Document:

Exhibit
10.1

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

THIS
AGREEMENT, dated as of December 23, 2019 by and between YAYYO, INC., a Delaware Company (hereinafter referred to as the
“Company”) and BOYD BISHOP (hereinafter referred to as the “Executive”).

 

ARTICLE
1

TERM
OF AGREEMENT AND PERFORMANCE OF DUTIES

 

1.1
The term of this Agreement (the “Term”) will begin on the Effective Date and continue for three years or until terminated
in accordance with this Agreement. The Executive’s full-time employment shall begin on January 6, 2020.

 

1.2
The Company wishes to continue to employ the Executive as the Company’s President and the Executive wishes to be employed
by the Company on the terms and conditions set forth herein. As President, the Executive shall have the authority for and the
responsibility of all of the Company’s day-to-day operations and the operations of the Company’s subsidiaries. Day-to-day
operations shall include, but not be limited to, vendor relations, human resources, shareholder relations and direct supervision
of all officers (other than the Chief Executive Officer) employees and contractors.

 

1.3
The Executive shall report directly to, and be supervised by, the Company’s Board of Directors

 

1.4
The Executive agrees to devote his business time, attention, skill and efforts to the faithful performance and discharge of his
duties and responsibilities as Company’s President in conformity with professional standards and in a manner consistent
with the obligations imposed under applicable law. The Executive shall promote the interests of the Company and each other Company
or other organization which is controlled directly or indirectly by the Company (each an “Affiliate” and collectively
the “Affiliates”) in carrying out the Executive’s duties and responsibilities.

 

1.5
The Executive may participate in such business, professional and charitable activities that are not inconsistent with or unduly
interference with his duties under this Agreement.

 

ARTICLE
2

COMPENSATION

 

2.1
Annual Base Salary. The Company shall pay the Executive a base annual salary (the “Base Salary”) which shall
be a rate $350,000 per year, subject to applicable taxable withholding and deductions and payable in accordance with the Company’s
standard payroll practice.

 

2.2
Business Expenses. The Company shall reimburse the Executive, upon presentation of valid receipts or vouchers, for reasonable
entertainment, travel, telephone and other business expenses (including but not limited to expenses incurred in connection with
computer repair/maintenance and office materials as well as a maximum of $2,000 for incurred legal fees associated with this Agreement),
incurred on behalf of or at the request of the Company or an Affiliate and which are in accordance with the Company’s policies
and rules.

 

2.3
Other Benefits. Subject to eligibility requirements and participation rules, the Executive may participate in all of the
employee benefit plans maintained by the Company and its Affiliates.

 

2.4
Vacation. The Executive shall be entitled to a paid annual vacation of four weeks in accordance with the Company’s
vacation policy for executives

 

    	 	 	 

    	 	 	 

    

 

2.5
Bonus. The Executive shall receive a signing bonus of $100,000 with $50,000 payable upon his first day of employment and
$50,000 payable on the three-month anniversary of his first day of employment if he is still employed by the Company. Future bonuses,
to equal as much as the Executive’s annual salary, shall be structured around number of vehicles rented, location openings
and other metrics. The fiscal year 2020 bonus shall at a minimum include an amount equal $40,000 for each 1,000 additional cars
placed in service during 2020 over the number of cars in service on December 31, 2019 and other criteria as mutually established
by the Executive and the Board in good faith within 180 days after the Effective Date.

 

ARTICLE
3

STOCK
OPTIONS

 

3.1
Initial Grant. Following the execution of this Agreement, the Executive shall be immediately granted 1,000,000 options
to acquire common shares in the capital of the Company at a price to be determined by the Board of Directors within 30 days of
the execution of this Agreement. The 1,000,000 options shall vest upon the following schedule: (a) 250,000 options shall vest
at the rate of 1/60th per day during the days following the date of this Agreement, and (b) 22,058 options shall vest
on each subsequent monthly anniversary of the date of this Agreement with 22,086 on the last monthly anniversary until the 1,000,000
options have all vested. Executive will cooperate with Company in federal and state securities law compliance for grant of options
and any delay in grant of options required by such compliance will not constitute a breach of this Section 3.1.

 

3.2
Rules of the Stock Exchanges. The Company and the Executive expressly acknowledge and agree that all options to purchase
shares of the Company to which the Executive shall be entitled hereunder, and any changes to such options (including, without
limitation, changes provided for in this Agreement), shall be subject to the approval and the regulations, policies and by-laws
of each of the stock exchanges on which the common voting shares of the Company are then listed. The Company covenants to use
its reasonable commercial efforts to obtain any such approvals and to ensure that all options are in compliance with such regulations,
policies and by-laws.

 

ARTICLE
4

TERMINATION

 

4.1
At-Will Employment. Nothing in this Agreement shall be construed to alter the at-will employment relationship between the
Company and the Executive. Subject to the terms set forth in this Agreement, either the Company or the Executive may terminate
the Executive’s employment at any time for any reason, with or without Cause, as defined in Section 4.2 below.

 

4.2
Termination for Cause. The Executive’s employment may be terminated by the Company upon simple notice in writing
transmitted to the Executive, without the Company (or any of its Affiliates) being bound to pay any compensation whatsoever or
accelerated vesting of options if termination is for any of the following reasons, each of which constitutes cause (hereinafter,
“Cause”):

 

(a)
The Executive becomes physically or mentally disabled to such an extent as to make him unable to perform the essential functions
of his duties normally and adequately for an aggregate of three months during a period of twelve consecutive months. In such a
case, the Executive may continue to benefit under short-term and long-term disability insurance plans, subject to the terms of
such plans, if any. The Company’s ability to terminate the Executive as a result of any disability shall be to the extent
permitted by applicable state or federal law.

 

(b)
The Executive materially breaches the terms of this Agreement.

 

(c)
The Executive fundamentally or materially fails to perform his duties as the Company’s President and failure to attempt
in good faith to implement a clear and reasonable directive from the Board of Directors.

 

    	2

    	 	 	 

    

 

(d)
Executive is convicted by a court of any fraud, theft, embezzlement or other criminal act of a similar nature.

 

(e)
Engages in an act of intentional and material dishonesty, fraud, or misrepresentation in relation to Executive’s duties
to the Company.

 

(f)
The Executive fails or refuses to follow in any material respect any reasonable and lawful directives of the Board of Directors.

 

(g)
The Executive demonstrates a habitual abuse of alcohol, drugs or controlled substances which relate to and materially impact his
duties under this Agreement.

 

(h)
The Executive’s material breach of any material term of any confidentiality provision of this Agreement regarding the Company’s
or its Affiliates’ confidential or trade secret information. Provided, however, no reason set forth in this Section 4.2(a)
through (h) shall constitute Cause unless (1) the Executive upon notice is given a notice of 30 days and a reasonable period to
effect a cure or a correction; (2) the reason is curable or correctible ; and (3) the reason clearly and adversely affects
the Executive’s ability to continue to perform his duties and responsibilities under this Agreement.

 

(i)
The Executive commits an act that creates public disrepute, contempt, or scandal directly and materially impacting the Company’s
good will or public reputation.

 

(j)
The Executive fails to comply, in all material respects, with the laws and regulations applicable to the Company, including the
rules established by, and agreements with, the Company’s securities exchange except when such failure could not reasonably
be expected to have a material adverse effect of the Company.

 

4.3
Termination by Death. In the event of the Executive’s death during his period of employment, the Company’s
obligation to make payments under this Agreement shall terminate on the date of death, except the Company shall pay the Executive’s
estate or surviving designated beneficiary or beneficiaries, as appropriate, any earned but unpaid salary and bonus and reimburse
business expenses incurred but not reimbursed as of his date of death. Vesting of any stock options outstanding on the date of
death shall be exercisable only to the extent the Executive’s right to exercise was vested on his date of death.

 

4.4
Voluntary Termination. In the event Executive wishes to resign for any reason, the Executive shall give at least thirty
days prior written notice of such resignation. Any such notice shall not relieve either the Executive or the Company of their
mutual obligations to perform under this Agreement or to relieve the Company to compensate the Executive during such notice period
for any earned but unpaid salary and bonus and reimburse business expenses incurred but not reimbursed as of his date of termination.

 

4.5
Termination Without Cause by Company or for Good Reason by Executive. In the event that the Company terminates the Executive’s
employment without Cause at any time after the Effective Date or the Executive terminates the Agreement for Good Reason, following
90 days after the Effective Date, the Company shall pay to Executive severance pay in a lump sum (less applicable tax withholdings)
in an amount equal to 6 months Base Salary.

 

    	3

    	 	 	 

    

 

4.6
Good Reason. For purposes of this Agreement,
“Good Reason” shall mean that any one of the following events occurs during the Executive’s employment with
the Company without Executive’s consent: (i) any reduction of Executive’s annual base salary (including bonus); (ii)
any material reduction in the package of benefits and incentives provided to the Executive, or any action by the Company which
would materially and adversely affect the Executive’s participation or reduce the Executive’s benefits under any such
plans, except to the extent that such benefits and incentives of all other officers of the Company are similarly reduced; (iii)
any material change in Executive’s position or responsibilities, excluding for this purpose an isolated, insubstantial and
inadvertent action not taken in bad faith that is remedied by the Company promptly after notice thereof is given by Executive;
(iv) any failure to pay Executive any compensation or benefits to which Executive is entitled within fifteen (15) days of the
date due; (v) any material breach of this Agreement by the Company other than as otherwise specified in this paragraph, including,
without limitation, (vi) the Company refuses to accept Executive’s reasonable recommendation for full-time management staff,
including without limitation, a chief financial officer and executives with a minimum title of vice president in the areas of
marketing and operations, or (vii) the Company fails to implement a bonus plan for Executive within 180 days of execution. Executive
may terminate his or her employment for Good Reason so long as Executive tenders his resignation to the Company within 90 days
after the occurrence of the event which forms the basis for his resignation for Good Reason. Executive shall provide written notice
to the Company describing the nature of the event which forms the basis for Executive’s resignation for Good Reason, and
the Company shall thereafter have ten (10) days to cure such event.

 

4.7
No Requirement to Mitigate; Survival. Executive shall not be required to mitigate the
amount of any payment provided for under this Agreement by seeking other employment or in any other manner. Notwithstanding anything
to the contrary in this Agreement, the termination of Executive’s employment shall not impair the rights or obligations
of any party to this Agreement.

 

ARTICLE
5

CONFIDENTIALITY

 

5.1
The Executive acknowledges that she has received and will receive or conceive, in carrying on or in the course of his work during
his employment with the Company, confidential information pertaining to the activities, the technologies, the operations and the
business, past, present and future, of the Company or its affiliates or related or associated companies, which information is
not in the public domain. The Executive acknowledges that such confidential information belongs to the Company and/or its affiliates
and that its disclosure or unauthorized use could be damaging or prejudicial to the Company and/or its affiliates and contrary
to their best interests.

 

5.2
Accordingly, the Executive agrees to respect the confidentiality of such information and not to make use of or disclose it to,
or to discuss it with, any person, other than in the ordinary course of his duties with the Company and its Affiliates, or as
required under applicable law.

 

5.3
This undertaking to respect the confidentiality of such information and not to make use of or disclose or discuss it to or with
any person shall survive and continue to have full effect notwithstanding the termination of the Executive’s employment
with the Company, so long as such confidential information does not become public as a result of an act by the Company or a third
party, which act does not involve the fault of one of its executives.

 

5.4
Nothing in this Agreement prohibits Executive from reporting possible violations of federal law or regulation to any governmental
agency or entity, including but not limited to the U.S. Department of Justice, the Securities and Exchange Commission, the U.S.
Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions
of federal law or regulation. Executive does not need the prior authorization of the Company to make any such reports or disclosures
and Executive is not required to notify the Company that I have made such reports or disclosures.

 

    	4

    	 	 	 

    

 

ARTICLE
6

NON-SOLICITATION
OF OFFERS

 

6.1
During the term of this Agreement, the Executive shall not compete with the Company nor with any of its Affiliates, directly or
indirectly. The Executive shall not participate in any capacity whatsoever in a business that would directly or indirectly compete
with the Company or with any of its Affiliates, including, without limitation, as an executive, director, officer, employer, principal,
agent, fiduciary, administrator of another’s property, associate, independent contractor, franchisor, franchisee, distributor
or consultant unless such participation is fully disclosed to the Board and approved in writing in advance. In addition, the Executive
shall not have any interest whatsoever in such an enterprise, including, without limitation, as owner, shareholder, partner, limited
partner, lender or silent partner.

 

6.2
The foregoing stipulation shall nevertheless not prevent the Executive from buying or holding shares or other securities of a
Company or entity other than the Company whose securities are publicly traded on a recognized stock exchange where the securities
so held by the Executive do not represent more than 5% of the voting shares of such other Company or entity and do not allow for
its control.

 

6.3
The Executive also undertakes, during the term of this Agreement and for the period of one year after termination of his employment
with the Company to not utilize trade secrets of the Company for any purpose.

 

6.4
The Executive also undertakes, during the term of this Agreement and for the period of one year after termination of his employment
with the Company, not to induce, attempt to induce or otherwise interfere in the relations which the Company or which any of its
affiliates has with their distributors, suppliers, representatives, agents and other parties with whom the Company or any of its
affiliates deals.

 

6.5
The Executive also undertakes, during the term of the Agreement and for the period of one year after termination of his employment
with the Company, not to induce, attempt to induce or otherwise solicit the personnel of the Company to leave their employment
with the Company or any of its Affiliates.

 

6.6
The Executive acknowledges that the provisions of this Section 6 are limited as to the time period, the geographic area and the
nature of the activities to what the parties deem necessary to protect the legitimate interests of the Company and its Affiliates,
while allowing the Executive to earn his living.

 

6.7
Nothing in this Section 6 shall operate to reduce or extinguish the obligations of the Executive arising at law or under this
contract which survive at the termination of this Agreement in reason of their nature and, in particular, without limiting the
foregoing, the Executive’s duty of loyalty and obligation to act faithfully, honestly and ethically.

 

    	5

    	 	 	 

    

 

ARTICLE
7

OWNERSHIP
OF FILES AND OTHER PROPERTY

 

7.1
Any property of the Company, including any file, sketch, drawing, letter, report, memorandum or other document, any equipment,
machinery, tool, instrument or other device, any diskette, recording tape, compact disc, software, electronic communication device
or any other property, which comes into the Executive’s control or possession during his employment with the Company in
the performance or in the course of his duties, regardless of whether she has participated in its preparation or design, how it
may have come under his control or into his possession and whether it is an original or a copy, shall at all times remain the
property of the Company and, upon the termination of the Executive’s employment, shall promptly be returned to the Company
or its designated representative.. The Executive may not keep a copy or give one to a third party without the prior expressly
written permission of the Company. Under applicable laws, can provide that cost of any personal property not returned will be
deducted from money owed him.

 

ARTICLE
8

GENERAL

 

8.1
Entire Agreement. This Agreement contains the entire understanding of the parties with respect to the matters contained
or referred to herein. There are no promises, covenants or undertakings by either party hereto to the other, other than those
expressly set forth herein. This Agreement supersedes and replaces any earlier agreement, whether oral or in writing or partly
oral and partly in writing, between the parties hereto, or between any party hereto and the corporate representative of any other
party hereto, respecting the provision of services by the Executive to the Company. This Agreement has been negotiated and prepared
by the parties and their respective counsel, and should any provision of this Agreement require judicial interpretation, the court
interpreting or construing the provision shall not apply the rule of construction that a document is to be construed more strictly
against one party.

 

8.2
Amendments. To be valid and enforceable, any amendment to this Agreement must be confirmed in writing by an authorized
member of the Board and the Executive. Neither party can waive or shall be deemed to have waived any right it has under this Agreement
(including any waiver under this section) except to the extent that such waiver is in writing.

 

8.3
Notice. Any notice given hereunder shall be given in writing and sent by overnight courier or hand delivered to the Company’s
headquarters or the Executive’s address on file.

 

8.4
Governing Law and Jurisdiction. This Agreement shall be governed by and interpreted in accordance with the laws, including
conflicts of laws, by the State of California in the United States of America. all parties waive their right to a jury trial in
the event of a dispute and agree to submit all disputes among them, including those related to the termination of Executive’s
employment for any reason, to binding arbitration pursuant to the applicable rules of the Judicial Arbitration and Mediation Service
(JAMS) which arbitration shall be conducted in the County of Los Angeles, State of California..

 

8.5
Severability. If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect
other provisions or applications of this Agreement, which can be given effect without the invalid provisions or applications and,
to this end, the provisions of this Agreement are declared to be severable.

 

8.6
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed one and the same Agreement.
Each party shall do and perform all such acts and things and execute and deliver all such instruments and documents and writings
and give all such further assurances as may be necessary to give full effect to the provisions and intent of this Agreement.

 

    	6

    	 	 	 

    

 

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

 

	EXECUTIVE	 
	 	 
	 	 
	Boyd
    Bishop	 
	 	 
	COMPANY	 
	 	 
	 	 
	Harbant
    S. Sidhu	 
	Director,
    Compensation Committee	 

 

    	7EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 SECOND
AMENDMENT TO FORBEARANCE AGREEMENT 
 This Second Amendment to Forbearance Agreement, dated as of January 10, 2020 (this
“Agreement”) is among KEY ENERGY SERVICES, INC., a Delaware corporation (the “Borrower”), the Lenders party to this Agreement, and CORTLAND PRODUCTS CORP., as agent (in such capacity,
“Agent”), which amends that certain Forbearance Agreement, dated as of October 29, 2019, as amended by the Amendment to Forbearance Agreement, dated as of December 6, 2019 (as amended, the “Forbearance
Agreement”), by and among the Borrower, the Agent and the Lenders party thereto. 
 W I T N
E S S E T H: 
 WHEREAS, Borrower, the Lenders from time to time party thereto and the Agent
are parties to that certain Term Loan and Security Agreement dated as of December 15, 2016 (as amended, supplemented, restated or otherwise modified from time to time, the “Term Loan Agreement”; unless
otherwise defined herein, capitalized terms used herein that are not otherwise defined herein shall have the respective meanings assigned to such terms in the Term Loan Agreement or the Forbearance Agreement, as applicable); 

WHEREAS, Borrower, the Lenders party thereto and the Agent are parties to the Forbearance Agreement, pursuant to which the Lenders party
thereto and the Agent agreed to forbear from exercising certain default-related rights and remedies against Borrower and the other Obligors with respect to the Specified Defaults during the Forbearance Period; 

WHEREAS, the Borrower has requested that the Required Lenders and the Agent agree to amend the Forbearance Agreement to extend the Forbearance
Period set forth therein; and 
 WHEREAS, the Lenders party hereto (each, a “Lender Party”) and the Agent are
willing to agree to such amendment on terms and subject to conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual
agreements, provisions and covenants contained herein, the parties hereto agree as follows: 

1.    Amendment.  Subject to the satisfaction of the conditions set forth in Section 3 hereof,
Section 3(a) of the Forbearance Agreement is hereby amended by replacing the reference to “January 10, 2020” set forth therein with “January 31, 2020”. 

2.    No Other Amendments or Waivers. 

The Forbearance Agreement (as amended hereby), and the terms and provisions hereof and thereof, constitute the entire agreement among the
parties hereto pertaining to the subject matter hereof and supersedes any and all prior or contemporaneous amendments relating to the subject matter hereof. Except for the forbearance expressly set forth in Section 3 of the Forbearance
Agreement (as amended hereby), the Term Loan Agreement shall remain unchanged and in full force and effect. Except as expressly set forth in Section 3 of the Forbearance Agreement (as amended hereby), the execution, delivery, and performance of
this Agreement shall not operate as a waiver of or as an amendment of, any right, power, or remedy of Agent or the Lenders party thereto under the Term Loan Agreement or any of the other Loan Documents as in effect prior to the date hereof, nor
constitute a waiver of any provision of the Term Loan Agreement or any of the other Loan Documents. The agreements set forth within the Forbearance Agreement (as 

 
amended hereby) are limited to the specifics hereof, shall not apply with respect to any facts or occurrences other than those on which the same are based, shall not excuse future non-compliance under the Term Loan Agreement or other Loan Documents, and shall not operate as a consent to any further or other matter, under the Loan Documents. 

3.    Conditions Precedent.  The effectiveness of this Agreement is subject to the satisfaction of the
following conditions precedent on the date hereof: 
 3.1    Execution of Agreement.  Each Obligor,
Agent and the Required Lenders shall have duly executed and delivered this Agreement. 
 3.2    Accuracy of
Representations and Warranties.  All representations and warranties contained in Section 4 hereof shall be true and correct in all respects. 

3.3    ABL Forbearance Amendment.  An amendment to the ABL Forbearance Agreement shall be effective and
on terms acceptable to the Lender Parties. 
 4.    Representations and Warranties.  Each Obligor
hereby jointly and severally represents and warrants to Agent and the Lender Parties that all representations and warranties contained in Section 5 of the Forbearance Agreement (other than Section 5(a) as it relates to the representation
and warranty set forth in the final sentence of Section 9.1.22 of the Term Loan Agreement) remain true and correct as of the date hereof, and that 

4.1    the execution, delivery and performance by the Obligors of this Agreement: 

(a)    are within each Obligor’s corporate, limited liability company or partnership powers, as
applicable, and have been duly authorized by all necessary corporate, limited liability company or partnership, as applicable, and, if required, equity holder action (including, without limitation, any action required to be taken by any class of
directors or other governing body of any Obligor or any other Person, whether interested or disinterested, in order to ensure the due authorization of the execution, delivery and performance by the Obligors of this Agreement); 

(b)    do not require any consent or approval of, registration or filing with, or any other action by, any
Governmental Authority or any other third Person (including shareholders or other equity holders or any class of directors or other governing body, whether interested or disinterested, of any Obligor or any other Person), nor is any such consent,
approval, registration, filing or other action necessary for the validity or enforceability of this Agreement or the consummation of the transactions contemplated hereby, except such as have been obtained or made and are in full force and effect
other than those third party approvals or consents which, if not made or obtained, would not cause a Default hereunder, or could not reasonably be expected to have a Material Adverse Effect, 

(c)    will not violate any Sanctions and Applicable Law or any Organic Documents of any Obligor or
any Restricted Subsidiary, or any order of any Governmental Authority, 
 (d)    will not violate or
result in a default under any Material Contract, or give rise to a right thereunder to require any payment to be made by any Obligor or any Restricted Subsidiary and 

  
 2 

 (e)     will not result in the creation or imposition of
any Lien on any Property of any Obligor or any Restricted Subsidiary (other than the Liens created by the Loan Documents); 

4.2    this Agreement has been duly executed and delivered by such Obligor and constitutes a legal, valid and binding
obligation of such Obligor, as applicable, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles
of equity, regardless of whether considered in a proceeding in equity or at law; and 
 4.3    no Default or Event of
Default (other than any Specified Default) has occurred and is continuing. 

5.    Reaffirmation.  Each of the Obligors hereby confirms its respective guarantees, pledges, grants of
security interests and other obligations, as applicable, under and subject to the terms of each of the Loan Documents to which it is party, and agrees that such guarantees, pledges, grants of security interests and other obligations, and the terms
of each of the Loan Documents to which it is a party, are not impaired or affected in any manner whatsoever and shall continue to be in full force and effect. Each Obligor acknowledges and agrees that any of the Loan Documents to which it is a party
or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Agreement. 

6.    Miscellaneous. 

6.1    Captions.  Section captions used in this Agreement are for convenience only, and
shall not affect the construction of this Agreement. 
 6.2    Governing
Law.  UNLESS EXPRESSLY PROVIDED IN ANY LOAN DOCUMENT, THIS AGREEMENT AND ALL CLAIMS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT FEDERAL LAWS RELATING TO
NATIONAL BANKS. 
 6.3    Severability.  Wherever possible, each provision of this
Agreement shall be interpreted in such manner as to be valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of this
Agreement shall remain in full force and effect. 
 6.4    Successors and
Assigns.  This Agreement shall be binding upon the parties hereto and their respective successors and assigns, and shall inure to the sole benefit of the parties and their respective successors and assigns. 

6.5    References.  Any reference to the Term Loan Agreement contained in any notice,
request, certificate, or other document executed concurrently with or after the execution and delivery of this Agreement shall be deemed to include this Agreement unless the context shall otherwise require. 

6.6    Loan Document.  This Agreement shall be deemed to be and shall constitute a Loan
Document. 

  
 3 

 6.7    Continued
Effectiveness.  Notwithstanding anything contained herein, the terms of this Agreement are not intended to and do not serve to effect a novation as to the Term Loan Agreement. The Term Loan Agreement and each of the Loan Documents
remain in full force and effect. 
 6.8    Entire Agreement.  This Agreement
constitutes the entire agreement, and supersedes all prior understandings and agreements, among the parties relating to the subject matter thereof. 

6.9    Counterparts; Execution.  This Agreement may be executed in counterparts, each of
which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when Agent has received counterparts bearing the signatures of all parties hereto. Delivery of a
signature page of this Agreement by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of such agreement. Any signature, contract formation or record-keeping through electronic means shall have the
same legal validity and enforceability as manual or paper-based methods, to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act, or any similar state law based on the Uniform Electronic Transactions Act. 
 [Remainder of Page Intentionally Left Blank]

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	BORROWER:
	
	KEY ENERGY SERVICES, INC.
		
	By 	 	    /s/ J. Marshall Dodson
		 	 Name:  J. Marshall Dodson

Title:    Interim Chief Executive Officer,

Senior Vice President and

Chief Financial Officer

  

  
 

 

 
			
	GUARANTOR:
	
	KEY ENERGY SERVICES, LLC
		
	By 	 	    /s/ J. Marshall Dodson
		 	 Name:  J. Marshall Dodson

Title:    Interim Chief Executive Officer,

Senior Vice President and

Chief Financial Officer

  

  
 

 

 
			
	AGENT AND LENDERS:
	
	CORTLAND PRODUCTS CORP., as Agent
		
	By 	 	    /s/ Matthew Trybula
		 	 Name:  Matthew Trybula

Title:    Associate Counsel

  

  
 

 

 
			
	 SPECIAL SITUATIONS INVESTING GROUP, INC.,

as a Lender

		
	By 	 	    /s/ Lee D. Becker
		 	 Name:  Lee D. Becker

Title:    Authorized Signatory

  

  
 

 

 
			
	 BlueMountain Foinaven Master Fund L.P.,

as a Lender

		
	By 	 	    /s/ Richard Horne
		 	 Name:  Richard Horne

Title:    Deputy General Counsel, Tax

 
			
	
	 Blue Mountain Credit Alternatives Master Fund L.P.,

as a Lender

		
	By 	 	    /s/ Richard Horne
		 	 Name:  Richard Horne

Title:    Deputy General Counsel, Tax

 
			
	
	 BlueMountain Guadalupe Peak Fund L.P.,

as a Lender

		
	By 	 	    /s/ Richard Horne
		 	 Name:  Richard Horne

Title:    Deputy General Counsel, Tax

 
			
	
	 BlueMountain Logan Opportunities Fund L.P.,

as a Lender

		
	By 	 	    /s/ Richard Horne
		 	 Name:  Richard Horne

Title:    Deputy General Counsel, Tax

 
			
	
	 BlueMountain Montenvers Master Fund SCA SICAV-SIF,

as a Lender

		
	By 	 	    /s/ Richard Horne
		 	 Name:  Richard Horne

Title:    Deputy General Counsel, Tax

 
			
	
	 BlueMountain Summit Trading L.P.,

as a Lender

		
	By 	 	    /s/ Richard Horne
		 	 Name:  Richard Horne

Title:    Deputy General Counsel, Tax

 
			
	
	 BlueMountain Timberline Ltd.,
 as a
Lender

		
	By 	 	    /s/ Richard Horne
		 	 Name:  Richard Horne

Title:    Deputy General Counsel, Tax

  

  
 

 

 
			
	 BlueMountain Kicking Horse Fund L.P.,

as a Lender

		
	By 	 	    /s/ Richard Horne
		 	 Name:  Richard Horne

Title:    Deputy General Counsel, Tax

  

  
 

 

 
			
	 TENNENBAUM ENERGY OPPORTUNITIES CO, LLC

TCP WATERMAN CLO, LLC
 TENNENBAUM SENIOR LOAN OPERATING III,
LLC
 TENNENBAUM SENIOR LOAN FUNDING III, LLC
 TENNENBAUM SENIOR
LOAN FUND V, LLC

	
	as Lenders
	
	 On behalf of each of the above entities:

By:    TENNENBAUM CAPTIAL PARTNERS, LLC

Its:     Investment Manager

		
	By	 	    /s/ Michael Leitner
		 	 Name:  Michael Leitner

Title:    Managing Director

 
											
	
	TCP ENHANCED YIELD FUNDING I, LLC
	
	As Lender
	
	 By:    Tennenbaum Enhanced Yield Operating I, LLC

Its:     Sole Member

		
		 	 By:    Tennenbaum Capital Partners, LLC

Its:     Investment Manager

				
		 		 	By 	 	    /s/ Michael Leitner
		 		 		 	 Name:  Michael Leitner

Title:    Managing Director

  

  
 

 

 
			
	 SOTER CAPITAL, LLC,
 as a
Lender

		
	By 	 	    /s/ Mary Ann Sigler
		 	 Name:  Mary Ann Sigler

Title:    President and Treasurer

  

  
 

 

 
			
	 WHITEBOX ASYMMETRIC PARTNERS, L.P.,

as a Lender
 By: Whitebox Advisors LLC its investment
manager

		
	By 	 	    /s/ Mark Strefling
		 	 Name:  Mark Strefling

Title:    CEO & Chief Legal Officer

  

  
 

 

 
			
	 WHITEBOX CAJA BLANCA FUND, LP,

as a Lender
 By: Whitebox Caja Blanca GP LLC its general
partner
 By: Whitebox Advisors LLC its investment manager

		
	By 	 	    /s/ Mark Strefling
		 	 Name:  Mark Strefling

Title:    CEO & Chief Legal Officer

  

  
 

 

 
			
	 WHITEBOX RELATIVE VALUE PARTNERS, L.P.,

as a Lender
 By: Whitebox Advisors LLC its investment
manager

		
	By 	 	    /s/ Mark Strefling
		 	 Name:  Mark Strefling

Title:    CEO & Chief Legal Officer

  

  
 

 

 
			
	 WHITEBOX CREDIT PARTNERS, L.P.,

as a Lender
 By: Whitebox Advisors LLC its investment
manager

		
	By 	 	    /s/ Mark Strefling
		 	 Name:  Mark Strefling

Title:    CEO & Chief Legal Officer

  

  
 

 

 
			
	 WHITEBOX MULTI-STRATEGY PARTNERS, L.P.,

as a Lender
 By: Whitebox Advisors LLC its investment
manager

		
	By 	 	    /s/ Mark Strefling
		 	 Name:  Mark Strefling

Title:    CEO & Chief Legal Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]