority to determine eligibility for benefits and to decide claims under the terms of this Plan, except to the extent that any such powers are vested in any other person.  The Administrative Committee may from time to time establish rules for the administration of this Plan, and it shall have the exclusive right to interpret this Plan and to decide any matters arising in connection with the administration and operation of this Plan.  All rules, interpretations, and decisions of the Administrative Committee shall be conclusive and binding on the Company, Participants, and Beneficiaries.

			
	
			
				 7.3
			Ability to Delegate Responsibilities.  The Administrative Committee’s responsibilities shall include, but shall not be limited to, determining in the first instance issues related to eligibility, Hypothetical Investment Benchmarks, distribution of Deferral Amounts, determination of account balances, crediting of hypothetical earnings and debiting of hypothetical losses and of distributions, in-service withdrawals, deferral elections and any other duties concerning the day-to-day operation of this Plan.  The Administrative Committee may designate one of its members as a chairperson and may retain and supervise outside providers, third party administrators, record keepers, and professionals (including in-house professionals) to perform any or all of the duties delegated to it hereunder.

			
	
			
				 7.4
			Limitation of Liability.  Neither a member of the Board nor any member of the Administrative Committee shall be liable for any act or action hereunder, whether of omission or commission, by any other member or employee or by any agent to whom duties in connection 
		

		 

		

			12

		

		

			 

		

 

			with the administration of this Plan have been delegated or for anything done or omitted to be done in connection with this Plan.  The Administrative Committee shall keep records of all of its proceedings and shall keep records of all payments made to Participants or Beneficiaries and payments made for expenses or otherwise.

			
	
			
				 7.5
			Recusal.  Any member of the Administrative Committee who is due a benefit under the Plan shall recuse himself or herself from any Administrative Committee deliberations that concern such member’s benefits, including deliberations concerning such member’s eligibility for a benefit or his or her level of benefits.  The previous sentence shall not apply to deliberations that apply to Participants generally rather than the particular member at issue.

			
	
			
				 7.6
			Recovery of Administration Expenses.  Any expense incurred by the Company or the Administrative Committee relative to the administration of this Plan shall be paid by the Company and/or may be deducted from the Accounts of the Participants, as determined by the Administrative Committee.

			
	
			
				 8.
			Amendment and Termination of Plan.  

			
	
			
				 8.1
			Amendment.  The Nominating and Corporate Governance Committee of the Board, or any person(s) to whom such committee has delegated the right to amend the Plan, may at any time amend this Plan in whole or in part, provided, however, that no amendment shall be effective to decrease the balance in any Account as accrued at the time of such amendment.  The Administrative Committee shall have authority to approve administrative and technical amendments that do not materially increase the cost of the Plan.  The Company may amend the Plan in any other manner that does not cause adverse consequences under Section 409A of the Code or other guidance from the Treasury Department or IRS, provided that no amendments shall divest otherwise vested rights of Participants, or their Beneficiaries.

			
	
			
				 8.2
			Company’s Right to Terminate.  The Nominating and Corporate Governance Committee may terminate the Plan (or, where allowed by Section 409A of the Code, a portion of the Plan) and accelerate any payments due (or that may become due) under the Plan under the following circumstances:

			
	
			
				 (a)
			Section 409A Change of Control.  The Plan termination occurs pursuant to an irrevocable action of the Nominating and Corporate Governance Committee that is taken within the 30 days preceding or the 12 months following a Section 409A Change of Control, and all other plans sponsored by the Company that are required to be aggregated with this Plan under Section 409A of the Code are also terminated with respect to each Participant therein who was employed by the Company that underwent the Section 409A Change of Control (“Change of Control Participant”).  In the event of such a termination, the amounts due under this Plan, together with amounts due to each Change of Control Participant under all aggregated plans, shall be paid at the time and pursuant to the schedule specified by the Nominating and Corporate Governance Committee, so long as all payments are required to be made no later than 12 months after the date that the Nominating and Corporate Governance Committee or its Designee irrevocably approves the termination.

		 

		

			13

		

		

			 

		

 

			
	
			
				 (b)
			Company’s Discretion.  In the discretion of the Nominating and Corporate Governance Committee, provided that: (i) all arrangements sponsored by the Company that would be aggregated with the Agreement under Treasury Regulation Section 1.409A-1(c) if the same employee participated in all of the arrangements are terminated; (ii) no payments other than payments that would be payable under the terms of the arrangements if the termination had not occurred are made within 12 months of the termination of the arrangements; (iii) all payments are made within 24 months of the termination of the arrangements; and (iv) the Company does not adopt a new arrangement that under Treasury Regulation Section 1.409A-1(c) that would be aggregated with the Agreement if the same service provider participated in both arrangements, at any time within three years following the date of termination of the Agreement.

			
	
			
				 (c)
			Dissolution or Bankruptcy Court Order.  Within 12 months of a corporate dissolution of the Company taxed under Section 331 of the Code, or with the approval of a bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participant’s gross income in the latest of (i) the calendar year in which the termination occurs, (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture, or (iii) the first calendar year in which the payment is administratively practicable.

			
	
			
				 (d)
			Other.  Due to such other events and conditions as the Commissioner of the IRS may prescribe in generally applicable guidance published in the Internal Revenue Bulletin.

			
	
			
				 9.
			Miscellaneous.  

			
	
			
				 9.1
			Unfunded Plan.  This Plan is intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation for Non-Employee Directors.  All payments pursuant to the Plan shall be made from the general funds of the Company and no special or separate fund shall be established or other segregation of assets made to assure payment.  No Participant or other person shall have under any circumstances any interest in any particular property or assets of the Company as a result of participating in the Plan.  Notwithstanding the foregoing, the Company may (but shall not be obligated to) create one or more grantor trusts, the assets of which are subject to the claims of the Company’s creditors, to assist it in accumulating funds to pay its obligations under the Plan.  Participants shall have no right to compel the investment of any amounts deposited in any such trust(s).

			
	
			
				 9.2
			Nonassignability.  Except as specifically set forth in the Plan with respect to the designation of Beneficiaries, neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage, or otherwise encumber, transfer, hypothecate, or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and non-transferable.  No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony, or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency.

			
	
			
				 9.3
			Validity and Severability; Code Section 409A.  The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any 
		

		 

		

			14

		

		

			 

		

 

			other provision of this Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  If any provision of the Plan is capable of being interpreted in more than one manner, to the extent feasible, the provision shall be interpreted in a manner that does not result in an excise tax under Code Section 409A.

			
	
			
				 9.4
			Governing Law.  The validity, interpretation, construction, and performance of this Plan shall in all respects be governed by the laws of the State of Louisiana, without reference to principles of conflict of law, except to the extent preempted by federal law.

			
	
			
				 9.5
			Status.  Nothing in this Plan or any instrument executed pursuant to this Plan will confer upon any Participant any right to continue as a director of the Company or affect the right of the Company to terminate the services of any Participant.  

			
	
			
				 9.6
			Underlying Plans and Programs.  Nothing in this Plan shall prevent the Company from modifying, amending or terminating the compensation or the plans and programs pursuant to which compensation is earned and which is deferred under this Plan.

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

			
	
			
				 ·
			

			
	
			
			As approved by the Nominating and Corporate Governance Committee and adopted by the Board of Directors on February 23, 2011.

			
	
			
				 ·
			

			
	
			
			As amended and restated by the Board of Directors on December 8, 2014.

		

		

		 

		

			15

		

		

			 

		

 

		Appendix A
		

		
			 
		

		
			Hypothetical Investment Benchmarks
		

		
			(as of December 1, 2014 – subject to change)
		

		
			Model Portfolios
		

		
			Conservative
		

		
			Moderate/Conservative
		

		
			Moderate
		

		
			Moderate/Aggressive
		

		
			Aggressive
		

		
			 
		

		
			OR
		

		
			 
		

		
			Investment Funds
		

		
			Nationwide VIT Money Market
		

		
			PIMCO VIT Total Return
		

		
			PIMCO VIT Real Return
		

		
			MFS VIT Value
		

		
			Dreyfus Stock Index
		

		
			American Funds IS Growth
		

		
			JPMorgan IT Mid Cap Value
		

		
			Morgan Stanley UIF Mid Cap Growth
		

		
			DFA VA US Targeted Value
		

		
			Vanguard VIF Small Company Growth
		

		
			MFS VIT II International Value
		

		
			American Funds IS International
		

		
			Invesco VIF Global Real Estate
		

		
			 
		

		

		

		 

		

			16

		

		

			 

		

 

		Appendix B
		

		
			 
		

		
			Member of Administrative Committee
		

		
			(as of December 1, 2014)
		

		
			Ann Cegielski
		

		
			Donna Cummins
		

		
			Jennifer Phan
		

		
			Wayne Robertson
		

		
			Danny Young
		

		
			 
		

		
			 
		

		 

		

			17

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