Exhibit 10.4
 AMENDED AND RESTATED
PIONEER DRILLING SERVICES, LTD.
KEY EXECUTIVE SEVERANCE PLAN
 (Adopted August 3, 2007)
(Amended and Restated December 10, 2007)
 I. Purposes of Plan and Definitions
 Purposes
 Definitions
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provided, however
 provided, however
  provided, however
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.
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Exhibit A
     Exhibit B
  II. Administration of the Plan
 Interpretations
 Committee Determinations Conclusive provided, however
 III. Eligibility of Employees
 Eligibility Requirements
 Notification of Participation Exhibit
A
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Termination of Participation. provided, however,
 IV. Involuntary Termination Not Incident to Change in Control
 Cash Severance Payment
     Vesting of All Equity Awards
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Life Insurance and Medical Benefits Continuation
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V. Involuntary Termination Upon Change in Control
 Cash Severance Payment
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1 2
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Vesting of All Equity Awards.
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Life Insurance and Medical Benefits Continuation
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Certain Additional Payments.
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Change in Control of the Company
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provided, however
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Effective Date of a Change in Control
     VI. Rights of Participants
 Limitation of Rights
     Non-alienation of Benefits
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Prerequisites to Benefits
 VII. Miscellaneous
 Release and Full Settlement. Exhibit B
 Amendment or Termination of the Plan provided, however
 Cash Severance Payment in Lieu of Other Compensation
 Reduction of Cash Severance Payment
 Taxes.
 Applicable Laws
 Unfunded Plan
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Superseding Effect
 Successors; Binding Agreement
   Fees.
 Entire Agreement.
 Invalidity or Unenforceability.
 VIII. Section 409A Compliance
 General
 Reimbursements or Provision of In-Kind Benefits
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PIONEER DRILLING SERVICES, LTD.By:
    
    PDC MGMT. CO,its general partnerBy:Name:Title:
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EXHIBIT A
 PIONEER DRILLING SERVICES, LTD. KEY EXECUTIVE SEVERANCE PLAN
 PARTICIPATION CERTIFICATE
 
 [Level ___]
    provided, however
 Compensation CommitteeBy:




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EXHIBIT B
 PIONEER DRILLING SERVICES, LTD. KEY EXECUTIVE SEVERANCE PLAN
 FORM OF WAIVER AND RELEASE
 provided, however
 I understand that signing this Waiver and Release is an important legal act. I acknowledge
that the Partnership has advised me to consult an attorney before signing this Waiver and Release.
I understand that, in order to be eligible for the Benefits, I must sign (and return to Human
Resources Manager, Pioneer Drilling Company 1250 N.E. Loop 410, Suite 1000, San Antonio, Texas
78209) this Waiver and Release by 5:00 p.m. on  . I acknowledge that I have been given
at least 21 days to consider whether to sign and execute this Waiver and Release.




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Employees Printed Name
    
    
    
    Partnership RepresentativeEmployees Signature
    
    
    
    Partnership Execution DateEmployees Signature Date
    
    
    
    Employees Social Security Number