I posted this somewhere else... hmmm... but here it is again
That is the Double REP Fathers Day Prize. When you help Jack and his Father on Father's Day, you are rewarded with your own personal 3 Hour "Double REP Badge" (hence what you see in the Picture there...). The badge is as good as the pirate isn't used - so for example if I get the Badge and then log the pirate out - then don't play that pirate for 10 months... when I do play it the Badge would still be there (but... the 3 hours would run by quick... and each minute your logged in it counts down).
Everything killed in those three hours is your own personal "Double REP" time. Note, its only 3 hours... I didn't get 4