Document:

EX-10.1

 Exhibit 10.1 

KEY ENERGY SERVICES, INC. 

2016 EQUITY AND CASH INCENTIVE PLAN 

TIME-VESTED RESTRICTED STOCK UNIT AWARD AGREEMENT 

THIS TIME-VESTED RESTRICTED STOCK UNIT AWARD AGREEMENT, including the Appendix attached hereto (this
“Agreement”), dated as of [Date] (the “Date of Grant”), is made by and between Key Energy Services, Inc., a Delaware corporation (the “Company”), and [Name of
Participant] (the “Participant”). 
 R E C I T A L S: 

WHEREAS, the Board of Directors of the Company (the “Board”) has adopted the Key Energy Services, Inc. 2016
Equity and Cash Incentive Plan (the “Plan”); 
 WHEREAS, the Plan provides for grants of Awards of
time-vested restricted stock units (“Restricted Stock Units”); 
 WHEREAS, the Administrator has determined
that it is in the best interests of the Company and its stockholders to grant the Restricted Stock Units (the “Restricted Stock Unit Award”) provided for herein pursuant to the terms of the Plan and subject to the further
terms and conditions set forth herein; and 
 WHEREAS, the Participant desires to accept the Restricted Stock Unit Award made
pursuant to this Agreement and agrees to abide by the restrictions that accompany this Agreement, including those set forth in Appendix A hereto. 

NOW, THEREFORE, in consideration of the services rendered by the Participant and the mutual covenants hereinafter set forth, the
parties hereto agree as follows: 
  

	1.	 Grant of Restricted Stock Units. The Company hereby grants to the Participant the Restricted
Stock Unit Award consisting of [●] Restricted Stock Units. 

  

	2.	 Dividend Equivalents. Each Restricted Stock Unit shall be credited with dividend equivalents (the
“Dividend Equivalents”) in an amount, without interest, equal to the cumulative cash and stock dividends declared or paid on a share Common Stock, if any, following the Date of Grant and prior to the date the Restricted Stock
Unit is settled in accordance with Section 5. 

  

	3.	 Incorporation by Reference. The provisions of the Plan are incorporated herein by reference.
Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the definition set forth in the Plan. The
Administrator shall have the authority to interpret and construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision shall be binding and conclusive upon the Participant and his or her legal representative
in respect of any questions arising under the Plan or this Agreement. 

	4.	 Vesting of Restricted Stock Units. The Restricted Stock Units are restricted in that they are
forfeitable and may not be sold, transferred or otherwise alienated or hypothecated (the “Restrictions”) until they become vested and shares of Common Stock are delivered pursuant to Section 5
following removal or expiration of the Restrictions. Subject to (i) the Participant’s Continuous Service through the applicable Vesting Date (as defined below) and (ii) compliance with the terms and conditions of this Agreement
(including without limitation, the restrictive covenants set forth in Appendix A), the Restrictions will expire and the Restricted Stock Units will become nonforfeitable and vested as to one-third (1/3)
of the Restricted Stock Units on each anniversary of the Date of Grant (each, a “Vesting Date”). Notwithstanding the above, to the extent Participant is a party to an employment agreement with the Company (an
“Employment Agreement”) which provides for accelerated vesting in additional or different circumstances, Participant’s Restricted Stock Units will vest in accordance with the provisions thereof. 

 

	5.	 Settlement. 

 

	 	(a)	 Amount. For each vested Restricted Stock Unit, the Company will deliver one share of Common Stock plus a
cash amount equal to the aggregate Dividend Equivalents, if any, for such vested Restricted Stock Unit, in each case less any applicable withholding. The value of any fractional Restricted Stock Unit shall be rounded down at the time shares of
Common Stock are issued. Neither fractional shares of Common Stock nor the cash value of any fractional shares of Common Stock will be issuable or payable pursuant to this Agreement. Neither the value of shares of Common Stock nor the value of
Dividend Equivalents shall bear any interest owing to the passage of time. Neither this Section 5 nor any action taken in accordance with this Section 5 shall be construed to create a trust or a
funded or secured obligation of any kind. 

  

	 	(b)	 Timing. Delivery in respect of the vested Restricted Stock Units and any associated Dividend Equivalents
will be made as soon as administratively practicable following the Vesting Date, but in no event more than sixty 60 days following the Vesting Date. Such delivery shall be subject to the Participant’s continued compliance with the restrictive
covenants set forth in Appendix A. 

  

	6.	 Termination of Continuous Service. Subject to Section 7(b), or as
otherwise provided in the Participant’s Employment Agreement, or as may otherwise be determined by the Board in its discretion, all unvested Restricted Stock Units shall be forfeited upon termination of the Participant’s Continuous Service
for any reason. 

  

	7.	 Change of Control. 

 

	 	(a)	 Notwithstanding Section 4, to the extent vesting would not otherwise occur in connection with same, the
Board may, in its sole discretion, accelerate the vesting of the Restricted Stock Units in connection with a Change of Control (as defined below). 

  
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	 	(b)	 Notwithstanding anything to the contrary in this Agreement, if the Participant’s Continuous Service is
terminated (i) by the Company other than due to a termination for Cause (as defined below) or (ii) by the Participant due to a termination for Good Reason (as defined below), in each case within twelve (12) months following a Change
of Control, all unvested Restricted Stock Units shall vest and be settled in accordance with Section 5. 

  

	 	(c)	 “Change of Control” means: 

 

	 	(i)	 except as provided below, the consummation of a merger, consolidation, statutory share exchange or similar form
of corporate transaction or event (a “Business Combination”) involving the Company, unless immediately following such Business Combination: (A) the holders of the Company’s voting securities immediately prior to the
Business Combination hold at least 50% of the total voting power of (y) the entity resulting from such Business Combination (the “Surviving Entity”) or (z) if applicable, the parent company that directly or
indirectly has beneficial ownership of at least 95% of the voting power, and (B) at least a majority of the members of the board of directors of the parent (or, if there is no parent, the Surviving Entity) following the consummation of the
Business Combination were Incumbent Directors (as defined below) at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination; 

 

	 	(ii)	 the consummation of a sale of all or substantially all of the Company’s assets (other than to Platinum
Equity Advisors, LLC or any of its controlled affiliates (collectively, “Platinum”)); or 

  

	 	(iii)	 the stockholders of the Company approve a plan of complete dissolution or liquidation of the Company.

 Notwithstanding anything to the contrary above, a Business Combination immediately following which Platinum holds at
least 50% of the total voting power of the Surviving Entity shall not be deemed a Change of Control. In addition, notwithstanding anything to the contrary, no sale or other transfer of Company securities by Platinum in one or a series of related
transactions, and no change in the composition of the Board as a result of any such transaction or series of related transactions, shall be deemed a Change of Control. Furthermore, notwithstanding the foregoing, a “Change of Control” shall
not include any Chapter 11 bankruptcy proceeding (a “Bankruptcy Plan”); and provided, further, none of (A) the facts or circumstances giving rise to the commencement of, or occurring in connection with, any case filed
for the Company or its debtor affiliates under Chapter 11 of the bankruptcy code, (B) the issuance of shares of common stock of the Company reorganized pursuant to a Bankruptcy Plan, or (C) implementation or consummation of any other
transaction pursuant to a Bankruptcy Plan shall constitute a “Change of Control”. 

  
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	 	(d)	 “Incumbent Director” means an individual who is a member of the Board as of the
effective date of the Plan or who becomes a member of the Board subsequent to the effective date of the Plan and whose election or nomination for election is approved by a vote of at least two-thirds of the
Incumbent Directors then on the Board (either by a specific vote or by approval of the Company proxy statement in which such person is named as a nominee for director, without written objection to such nomination); provided, however, that no
individual initially elected or nominated as a director of the Company as a result of an actual or publicly threatened election contest with respect to directors or as a result of any other actual or publicly threatened solicitation of proxies by or
on behalf of any person other than the Board will be deemed to be an Incumbent Director. 

  

	 	(e)	 “Cause” has the meaning set forth in the Participant’s Employment Agreement or, if
the Participant is not party to an Employment Agreement that defines such term, any of the following: (i) gross negligence in the performance of Participant’s duties, (ii) willful failure to perform Participant’s duties (other
than such failure resulting from the Participant’s incapacity due to physical or mental illness) that the Participant fails to remedy to the reasonable satisfaction of the Company within thirty (30) days after written notice is delivered
by the Company to the Participant that sets forth the basis of the Participant’s failure to perform his or her duties, (iii) willful engagement in conduct which is, or can reasonably be expected to be, materially injurious to the Company
or its subsidiaries (monetarily or otherwise) or (iv) conviction of, or plea of guilty or no contest to, a misdemeanor involving moral turpitude or any felony. 

 

	 	(f)	 “Good Reason” has the meaning set forth in the Participant’s Employment Agreement
or, if the Participant is not party to an Employment Agreement that defines such term, any of the following: 

  

	 	(i)	 a material diminution in the Participant’s base salary (except in conjunction with an across-the-board base salary reduction that affects similarly situated employees of the Company), authority, duties or responsibilities from those in effect immediately prior
to the date a Change of Control occurs; 

  

	 	(ii)	 a move of more than fifty (50) miles in the geographic location at which the Participant must perform
services from the location at which the Participant was required to perform services immediately prior to the date a Change of Control occurs; or 

  

	 	(iii)	 any other action or inaction by the Company that constitutes a material breach of the Plan or this Agreement
within one (1) year following a Change of Control. 

  
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 In order for a termination to be considered for Good Reason under this Agreement,
(A) the event giving rise to Good Reason must have occurred without the Participant’s consent, (B) the Participant must provide notice to the Company of the existence of one of the above events within thirty (30) days of the
initial existence of such condition, (C) the Company must be provided thirty (30) days from the date of the Participant’s notice to remedy that condition (the “Cure Period”), and (D) the condition must not
have been remedied by the Company during the Cure Period. 
  

	8.	 Tax Withholding. The Company shall have the right to withhold from any delivery of Common Stock
or cash due under the Plan and this Agreement to satisfy any federal, state or local tax withholding obligation in accordance with and pursuant to Section 10.6 of the Plan. 

 

	9.	 No Rights as Stockholder. The Participant shall have no rights as a stockholder with respect to
the shares of Common Stock underlying the Restricted Stock Units unless and until the Participant has become the record holder of such shares. 

  

	10.	 Restrictive Covenants. The provisions of the attached Appendix A, which are deemed to be
part of this Agreement as if fully set forth herein, shall apply to the Participant. By accepting this Agreement, the Participant agrees to be bound by, and promises to abide by, such provisions. The Participant further acknowledges and agrees that
the restrictive covenants contained in Appendix A are reasonable and enforceable in all respects. 

  

	11.	 Detrimental Activity. 

 

	 	(a)	 Upon delivery of Common Stock in respect of vested Restricted Stock Units, the Participant shall certify in a
manner acceptable to the Company that the Participant has not engaged in any Detrimental Activity (as defined below). 

  

	 	(b)	 The Administrator may cancel, rescind, suspend, withhold or otherwise limit or restrict this Restricted Stock
Unit Award, in whole or in part, at any time if the Participant engages in any Detrimental Activity. 

  

	 	(c)	 In the event a Participant engages in Detrimental Activity after delivery of Common Stock in respect of vested
Restricted Stock Units and during any period for which any restrictive covenant prohibiting such activity is applicable to the Participant, such delivery may be rescinded within one (1) year after the Participant engages in such Detrimental
Activity. In the event of any such rescission, the Participant shall pay to the Company the amount of any gain realized or payment received as a result of the delivery, in such manner and on such terms and conditions as may be required by the
Company. The Company shall be entitled to set-off against the amount of any such gain any amount owed to the Participant by the Company, subject to compliance with Section 409A of the Code, if applicable.

  

	 	(d)	 “Detrimental Activity” means (i) any violation of the terms of any written
agreement (including this Agreement, any other award agreement, the Employment Agreement or other agreement) with the Company or any of its Affiliates relating to covenants with respect to non-disclosure,
confidentiality, 

  
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intellectual property, work product, inventions assignment, privacy, exclusivity, non-competition, non-solicitation
or non-disparagement; (ii) breach of the Company’s Code of Business Conduct; (iii) activity that is discovered to be grounds for or results in the Participant’s termination for Cause;
(iv) the conviction of, or guilty plea entered by, the Participant for any felony or a crime involving moral turpitude whether or not connected with the Company or its Affiliates; or (v) the commission of any other act involving willful
malfeasance or material fiduciary breach with respect to the Company or any of its Affiliates. 

  

	12.	 Compliance with Laws, Regulations and Company Policies. The grant and payment of the Restricted
Stock Units shall be subject to compliance by the Company and the Participant with all applicable requirements of state and federal laws and regulatory agencies and with all applicable requirements of any stock exchange on which the Common Stock may
be listed at the time of such issuance or transfer, if applicable. This Restricted Stock Unit Award shall also be subject to any applicable clawback or recoupment policies, share trading and stock ownership policies of the Company, and other
policies that may be implemented by the Board from time to time. 

  

	13.	 Section 409A. Any amounts payable with respect to the Restricted
Stock Units are intended to be exempt from Section 409A of the Code in reliance on the short-term deferral exemption set forth in the final regulations issued thereunder. If any amounts payable with respect to the Restricted Stock Units are
determined to be subject to Section 409A of the Code, such payments may only be made under this Agreement upon an event and in a manner permitted by Section 409A of the Code. All payments to be made upon a termination of employment may
only be made upon a “separation from service” under Section 409A of the Code. For purposes of Section 409A of the Code, each payment shall be treated as a separate payment. In no event may the Participant, directly or indirectly,
designate the calendar year in which the payments under this Agreement will be made. Notwithstanding anything in this Agreement to the contrary, if the Participant is a “specified employee” as defined by Section 409A of the Code, then
if and to the extent required by Section 409A of the Code, any payment with respect to the Restricted Stock Units upon a separation from service will not be made before the date that is six (6) months after the Participant separates from
service or such earlier date permitted by Section 409A of the Code. 

  

	14.	 No Right to Continuous Service. Nothing herein alters the
at-will nature of the Participant’s employment with the Company or any of its subsidiaries. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation on any right of
the Company or any of its Affiliates to terminate the Participant’s Continuous Service at any time. 

  
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	15.	 Notices. All notices, demands and other communications provided for or permitted hereunder shall
be made in writing and shall be by registered or certified first class mail, return receipt requested, facsimile transmission, courier service or personal delivery: 

If to the Company: 
 Key Energy
Services, Inc. 
 1301 McKinney Street, Suite 1800 

Houston, Texas 77010 
 Facsimile: 713-651-4559 
 Attention: General Counsel 

If to the Participant: 
 At the
address on file with the Company 
 All such notices, demands and other communications shall be deemed to have been duly given when delivered
by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service; five (5) business days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged, if
telecopied. 
  

	16.	 Bound by Plan. By accepting this Agreement, the Participant acknowledges that the Participant has
received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all of the terms and provisions of the Plan. 

  

	17.	 Beneficiary. The Participant may file with the Administrator a written designation of a
beneficiary on such form as may be prescribed by the Administrator and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, the legal representative of the Participant’s estate shall
be deemed to be the Participant’s beneficiary. 

  

	18.	 Successors. The terms of this Agreement shall be binding upon and inure to the benefit of the
Company, its successors and assigns, and on the Participant and the Participant’s executors, administrators, heirs, and successors. 

  

	19.	 Amendment of Restricted Stock Unit Award. Subject to Section 20 of this
Agreement and subject to the terms of the Plan, the Administrator at any time and from time to time may amend the terms of this Restricted Stock Unit Award; provided, however, that the Participant’s rights under this Restricted
Stock Unit Award shall not be impaired by any such amendment unless the Company requests the Participant’s consent and the Participant consents in writing, or except as otherwise permitted under the Plan. 

 

	20.	 Adjustment Upon Changes in Capitalization. The shares of Common Stock underlying the Restricted
Stock Units may be adjusted as provided in the Plan including, without limitation, Section 11 of the Plan. The Participant, by accepting this Agreement, irrevocably and unconditionally consents and agrees to any such
adjustments as may be made at any time hereafter. 

  

	21.	 Governing Law and Venue. The provisions of this Agreement shall be construed and enforced in
accordance with the laws and decisions of the State of Delaware, without regard to such state’s conflict of law principles. Any dispute or conflict between the parties shall be brought in a state or federal court located in Wilmington,
Delaware. The parties hereto submit to jurisdiction and venue in Wilmington, Delaware and all objections to such venue and jurisdiction are hereby waived. 

  
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	22.	 Severability. If any provision of this Agreement or any part of any provision of this Agreement
is determined to be unenforceable for any reason whatsoever, it shall be severable from the rest of the Agreement and shall not invalidate or affect the other portions or parts of this Agreement, which shall remain in full force and effect.
Furthermore, each covenant contained in this Agreement shall stand independently and be enforceable without regard to any other covenants or to any other provisions of this Agreement. 

 

	23.	 Waiver. The waiver by the Company of a breach of any provision contained in this Agreement shall
not operate or be construed as a waiver of any subsequent breach or as a waiver of any other provisions of this Agreement. 

  

	24.	 Headings. The headings of the Sections hereof are provided for convenience only and are not to
serve as a basis for interpretation or construction, and shall not constitute a part of this Agreement. 

  

	25.	 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall
constitute an original and all of which together shall constitute one instrument. Delivery of an executed counterpart of this Agreement by facsimile or portable document format (.pdf) attachment to electronic mail shall be effective as delivery of a
manually executed counterpart of this Agreement. 

  

	26.	 No Liability for Good Faith Determinations. The Company and the members of the Board shall not be
liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Restricted Stock Units granted hereunder. 

  

	27.	 Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper
format, the Participant agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award
notifications and agreements, account statements, annual and quarterly reports and all other forms of communications) in connection with this and any other award made or offered by the Company. Electronic delivery may be via a Company electronic
mail system or by reference to a location on a Company intranet to which the Participant has access. The Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for
delivery and acceptance of any such documents that the Company may be required to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature.

  
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 IN WITNESS WHEREOF, the Company has executed this Agreement effective as of the Date
of Grant set forth above. 
  

			
	KEY ENERGY SERVICES, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 The Participant (a) acknowledges receipt of the Plan incorporated herein, (b) confirms that
the prospectus for the Plan has been made available to the Participant, (c) acknowledges that Participant has read this Agreement, the Plan and the Plan prospectus and understands the terms and conditions of them, (d) accepts the
Restricted Stock Unit Award, (e) agrees to be bound by, and comply with, the terms of the Plan and this Agreement, including the restrictive covenants contained in Appendix A, and (f) agrees that all decisions and determinations of
the Administrator with respect to the Restricted Stock Unit Award shall be final and binding on the Participant and any other person having or claiming an interest under the Restricted Stock Unit Award. 

The Participant named below hereby accepts the terms of this Agreement and the Plan. 

 

			
	  
	  	
	 [Name]
	  	
	 [Address]
	  	

 EMPLOYEE ID NUMBER: [●] 

 APPENDIX A 

PROTECTION OF INFORMATION; NON-COMPETITION; NON-SOLICITATION

 1.    Non-Disclosure of Confidential Information. In the course of the
Participant’s employment with the Company or any of the Company’s direct or indirect subsidiaries (collectively, “subsidiaries” or each a “subsidiary”), and the performance of the Participant’s duties
on behalf of the Company or any of its subsidiaries, the Participant will be provided with, and will have access to Confidential Information (as defined below). In consideration, and as a condition, of the Participant’s receipt of and access to
Confidential Information, and as a condition of the Company’s entry into this Agreement, the Participant, both during the course of the Participant’s employment with the Company or any of its subsidiaries and thereafter, shall not disclose
any Confidential Information to any person or entity and shall not use any Confidential Information except for the benefit of the Company or its subsidiaries or with the express written consent of the Chief Executive Officer or the General Counsel
of the Company. The Participant shall follow all Company policies and protocols regarding the security of all documents and other material containing Confidential Information (regardless of the medium on which such Confidential Information is
stored). This Section 1 shall apply to all Confidential Information, whether known or later to become known to the Participant during the period that the Participant is employed or affiliated with the Company or any of its
subsidiaries. 
 2.    Permitted Disclosures. Notwithstanding the foregoing, or any other provision of this Agreement or
the Plan: 
  

	 	a.	 the Participant shall not be held criminally or civilly liable under any federal or state trade secret law for
the disclosure of a trade secret that is: (i) made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a
suspected violation of law; (ii) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; or (iii) protected under the whistleblower provisions of applicable law;

  

	 	b.	 in the event the Participant files a lawsuit for retaliation by the Company or any of its subsidiaries for the
Participant’s reporting of a suspected violation of law, the Participant may (i) disclose a trade secret to the Participant’s attorney and (ii) use the trade secret information in the court proceeding related to such lawsuit, in
each case, if the Participant (A) files any document containing such trade secret under seal; and (B) does not otherwise disclose such trade secret, except pursuant to court order; and 

 

	 	c.	 nothing shall prevent the Participant from lawfully, and without obtaining prior authorization from the Company
or any of its subsidiaries, (i) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by the U.S. Securities and Exchange
Commission (the “SEC”) or any other governmental or regulatory agency, entity, or official(s) (collectively, “Governmental Authorities”) regarding a possible violation of any law; (ii) responding
to any inquiry or legal process directed to an employee individually from any Governmental Authority; (iii) testifying, participating or 

	 	
otherwise assisting in an action or proceeding by any Governmental Authorities relating to a possible violation of law, including providing documents or other confidential information to
Governmental Authorities; or (iv) receiving an award for information provided to the SEC or any other Governmental Authority. Neither the Plan nor this Agreement (nor any other agreement between the Participant and the Company or a subsidiary
of the Company) shall be construed or applied to require the Participant to obtain prior authorization from the Company or any of its subsidiaries before engaging in any of the foregoing conduct referenced in this
Section 2, or to notify the Company or any of its subsidiaries of having engaged in any such conduct. 

3.    Definition of Confidential Information. As used herein, “Confidential Information” means all non-public or proprietary information of, or related to, the Company or any of its subsidiaries, including, without limitation, all designs, ideas, concepts, improvements, product developments, discoveries and
inventions, whether patentable or not, that (i) are acquired by or disclosed to the Participant during the period that the Participant is or has been employed or affiliated with the Company or any of its subsidiaries (whether acquired or
disclosed during business hours or otherwise and whether acquired or disclosed on the Company’s premises or otherwise) or (ii) relate to the businesses or properties, products or services of the Company or any of its subsidiaries
(including all such information relating to technical information, including engineering and scientific research, development, methodology, devices and processes; formulas and chemical compositions; blueprints, designs and drawings; financial
information, budgets, projections and results; business and marketing plans, strategies, and programs; employee and contractor lists and records; business methods, and operating and production procedures; pricing, sales data, prospect and customer
lists and information; supplier and vendor lists and information; terms of commercial contracts, as well as all such information relating to corporate opportunities, operations, future plans, methods of doing business, business plans, strategies for
developing business and market share, research, financial and sales data, pricing terms, evaluations, opinions, interpretations, acquisition prospects, the identity of customers or acquisition targets or their requirements, the identity of key
contacts within customers’ organizations or within the organization of acquisition prospects, or marketing and merchandising techniques, prospective names and marks). Moreover, all documents, presentations, drawings, memoranda, notes, records,
files, correspondence, manuals, models, specifications, computer programs, e-mail, voice mail, electronic databases, maps, data, models and all other writings or materials of any type including or embodying
any Confidential Information shall be the sole and exclusive property of the Company or any of its subsidiaries and is subject to the same restrictions on disclosure applicable to all Confidential Information as set forth above. Confidential
Information does not include any information that is or becomes generally available to the public other than as a result of a disclosure or wrongful act of the Participant or any of the Participant’s agents or which was known to Executive prior
to his employment with the Company. 
 4.    Non-Competition; Non-Solicitation. 
  

	 	a.	 In granting the Restricted Stock Unit Award to the Participant, the Company provides the Participant a further
incentive to build the Company’s goodwill and links the Participant’s interests to the Company’s long-term business interests. As an inducement for the Company to grant the Restricted Stock Unit Award and enter into this Agreement,

	 	
and in order to protect the Confidential Information, and the Company’s and its subsidiaries goodwill, the Participant voluntarily agrees to the covenants set forth in this
Section 4(a). The Participant agrees and acknowledges that the limitations and restrictions set forth herein, including the geographical and temporal restrictions on certain activities, are reasonable in all respects and
not oppressive and are material and substantial part of the Company’s willingness to enter into this Agreement, and are intended and necessary to protect the Company’s and its subsidiaries’ Confidential Information, goodwill, and
substantial and legitimate business interests. 

  

	 	b.	 The Participant agrees that during the Prohibited Period, the Participant shall not, without prior written
approval of the Company, directly or indirectly, for the Participant, or on behalf of or in conjunction with any other person or entity of whatever nature: 

  

	 	i.	 engage in or carry on within the Market Area in competition with the Company or any of its subsidiaries in any
aspect of the Business, which prohibition shall prevent the Participant from directly or indirectly: (A) owning, managing, operating, becoming an officer or director of any person or entity primarily engaged in, or planning to primarily engage
in, the Business in the Market Area in competition, or anticipated competition, with the Company or any of its subsidiaries, or (B) in the Market Area, joining, becoming employee or consultant of, or otherwise being affiliated with any person
or entity primarily engaged in, or planning to primarily engage in, the Business in the Market Area in competition, or anticipated competition, with the Company or any of its subsidiaries (in each case, with respect to this clause (B), in any
capacity in which the Participant’s duties are the same or similar to those performed for the Company or any of its subsidiaries) – for purposes of this provision, “primarily engage” means that at least twenty percent (20%) of
the gross revenue of a person or entity’s business is from business directly competitive with the Business; 

  

	 	ii.	 appropriate any Business Opportunity of, or relating to, the Company or any of its subsidiaries located in the
Market Area; 

  

	 	iii.	 within the Market Area, solicit, canvass, approach, encourage, entice or induce any customer or supplier of the
Company or any of its subsidiaries with whom or which the Participant had contact in the last 24 months of his or her employment with the Company or its subsidiaries or about whom or which the Participant obtained Confidential Information to cease
or lessen such customer’s or supplier’s business with the Company or any of its subsidiaries in the Business; or 

  

	 	iv.	 solicit, canvass, approach, encourage, entice or induce any employee or contractor of the Company or any of its
subsidiaries to terminate his, her or its employment or engagement therewith, excluding general advertisements and solicitations not targeted at the employees or contractors of the Company or its subsidiaries. 

 

	 	v.	 Notwithstanding the above-referenced limitations in Sections 4(b)(i), 4(b)(ii) and 4(b)(iii), such
limitations shall not apply following the termination of the Participant’s employment with the Company and (as applicable) any of its 

	 	
subsidiaries in those portions of the Market Area located within the State of Oklahoma. Instead, the Participant agrees that, during the portion of the Prohibited Period that occurs after the
Participant is no longer employed by the Company or any of its subsidiaries, the restrictions on the Participant’s activities within those portions of the Market Area located within the State of Oklahoma (in addition to those restrictions set
forth in Sections 1 and 4(b)(iv) herein) shall be as follows: the Participant will not directly or indirectly solicit the sale of goods, services, or a combination of goods and services from the established customers of the Company or of any
of its subsidiaries. 

  

	 	c.	 For purposes of this Section 4, the following terms shall have the following
meanings: 

  

	 	i.	 “Business” means the business and operations that are the same or similar to those
performed by the Company or any of its subsidiaries and for which the Participant obtained Confidential Information or had direct or indirect responsibilities during the period of the Participant’s employment with the Company or any of its
subsidiaries, which business and operations include (if Participant obtained Confidential Information or had direct or indirect responsibilities with respect to such business and operations on behalf of the Company or any of its subsidiaries during
the period of his or her employment): rig-based and coiled tubing-based well maintenance and workover services, well completion and recompletion services, fluid management services, and fishing and rental
services. 

  

	 	ii.	 “Business Opportunity” shall mean any commercial, investment or other business
opportunity relating to the Business. 

  

	 	iii.	 “Market Area” means: onshore land areas in the Continental United States in
(a) each county in which the Participant was based or performed material services on behalf of the Company or any of its subsidiaries; and (b) each of the following basins and oil and gas shale plays: Bakken, Barnett, Denver-Julesberg,
Eagle Ford, Fayetteville, Granite Wash, Haynesville, Marcellus, Mississippi Lime, Niobrara, Permian, Powder River, SCOOP, STACK, Tuscaloosa, Williston, and Woodford; provided, however, a basin or play shall not be included within the Market
Area if: (1) the Participant had no direct or indirect responsibilities with respect to such basin or play during the last 24 months of the Participant’s employment or engagement with the Company or any of its subsidiaries, or (2) the
Participant obtained no Confidential Information with respect the Company’s or any of its subsidiaries’ Business in such basin or play. 

  

	 	iv.	 “Prohibited Period” shall mean the period during which the Participant is employed by
the Company or any of its subsidiaries and continuing for a period of twelve (12) months following the date that the Participant is no longer employed by the Company or any of its subsidiaries. 

 5.    Return of Confidential Information. Upon the termination of the
Participant’s employment with the Company or any of its subsidiaries, and at any other time upon request of the Company, the Participant shall promptly surrender and deliver to the Company all documents (including electronically stored
information) and all copies thereof and all other materials of any nature containing or pertaining to all Confidential Information (including any Company-issued computer, mobile devise or other equipment) in the Participant’s possession,
custody or control and the Participant shall not retain any such document or other materials or property. 
 6.    Specific
Performance. Because of the difficulty of measuring economic losses to the Company and its subsidiaries as a result of a breach of the foregoing covenants, and because of the immediate and irreparable damage that would be caused to the Company
and its subsidiaries for which it would have no other adequate remedy, the Participant agrees that the Company and each of its subsidiaries shall be entitled to enforce the foregoing covenants, in the event of a breach, by injunctions and
restraining orders and that such enforcement shall not be the Company’s or its subsidiaries’ exclusive remedy for a breach but instead shall be in addition to all other rights and remedies available to the Company and its subsidiaries, at
law and equity. 
 7.    Severability. The covenants in this Appendix A to the Agreement are severable and separate, and
the unenforceability of any specific covenant (or any portion thereof) shall not affect the provisions of any other covenant (or portion thereof). Moreover, in the event any arbitrator or court of competent jurisdiction shall determine that the
scope, time or territorial restrictions set forth are unreasonable, then it is the intention of the Participant and the Company that such restrictions be enforced to the fullest extent which the arbitrator deems reasonable and this Agreement shall
thereby be reformed. 
 8.    Third-Party Beneficiaries. Each of the Company’s subsidiaries that is not a signatory
hereto shall be a third-party beneficiary of the Participant’s representations, covenants and obligations set forth in this Appendix A and shall be entitled to enforce such representations, covenants and obligations as if a party hereto.EX-10.2

 Exhibit 10.2 

KEY ENERGY SERVICES, INC. 

2019 EQUITY AND CASH INCENTIVE PLAN 

TIME-VESTED RESTRICTED STOCK UNIT AWARD AGREEMENT 

THIS TIME-VESTED RESTRICTED STOCK UNIT AWARD AGREEMENT, including the Appendix attached hereto (this
“Agreement”), dated as of [Date] (the “Agreement Date”), is made by and between Key Energy Services, Inc., a Delaware corporation (the “Company”), and [Name of
Participant] (the “Participant”). 
 R E C I T A L S: 

WHEREAS, the Board of Directors of the Company (the “Board”) expects to adopt the Key Energy Services, Inc.
2019 Equity and Cash Incentive Plan (the “Plan”) and to submit the Plan for stockholder approval at the Company’s 2019 annual stockholders’ meeting (the “2019 Annual Meeting”); 

WHEREAS, the Plan will provide for grants of Awards of time-vested restricted stock units (“Restricted Stock
Units”); 
 WHEREAS, the Compensation Committee of the Board (the “Committee”) has determined
that it is in the best interests of the Company and its stockholders to grant the Restricted Stock Units (the “Restricted Stock Unit Award”) provided for herein pursuant to the terms of the Plan and subject to the further
terms and conditions set forth herein; and 
 WHEREAS, the Participant desires to accept the Restricted Stock Unit Award made
pursuant to this Agreement and agrees to abide by the restrictions that accompany this Agreement, including those set forth in Appendix A hereto. 

NOW, THEREFORE, in consideration of the services rendered by the Participant and the mutual covenants hereinafter set forth, the
parties hereto agree as follows: 
  

	1.	 Grant of Restricted Stock Units; Stockholder Approval Requirement. The Company hereby grants to
the Participant the Restricted Stock Unit Award consisting of [●] Restricted Stock Units, effective as of and contingent upon approval of the Plan by the Company’s stockholders at the 2019 Annual Meeting. If the stockholders
do not approve the Plan at the 2019 Annual Meeting, then this Agreement shall be null and void and the Participant shall have no rights or interests of any kind with respect to the Restricted Stock Units, their associated Dividend Equivalents or the
shares of common stock of the Company (“Common Stock”) underlying the Restricted Stock Units. 

  

	2.	 Dividend Equivalents. Each Restricted Stock Unit shall be credited with dividend equivalents (the
“Dividend Equivalents”) in an amount, without interest, equal to the cumulative cash and stock dividends declared or paid on a share Common Stock, if any, following the Agreement Date and prior to the date the Restricted
Stock Unit is settled in accordance with Section 5. 

	3.	 Incorporation by Reference. The provisions of the Plan are incorporated herein by reference.
Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan. The Plan administrator (the “Administrator”) shall have the authority to interpret and construe
the Plan and this Agreement and to make any and all determinations thereunder, and its decision shall be binding and conclusive upon the Participant and his or her legal representative in respect of any questions arising under the Plan or this
Agreement. 

  

	4.	 Vesting of Restricted Stock Units. The Restricted Stock Units are restricted in that they are
forfeitable and may not be sold, transferred or otherwise alienated or hypothecated (the “Restrictions”) until they become vested and shares of Common Stock are delivered pursuant to Section 5
following removal or expiration of the Restrictions. Subject to (i) the Participant’s continuous service with the Company or an affiliate as an employee or director (“Continuous Service”) through the applicable
Vesting Date (as defined below) and (ii) compliance with the terms and conditions of this Agreement (including without limitation, the restrictive covenants set forth in Appendix A), the Restrictions will expire and the Restricted Stock
Units will become nonforfeitable and vested as to one-third (1/3) of the Restricted Stock Units on each anniversary of the Agreement Date (each, a “Vesting Date”). Notwithstanding the
above, to the extent Participant is a party to an employment agreement with the Company (an “Employment Agreement”) which provides for accelerated vesting in additional or different circumstances, Participant’s
Restricted Stock Units will vest in accordance with the provisions thereof. 

  

	5.	 Settlement. 

 

	 	(a)	 Amount. For each vested Restricted Stock Unit, the Company will deliver one share of Common Stock plus a
cash amount equal to the aggregate Dividend Equivalents, if any, for such vested Restricted Stock Unit, in each case less any applicable withholding. The value of any fractional Restricted Stock Unit shall be rounded down at the time shares of
Common Stock are issued. Neither fractional shares of Common Stock nor the cash value of any fractional shares of Common Stock will be issuable or payable pursuant to this Agreement. Neither the value of shares of Common Stock nor the value of
Dividend Equivalents shall bear any interest owing to the passage of time. Neither this Section 5 nor any action taken in accordance with this Section 5 shall be construed to create a trust or a
funded or secured obligation of any kind. 

  

	 	(b)	 Timing. Delivery in respect of the vested Restricted Stock Units and any associated Dividend Equivalents
will be made as soon as administratively practicable following the Vesting Date, but in no event more than sixty 60 days following the Vesting Date. Such delivery shall be subject to the Participant’s continued compliance with the restrictive
covenants set forth in Appendix A. 

  

	6.	 Termination of Continuous Service. Subject to Section 7(b), or as
otherwise provided in the Participant’s Employment Agreement, or as may otherwise be determined by the Board in its discretion, all unvested Restricted Stock Units shall be forfeited upon termination of the Participant’s Continuous Service
for any reason. 

  
 2 

	7.	 Change of Control. 

 

	 	(a)	 Notwithstanding Section 4, to the extent vesting would not otherwise occur in
connection with same, the Board may, in its sole discretion, accelerate the vesting of the Restricted Stock Units in connection with a Change of Control. 

  

	 	(b)	 Notwithstanding anything to the contrary in this Agreement, if the Participant’s Continuous Service is
terminated (i) by the Company other than due to a termination for Cause (as defined below) or (ii) by the Participant due to a termination for Good Reason (as defined below), in each case within twelve (12) months following a Change
of Control, all unvested Restricted Stock Units shall vest and be settled in accordance with Section 5. 

  

	 	(c)	 “Change of Control” means: 

 

	 	(i)	 except as provided below, the consummation of a merger, consolidation, statutory share exchange or similar form
of corporate transaction or event (a “Business Combination”) involving the Company, unless immediately following such Business Combination: (A) the holders of the Company’s voting securities immediately prior to the
Business Combination hold at least 50% of the total voting power of (y) the entity resulting from such Business Combination (the “Surviving Entity”) or (z) if applicable, the parent company that directly or
indirectly has beneficial ownership of at least 95% of the voting power, and (B) at least a majority of the members of the board of directors of the parent (or, if there is no parent, the Surviving Entity) following the consummation of the
Business Combination were Incumbent Directors (as defined below) at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination; 

 

	 	(ii)	 the consummation of a sale of all or substantially all of the Company’s assets (other than to Platinum
Equity Advisors, LLC or any of its controlled affiliates (collectively, “Platinum”)); or 

  

	 	(iii)	 the stockholders of the Company approve a plan of complete dissolution or liquidation of the Company.

 Notwithstanding anything to the contrary above, a Business Combination immediately following which Platinum holds at
least 50% of the total voting power of the Surviving Entity shall not be deemed a Change of Control. In addition, notwithstanding anything to the contrary, no sale or other transfer of Company securities by Platinum in one or a series of related
transactions, and no change in the composition of the Board as a result of any such transaction or series of related transactions, shall be deemed a Change of Control. Furthermore, notwithstanding the foregoing, a “Change of Control” shall
not include any Chapter 11 bankruptcy proceeding (a “Bankruptcy Plan”); and provided, further, none of (A) the facts or circumstances giving rise to the commencement of, or

  
 3 

 occurring in connection with, any case filed for the Company or its debtor affiliates under
Chapter 11 of the bankruptcy code, (B) the issuance of shares of common stock of the Company reorganized pursuant to a Bankruptcy Plan, or (C) implementation or consummation of any other transaction pursuant to a Bankruptcy Plan shall
constitute a “Change of Control”. 
  

	 	(d)	 “Incumbent Director” means an individual who is a member of the Board as of the
effective date of the Plan or who becomes a member of the Board subsequent to the effective date of the Plan and whose election or nomination for election is approved by a vote of at least two-thirds of the
Incumbent Directors then on the Board (either by a specific vote or by approval of the Company proxy statement in which such person is named as a nominee for director, without written objection to such nomination); provided, however, that no
individual initially elected or nominated as a director of the Company as a result of an actual or publicly threatened election contest with respect to directors or as a result of any other actual or publicly threatened solicitation of proxies by or
on behalf of any person other than the Board will be deemed to be an Incumbent Director. 

  

	 	(e)	 “Cause” has the meaning set forth in the Participant’s Employment Agreement or, if
the Participant is not party to an Employment Agreement that defines such term, any of the following: (i) gross negligence in the performance of Participant’s duties, (ii) willful failure to perform Participant’s duties (other
than such failure resulting from the Participant’s incapacity due to physical or mental illness) that the Participant fails to remedy to the reasonable satisfaction of the Company within thirty (30) days after written notice is delivered
by the Company to the Participant that sets forth the basis of the Participant’s failure to perform his or her duties, (iii) willful engagement in conduct which is, or can reasonably be expected to be, materially injurious to the Company
or its subsidiaries (monetarily or otherwise) or (iv) conviction of, or plea of guilty or no contest to, a misdemeanor involving moral turpitude or any felony. 

 

	 	(f)	 “Good Reason” has the meaning set forth in the Participant’s Employment Agreement
or, if the Participant is not party to an Employment Agreement that defines such term, any of the following: 

  

	 	(i)	 a material diminution in the Participant’s base salary (except in conjunction with an across-the-board base salary reduction that affects similarly situated employees of the Company), authority, duties or responsibilities from those in effect immediately prior
to the date a Change of Control occurs; 

  

	 	(ii)	 a move of more than fifty (50) miles in the geographic location at which the Participant must perform
services from the location at which the Participant was required to perform services immediately prior to the date a Change of Control occurs; or 

  
 4 

	 	(iii)	 any other action or inaction by the Company that constitutes a material breach of the Plan or this Agreement
within one (1) year following a Change of Control. 

 In order for a termination to be considered for Good
Reason under this Agreement, (A) the event giving rise to Good Reason must have occurred without the Participant’s consent, (B) the Participant must provide notice to the Company of the existence of one of the above events
within thirty (30) days of the initial existence of such condition, (C) the Company must be provided thirty (30) days from the date of the Participant’s notice to remedy that condition (the “Cure Period”),
and (D) the condition must not have been remedied by the Company during the Cure Period. 
  

	8.	 Tax Withholding. The Company shall have the right to withhold from any delivery of Common Stock
or cash due under the Plan and this Agreement to satisfy any federal, state or local tax withholding obligation in accordance with and pursuant to the applicable withholding provisions of the Plan. 

 

	9.	 No Rights as Stockholder. The Participant shall have no rights as a stockholder with respect to
the shares of Common Stock underlying the Restricted Stock Units unless and until the Participant has become the record holder of such shares. 

  

	10.	 Restrictive Covenants. The provisions of the attached Appendix A, which are deemed to be
part of this Agreement as if fully set forth herein, shall apply to the Participant. By accepting this Agreement, the Participant agrees to be bound by, and promises to abide by, such provisions. The Participant further acknowledges and agrees that
the restrictive covenants contained in Appendix A are reasonable and enforceable in all respects. 

  

	11.	 Detrimental Activity. 

 

	 	(a)	 Upon delivery of Common Stock in respect of vested Restricted Stock Units, the Participant shall certify in a
manner acceptable to the Company that the Participant has not engaged in any Detrimental Activity (as defined below). 

  

	 	(b)	 The Administrator may cancel, rescind, suspend, withhold or otherwise limit or restrict this Restricted Stock
Unit Award, in whole or in part, at any time if the Participant engages in any Detrimental Activity. 

  

	 	(c)	 In the event a Participant engages in Detrimental Activity after delivery of Common Stock in respect of vested
Restricted Stock Units and during any period for which any restrictive covenant prohibiting such activity is applicable to the Participant, such delivery may be rescinded within one (1) year after the Participant engages in such Detrimental
Activity. In the event of any such rescission, the Participant shall pay to the Company the amount of any gain realized or payment received as a result of the delivery, in such manner and on such terms and conditions as may be required by the
Company. The Company shall be entitled to set-off against the amount of any such gain any amount owed 

  
 5 

	 	
to the Participant by the Company, subject to compliance with Section 409A of the Internal Revenue Code of 1986, as it may be amended from time to time, and any guidance and/or regulations
promulgated thereunder (the “Code”), if applicable. 

  

	 	(d)	 “Detrimental Activity” means (i) any violation of the terms of any written
agreement (including this Agreement, any other award agreement, the Employment Agreement or other agreement) with the Company or any of its affiliates relating to covenants with respect to non-disclosure,
confidentiality, intellectual property, work product, inventions assignment, privacy, exclusivity, non-competition, non-solicitation or
non-disparagement; (ii) breach of the Company’s Code of Business Conduct; (iii) activity that is discovered to be grounds for or results in the Participant’s termination for Cause;
(iv) the conviction of, or guilty plea entered by, the Participant for any felony or a crime involving moral turpitude whether or not connected with the Company or its affiliates; or (v) the commission of any other act involving willful
malfeasance or material fiduciary breach with respect to the Company or any of its affiliates. 

  

	12.	 Compliance with Laws, Regulations and Company Policies. The grant and payment of the Restricted
Stock Units shall be subject to compliance by the Company and the Participant with all applicable requirements of state and federal laws and regulatory agencies and with all applicable requirements of any stock exchange on which the Common Stock may
be listed at the time of such issuance or transfer, if applicable. This Restricted Stock Unit Award shall also be subject to any applicable clawback or recoupment policies, share trading and stock ownership policies of the Company, and other
policies that may be implemented by the Board from time to time. 

  

	13.	 Section 409A. Any amounts payable with respect to the Restricted
Stock Units are intended to be exempt from Section 409A of the Code in reliance on the short-term deferral exemption set forth in the final regulations issued thereunder. If any amounts payable with respect to the Restricted Stock Units are
determined to be subject to Section 409A of the Code, such payments may only be made under this Agreement upon an event and in a manner permitted by Section 409A of the Code. All payments to be made upon a termination of employment may
only be made upon a “separation from service” under Section 409A of the Code. For purposes of Section 409A of the Code, each payment shall be treated as a separate payment. In no event may the Participant, directly or indirectly,
designate the calendar year in which the payments under this Agreement will be made. Notwithstanding anything in this Agreement to the contrary, if the Participant is a “specified employee” as defined by Section 409A of the Code, then
if and to the extent required by Section 409A of the Code, any payment with respect to the Restricted Stock Units upon a separation from service will not be made before the date that is six (6) months after the Participant separates from
service or such earlier date permitted by Section 409A of the Code. 

  

	14.	 No Right to Continuous Service. Nothing herein alters the
at-will nature of the Participant’s employment with the Company or any of its subsidiaries. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation on any right of
the Company or any of its affiliates to terminate the Participant’s Continuous Service at any time. 

  
 6 

	15.	 Notices. All notices, demands and other communications provided for or permitted hereunder shall
be made in writing and shall be by registered or certified first class mail, return receipt requested, facsimile transmission, courier service or personal delivery: 

If to the Company: 
 Key Energy
Services, Inc. 
 1301 McKinney Street, Suite 1800 

Houston, Texas 77010 
 Facsimile: 713-651-4559 
 Attention: General Counsel 

If to the Participant: 
 At the
address on file with the Company 
 All such notices, demands and other communications shall be deemed to have been duly given when delivered
by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service; five (5) business days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged, if
telecopied. 
  

	16.	 Bound by Plan. By accepting this Agreement, the Participant agrees to be bound by all of the
terms and provisions of the Plan (which will be provided to the Participant as soon as administratively practicable following stockholder adoption of the Plan). 

 

	17.	 Beneficiary. The Participant may file with the Administrator a written designation of a
beneficiary on such form as may be prescribed by the Administrator and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, the legal representative of the Participant’s estate shall
be deemed to be the Participant’s beneficiary. 

  

	18.	 Successors. The terms of this Agreement shall be binding upon and inure to the benefit of the
Company, its successors and assigns, and on the Participant and the Participant’s executors, administrators, heirs, and successors. 

  

	19.	 Amendment of Restricted Stock Unit Award. Subject to Section 20 of this
Agreement and subject to the terms of the Plan, the Administrator at any time and from time to time may amend the terms of this Restricted Stock Unit Award; provided, however, that the Participant’s rights under this Restricted
Stock Unit Award shall not be impaired by any such amendment unless the Company requests the Participant’s consent and the Participant consents in writing, or except as otherwise permitted under the Plan. 

 

	20.	 Adjustment Upon Changes in Capitalization. The shares of Common Stock underlying the Restricted
Stock Units may be adjusted as provided in the Plan. The Participant, by accepting this Agreement, irrevocably and unconditionally consents and agrees to any such adjustments as may be made at any time hereafter. 

  
 7 

	21.	 Governing Law and Venue. The provisions of this Agreement shall be construed and enforced in
accordance with the laws and decisions of the State of Delaware, without regard to such state’s conflict of law principles. Any dispute or conflict between the parties shall be brought in a state or federal court located in Wilmington,
Delaware. The parties hereto submit to jurisdiction and venue in Wilmington, Delaware and all objections to such venue and jurisdiction are hereby waived. 

  

	22.	 Severability. If any provision of this Agreement or any part of any provision of this Agreement
is determined to be unenforceable for any reason whatsoever, it shall be severable from the rest of the Agreement and shall not invalidate or affect the other portions or parts of this Agreement, which shall remain in full force and effect.
Furthermore, each covenant contained in this Agreement shall stand independently and be enforceable without regard to any other covenants or to any other provisions of this Agreement. 

 

	23.	 Waiver. The waiver by the Company of a breach of any provision contained in this Agreement shall
not operate or be construed as a waiver of any subsequent breach or as a waiver of any other provisions of this Agreement. 

  

	24.	 Headings. The headings of the Sections hereof are provided for convenience only and are not to
serve as a basis for interpretation or construction, and shall not constitute a part of this Agreement. 

  

	25.	 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall
constitute an original and all of which together shall constitute one instrument. Delivery of an executed counterpart of this Agreement by facsimile or portable document format (.pdf) attachment to electronic mail shall be effective as delivery of a
manually executed counterpart of this Agreement. 

  

	26.	 No Liability for Good Faith Determinations. The Company and the members of the Board shall not be
liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Restricted Stock Units granted hereunder. 

  

	27.	 Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper
format, the Participant agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award
notifications and agreements, account statements, annual and quarterly reports and all other forms of communications) in connection with this and any other award made or offered by the Company. Electronic delivery may be via a Company electronic
mail system or by reference to a location on a Company intranet to which the Participant has access. The Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for
delivery and acceptance of any such documents that the Company may be required to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature.

  
 8 

 IN WITNESS WHEREOF, the Company has executed this Agreement effective as of the
Agreement Date set forth above. 
  

			
	KEY ENERGY SERVICES, INC.

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 The Participant (a) accepts the Restricted Stock Unit Award, (b) acknowledges and agrees that
the Agreement and the Restricted Stock Unit Award are contingent upon stockholder approval of the Plan at the 2019 Annual Meeting, (c) agrees to be bound by, and comply with, the terms of the Plan and this Agreement, including the restrictive
covenants contained in Appendix A, and (d) agrees that all decisions and determinations of the Administrator with respect to the Restricted Stock Unit Award shall be final and binding on the Participant and any other person having or
claiming an interest under the Restricted Stock Unit Award. 
 The Participant named below hereby accepts the terms of this Agreement and the Plan. 

 

	
	  

	[Name]
	[Address]

 EMPLOYEE ID NUMBER: [●] 

 APPENDIX A 

PROTECTION OF INFORMATION; NON-COMPETITION; NON-SOLICITATION

 1.    Non-Disclosure of Confidential Information. In the course of the
Participant’s employment with the Company or any of the Company’s direct or indirect subsidiaries (collectively, “subsidiaries” or each a “subsidiary”), and the performance of the Participant’s duties
on behalf of the Company or any of its subsidiaries, the Participant will be provided with, and will have access to Confidential Information (as defined below). In consideration, and as a condition, of the Participant’s receipt of and access to
Confidential Information, and as a condition of the Company’s entry into this Agreement, the Participant, both during the course of the Participant’s employment with the Company or any of its subsidiaries and thereafter, shall not disclose
any Confidential Information to any person or entity and shall not use any Confidential Information except for the benefit of the Company or its subsidiaries or with the express written consent of the Chief Executive Officer or the General Counsel
of the Company. The Participant shall follow all Company policies and protocols regarding the security of all documents and other material containing Confidential Information (regardless of the medium on which such Confidential Information is
stored). This Section 1 shall apply to all Confidential Information, whether known or later to become known to the Participant during the period that the Participant is employed or affiliated with the Company or any of its
subsidiaries. 
 2.    Permitted Disclosures. Notwithstanding the foregoing, or any other provision of this Agreement or
the Plan: 
  

	 	a.	 the Participant shall not be held criminally or civilly liable under any federal or state trade secret law for
the disclosure of a trade secret that is: (i) made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a
suspected violation of law; (ii) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; or (iii) protected under the whistleblower provisions of applicable law;

  

	 	b.	 in the event the Participant files a lawsuit for retaliation by the Company or any of its subsidiaries for the
Participant’s reporting of a suspected violation of law, the Participant may (i) disclose a trade secret to the Participant’s attorney and (ii) use the trade secret information in the court proceeding related to such lawsuit, in
each case, if the Participant (A) files any document containing such trade secret under seal; and (B) does not otherwise disclose such trade secret, except pursuant to court order; and 

 

	 	c.	 nothing shall prevent the Participant from lawfully, and without obtaining prior authorization from the Company
or any of its subsidiaries, (i) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by the U.S. Securities and Exchange
Commission (the “SEC”) or any other governmental or regulatory agency, entity, or official(s) (collectively, “Governmental Authorities”) regarding a possible violation of any law; (ii) responding
to any inquiry or legal process directed to an employee individually from any Governmental Authority; (iii) testifying, participating or 

	 	
otherwise assisting in an action or proceeding by any Governmental Authorities relating to a possible violation of law, including providing documents or other confidential information to
Governmental Authorities; or (iv) receiving an award for information provided to the SEC or any other Governmental Authority. Neither the Plan nor this Agreement (nor any other agreement between the Participant and the Company or a subsidiary
of the Company) shall be construed or applied to require the Participant to obtain prior authorization from the Company or any of its subsidiaries before engaging in any of the foregoing conduct referenced in this
Section 2, or to notify the Company or any of its subsidiaries of having engaged in any such conduct. 

3.    Definition of Confidential Information. As used herein, “Confidential Information” means all non-public or proprietary information of, or related to, the Company or any of its subsidiaries, including, without limitation, all designs, ideas, concepts, improvements, product developments, discoveries and
inventions, whether patentable or not, that (i) are acquired by or disclosed to the Participant during the period that the Participant is or has been employed or affiliated with the Company or any of its subsidiaries (whether acquired or
disclosed during business hours or otherwise and whether acquired or disclosed on the Company’s premises or otherwise) or (ii) relate to the businesses or properties, products or services of the Company or any of its subsidiaries
(including all such information relating to technical information, including engineering and scientific research, development, methodology, devices and processes; formulas and chemical compositions; blueprints, designs and drawings; financial
information, budgets, projections and results; business and marketing plans, strategies, and programs; employee and contractor lists and records; business methods, and operating and production procedures; pricing, sales data, prospect and customer
lists and information; supplier and vendor lists and information; terms of commercial contracts, as well as all such information relating to corporate opportunities, operations, future plans, methods of doing business, business plans, strategies for
developing business and market share, research, financial and sales data, pricing terms, evaluations, opinions, interpretations, acquisition prospects, the identity of customers or acquisition targets or their requirements, the identity of key
contacts within customers’ organizations or within the organization of acquisition prospects, or marketing and merchandising techniques, prospective names and marks). Moreover, all documents, presentations, drawings, memoranda, notes, records,
files, correspondence, manuals, models, specifications, computer programs, e-mail, voice mail, electronic databases, maps, data, models and all other writings or materials of any type including or embodying
any Confidential Information shall be the sole and exclusive property of the Company or any of its subsidiaries and is subject to the same restrictions on disclosure applicable to all Confidential Information as set forth above. Confidential
Information does not include any information that is or becomes generally available to the public other than as a result of a disclosure or wrongful act of the Participant or any of the Participant’s agents or which was known to Executive prior
to his employment with the Company. 
 4.    Non-Competition; Non-Solicitation. 
  

	 	a.	 In granting the Restricted Stock Unit Award to the Participant, the Company provides the Participant a further
incentive to build the Company’s goodwill and links the Participant’s interests to the Company’s long-term business interests. As an inducement for the Company to grant the Restricted Stock Unit Award and enter into this Agreement,

	 	
and in order to protect the Confidential Information, and the Company’s and its subsidiaries goodwill, the Participant voluntarily agrees to the covenants set forth in this
Section 4(a). The Participant agrees and acknowledges that the limitations and restrictions set forth herein, including the geographical and temporal restrictions on certain activities, are reasonable in all respects and
not oppressive and are material and substantial part of the Company’s willingness to enter into this Agreement, and are intended and necessary to protect the Company’s and its subsidiaries’ Confidential Information, goodwill, and
substantial and legitimate business interests. 

  

	 	b.	 The Participant agrees that during the Prohibited Period, the Participant shall not, without prior written
approval of the Company, directly or indirectly, for the Participant, or on behalf of or in conjunction with any other person or entity of whatever nature: 

  

	 	i.	 engage in or carry on within the Market Area in competition with the Company or any of its subsidiaries in any
aspect of the Business, which prohibition shall prevent the Participant from directly or indirectly: (A) owning, managing, operating, becoming an officer or director of any person or entity primarily engaged in, or planning to primarily engage
in, the Business in the Market Area in competition, or anticipated competition, with the Company or any of its subsidiaries, or (B) in the Market Area, joining, becoming employee or consultant of, or otherwise being affiliated with any person
or entity primarily engaged in, or planning to primarily engage in, the Business in the Market Area in competition, or anticipated competition, with the Company or any of its subsidiaries (in each case, with respect to this clause (B), in any
capacity in which the Participant’s duties are the same or similar to those performed for the Company or any of its subsidiaries) – for purposes of this provision, “primarily engage” means that at least twenty percent (20%) of
the gross revenue of a person or entity’s business is from business directly competitive with the Business; 

  

	 	ii.	 appropriate any Business Opportunity of, or relating to, the Company or any of its subsidiaries located in the
Market Area; 

  

	 	iii.	 within the Market Area, solicit, canvass, approach, encourage, entice or induce any customer or supplier of the
Company or any of its subsidiaries with whom or which the Participant had contact in the last 24 months of his or her employment with the Company or its subsidiaries or about whom or which the Participant obtained Confidential Information to cease
or lessen such customer’s or supplier’s business with the Company or any of its subsidiaries in the Business; or 

  

	 	iv.	 solicit, canvass, approach, encourage, entice or induce any employee or contractor of the Company or any of its
subsidiaries to terminate his, her or its employment or engagement therewith, excluding general advertisements and solicitations not targeted at the employees or contractors of the Company or its subsidiaries. 

 

	 	v.	 Notwithstanding the above-referenced limitations in Sections 4(b)(i), 4(b)(ii) and 4(b)(iii), such
limitations shall not apply following the termination of the Participant’s employment with the Company and (as applicable) any of its 

	 	
subsidiaries in those portions of the Market Area located within the State of Oklahoma. Instead, the Participant agrees that, during the portion of the Prohibited Period that occurs after the
Participant is no longer employed by the Company or any of its subsidiaries, the restrictions on the Participant’s activities within those portions of the Market Area located within the State of Oklahoma (in addition to those restrictions set
forth in Sections 1 and 4(b)(iv) herein) shall be as follows: the Participant will not directly or indirectly solicit the sale of goods, services, or a combination of goods and services from the established customers of the Company or of any
of its subsidiaries. 

  

	 	c.	 For purposes of this Section 4, the following terms shall have the following
meanings: 

  

	 	i.	 “Business” means the business and operations that are the same or similar to those
performed by the Company or any of its subsidiaries and for which the Participant obtained Confidential Information or had direct or indirect responsibilities during the period of the Participant’s employment with the Company or any of its
subsidiaries, which business and operations include (if Participant obtained Confidential Information or had direct or indirect responsibilities with respect to such business and operations on behalf of the Company or any of its subsidiaries during
the period of his or her employment): rig-based and coiled tubing-based well maintenance and workover services, well completion and recompletion services, fluid management services, and fishing and rental
services. 

  

	 	ii.	 “Business Opportunity” shall mean any commercial, investment or other business
opportunity relating to the Business. 

  

	 	iii.	 “Market Area” means: onshore land areas in the Continental United States in
(a) each county in which the Participant was based or performed material services on behalf of the Company or any of its subsidiaries; and (b) each of the following basins and oil and gas shale plays: Bakken, Barnett, Denver-Julesberg,
Eagle Ford, Fayetteville, Granite Wash, Haynesville, Marcellus, Mississippi Lime, Niobrara, Permian, Powder River, SCOOP, STACK, Tuscaloosa, Williston, and Woodford; provided, however, a basin or play shall not be included within the Market
Area if: (1) the Participant had no direct or indirect responsibilities with respect to such basin or play during the last 24 months of the Participant’s employment or engagement with the Company or any of its subsidiaries, or (2) the
Participant obtained no Confidential Information with respect the Company’s or any of its subsidiaries’ Business in such basin or play. 

  

	 	iv.	 “Prohibited Period” shall mean the period during which the Participant is employed by
the Company or any of its subsidiaries and continuing for a period of twelve (12) months following the date that the Participant is no longer employed by the Company or any of its subsidiaries. 

 5.    Return of Confidential Information. Upon the termination of the
Participant’s employment with the Company or any of its subsidiaries, and at any other time upon request of the Company, the Participant shall promptly surrender and deliver to the Company all documents (including electronically stored
information) and all copies thereof and all other materials of any nature containing or pertaining to all Confidential Information (including any Company-issued computer, mobile devise or other equipment) in the Participant’s possession,
custody or control and the Participant shall not retain any such document or other materials or property. 
 6.    Specific
Performance. Because of the difficulty of measuring economic losses to the Company and its subsidiaries as a result of a breach of the foregoing covenants, and because of the immediate and irreparable damage that would be caused to the Company
and its subsidiaries for which it would have no other adequate remedy, the Participant agrees that the Company and each of its subsidiaries shall be entitled to enforce the foregoing covenants, in the event of a breach, by injunctions and
restraining orders and that such enforcement shall not be the Company’s or its subsidiaries’ exclusive remedy for a breach but instead shall be in addition to all other rights and remedies available to the Company and its subsidiaries, at
law and equity. 
 7.    Severability. The covenants in this Appendix A to the Agreement are severable and separate, and
the unenforceability of any specific covenant (or any portion thereof) shall not affect the provisions of any other covenant (or portion thereof). Moreover, in the event any arbitrator or court of competent jurisdiction shall determine that the
scope, time or territorial restrictions set forth are unreasonable, then it is the intention of the Participant and the Company that such restrictions be enforced to the fullest extent which the arbitrator deems reasonable and this Agreement shall
thereby be reformed. 
 8.    Third-Party Beneficiaries. Each of the Company’s subsidiaries that is not a signatory
hereto shall be a third-party beneficiary of the Participant’s representations, covenants and obligations set forth in this Appendix A and shall be entitled to enforce such representations, covenants and obligations as if a party hereto.

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