Exhibit 10.1

 

Acknowledgement and Waiver

 

Having received sufficient consideration and by signing below, I acknowledge and
agree that the Compensation Committee of the Board of Directors of Key Energy
Services, Inc. has rescinded my option grant, originally made as of June 3,
2004, under the Key Energy Group, Inc. 1997 Incentive Plan (the “Plan”).  I
hereby waive any claim to that option and any claim that the rescission breaches
the terms of my employment agreement with Key Energy Services, Inc.  I
understand that the Committee intends to provide replacement incentives, in the
form of equity-related incentives, cash or a combination thereof, but I
acknowledge that there is currently no binding agreement to do so.

 

 

 

March 25, 2005

 

/s/ Richard J. Alario

 

Date Signed

 

Richard J. Alario

 

 

 

 

Witness:

 

 

 

 

 

 

 

 

March 25, 2005

 

Signed:

/s/ Gregory L. Silva

 

Date Signed

 

Name:

Gregory L. Silva

 

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