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Exhibit 10.11  

 
 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT    
    

        This First Amendment to Employment Agreement (this "Agreement") is entered into this 26th day of October 2005 between Key Energy
Services, Inc., a Maryland corporation (the "Company") and Richard J. Alario (the "Executive"). Capitalized terms not otherwise defined herein shall have the meanings given them in the
Employment Agreement dated June 10, 2004 between the Company and the Executive (the "Employment Agreement"). 

RECITALS  

        WHEREAS, in order to ensure that its compensation practices are competitive with the compensation practices of its
peer group of companies, the Board of Directors of the Company (the "Board") undertook a review of the compensation payable to each of its executive officers; and 

        WHEREAS, in connection with such review, the Board determined that it is in the best interest of the Company to increase the severance
payable to the Executive in the event of his termination of employment in connection with a Change in Control. 

        NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements herein contained, the parties agree as follows: 

	1.
	Section 5(d)(iii) of
the Employment Agreement is hereby amended in its entirety to read as follows: 

"Change in Control.    If the Executive's employment is terminated in anticipation of, or within one (1) year following, a Change in
Control and the Executive is entitled to severance compensation pursuant to Section 5(d)(i) or 5(d)(ii) hereof as a result of such termination, the severance compensation
otherwise payable to the Executive (A) shall be increased to an amount equal to three (3) times the Base Salary then in effect plus an amount equal to three (3) times the
Executive's annual target cash bonus as provided in Exhibit A to the Employment Agreement (100% of Base Salary) and (B) shall be payable in one lump sum on the effective date of such
termination. In the event there is a Change in Control after the Executive's employment is terminated while the Executive is entitled to severance compensation pursuant to
Section 5(d)(i) or 5(d)(ii) hereof, any severance compensation which remains unpaid as of the Change in Control shall be paid in one lump sum as of the Change in Control. In the
event severance compensation becomes payable in a lump sum pursuant to this Section 5(d)(iii), and if the Executive's employment is or has been terminated for Disability, such lump sum shall be
reduced by a good faith estimate of the aggregate amount of any disability insurance proceeds which will be actually paid to the Executive or for his benefit (but only those proceeds from disability
insurance provided by the Company to the Executive pursuant to Section 4(a) hereof) during the remaining period over which such severance would otherwise have been paid." 

	2.
	The
effective date of this amendment to Employment Agreement shall be June 24, 2005.

	3.
	Except
as set forth in this Agreement, all provisions, terms and conditions in the Employment Agreement remain unmodified and in full force and effect, and the Employment Agreement is
hereby in all respects ratified and confirmed. 

1

 

        IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first written above. 

	 	KEY ENERGY SERVICES, INC.	 	 
	

 	

By:	
 	

/s/  NEWTON W. WILSON, III      
 Newton W. Wilson III
 Senior Vice President,

General Counsel & Secretary	
 	

 
	

 	

Executive:	
 	

 
	

 	

/s/  RICHARD J. ALARIO      
 Richard J. Alario	
 	

 

2

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Exhibit 10.12  

 
 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT    
    

        This First Amendment to Employment Agreement (this "Agreement") is entered into this 26th day of October 2005 between Key Energy
Services, Inc., a Maryland corporation (the "Company") and William M. Austin (the "Executive"). Capitalized terms not otherwise defined herein shall have the meanings given them in the
Employment Agreement dated March 1, 2005 between the Company and the Executive (the "Employment Agreement"). 

RECITALS  

        WHEREAS, in order to ensure that its compensation practices are competitive with the compensation practices of its
peer group of companies, the Board of Directors of the Company (the "Board") undertook a review of the compensation payable to each of its executive officers; and 

        WHEREAS, in connection with such review, the Board determined that it is in the best interest of the Company to increase the severance
payable to the Executive in the event of his termination of employment in connection with a Change in Control. 

        NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements herein contained, the parties agree as follows: 

	1.
	Section 5(d)(iii) of
the Employment Agreement is hereby amended in its entirety to read as follows: 

"Change in Control.    If the Executive's employment is terminated in anticipation of, or within one (1) year following, a Change in
Control and the Executive is entitled to severance compensation pursuant to Section 5(d)(i) or 5(d)(ii) hereof as a result of such termination, the severance compensation
otherwise payable to the Executive (A) shall be increased to an amount equal to three (3) times the Base Salary then in effect plus an amount equal three (3) times the Executives
annual target cash bonus as provided in Section 2(c) above and (B) shall be payable in one lump sum on the effective date of such termination. In the event there is a Change in Control
after the Executive's employment is terminated while the Executive is entitled to severance compensation pursuant to Section 5(d)(i) or 5(d)(ii) hereof, any severance compensation
which remains unpaid as of the Change in Control shall be paid in one lump sum as of the Change in Control. In the event severance compensation becomes payable in a lump sum pursuant to this
Section 5(d)(iii), and if the Executive's employment is or has been terminated for Disability, such lump sum shall be reduced by a good faith estimate of the aggregate amount of any disability
insurance proceeds which will be actually paid to the Executive or for his benefit (but only those proceeds from disability insurance provided by the Company to the Executive pursuant to
Section 4(a) hereof) during the remaining period over which such severance would otherwise have been paid." 

	2.
	The
effective date of this amendment to Employment Agreement shall be June 24, 2005.

	3.
	Except
as set forth in this Agreement, all provisions, terms and conditions in the Employment Agreement remain unmodified and in full force and effect, and the Employment Agreement is
hereby in all respects ratified and confirmed. 

1

 

        IN
WITNESS WHEREOF, the parties have executed this Agreement on the date and year first written above. 

	 	KEY ENERGY SERVICES, INC.	 	 
	

 	

By:	
 	

/s/  RICHARD J. ALARIO      
 Richard J. Alario
 Chairman, President and

Chief Executive Officer	
 	

 
	

 	

Executive:	
 	

 
	

 	

/s/  WILLIAM M. AUSTIN      
 William M. Austin	
 	

 

2

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Exhibit 10.13  

 
 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT    
    

        This First Amendment to Employment Agreement (this "Agreement") is entered into this 26th day of October 2005 between Key Energy
Services, Inc., a Maryland corporation (the "Company") and Newton W. Wilson, III (the "Executive"). Capitalized terms not otherwise defined herein shall have the meanings given them in the
Employment Agreement dated effective as of January 24, 2005 between the Company and Executive (the "Employment Agreement"). 

RECITALS  

        WHEREAS, in order to ensure that its compensation practices are competitive with the compensation practices of its
peer group of companies, the Board of Directors of the Company (the "Board") undertook a review of the compensation payable to each of its executive officers; and 

        WHEREAS, in connection with such review, the Board determined that it is in the best interest of the Company to increase the severance
payable to the Executive in the event of his termination of employment in connection with a Change in Control. 

        NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements herein contained, the parties agree as follows: 

	1.
	Section 2(d)
shall be amended to correct an error in the Employment Agreement such that the third bonus shall be paid on January 24, 2008, not January 24, 2007.

	2.
	Section 5(d)(iii) of
the Employment Agreement is hereby amended in its entirety to read as follows: 

"Change in Control.    If the Executive's employment is terminated in anticipation of, or within one (1) year following, a Change in
Control and the Executive is entitled to severance compensation pursuant to Section 5(d)(i) or 5(d)(ii) hereof as a result of such termination, the severance compensation
otherwise payable to the Executive (A) shall be increased to an amount equal to three (3) times the Base Salary then in effect plus an amount equal to three (3) times the
Executives annual target cash bonus as provided in Section 2 (b) above and (B) shall be payable in one lump sum on the effective date of such termination. In the event there is a
Change in Control after the Executive's employment is terminated while the Executive is entitled to severance compensation pursuant to Section 5(d)(i) or 5(d)(ii) hereof, any
severance compensation which remains unpaid as of the Change in Control shall be paid in one lump sum as of the Change in Control. In the event severance compensation becomes payable in a lump sum
pursuant to this Section 5(d)(iii), and if the Executive's employment is or has been terminated for Disability, such lump sum shall be reduced by a good faith estimate of the aggregate amount
of any disability insurance proceeds which will be actually paid to the Executive or for his benefit (but only those proceeds from disability insurance provided by the Company to the Executive
pursuant to Section 4(a) hereof) during the remaining period over which such severance would otherwise have been paid." 

	3.
	The
effective date of this amendment to Employment Agreement shall be June 24, 2005.

	4.
	Except
as set forth in this Agreement, all provisions, terms and conditions in the Employment Agreement remain unmodified and in full force and effect, and the Employment Agreement is
hereby in all respects ratified and confirmed. 

1

 

        IN
WITNESS WHEREOF, the parties have executed this Agreement on the date and year first written above. 

	 	KEY ENERGY SERVICES, INC.	 	 
	

 	

By:	
 	

/s/  RICHARD J. ALARIO      
 Richard J. Alario
 Chairman, President and

Chief Executive Officer	
 	

 
	

 	

Executive:	
 	

 
	

 	

/s/  NEWTON W. WILSON, III      
 Newton W. Wilson, III	
 	

 

2

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FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

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