Document:

EXHIBIT 10.14

FY14 Performance Unit Award Agreement

 

ENERGY XXI SERVICES, LLC

2006 LONG-TERM INCENTIVE PLAN

PERFORMANCE UNIT AWARDS AGREEMENT

 

This Performance Unit
Awards Agreement (the “Agreement”), made as of the 21st day of July, 2014 (the “Grant Date”),
by and between Energy XXI Services, LLC (the “Employer”), Energy XXI (Bermuda) Limited, a Bermuda entity (the “Company”)
and _____________  (the “Grantee”), evidences the grant by the Employer of (“Performance Units” or “Award”)
to the Grantee on such date and the Grantee’s acceptance of the Award in accordance with the provisions of the Energy XXI
Services, LLC 2006 Long-Term Incentive Plan, as amended or restated from time to time (the “Plan”). All capitalized
terms not otherwise defined herein shall have the meanings set forth in the Plan. The Employer, the Company and the Grantee agree
as follows:

 

1.          Purpose
for Award. The Grantee hereby receives as of the date hereof a Performance Unit Award of  __________ Performance Units
pursuant to the terms of this Agreement (the “Grant”). This Grant is intended to reward the Grantee for future increases
in the value of the Company’s Common Stock over the three year period beginning on the Grant Date (the “Performance
Period”). All calculations required pursuant to this Agreement shall be made by the Committee and shall be final and binding
on the Grantee. The Grant is comprised of both Time-Based Performance Units (25% of total award) and TSR Modified Performance
Units (75% of total award).

 

(a)          Calculation
of Time-Based Units. The amount payable to the Grantee pursuant to the Time-Based Performance Units shall be determined
as of the applicable Vesting Date pursuant to Section 3(a) or the payment event pursuant to Section 3(b), and shall be based upon
the number of Time-Based Performance Units which vest/are payable as of such date multiplied by the Adjusted Notional Value (defined
below). This calculation will be made by the Committee.

 

(b)          Calculation
of TSR Modified Performance Units.

 

(i)          Basic
calculation of TSR Modified Performance Units. The amount payable to the Grantee pursuant to the TSR Modified Performance Units
shall be determined as of the applicable Vesting Date pursuant to Section 3(a) or the payment event pursuant to Section 3(b). Such
amount shall be based upon the number of TSR Modified Performance Units which vest/are payable as of such date multiplied by the
Adjusted Notional Value. This amount shall then be multiplied by the appropriate “TSR Unit Number Modifier” set forth
on Exhibit A to determine the amount (if any) payable as of such date.

 

    	 

    	 

    

  

FY14 Performance Unit Award Agreement

 

(ii)         Calculation
of TSR Modified Performance Units upon a Change of Control or an Involuntary Termination. Upon (A) the occurrence of a Change
of Control; or (B) an “Involuntary Termination” (defined below) (each an “Accelerated Vesting Event”),
all Performance Units (including any outstanding Performance Units granted prior to the Grant Date under this Agreement (in the
aggregate, the “Outstanding Performance Units”)) shall become 100% vested, the Performance Period will be shortened
to end on the Accelerated Vesting Event, and the Outstanding Performance Units will be settled in accordance with the applicable
TSR Unit Number Modifier set forth on Exhibit A. In addition, the Performance Units subject to this Agreement will paid
out pursuant to the Adjusted Notional Value as calculated pursuant to Section 2 (Outstanding Performance Units other than the Performance
Units subject to this Agreement will be paid out pursuant to the Adjusted Notional Value calculated pursuant the agreements evidencing
such awards).

 

(iii)        Involuntary
Termination. For purposes of this Agreement, an “Involuntary Termination” means a termination of the Grantee’s
employment with the Employer (or any Affiliate) (A) due to death, (B) due to Disability, (C) by the Employer (or any Affiliate)
without Cause, or (D) by the Grantee for “Good Reason.” “Good Reason” means the occurrence of any of the
following circumstances without the consent of the Grantee: (1) the assignment to Grantee of any duties that materially adversely
alter the nature or status of Grantee’s office and responsibilities (other than reporting responsibilities and other than
any increase in responsibilities resulting from promotion), or other action that results in the material diminution of Grantee’s
position, duties or authorities, from those in effect immediately prior to such change in position, assignment or action, (2) the
material diminution of Grantee’s aggregate targeted compensation, or (3) the relocation of the Grantee’s principal
place of employment to anywhere outside the greater Houston, Texas metropolitan area, (other than required travel on the business
of the Company and its Affiliates). In the event of an occurrence of Good Reason, Grantee must notify the Employer in writing of
the existence of Good Reason within 30 days of the occurrence. If the circumstances resulting in Good Reason are not cured by the
Employer or its Affiliates within 30 days of receipt by the Employer of such notice, the Grantee may terminate his or her employment
for Good Reason no later than the 60th day following the initial occurrence of Good Reason.

 

2.          Performance
Unit Value.

 

(a)         Performance
Unit Value. The value of each Performance Unit will have an initial notional value equal to the simple average of the closing
prices of the Common Stock for the period of twenty business days ending on the day immediately preceding the Grant Date (the “Initial
Notional Value”). At the applicable Vesting Date under Section 3(a) or the payment event under Section 3(b), the notional
value of each Performance Unit will equal the simple average of the closing prices of the Common Stock for the period of twenty
business days ending on the day immediately preceding the Vesting Date under Section 3(a) or the payment event under Section 3(b)
(the “Adjusted Notional Value”).

 

The Initial
Notional Value of the Performance Units is $22.48 per share.

 

(b)         Accounts.
The Employer shall in accordance with the Plan establish and maintain a bookkeeping account for the Grantee (the “Performance
Unit Account”), and such account shall be credited with the number of Performance Units granted to the Grantee. The Employer
may establish separate bookkeeping accounts for the Time-Based Performance Units and the TSR Modified Performance Units which collectively
will constitute the Performance Unit Account.

 

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FY14 Performance Unit Award Agreement

 

(c)          Transfer.
Until the Performance Units awarded to the Grantee shall have vested, the Performance Units nominally credited to the Grantee’s
Performance Unit Account shall not be sold, transferred, or otherwise disposed of and shall not be pledged or otherwise hypothecated.

 

3.         Vesting.

 

(a)          Vesting
Dates. The Performance Units covered by this Agreement shall vest ratably over three (3) years, provided that Grantee
is still employed by the Employer (or the Company or any Affiliate) on such each of these dates as follows: July 21, 2015, 2016;
and 2017 (the “Vesting Dates”). Except as provided in Section 3(b) below, if the Grantee ceases to be employed by the
Employer (or the Company or any Affiliate) for any other reason at any time prior to the applicable Vesting Date, the unvested
Performance Units shall automatically be forfeited upon such cessation of employment.

 

(b)          Additional
Vesting Events. Notwithstanding Section 3(a) above, all outstanding Performance Units that have not previously been forfeited
pursuant to Section 3(a) shall become immediately payable upon the occurrence of an Accelerated Vesting Event.

 

4.         Time and
Form of Payment. Payment shall be made in cash or Common Stock to the Grantee (at the sole discretion of the Committee)
in a lump sum as soon as practicable after the Vesting Date, or event set forth in Section 3(b), and in any event, within 2 weeks
after such date or event. To the extent that payment is made in Common Stock, the Committee shall cause a stock certificate to
be delivered to the Grantee with respect to such Common Stock free of all restrictions hereunder, except for applicable federal
securities laws restrictions.

 

5.         Compliance
with Laws and Regulations. The issuance of shares of Common Stock upon vesting of the Performance Units shall be subject
to compliance by the Employer, the Company and the Grantee with all applicable requirements of securities laws, other applicable
laws and regulations of any stock exchange on which the shares of Common Stock may be listed at the time of such issuance or transfer.
The Grantee understands that the Company is under no obligation to register or qualify the shares of Common Stock with the Securities
and Exchange Commission (“SEC”), any state securities commission or any stock exchange to effect such compliance.

 

6.         Tax Withholding.
The Employer and the Company may deduct from any payment of any kind otherwise due to the Grantee (including payments due when
the Performance Units vest) any federal, state or local taxes of any kind required by law to be withheld with respect to the payment
of Performance Units. Alternatively, the Grantee may no later than the date as of which the Performance Units vest, pay to the
Employer or the Company (in cash or to the extent permitted by the Committee, Common Stock held by the Grantee whose Fair Market
Value on the day preceding the date the Performance Units vests or is payable is equal to the amount of the Grantee’s tax
withholding liability) any federal, state or local taxes of any kind required by law to be withheld, if any, with respect to the
Performance Units that vest or become payable.

 

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FY14 Performance Unit Award Agreement

 

7.         Non-transferability.
This Award is not transferable.

 

8.         No Right
to Continued Employment. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation
on the right of the Employer or the Company or any of its Affiliates to terminate the Grantee’s employment at any time, in
absence of a specific written agreement to the contrary.

 

9.         Severability.
In the event that any provision of this Agreement shall be held illegal, invalid, or unenforceable for any reason, such provision
shall be fully severable and shall not affect the remaining provisions of this Agreement, and the Agreement shall be construed
and enforced as if the illegal, invalid, or unenforceable provision had never been included herein.

 

10.        Certain Restrictions. By executing this Agreement, Grantee acknowledges that he will enter into such written
representations, warranties and agreements and execute such documents as the Employer or the Company may reasonably request in
order to comply with the terms of this Agreement or the Plan, or securities laws or any other applicable laws, rules or regulations.

 

11.        Amendment
and Termination. Except as otherwise provided in the Plan or this Agreement, no amendment or termination of this Agreement
shall be made by the Employer or the Company without the written consent of the Grantee.

 

12.         No Guarantee
of Tax Consequences. Neither the Employer nor the Company makes any commitment or guarantee to Grantee that any federal
or state tax treatment will apply or be available to any person eligible for benefits under this Agreement.

 

13.         Binding
Effect. This Agreement shall be binding upon and inure to the benefit of any successors to the Employer, the Company and
all persons lawfully claiming under Participant.

 

14.         Committee
Determinations. Every interpretation, decision or determination made by Committee pursuant to this Award shall be final
and binding upon the Grantee, and may not be challenged or overturned, in whole or in part, except upon clear and convincing proof
that such interpretation, decision or determination is an abuse of discretion.

 

15.          Governing
Law and Venue. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Texas. The
courts in Harris County, Texas shall be the exclusive venue for any dispute regarding the Plan or this Agreement.

 

[Signatures on following
page]

 

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FY14 Performance Unit Award Agreement

 

IN WITNESS WHEREOF,
the parties hereto have signed this Agreement as of the date first above written.

 

	 	ENERGY XXI SERVICES, LLC
	 	 	 
	 	By:	 
	 	 	D. West Griffin
	 	 	Director
	 	 	 
	 	ENERGY XXI (BERMUDA) LIMITED, a Bermuda entity
	 	 	 
	 	By:	 
	 	 	John D. Schiller, Jr.
	 	 	Chairman and CEO
	 	 	 
	 	GRANTEE:
	 	 	 
	 	 	 

 

 

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EXHIBIT 10.14

FY14 Performance Unit Award Agreement

 

Exhibit A

   

	 	 	Relative TSR Performance	 	TSR Unit Number

Modifier
	Below Threshold	 	< 25th Percentile	 	0%
	Threshold	 	25th Percentile	 	50%
	Target	 	50th Percentile	 	100%
	Maximum	 	75th Percentile (or above)	 	200%

  

“Total Shareholder Return”
(“TSR”) means, with respect to each applicable company, (a) the sum of (i) share price appreciation (calculated as
the simple average of the closing prices of the applicable equity security for the period of twenty business days ending on the
day immediately preceding the Vesting Date less the simple average of the closing prices of the applicable equity security for
the period of twenty business days ending on the day immediately preceding Grant Date or, as applicable, the preceding Vesting
Date), plus (ii) cumulative dividends or distributions during each annual vesting year, plus (iii) any additional value or compensation
received by share or unit holders such as equity received from spinoffs during such vesting year, (b) divided by the simple
average of the closing prices of the applicable equity security for the period of twenty business days ending on the day immediately
preceding the Grant Date; provided, however, upon the occurrence of an Accelerated Vesting Event, the “TSR Unit Number Modifier”
set forth on above will be deemed to be 200% with respect to the Performance Period. In addition, upon the occurrence of an Accelerated
Vesting Event, the “TSR Unit Number Modifier” with respect to all Outstanding Performance Units other than Performance
Units awarded pursuant to this Agreement will be deemed to be 200%.

 

“Relative TSR Performance”
set forth in the table above will equal the ratio of the Company’s TSR as compared to the TSR of the following peer companies
(calculated as a simple average), in each case, over the Performance Period:

 

	Anadarko Petroleum Corporation	Encana Corporation	Range Resources Corporation
	Apache Corporation	EnQuest PLC	SM Energy Company
	Cabot Oil & Gas Corporation	Forest Oil Corporation	Southwestern Energy Company
	Chesapeake Energy Corporation	Newfield Exploration Company	Stone Energy Corp.
	Cimarex Energy Co.	Noble Energy Inc.	Ultra Petroleum Corp.
	Denbury Resources Inc.	Pioneer Natural Resources Company	W&T Offshore, Inc.
	Devon Energy Corporation	Premier Oil plc	Whiting Petroleum Corporation
	EOG Resources Inc.	Quicksilver Resources Inc.	 

 

    	 

    	 

    

 

FY14 Performance Unit Award Agreement

 

In the event a peer company is no longer
publicly traded (for any reason, including merger, acquisition, or bankruptcy) during any annual vesting period, the peer company
will be eliminated from the list above (and no other company will replace the eliminated peer) for any uncompleted annual vesting
periods during the Performance Period.

 

The “TSR Unit Number Modifier”
set forth in the table above will be interpolated for relative TSR performance at percentiles between the 25th and 75th
(but the TSR Unit Number Modifier will be no greater than 200%). In the event the Company’s TSR determined with respect to
the annual period ending on any Vesting Date is negative, the TSR Unit Number Modifier may be no greater than 100% (regardless
of the relative performance of the Company’s TSR).

 

Calculations pursuant to this Exhibit
A will be made by or pursuant to the direction and ultimate discretion of the Committee.

 

    	2EXHIBIT 10.15

  

ENERGY XXI SERVICES, LLC

 

EMPLOYEE SEVERANCE PLAN

 

Amended and Restated August 1, 20141

 

 

1Editor’s Note: Energy
XXI Services, LLC Employee Severance Plan (“Plan”) was Amended and Restated August 11, 2010, January 1, 2013 and August
1, 2014. Effective January 1, 2013, the Plan was Amended and Restated for the sole purpose of revising Section 2.1(C) and 2.1 (D).
In Section 2.1(C) the term “Senior Technical Staff” was revised to read “Engineers/Geoscientists/Landmen/Department
Managers/Directors” and in Section 2.1(D) the terms “Non Techinical/Administrative and Professional Staff” was
revised to read “technicians/analysts/administrative and professional staff.” Additionally, in both 2.1 (C)(1) and
2.1(D)(1), the first phrase was changed from “The Company shall pay the Covered Employee an amount equal to the sum of...”
to read “The Company shall pay the Covered Employee an amount equal up to the sum of...”, such that the current version
adding the word “up.” Lastly, Section 1.1(j) was amended to reference the January 1, 2013 Amendment and Restatement.
The Plan was amended August 1, 2014 to include terminations due to death, Disability or Good Reason as an event resulting in severance
benefits under the Plan with respect to Management Committee members regardless of the occurrence of a Change of Control, to conform
the definition of Good Reason under the Plan to the definition used in certain of the Company’s equity awards, to provide
that severance benefits would be payable to other employees only upon a Termination without Cause within one year following a Change
of Control and to make certain other clarifying changes. All other provisions remained unchanged.

 

    	 

    	 

    

 

I.

DEFINITIONS AND CONSTRUCTION

 

1.1           Definitions.
Where the following words and phrases appear in the Plan, they shall have the respective meanings set forth below, unless their
context clearly indicates to the contrary.

 

(a)          “Base
Salary” shall mean the annual rate of base compensation paid by the Company to a Covered Employee (including amounts
which the Covered Employee could have received in cash had he not elected to contribute to an employee benefit plan maintained
by the Company), excluding overtime pay, bonuses, employee benefits, automobile allowances, added premiums, differentials, and
all forms of incentive compensation. Base Salary shall be determined effective as of the date of the Covered Employee’s termination.
A “Month’s Base Pay” shall mean Base Salary divided by twelve.

 

(b)          “Board”
shall mean the Board of Directors of Energy XXI (Bermuda) Limited.

 

(c)          “Bonus”
shall mean the amount bonus paid by the Company to a Covered Employee.

 

(d)          “Change
of Control” shall be deemed to have occurred upon any of the following events:

 

(1)         A
merger of Energy XXI (Bermuda) Limited with another entity, a consolidation involving Energy XXI (Bermuda) Limited, or the sale
of all or substantially all of the assets of Energy XXI (Bermuda) Limited to another entity if, in any such case, (i) the holders
of equity securities of Energy XXI (Bermuda) Limited immediately prior to such transaction or event do not beneficially own immediately
after such transaction or event equity securities of the resulting entity entitled to 50% or more of the votes then eligible to
be cast in the election of the directors generally (or comparable governing body) of the resulting entity in substantially the
same proportions that they owned the equity securities of Energy XXI (Bermuda) Limited immediately prior to such transactions or
event of (ii) the persons who were members of the Board immediately prior to such transaction or event shall not constitute at
least a majority of the board of directors of the resulting entity immediately after such transaction or event;

 

(2)         The
dissolution or liquidation of Energy XXI (Bermuda) Limited;

 

(3)         When
any person or entity, including a “group” as contemplated by Section 13(d)(3) of Securities Exchange Act of 1934, acquires
or gains ownership or control (including, without limitation, power to vote) of more than 50% of the combine voting power of the
outstanding securities of Energy XXI (Bermuda) Limited; or

 

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(4)         As
a result of or in connection with a contested election of directors, the persons who were members of the Board immediately before
such election shall cease to constitute a majority of the Board.

 

For purposes
of the preceding sentence, (i) “resulting entity” in the context of a transaction or event that is a merger, consolidation
or sale of all or substantially all assets shall mean the surviving entity (or acquiring entity in the case of an asset sale) unless
the surviving entity (or acquiring entity in the case of an asset sale) is a subsidiary of another entity and the holders of common
stock of Energy XXI (Bermuda) Limited receive capital stock of such other entity in such transaction or event, in which event the
resulting entity shall be such other entity, and (ii) subsequent to the consummation of a merger or consolidation that does not
constitute a Change of Control, Energy XXI (Bermuda) Limited shall refer to the resulting entity and the term “Board”
shall refer to the board of directors (or comparable governing body) of the resulting entity.

 

(e)          “Code”
means the Internal Revenue Code of 1986, as amended.

 

(f)          
“Committee” shall mean the committee appointed by the Company to administer the Plan.

 

(g)          “Company”
shall mean Energy XXI Services, LLC.

 

(h)          “Covered
Employee” shall mean any individual who is a regular full-time active status (not on leave of absence or disability leave)
employee of the Company on the Effective Date of the Plan, or any individual employed as a regular full-time employee of the Company
after the Effective Date of the Plan who has completed six months of continuous service (not on leave of absence or disability
leave). “Covered Employee” shall not include any employee who is eligible for severance under any other contract or
arrangement with the Company or Energy XXI (Bermuda) Limited.

 

(i)          “Disability”
shall mean either (1) an inability of the Covered Employee to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than 12 months or (2) the receipt of income replacements by the Covered Employee, by reason of any medically
determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, for a period of not less than 3 months under the Company’s accident and health plan.

 

(j)          “Effective
Date” shall mean August 1, 2014.

 

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(k)          “Good
Reason” shall mean the occurrence, after the Effective Date, of any of the following events or conditions: (1) the assignment
to the Covered Employee of any duties that materially adversely alter the nature or status of the Covered Employee’s office
and responsibilities (other than reporting responsibilities and other than any increase in responsibilities resulting from promotion),
or other action that results in the material diminution of the Covered Employee’s position, duties or authorities, from those
in effect immediately prior to such change in position, assignment or action, (2) the material diminution of the Covered Employee’s
aggregate targeted compensation, or (3) the relocation of the Covered Employee’s principal place of employment to anywhere
outside the greater Houston, Texas metropolitan area, (other than required travel on the business of the Company and its Affiliates).
In the event of an occurrence of Good Reason, the Covered Employee must notify the Company in writing of the existence of Good
Reason within 30 days of the occurrence. If the circumstances resulting in Good Reason are not cured by the Company within 30 days
of receipt by the Company of such notice, the Covered Employee may terminate his or her employment for Good Reason no later than
the 60th day following the initial occurrence of Good Reason.

 

(l)          “Involuntary
Termination” shall mean, on or after the Effective Date:

 

(1)         a
termination by the Company other than for Cause (other than any termination which the Company expects to be of short duration and
pursuant to which the Covered Employee is subject to reemployment with the Company within a reasonable period of time (as determined
by the Committee));

 

(2)         a
termination as a result of the Covered Employee’s death;

 

(3)         any
termination as the result of the Covered Employee’s Disability; or

 

(4)         a
termination by a Covered Employee for Good Reason.

 

(m)          “Management
Committee” shall mean any Covered Employee classified by the Company as Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer, President, Senior Vice President or Executive Vice President.

 

(n)          “Plan”
shall mean the Energy XXI Services, LLC Employee Severance Plan.

 

(o)          “Termination
for Cause” shall mean any termination of a Covered Employee’s employment with the Company by reason of the Covered
Employee’s (1) conviction of any felony or of a misdemeanor involving moral turpitude, (2) material failure to perform
his duties or responsibilities in a manner satisfactory to the Company, (3) engagement in conduct which is injurious (monetarily
or otherwise) to the Company or any of its affiliates (including, without limitation, misuse of the Company’s or an affiliate’s
funds or other property), (4) engagement in business activities which are in conflict with the business interests of the Company,
(5) insubordination, (6) engagement in conduct which is in violation of the Company’s safety rules or standards or which
otherwise causes injury to another employee or any other person, (7) engagement in conduct which is in violation of any policy
or work rule of the Company or (8) engagement in conduct which is in violation of the Company’s guidelines for appropriate
employee conduct or which is otherwise inappropriate in the office or work environment. Termination for Cause shall be determined
in the sole good-faith discretion of the Committee.

 

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(p)          “Termination
without Cause” shall mean any termination, on or after the Effective Date, of a Covered Employee’s employment with
the Company which does not result from a voluntary resignation or retirement or other termination by the Covered Employee; provided,
however, the term “Termination without Cause” shall not include:

 

(1)         a
Termination for Cause;

 

(2)         a
termination as a result of the Covered Employee’s death;

 

(3)         any
termination as the result of the Covered Employee’s Disability;

 

(4)         a
termination by the Covered Employee for Good Reason; or

 

(5)         any
termination which the Company expects to be of short duration and pursuant to which the Covered Employee is subject to reemployment
with the Company within a reasonable period of time (as determined by the Committee).

 

1.2           Number
and Gender. Wherever appropriate herein, word used in the singular shall be considered to include the plural and the plural
to include the singular. The masculine gender, where appearing in this Plan, shall be deemed to include the feminine gender.

 

1.3           Headings.
The headings of Articles and Sections herein are included solely for convenience and if there is any conflict between such headings
and the text of the Plan, the text shall control.

 

II.

SEVERANCE BENEFITS

 

2.1           Severance
Benefits. Subject to the provisions of Section 2.2 hereof, if a Covered Employee’s employment is subject to an Involuntarily
Termination within one year after a Change of Control, and such Covered Employee is not entitled to severance benefits under an
individual contract, agreement or arrangement, then the Covered Employee shall be entitle to severance benefits as provided in
this Section 2.1. A Covered Employee’s entitlement to severance benefits under the Plan depends upon the Covered Employee’s
employment classification as follows:

 

(a)          Management
Committee. Members of the Management Committee will be entitled to severance benefits if the Covered Employee’s employment
with the Company is subject to an Involuntary Termination as follows:

 

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(1)         The
Company shall pay the Covered Employee an amount equal to the sum of (A) two times the Covered Employee’s then current Base
Salary and (B) the average of the Covered Employee’s Bonuses, if any, earned by the Covered Employee with respect to the
two most recent fiscal years ending on or before the date of the Covered Employee’s termination; provided, however, that
for purposes of determining the amount describe in clause (B) of the sentence, (x) if the Covered Employee was not employed by
the Company at any time during the earlier of such two fiscal years, then the amount described in such clause shall be equal to
the greater of the bonus, if any, earned by the Covered Employee with the respect to the most recent fiscal year ending on or before
the date of such termination or the Covered Employee’s target annual bonus, and (y) if the Covered Employee was not employed
by the Company at any time during either of such two fiscal years, then the amount described in such clause shall be equal to the
Covered Employee’s target annual bonus for the fiscal year in which such termination occurs. The Covered Employee shall receive
the foregoing as a lump sum cash payment, payable as follows: If no release under Paragraph 2.3 is required, payment shall be made
on or before the 30th day immediately following the Covered Employee’s termination; if a release under Paragraph
2.3 is required, payment shall be made on or before the 30th day immediately following the date of the release, but
in no event more than 70 days immediately following the Covered Employee’s termination.

 

(2)         The
Company shall cause the Covered Employee and his or her dependents who were covered under Company’s medical and dental benefit
plans on the day prior to the Covered Employee’s termination to continue to be covered under such plans throughout the one
year period beginning on the date of such termination by reimbursing the Covered Employee for the cost of such coverage; provided,
however, that such coverage shall terminate if and to the extent the Covered Employee becomes eligible to receive medical or dental
coverage from a subsequent employer (and any such eligibility shall be promptly reported to the Company by the Covered Employee).
The provision of medical and dental benefits shall start and run concurrently with any continuation coverage as may be elected
by the Covered Employee under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”).

 

(b)          Vice
Presidents/Practicing Engineers/Geoscientists/Landman. Covered Employees classified by the Company as a vice president or practicing
engineer, geoscientist or landman will be entitled to severance benefits if the Covered Employee’s employment is subject
to a Termination without Cause within one year after a Change of Control as follows:

 

(1)         The
Company shall pay the Covered Employee an amount equal up to the sum of (A) a minimum of three Month’s Base Pay at the Covered
Employee’s then current Base Salary up to a maximum of one and a half (1.5) times the Covered Employee’s then current
Base Salary, as determined in the sole discretion of the Committee, and (B) the (i) average of the Covered Employee’s
Bonuses, if any, earned by the Covered Employee with respect to the two most recent fiscal years ending on or before the date of
the Covered Employee’s termination, multiplied by (ii) a fraction, the numerator of which is the number of Month’s
Base Pay payable pursuant to clause (i) (up to a maximum of 12) and the denominator of which is 12; provided, however, that for
purposes of determining the amount describe in clause (B)(i), (x) if the Covered Employee was not employed by the Company at any
time during the earlier of such fiscal years, then the amount described in such clause shall be equal to the greater of the bonus,
if any, earned by the Covered Employee with the respect to the most recent fiscal year ending on or before the date of such termination
or the Covered Employee’s target annual bonus, and (y) if the Covered Employee was not employed by the Company at any time
during either of such two fiscal years, then the amount described in such clause shall be equal to the Covered Employee’s
target annual bonus for the fiscal year in which such termination occurs. The Covered Employee shall receive the foregoing as a
lump sum cash payment, payable as follows: If no release under Paragraph 2.3 is required, payment shall be made on or before the
30th day immediately following the Covered Employee’s termination; if a release under Paragraph 2.3 is required,
payment shall be made on or before the 30th day immediately following the date of the release, but in no event more
than 70 days immediately following the Covered Employee’s termination.

 

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(2)         
The Company shall cause the Covered Employee and his or her dependents who were covered under Company’s medical and dental
benefit plans on the day prior to the Covered Employee’s termination to continue to be covered under such plans throughout
the one year period beginning on the date of such termination by reimbursing the Covered Employee for the cost of such coverage;
provided, however, that such coverage shall terminate if and to the extent the Covered Employee becomes eligible to receive medical
or dental coverage from a subsequent employer (and any such eligibility shall be promptly reported to the Company by the Covered
Employee). The provision of medical and dental benefits shall start and run concurrently with any continuation coverage as may
be elected by the Covered Employee under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”).

 

(c)          All
Other Staff. Covered Employees classified by the Company as all other staff will be entitled to severance benefits if the Covered
Employee’s employment is subject to a Termination without Cause within one year after a Change of Control as follows:

 

(1)         The
Company shall pay the Covered Employee an amount equal up to the sum of (A) a minimum of three Month’s Base Pay at the Covered
Employee’s then current Base Salary up to a maximum of 12 Month’s Base Pay at the Covered Employee’s then current
Base Salary, as determined in the sole discretion of the Committee, and (B) the (i) average of the Covered Employee’s Bonuses,
if any, earned by the Covered Employee with respect to the two most recent fiscal years ending on or before the date of the Covered
Employee’s termination, multiplied by (ii) a fraction, the numerator of which is the number of Month’s Base Pay payable
pursuant to clause (i) and the denominator of which is 12; provided, however, that for purposes of determining the amount describe
in clause (B)(i), (x) if the Covered Employee was not employed by the Company at any time during the earlier of such two fiscal
years, then the amount described in such clause shall be equal to the greater of the bonus, if any, earned by the Covered Employee
with the respect to the most recent fiscal year ending on or before the date of such termination or the Covered Employee’s
target annual bonus, and (y) if the Covered Employee was not employed by the Company at any time during either of such two fiscal
years, then the amount described in such clause shall be equal to the Covered Employee’s target annual bonus for the fiscal
year in which such termination occurs. The Covered Employee shall receive the foregoing as a lump sum cash payment, payable as
follows: If no release under Paragraph 2.3 is required, payment shall be made on or before the 30th day immediately
following the Covered Employee’s termination; if a release under Paragraph 2.3 is required, payment shall be made on or before
the 30th day immediately following the Effective Date of the release, but in no event more than 70 days immediately
following the Covered Employee’s termination.

 

    	6

    	 

    

 

(2)         
The Company shall cause the Covered Employee and his or her dependents who were covered under Company’s medical and dental
benefit plans on the day prior to the Covered Employee’s termination to continue to be covered under such plans throughout
a nine month period beginning on the date of such termination by reimbursing the Covered Employee for the cost of such coverage;
provided, however, that such coverage shall terminate if and to the extent the Covered Employee becomes eligible to receive medical
or dental coverage from a subsequent employer (and any such eligibility shall be promptly reported to the Company by the Covered
Employee). The provision of medical and dental benefits shall start and run concurrently with any continuation coverage as may
be elected by the Covered Employee under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, (“COBRA”).

 

2.2           Other
Severance Arrangements. Severance payments provided herein shall be subject to any required tax withholding. If a Covered
Employee is entitled to severance benefits under an individual contract, agreement, or arrangement and does not waive such entitlement
to severance benefits under such contract, agreement or arrangement, such Covered Employee shall not be entitled to any severance
benefits pursuant to the Plan but shall instead be entitled to severance benefits in such amount and form as are provided pursuant
to the terms of such contract, agreement or arrangement (which contract agreement or arrangement is hereby incorporated by reference
and made of part of the Plan).

 

2.3           Release
and Full Settlement.  As a condition to the receipt of any severance benefits hereunder, the Company, in its sole discretion,
may require a Covered Employee whose employment by the Company has been subject to an Involuntary Termination or a Termination
without Cause to first execute a valid and binding release within 60 days of a Covered Employee’s Involuntary Termination
or Termination without Cause, in the form established by the Company, releasing the Company, its shareholders, partners, officers,
directors, employees, attorneys, and agents from any and all claims and from any and all causes of action of any kind or character,
including but not limited to all claims or causes of action arising out of such Covered employee’s employment with the Company
or the termination of such employment, and the performance of the Company’s obligations hereunder and the receipt of the
benefits provided hereunder by such Covered Employee shall constitute full settlement of all such claims and causes of action.

 

2.4           Confidential
Information. In consideration of the receipt of severance benefits hereunder, each Covered Employee agrees that he will
not, without the prior written consent of the Company, for a period of three years following the Covered Employee’s termination
date, except as may be required by any competent legal authority, use or disclose to any person, firm, subsequent employer, or
legal authority, any confidential or proprietary information, record, or trade secret related to the Company or any of its subsidiaries
for any purpose, and that such Covered Employee shall return all copies of such information to the Company no later than the termination
date. The Covered Employee acknowledges that the promise to keep confidential the Company’s information is a valuable incentive
to the Company for providing severance benefits under this Plan, that the Company would be irreparably harmed by the use or disclosure
of its confidential information in violation of this Paragraph 2.4, and that the Company may enforce the provisions of this paragraph
through the seeking of injunctive relief.

 

2.5           Non-Solicitation.
In consideration of receipt of any severance benefits hereunder, each Covered Employee agrees that, for a period of one year following
the Covered Employee’s termination date, the Covered Employee will not, directly or indirectly, in any manner or capacity
induce any person to discontinue his or her employment in the Company or the Company’s successor or to interfere with the
business of the Company or the Company’s successor.

 

    	7

    	 

    

  

2.6           Liquidated
Damages. If a Covered Employee who has received severance benefits pursuant to Section 2.1 above is found by the Committee
to be in violation of the confidentiality and/or non-solicitation provisions as described in Sections 2.4 and 2.5 above, then the
Covered Employee shall be required to repay to the Company as liquidated damages the full amount of severance received by the Covered
Employee. Any payment required pursuant to this Section shall be due and payable in a single lump sum within 30 days of written
notice to such Covered Employee of such Committee’s finding.

 

2.7           Repayment
Upon Reemployment. If a Covered Employee who has received severance benefits pursuant to Section 2.1 above is reemployed
by the Company other than on a temporary or part-time basis or as an independent contractor, he shall be required to repay to the
Company the following amount:

 

(a)          The
severance amount paid to him by the Company incident to his Involuntary Termination or Termination with Cause within one year after
a Change of Control; minus

 

(b)          The
amount of Months’ Base Pay that he would have received from the Company between the date of his termination and the date
of his reemployment by the Company had he remained employed by the Company during such period.

 

Any repayment required pursuant to this
Section shall be made in a single lump sum within thirty days of the Covered Employee’s reemployment with the Company; provided,
however, that the Company, in its sole discretion, may permit the Covered Employee to tender such repayment by payroll deductions
over such period of time as the Company may determine.

 

2.8           Payments
Subject to Section 409A of the Code. Notwithstanding anything herein to the contrary, if any amounts payable hereunder
are reasonably determined by the Committee to be “nonqualified deferred compensation” payable to a “specified
employee” upon “separation from service” (within the meaning of Section 409A of the Code) then such amounts that
would otherwise be payable upon separation from service shall be held and not be paid by the Company upon separation from service,
but shall be paid as soon as administratively feasible following the earlier of: (i) the first day that is six months following
the Participant’s separation from service; or (ii) Participant’s date of death. Any such distribution or payment otherwise
payable to the Participant pursuant to the terms of the Plan within the period described in the immediately preceding sentence
following the Participant’s separation from service with the Company will accrue and will be payable in a lump sum payment,
with interest at the prime rate as published in the Wall Street Journal, on the payment date set forth in the immediately
preceding sentence.

 

    	8

    	 

    

  

III.

ADMINISTRATION OF PLAN

 

3.1           Plan
Administration. For the purposes of the Plan and the Employee Retirement Income Security Act of 1974, as amended, the plan
administrator and named fiduciary of the Plan is the Committee. The Committee shall hold such meetings and establish such rules
and procedures as may be necessary to enable it to discharge its duties hereunder. All actions of the Committee shall be recorded
by a secretary who need not be a Committee member. The Committee shall have all powers necessary or proper to administer the Plan
and to discharge its duties under the Plan, including, but not limited to, the following powers:

 

(a)          To
make and enforce such rules and regulations as it may deem necessary or proper for the orderly and efficient administration of
the Plan;

 

(b)          To
interpret the Plan, its interpretation thereof in good faith to be final and conclusive on all persons claiming benefits under
the Plan;

 

(c)          To
authorize the payment of benefits under the Plan;

 

(d)          To
prepare and distribute information explaining the Plan;

 

(e)          To
appoint or employ persons to assist in the administration of the Plan; and

 

(f)          To
obtain such information as is necessary for the proper administration of the Plan.

 

The Committee may allocate to others certain
aspects of the management, operation and responsibilities of the Plan, including the employment of advisors and the delegation
of any ministerial duties or functions to qualified individuals. The Company agrees to indemnify the members of the Committee against
all liabilities, damages, costs and expenses (including attorneys’ fees and amounts paid in settlement of any claims approved
by the Company) occasioned by any act or omission to act in connection with the Plan if such act or omission was in good faith.

 

3.2           Claims
Review. The Committee will advise each Covered Employee of any Plan benefits to which the Covered Employee is entitled.
If the Covered Employee believes that the Committee has failed to advise him or her of any Plan benefits to which he or she is
entitled, then the Covered Employee may file a written claim with the Committee. The Committee shall review such claim and respond
thereto within a reasonable time after receiving the claim. In any case in which a Covered Employee’s claim for Plan benefits
is denied or modified, the Committee shall:

 

(a)          state
the specific reason for the denial or modification;

 

(b)          provide
specific reference to pertinent Plan provisions on which the denial or modification is based;

 

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(c)          provide
a description of any additional material or information necessary for the Covered Employee or his representative to perfect the
claim and an explanation of why such material or information is necessary; and

 

(d)          explain
the Plan’s claim review procedure as contained herein.

 

In the event the request is denied or modified,
if the Covered Employee or his representative desires to have such denial or modification reviewed, he must, within sixty days
following receipt of the notice of such denial or modification, submit a written request for review by the Committee of its initial
decision. Within sixty days following such request for review the Committee shall render its final decision in writing to the Covered
Employee or his representative stating specific reasons for such decision. If special circumstances require an extension of such
sixty-day period, the Committee’s decision shall be rendered as soon as possible, but not later than 120 days after receipt
of the request for review. If an extension of time for review is required, written notice of the extension shall be furnished to
the Covered Employee or representative prior to the commencement of the extension period.

 

IV.

GENERAL PROVISIONS

 

4.1           Funding.
The benefits provided herein shall be unfunded and shall be provided from the Company’s general assets.

 

4.2           Cost
of Plan. The entire cost of the Plan shall be borne by the Company and no contributions shall be required of the Covered
Employees.

 

4.3           Plan
Year. The Plan shall operate on a plan year consisting of the twelve consecutive month period commencing on January 1 of
each year.

 

4.4           Amendment
and Termination. The Plan may be amended from time to time, or terminated and discontinued, at any time, in each case at
the discretion of the Board or Committee; provided, however, no amendment or termination may decrease the benefits potentially
payable to or otherwise adversely impact a Covered Employee who is part of the Management Committee without the written consent
of such Covered Employee. A Plan amendment shall be effected by adoption of the Board or Committee of a resolution setting forth
such amendment and by execution by the Company’s president or his delegatee of a written instrument of Plan amendment. Plan
termination shall be effected by adoption by the Board or Committee of a resolution to terminate the Plan and by execution of the
Company’s president or his delegatee of a written instrument of Plan termination.

 

4.5           No
Contract of Employment. The adoption and maintenance of the Plan shall not be deemed to be a contract of employment between
the Company and any person or to be consideration for the employment of any person. Nothing herein contained shall be deemed to
give any person the right to be retained in the employ of the Company or to restrict the right of the Company to discharge any
person at any time nor shall the Plan be deemed to give the Company the right to require any person to remain in the employ of
the Company or to restrict any person’s right to terminate his employment at any time.

 

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4.6           Severability.
Any provision in the Plan that is prohibited or unenforceable in any jurisdiction by reason of applicable law shall, as to such
jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or affecting the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

4.7           Nonalienation.
Covered Employees shall not have any right to pledge, hypothecate, anticipate or assign benefits or rights under the Plan, except
by will or the laws of descent and distribution.

 

4.8           Governing
Law. The Plan shall be interpreted and construed in accordance with the laws of the State of Texas except to the extent
preempted by federal law.

 

4.9           No
Guarantee of Tax Consequences.  The Covered employee shall be solely responsible for and liable for any tax consequences
(including but not limited to any interest or penalties) as a result of participation in the Plan. Neither the Board, nor the Company
nor the Committee makes any commitment or guarantee that any federal, state or local tax treatment will apply or be available to
any person participating or eligible to participate hereunder and assumes no liability whatsoever for the tax consequences to the
Covered Employees.

 

IN WITNESS WHEREOF,
the Company has executed this amended and restated Plan this 1st day of August 2014.

 

	 	ENERGY XXI SERVICES, LLC
	 	 
	 	By:	/s/ Bo Boyd	 
	 	Printed Name:	Bo Boyd	 
	 	Title:	Corporate Secretary	 

 

    	11

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