Document:

EX-10.6

 Exhibit 10.6 

PROGENITY, INC. 
 2020
EMPLOYEE STOCK PURCHASE PLAN 
 Section 1. PURPOSE 

The purpose of this Employee Stock Purchase Plan (the “Plan”) is to provide an opportunity for Employees of Progenity, Inc., a
Delaware corporation (“Sponsor”) and its Participating Subsidiaries (collectively Sponsor and its Participating Subsidiaries shall be referred to as the “Company”), to purchase Common Stock of Sponsor and thereby to
have an additional incentive to contribute to the prosperity of the Company. It is the intention of the Company that the Plan (excluding any sub-plans thereof except as expressly provided in the terms of such sub-plan) qualify as an “Employee Stock Purchase Plan” under Section 423 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), and the Plan shall be administered in
accordance with this intent. In addition, the Plan authorizes the grant of options pursuant to sub-plans or special rules adopted by the Committee designed to achieve desired tax or other objectives in
particular locations outside of the United States or to achieve other business objectives in the determination of the Committee, which sub-plans shall not be required to comply with the requirements
of Section 423 of the Code or all of the specific provisions of the Plan, including but not limited to terms relating to eligibility, Offering Periods or Purchase Price. 

Section 2. DEFINITIONS 

(a)    “Applicable Law” shall mean the legal requirements relating to the administration of an employee
stock purchase plan under applicable U.S. state corporate laws, U.S. federal and applicable state securities laws, the Code, any stock exchange rules or regulations and the applicable laws of any other country or jurisdiction, as such laws, rules,
regulations and requirements shall be in place from time to time. 
 (b)    “Board” shall mean the
Board of Directors of Sponsor. 
 (c)    “Code” shall mean the Internal Revenue Code of 1986, as such
is amended from time to time, and any reference to a section of the Code shall include any successor provision of the Code. 

(d)    “Commencement Date” shall mean, with respect to a given Offering Period, the first Trading Day
during such Offering Period. 
 (e)    “Committee” shall mean the Compensation Committee of the Board
or the officer, officers or committee appointed by the Compensation Committee in accordance with Section 15 of the Plan (to the extent of the duties and responsibilities delegated by the Compensation Committee of the Board). 

(f)    “Common Stock” shall mean the common stock of Sponsor, par value $0.001 per share, or any
securities into which such Common Stock may be converted. 

 (g)    “Compensation” shall mean the total cash
compensation paid by the Company to an Employee with respect to an Offering Period, including salary, commissions, overtime, shift differentials and all or any portion of any item of compensation considered by the Company to be part of the
Employee’s regular earnings, but excluding items not considered by the Company to be part of the Employee’s regular earnings. Items excluded from the definition of “Compensation” include but are not limited to such items as
relocation bonuses, MBO bonuses and similar incentive bonuses, expense reimbursements, certain bonuses paid in connection with mergers and acquisitions, author incentives, recruitment and referral bonuses, foreign service premiums, differentials and
allowances, imputed income pursuant to Section 79 of the Code, income realized as a result of participation in any stock option, restricted stock, restricted stock unit, stock purchase or similar equity plan maintained by Sponsor or a
Participating Subsidiary, tuition and other reimbursements, taxable fringe benefits and severance benefits. The Committee shall have the authority to determine and approve all forms of pay to be included in the definition of Compensation and may
change the definition on a prospective basis. 
 (h)    “Effective Date” shall mean the date of the
underwriting agreement between the Company and the underwriters(s) managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering of the Company’s securities pursuant to a
registration statement filed and declared effective pursuant to the Securities Act. 

(i)    “Employee” shall mean an individual classified as an employee (within the meaning of Code
Section 3401(c) and the regulations thereunder) by Sponsor or a Participating Subsidiary on Sponsor’s or such Participating Subsidiary’s payroll records during the relevant participation period. Notwithstanding the foregoing, no
employee of Sponsor or a Participating Subsidiary shall be included within the definition of “Employee” if such person’s customary employment is for less than twenty (20) hours per week or for less than five (5) months per
year. Individuals classified as independent contractors, consultants, advisers, or members of the Board are not considered “Employees.” 

(j)    “Enrollment Period” shall mean, with respect to a given Offering Period, that period established
by the Committee prior to the commencement of such Offering Period during which Employees may elect to participate in order to purchase Common Stock at the end of that Offering Period in accordance with the terms of this Plan. 

(k)    “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended from time to time,
and any reference to a section of the Exchange Act shall include any successor provision of the Exchange Act. 

(l)    “Market Value” on a given date of determination (e.g., a Commencement Date or Purchase Date, as
appropriate) means, as of any date, the value of the Common Stock determined as follows: 
 (i)    If the Common Stock
is listed on any established stock exchange or traded on any established market, the Market Value of a share of Common Stock as of any date of determination will be, unless otherwise determined by the Board or Committee, the closing sales price for
such stock as quoted on such exchange or market (or the exchange or market with the 

 
greatest volume of trading in the Common Stock) on the date of determination, as reported in a source the Board or Committee deems reliable. 

(ii)    Unless otherwise provided by the Board or Committee, if there is no closing sales price for the Common Stock on
the date of determination, then the Market Value will be the closing selling price on the last preceding date for which such quotation exists. 

(iii)    In the absence of such markets for the Common Stock, the Market Value will be determined by the Board or
Committee in good faith. 
 (m)    “Offering Period” shall mean a period of no more than twenty-seven
(27) months. The Plan shall be implemented by a series of Offering Periods with terms established by the Committee in accordance with the Plan. Once established, the duration and timing of Offering Periods may be changed or modified by the
Committee as permitted by the Plan. If the Committee does not establish different rules with respect to an Offering Period, then the duration of an Offering Period shall be twenty-four (24) months and each Offering Period shall consist of four
(4) consecutive purchase periods each having a duration of six (6) months (individually, a “Purchase Period”), commencing on the first Trading Day following one Purchase Date and ending with the next Purchase Date, except
that the first Purchase Period of any Offering Period will commence on the Commencement Date and end with the next Purchase Date. If the Committee does not establish different rules with respect to the frequency of Offering Periods, a new Offering
Period shall commence every six (6) months following the Commencement Date of the previous Offering Period. 

(n)    “Offering Price” shall mean the Market Value of a share of Common Stock on the Commencement Date
for a given Offering Period. 
 (o)    “Participant” shall mean a participant in the Plan as described
in Section 5 of the Plan. 
 (p)    “Participating Subsidiary” shall mean a Subsidiary that has
been designated by the Committee in its sole discretion as eligible to participate in the Plan with respect to its Employees. 

(q)    “Plan” shall mean this 2020 Employee Stock Purchase Plan, including any sub-plans or appendices hereto. 
 (r)    “Purchase Date” shall mean,
for any Purchase Period, the last Trading Day of such Purchase Period. 
 (s)    “Purchase Period”
shall have the meaning set out in Section 2(m). 
 (t)    “Purchase Price” shall have the meaning
set out in Section 8(b). 
 (u)    “Securities Act” shall mean the U.S. Securities Act of 1933, as
amended, as amended from time to time, and any reference to a section of the Securities Act shall include any successor provision of the Securities Act. 

 (v)    “Stockholder” shall mean a record holder of
shares entitled to vote such shares of Common Stock under Sponsor’s by-laws. 

(w)    “Subsidiary” shall mean any entity treated as a corporation (other than Sponsor) in an unbroken
chain of corporations beginning with Sponsor, within the meaning of Code Section 424(f), whether or not such corporation now exists or is hereafter organized or acquired by Sponsor or a Subsidiary. 

(x)    “Trading Day” shall mean a day on which U.S. national stock exchanges are open for trading and the
Common Stock is being actively traded on one or more of such markets. 
 Section 3. ELIGIBILITY 

(a)    Any Employee employed by Sponsor or by any Participating Subsidiary at the beginning of an Enrollment Period for a
given Offering Period shall be eligible to participate in the Plan with respect to such Offering Period and future Offering Periods, provided that the Committee may establish administrative rules requiring that employment commence some minimum
period (not to exceed 90 days) prior to an Enrollment Period and/or that customary employment exceed a specified number of hours or period during a calendar year (not to exceed 20 hours per week or 5 months in a calendar year) to be eligible to
participate with respect to the associated Offering Period and provided further that an Employee may only participate in one Offering Period at a time. The Committee may also determine that a designated group of highly compensated Employees is
ineligible to participate in the Plan so long as the excluded category fits within the definition of “highly compensated employee” in Code Section 414(q). If the Committee does not establish different rules with respect to an Offering
Period, the minimum period of employment that must be completed prior to the beginning of an Enrollment Period shall be five (5) working days. No Employee who becomes eligible to participate in the Plan may become a participant in an Offering
Period following the Commencement Date of such Offering Period or after the commencement of any minimum period of employment established pursuant to the preceding sentence with respect to such Offering Period. 

(b)    No Employee may participate in the Plan if immediately after an option is granted the Employee owns or is
considered to own (within the meaning of Code Section 424(d)) shares of Common Stock, including Common Stock which the Employee may purchase by conversion of convertible securities or under outstanding options granted by Sponsor or its
Subsidiaries, possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of Sponsor or of any of its Subsidiaries. All Employees who participate in the Plan shall have the same rights and privileges
under the Plan, except for differences that may be mandated by local law and that are consistent with Code Section 423(b)(5); provided that individuals participating in a sub-plan adopted pursuant to
Section 16 hereof which is not designed to qualify under Code Section 423 need not have the same rights and privileges as Employees participating in the Code Section 423 Plan. No Employee may participate in more than one Offering
Period at a time. 

 Section 4. OFFERING PERIODS 

The Plan shall be implemented by a series of Offering Periods, which shall possess terms specified by the Committee in accordance with the
terms of the Plan. Offering Periods shall continue until the Plan is terminated pursuant to Section 14 hereof. Once established, the Committee shall have the authority to change the frequency and/or duration of Offering Periods (including the
Commencement Dates thereof) with respect to future Offering Periods if such change is announced prior to the scheduled occurrence of the Enrollment Period for the first Offering Period to be affected thereafter. If the Committee does not establish
different rules with respect to an Offering Period, then the duration of an Offering Period shall be twenty-four (24) months and each Offering Period shall consist of four (4) Purchase Periods commencing on the first Trading Day following
one Purchase Date and ending with the next Purchase Date, except that the first Purchase Period of any Offering Period will commence on the Commencement Date and end with the next Purchase Date. If the Committee does not establish different rules
with respect to the frequency of Offering Periods, a new Offering Period shall commence every six (6) months following the Commencement Date of the previous Offering Period. 

Section 5. PARTICIPATION 

(a)    An Employee who is eligible to participate in the Plan in accordance with its terms at the beginning of an
Enrollment Period for an Offering Period and elects to participate in such Offering Period shall automatically receive an option in accordance with Section 8(a). Such an Employee shall become a Participant by completing and submitting, on or
before the date prescribed by the Committee with respect to a given Offering Period, a completed payroll deduction authorization and Plan enrollment form provided by Sponsor or its Participating Subsidiaries or by following an electronic or other
enrollment process as prescribed by the Committee. An eligible Employee may authorize payroll deductions at the rate of any whole percentage of the Employee’s Compensation, not to be less than one percent (1.0%) and not to exceed fifteen
percent (15.0%) (or such other percentages as the Committee may establish from time to time before an Enrollment Period for a future Offering Period) of such Employee’s Compensation on each payday during the Offering Period. All payroll
deductions will be held in a general corporate account or a trust account. No interest shall be paid or credited to the Participant with respect to such payroll deductions. Sponsor shall maintain or cause to be maintained a separate bookkeeping
account for each Participant under the Plan and the amount of each Participant’s payroll deductions shall be credited to such account. A Participant may not make any additional payments into such account, unless payroll deductions are
prohibited under Applicable Law, in which case the provisions of Section 5(b) of the Plan shall apply. A Participant will automatically participate in each Offering Period commencing immediately following the last day of the prior Offering
Period unless he or she withdraws or is deemed to withdraw from this Plan or terminates further participation in the Offering Period. A Participant is not required to file any additional agreement in order to continue participation in this Plan
following the end of an Offering Period in which the Participant is then participating. 
 (b)    Notwithstanding any
other provisions of the Plan to the contrary, in locations where local law prohibits payroll deductions, an eligible Employee may elect to participate through contributions to his or her account under the Plan in a form acceptable to the Committee.
In such event, any such Employees shall be deemed to be participating in a sub-plan, unless the 

 
Committee otherwise expressly provides that such Employees shall be treated as participating in the Plan. 

(c)    Under procedures and at times established by the Committee, a Participant may withdraw from the Plan during an
Offering Period, by completing and filing a new payroll deduction authorization and Plan enrollment form with the Company or by following electronic or other procedures prescribed by the Committee. If a Participant withdraws from the Plan during an
Offering Period, his or her accumulated payroll deductions will be refunded to the Participant without interest, his or her right to participate in the current Offering Period will be automatically terminated and no further payroll deductions for
the purchase of Common Stock will be made during the Offering Period. Any Participant who wishes to withdraw from the Plan during an Offering Period, must complete the withdrawal procedures prescribed by the Committee, subject to any rules
established by the Committee, or changes to such rules, pertaining to the timing of withdrawals, limiting the frequency with which Participants may withdraw and re-enroll in the Plan, or imposing a waiting
period on Participants wishing to re-enroll following withdrawal. 

(d)    Notwithstanding the preceding provisions of this Section 5, if the Market Value on the day of commencement of
a Purchase Period, other than the first Purchase Period of such Offering Period, is less than the amount specified in Section 8(b)(i) for such Offering Period, each Participant who purchased shares of Common Stock in the preceding Purchase
Period of such Offering Period shall automatically be withdrawn from that original Offering Period and re-enrolled in the next twenty four-month Offering Period. 

(e)    A Participant may not increase his or her rate of contribution through payroll deductions or otherwise during a
given Offering Period. A Participant may decrease his or her rate of contribution through payroll deductions during a given Offering Period during such times specified by the Committee by filing a new payroll deduction authorization and Plan
enrollment form or by following electronic or other procedures prescribed by the Committee. If a Participant has not followed such procedures to change the rate of contribution, the rate of contribution shall continue at the originally elected rate
throughout the Offering Period and future Offering Periods. Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code for a given calendar year, the Committee may reduce a Participant’s payroll
deductions to zero percent (0%) at any time during an Offering Period scheduled to end during such calendar year. Payroll deductions shall re-commence at the rate provided in such Participant’s enrollment
form at the beginning of the first Offering Period which is scheduled to end in the following calendar year, unless terminated by the Participant as provided in Section 5(c). 

Section 6. TERMINATION OF EMPLOYMENT 

In the event any Participant terminates employment with Sponsor and its Participating Subsidiaries for any reason (including death) prior to
the expiration of an Offering Period, the Participant’s participation in the Plan shall terminate and all amounts credited to the Participant’s account shall be paid to the Participant or, in the case of death, to the Participant’s
heirs or estate, without interest. Whether a termination of employment has occurred shall be determined by the Committee. The Committee may provide that if a Participant’s termination of employment

 
occurs within a certain period of time as specified by the Committee (not to exceed 30 days) prior to a Purchase Date during an Offering Period then in progress, his or her option for the
purchase of shares of Common Stock will be exercised on such Purchase Date in accordance with Section 9 as if such Participant were still employed by the Company. If the Committee does not establish different rules with respect to an Offering
Period, then a Participant must be employed on a Purchase Date in order for his or her option to be exercised on such Purchase Date. The Committee may also establish rules regarding when leaves of absence or changes of employment status will be
considered to be a termination of employment, including rules regarding transfer of employment among Participating Subsidiaries, Subsidiaries and Sponsor, and the Committee may establish termination-of-employment procedures for the Plan that are independent of similar rules established under other benefit plans of Sponsor and its Subsidiaries; provided that such procedures are not in conflict
with the requirements of Section 423 of the Code. 
 Section 7. STOCK 

(a)    Subject to adjustment as set forth in Section 11 and the “evergreen” provision in this
Section 7, the aggregate number of shares of Common Stock which may be issued pursuant to the Plan shall not exceed Five Hundred Ten Thousand (510,000) shares (the “Share Reserve”). The Share Reserve will automatically increase
on January 1st of each calendar year, for ten years, commencing on January 1 of the calendar year following the Effective Date, in an amount equal to the lesser of (i) one percent (1%)
of the total number of shares of Common Stock outstanding on December 31st of the preceding calendar year or (ii) Six Hundred Thousand (600,000) shares (subject to adjustment as set forth in
Section 11). The Board may act prior to January 1st of a given year to provide that there will be no January 1st increase of the Share
Reserve for such year or that the increase in the Share Reserve for such year will be a smaller number of shares of Common Stock than would otherwise occur pursuant to the preceding sentence. 

(b)    Notwithstanding the above, subject to adjustment as set forth in Section 11, the maximum number of shares of
Common Stock that may be issued to any Employee in a given Offering Period shall be that number of shares of Common Stock that could be purchased on the Commencement Date of such Offering Period with Fifty-Thousand Dollars (USD$50,000), taking into
consideration any discount from the Offering Period pursuant to Section 8(b). The Committee may change this limitation at any time on a prospective basis to apply to future Offering Periods. If, on a given Purchase Date, the number of shares
with respect to which options are to be exercised exceeds either maximum, the Committee shall make, as applicable, such adjustment or pro rata allocation of the shares remaining available for purchase in as uniform a manner as shall be practicable
and as it shall determine to be equitable. 
 Section 8. OFFERING 

(a)    On the Commencement Date relating to each Offering Period, each eligible Employee, whether or not such Employee has
elected to participate as provided in Section 5(a), shall be granted an option to purchase that number of whole shares of Common Stock (as adjusted as set forth in Section 11) not to exceed that number of shares of Common Stock determined
in accordance with the last paragraph of Section 7 above (or such lower number of shares as determined by the Committee), which may be purchased with the payroll deductions 

 
accumulated on behalf of such Employee during each Offering Period at the purchase price specified in Section 8(b) below, subject to the additional limitation that no Employee participating
in the Plan shall be granted an option to purchase Common Stock under the Plan if such option would permit his or her rights to purchase stock under all employee stock purchase plans (described in Section 423 of the Code) of Sponsor and its
Subsidiaries to accrue at a rate which exceeds Twenty-Five Thousand Dollars (USD$25,000) of the Market Value of such Common Stock (determined at the time such option is granted) for each calendar year in which such option is outstanding at any time.
For purposes of the Plan, an option is “granted” on a Participant’s Commencement Date. An option will expire upon the earliest to occur of (i) the termination of a Participant’s participation in the Plan or such Offering
Period, (ii) the beginning of a subsequent Offering Period in which such Participant is participating, or (iii) the termination of the Offering Period. For avoidance of doubt, if an option is granted to an Employee who is not a Participant
in such Offering Period, that option shall expire upon the Commencement Date with any right or ability of such Employee to exercise the option. This Section 8(a) shall be interpreted so as to comply with Code Section 423(b)(8). 

(b)    The Purchase Price under each option shall be with respect to each Purchase Period in an Offering Period the lower
of (i) a percentage (not less than eighty-five percent (85%)) (“Designated Percentage”) of the Offering Price, or (ii) the Designated Percentage of the Market Value of a share of Common Stock on the Purchase Date on which
the Common Stock is purchased; provided that the Purchase Price may be adjusted by the Committee pursuant to Sections 11 or 12 in accordance with Section 424(a) of the Code. For a given Offering Period, the Designated Percentage shall be
established no later than the beginning of the Enrollment Period for such Offering Period. The Committee may change the Designated Percentage with respect to any future Offering Period, but not to below eighty-five percent (85%), and the Committee
may determine with respect to any prospective Offering Period that the Purchase Price shall be the Designated Percentage of the Market Value of a share of the Common Stock solely on each Purchase Date. If the Committee does not establish the
Designated Percentage prior to the beginning of the Enrollment Period for a given Offering Period, the Designated Percentage for such Offering Period shall be eighty-five percent (85%). 

Section 9. PURCHASE OF STOCK 
 Unless
a Participant withdraws from the Plan as provided in Section 5(c), terminates employment prior to the end of an Offering Period as provided in Section 6, or except as provided in Sections 7, 12 or 14(b), upon each Purchase Date in the
Offering Period, a Participant’s option shall be exercised automatically for the purchase of that number of whole shares of Common Stock which the accumulated payroll deductions credited to the Participant’s account at that time shall
purchase at the applicable price specified in Section 8(b) in accordance with the terms of the Plan, including Section 7. If a Participant’s contributions are collected in a currency other than U.S. Dollars, then unless otherwise
provided by the Committee with respect to an Offering Period, such contributions shall be converted into U.S. Dollars using an exchange rate prevailing on the Purchase Date as selected in the reasonable determination of the Sponsor. Notwithstanding
the foregoing, Sponsor or its Participating Subsidiary may make such provisions and take such action as it deems necessary or appropriate for the withholding of taxes and/or social insurance and/or other amounts which Sponsor or its Participating
Subsidiary determines is required by Applicable Law. Each Participant, however, shall be responsible for 

 
payment of all individual tax liabilities arising under the Plan. The shares of Common Stock purchased upon exercise of an option hereunder shall be considered for tax purposes to be sold to the
Participant on the Purchase Date. A Participant’s option to purchase shares of Common Stock hereunder is exercisable only by him or her. 

Section 10. PAYMENT AND DELIVERY 

Within an administratively reasonable period of time after the exercise of an option, Sponsor shall deliver or cause to have delivered to the
Participant a record of the Common Stock purchased and the balance of any amount of payroll deductions credited to the Participant’s account not used for the purchase of Common Stock, except as specified below. The Committee may permit or
require that shares be deposited directly with a broker designated by the Committee or to a designated agent of the Company, and the Committee may utilize electronic or automated methods of share transfer. The Committee may require that shares be
retained with such broker or agent for a designated period of time and/or may establish other procedures to permit tracking of disqualifying dispositions of such shares. Sponsor or its Participating Subsidiary shall retain the amount of payroll
deductions used to purchase Common Stock as full payment for the Common Stock and the Common Stock shall then be fully paid and non-assessable. No Participant shall have any voting, dividend, or other
Stockholder rights with respect to shares subject to any option granted under the Plan until the shares subject to the option have been purchased and delivered to the Participant as provided in this Section 10. Following the last Purchase Date
in an Offering Period, the Committee may in its discretion direct Sponsor to retain in a Participant’s account for a subsequent Offering Period any payroll deductions which are not sufficient to purchase a whole share of Common Stock or return
such amount to the Participant. Any other amounts left over in a Participant’s account after the final Purchase Date in each Offering Period shall be returned to the Participant. If the Committee does not establish different rules with respect
to an Offering Period, then all amounts left over in a Participant’s account after the final Purchase Date of such Offering Period shall be returned to the Participant. 

Section 11. RECAPITALIZATION 

Subject to any required action by the Stockholders of Sponsor, if there is any change in the outstanding shares of Common Stock or other
securities of Sponsor because of a merger, consolidation, spin-off, reorganization, recapitalization, dividend in property other than cash, extraordinary dividend whether in cash and/or other property, stock
split, reverse stock split, stock dividend, liquidating dividend, combination or reclassification of the Common Stock or other securities (including any such change in the number of shares of Common Stock or other securities effected in connection
with a change in domicile of Sponsor), or any other increase or decrease in the number of shares of Common Stock or other securities effected without receipt of consideration by Sponsor, provided that conversion of any convertible securities of
Sponsor shall not be deemed to have been “effected without receipt of consideration,” the type and number of securities covered by each option under the Plan which has not yet been exercised, the type and number of securities which have
been authorized and remain available for issuance under the Plan, the maximum number of shares that may be added to the Plan in accordance with Section 7(a)(ii), as well as the maximum number of securities which may be purchased by a
Participant in an Offering Period, and the price per share covered by each option under the Plan which has 

 
not yet been exercised, shall be appropriately and proportionally adjusted by the Board, and the Board shall take any further actions which, in the exercise of its discretion, may be necessary or
appropriate under the circumstances. The Board’s determinations under this Section 11 shall be conclusive and binding on all parties. 

Section 12. MERGER, LIQUIDATION, OTHER CORPORATE TRANSACTIONS 

(a)    In the event of the proposed liquidation or dissolution of Sponsor, each Offering Period will terminate immediately
prior to the consummation of such proposed transaction, unless otherwise provided by the Board in its sole discretion, and all outstanding options shall automatically terminate and the amounts of all payroll deductions will be refunded without
interest to the Participants. 
 (b)    In the event of a proposed sale of all or substantially all of the assets of
Sponsor, or the merger or consolidation or similar combination of Sponsor with or into another entity, then in the sole discretion of the Board, (1) each option shall be assumed or an equivalent option shall be substituted by the successor
corporation or parent or subsidiary of such successor entity, (2) on a date established by the Board on or before the date of consummation of such merger, consolidation, combination or sale, such date shall be treated as the final Purchase Date
of each Offering Period, and all outstanding options shall be exercised on such date, (3) all outstanding options shall terminate and the accumulated payroll deductions will be refunded without interest to the Participants, or
(4) outstanding options shall continue unchanged. 
 Section 13. TRANSFERABILITY 

Neither payroll deductions credited to a Participant’s bookkeeping account nor any rights to exercise an option or to receive shares of
Common Stock under the Plan may be voluntarily or involuntarily assigned, transferred, pledged, or otherwise disposed of in any way, and any attempted assignment, transfer, pledge, or other disposition shall be null and void and without effect. If a
Participant in any manner attempts to transfer, assign or otherwise encumber his or her rights or interests under the Plan, other than as permitted by the Code, such act shall be treated as an election by the Participant to discontinue participation
in the Plan pursuant to Section 5(c). 
 Section 14. AMENDMENT OR TERMINATION OF THE PLAN 

(a)    The Plan shall continue from the Effective Date until the time that the Plan is terminated in accordance with
Section 14(b). 
 (b)    The Board or the Committee may, in its sole discretion, insofar as permitted by law,
terminate or suspend the Plan, or revise or amend it in any respect whatsoever, except that, without approval of the Stockholders, no such revision or amendment shall increase the number of shares subject to the Plan, other than an adjustment under
Section 11 of the Plan, or make other changes for which Stockholder approval is required under Applicable Law. Upon a termination or suspension of the Plan, the Board may in its discretion (i) return without interest, the payroll
deductions credited to Participants’ accounts to such Participants or (ii) set an earlier final Purchase Date with respect to each Offering Period then in progress. 

 Section 15. ADMINISTRATION 

(a)    The Board has appointed the Compensation Committee of the Board to administer the Plan (the
“Committee”), who will serve for such period of time as the Board may specify and whom the Board may remove at any time. The Committee will have the authority and responsibility for the day-to-day administration of the Plan, the authority and responsibility specifically provided in this Plan and any additional duty, responsibility and authority delegated to the Committee by the Board, which
may include any of the functions assigned to the Board in this Plan. The Committee may delegate to a sub-committee and/or to officers or employees of Sponsor the day-to-day administration of the Plan. The Committee shall have full power and authority to adopt, amend and rescind any rules and regulations which it deems desirable and appropriate for the proper
administration of the Plan, to construe and interpret the provisions and supervise the administration of the Plan, to make factual determinations relevant to Plan entitlements and to take all action in connection with administration of the Plan as
it deems necessary or advisable, consistent with the delegation from the Board. Decisions of the Committee shall be final and binding upon all Participants. Any decision reduced to writing and signed by a majority of the members of the Committee
shall be fully effective as if it had been made at a meeting of the Committee duly held. The Company shall pay all expenses incurred in the administration of the Plan. 

(b)    In addition to such other rights of indemnification as they may have as members of the Board or officers or
employees of the Company, members of the Board and of the Committee and their delegates shall be indemnified by the Company against all reasonable expenses, including attorneys’ fees, actually and necessarily incurred in connection with the
defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan, or any right granted under the
Plan, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Sponsor) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except
in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional misconduct in duties; provided, however, that within sixty (60) days after the
institution of such action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity at its own expense to handle and defend the same. 

Section 16. COMMITTEE RULES FOR JURISDICTIONS OTHER THAN THE UNITED STATES 

The Committee may adopt rules or procedures relating to the operation and administration of the Plan to accommodate the specific requirements
of the laws and procedures of jurisdictions outside of the United States. Without limiting the generality of the foregoing, the Committee is specifically authorized to adopt rules and procedures regarding handling of payroll deductions or other
contributions by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding procedures and handling of stock certificates which vary with local requirements; however, if such varying provisions
are not in accordance with the provisions of Section 423(b) of the Code, including but not limited to the requirement of Section 423(b)(5) of the Code that all options granted under the Plan shall have

 
the same rights and privileges unless otherwise provided under the Code and the regulations promulgated thereunder, then the individuals affected by such varying provisions shall be deemed to be
participating under a sub-plan and not in the Plan. The Committee may also adopt sub-plans applicable to particular Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Code Section 423 and shall be deemed to be outside the scope of Code Section 423 unless the terms of the
sub-plan provide to the contrary. The rules of such sub-plans may take precedence over other provisions of this Plan, with the exception of Section 7, but unless
otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan. The Committee shall not be required to
obtain the approval of the Stockholders prior to the adoption, amendment or termination of any sub-plan unless required by the laws of the jurisdiction in which Employees participating in the sub-plan are located. 
 Section 17. SECURITIES LAWS REQUIREMENTS 

(a)    No option granted under the Plan may be exercised to any extent unless the shares to be issued upon such exercise
under the Plan are covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all applicable provisions of any applicable national, regional, state, local or other jurisdiction,
including, without limitation, the Securities Act, the Exchange Act, the rules and regulations promulgated thereunder, applicable state and foreign securities laws and the requirements of any stock exchange upon which the Shares may then be listed,
subject to the approval of counsel for the Company with respect to such compliance. If on a Purchase Date in any Offering Period hereunder, the Plan is not so registered or in such compliance, options granted under the Plan which are not in material
compliance shall not be exercised on such Purchase Date, and the Purchase Date shall be delayed until the Plan is subject to such an effective registration statement and such compliance, except that each Purchase Date shall not be delayed more than
twelve (12) months and the final Purchase Date shall in no event be more than twenty-seven (27) months from the Commencement Date relating to such Offering Period. If, on the Purchase Date of any offering hereunder, as delayed to the
maximum extent permissible, the Plan is not registered and in such compliance, options granted under the Plan which are not in material compliance shall not be exercised and all payroll deductions accumulated during the Offering Period (reduced to
the extent, if any, that such deductions have been used to acquire shares of Common Stock) shall be returned to the Participants, without interest. The provisions of this Section 17 shall comply with the requirements of Section 423(b)(5)
of the Code to the extent applicable. 
 (b)    As a condition to the exercise of an option, Sponsor may require the
person exercising such option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for
Sponsor, such a representation is required by any of the aforementioned applicable provisions of law. 
 Section 18. GOVERNMENTAL REGULATIONS

 This Plan and Sponsor’s obligation to sell and deliver shares of its stock under the Plan shall be subject to the approval of any
governmental authority required in connection with the Plan or the authorization, issuance, sale, or delivery of stock hereunder. 

 Section 19. NO ENLARGEMENT OF EMPLOYEE RIGHTS 

Nothing contained in this Plan shall be deemed to give any Employee or other individual the right to be retained in the employ or service of
Sponsor or any Participating Subsidiary or to interfere with the right of Sponsor or Participating Subsidiary to discharge any Employee or other individual at any time, for any reason or no reason, with or without notice. 

Section 20. GOVERNING LAW 
 This Plan
shall be governed by applicable laws of the State of Delaware without regard for the conflicts of laws provisions thereof, and other applicable law. 

Section 21. EFFECTIVE DATE 
 This
Plan shall be effective on the Effective Date, subject to approval of the Stockholders of Sponsor within twelve (12) months before or after its date of adoption by the Board. 

Section 22. REPORTS 
 Individual
accounts shall be maintained for each Participant in the Plan. Statements of account shall be made available to Participants at least annually, which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of
shares of Common Stock purchased and the remaining cash balance, if any. 
 Section 23. DESIGNATION OF BENEFICIARY FOR OWNED SHARES 

With respect to shares of Common Stock purchased by the Participant pursuant to the Plan and held in an account maintained by Sponsor or its
assignee on the Participant’s behalf, the Participant may be permitted to file a written designation of beneficiary, who is to receive any shares and cash, if any, from the Participant’s account under the Plan in the event of such
Participant’s death subsequent to the end of a Purchase Period but prior to delivery to him or her of such shares and cash. In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the
Participant’s account under the Plan in the event of such Participant’s death prior to any Purchase Date(s) of an Offering Period. If a Participant is married and the designated beneficiary is not the spouse, spousal consent shall be
required for such designation to be effective to the extent required by local law. The Participant (and if required under the preceding sentence, his or her spouse) may change such designation of beneficiary at any time by written notice. Subject to
local legal requirements, in the event of a Participant’s death, Sponsor or its assignee shall deliver any shares of Common Stock and/or cash to the designated beneficiary. Subject to local law, in the event of the death of a Participant and in
the absence of a beneficiary validly designated who is living at the time of such Participant’s death, Sponsor shall deliver such shares of Common Stock and/or cash to the executor or administrator of the estate of the Participant, or if no
such executor or administrator has been appointed (to the knowledge of Sponsor), Sponsor in its sole discretion, may deliver (or cause its assignee to deliver) such shares of Common Stock and/or cash to the spouse, or to any one or more dependents
or relatives of the Participant, or if no spouse, dependent or relative is known to Sponsor, then to such other person as Sponsor may determine. The provisions of this Section 23 shall in no event require Sponsor to violate local law, and
Sponsor shall be entitled to take 

 
whatever action it reasonably concludes is desirable or appropriate in order to transfer the assets allocated to a deceased Participant’s account in compliance with local law. 

Section 24. ADDITIONAL RESTRICTIONS OF RULE 16b-3. 

The terms and conditions of options granted hereunder to, and the purchase of shares of Common Stock by, persons subject to Section 16 of
the Exchange Act shall comply with the applicable provisions of Rule 16b-3. This Plan shall be deemed to contain, and such options shall contain, and the shares of Common Stock issued upon exercise thereof
shall be subject to, such additional conditions and restrictions, if any, as may be required by Rule 16b-3 to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan
transactions. 
 Section 25. NOTICES 

All notices or other communications by a Participant to Sponsor or the Committee under or in connection with the Plan shall be deemed to have
been duly given when received in the form specified by Sponsor or the Committee at the location, or by the person, designated by Sponsor for the receipt thereof.EX-10.1

 Exhibit 10.1 

NELSON HAIGHT 

EMPLOYMENT AGREEMENT 

KEY ENERGY SERVICES, INC. (the “Company” or “Key”), a Delaware corporation with its
principal offices at 1301 McKinney Street, Suite 1800, Houston, Texas 77010, and NELSON HAIGHT (“Employee”) enter into this Employment Agreement (this “Agreement”) effective the 15th day of June 2020 (the “Effective Date”) in order to outline the terms and conditions of Employee’s employment relationship with the Company during the term of this
Agreement. Employee and the Company hereby agree as follows: 
 1.    Employment; Term of
Agreement. Employee agrees to devote his full time and best efforts to serve as Senior Vice President, Chief Financial Officer and Treasurer for the Company, having those duties and title specified from time to time by the
Chief Executive Office or the Board of Directors (the “Board”) of the Company. This Agreement will continue until the close of business on December 31, 2021, unless earlier terminated in accordance with its terms, and
shall be automatically renewed for successive one-year terms unless either Employee or the Company gives written notice to the other, no later than thirty (30) days prior to the expiration of the
then-current term that such automatic extension shall not occur. Employee will, if elected, serve as an officer and/or director of the Company, its parent, subsidiaries or affiliates (collectively, the “Key Companies”) and
perform all duties incident to such offices. 
 2.    Salary; Long-Term Incentive; Bonus; Expenses.
Effective as of the Effective Date, the Company will pay a salary to Employee at the annual rate of Three Hundred and Seventy-Five Thousand Dollars ($375,000.00) (the “Base Salary”), payable in substantially equal
installments in accordance with the Company’s existing payroll practices, but no less frequently than monthly. The Compensation Committee of the Board of Directors if the Company, will have discretion to review Employee’s compensation from
time to time as it deems appropriate and may, in its sole discretion, increase Employee’s Base Salary. Notwithstanding the foregoing and consistent with Base Salary reductions applicable to all other Company officers in 2020, Employee’s
Base Salary shall be reduced by 10% to an annual rate of $337,500 until such time as other Company officer base salaries are returned to their pre-reduction levels. In addition, Employee shall be eligible to
participate in incentive plans in effect from time to time for the Key Companies’ similarly-situated executives, key employees and other persons involved in the business of the Company and in the Key Companies’ stock-based incentive plans
outstanding from time to time. Under the Key Companies’ annual incentive bonus plan and subject to the terms of the governing plan, Employee may be eligible to earn a discretionary cash bonus, with the amount of any such bonus in any given year
to be determined by the senior management of the Company or the Board (or a committee thereof) in their sole discretion, based upon the level of achievement of goals mutually established by Employee and the senior management of the Company (subject
to Board approval). Such bonus shall be paid to Employee no later than March 15 of the year following the year to which it applies, as a “short-term deferral” under Treas. Reg.
1.409A-1(b)(4). Employee will be reimbursed by the Company for reasonable travel, lodging, meals and other expenses incurred by Employee in connection with performing his services hereunder in accordance with
the Key Companies’ policies as in effect from time to time. 

  
 Employment Agreement of Nelson Haight

 3.    Vacations; Benefits. Employee will be
entitled to (i) not less than 20 vacation days per calendar year (prorated for any partial year of service), with no carryover to subsequent years, and (ii) participation in such other fringe benefits, including, without limitation,
personal time off, group medical and dental, life, accident and disability insurance, retirement plans and supplemental and excess retirement benefits as the Company may provide from time to time for similarly-situated employees of the Company;
provided, however, that during the term of this Agreement, Employee shall not be entitled to or eligible for severance under any other plan, program, policy, or agreement. 

4.    Termination and Severance. Employee’s employment is
at-will and may be terminated by Employee or the Company for any reason at any time during the term of this Agreement, subject to the severance provisions below. Employee agrees that he has fully negotiated
this Section 4 of his Agreement with the Company to provide for sufficient severance pay, as appropriate, upon termination of employment. 
  

	 	(a)	 Termination of Employment by the Company for Cause; Termination of Employment by Employee other than for
Good Reason; Non-Renewal of Agreement. In the event (i) Employee’s employment is terminated by the Company for Cause, (ii) Employee voluntarily terminates his employment for any reason
other than for Good Reason, or (iii) Employee’s employment is terminated as a result of non-renewal of this Agreement, the Company shall have no further obligations to Employee except to pay Employee
accrued but unpaid Base Salary through Employee’s termination date and any expense reimbursements owed to Employee through the date of termination. As used in this Agreement, the term “Cause” shall mean (1) the willful and
continued failure by Employee to substantially perform Employee’s duties hereunder (other than any such willful or continued failure resulting from Employee’s incapacity due to Employee’s Disability (defined below)), (2) repeated
substandard work performance or repeated unreliability that has not been cured to the Company’s satisfaction after notice of the same as has been provided to Employee, (3) serious workplace misconduct, (4) Employee’s engagement
in misconduct that Employee knows or should know reasonably could be injurious to any of the Key Companies, monetarily or otherwise (including injurious to the reputation of such Company), (5) Employee’s conviction of a felony by a court of
competent jurisdiction or a plea of no contest to a felony charge, (6) fraud or other material dishonesty against any of the Key Companies, (7) the breach of any of the provisions hereof, or (8) the violation by Employee of any of the
Key Companies’ policies, rules or guidelines as in effect from time to time, including without limitation, the Code of Business Conduct, securities trading policy or anti-trust policy. 

 

	 	(b)	 Involuntary Termination of Employment Because of Death, Disability, or by the Company other than for
Cause, or by Employee with Good Reason. In the event Employee’s employment is involuntarily terminated during the term of the Agreement (i) by Employee’s death, (ii) due to Employee’s Disability (as defined below),
or (iii) by the Company other than for Cause, or if Employee voluntarily terminates employment with Good Reason (as defined below), Employee will be 

  
 2 

Employment Agreement of Nelson Haight 

	 	
eligible to receive (x) a lump sum severance payment equal to 1.5 times Employee’s annual Base Salary, less applicable deductions and withholdings, on the thirtieth (30th) day following Employee’s termination, (y) continued coverage for Employee and his dependents under the Company’s medical and dental benefit plans for 12 months at a cost to Employee
equal to the cost of such coverage for similarly-situated employees of the Company, which continued coverage shall immediately end upon obtainment of new employment and coverage under a similar welfare benefit plan (with the obligation to promptly
report such new coverage to the Company) and and (z) unless otherwise provided for in an award agreement, accelerated vesting and immediate exercisability of all outstanding equity awards previously granted to Employee, with the vesting of
equity awards that are based in whole or in part on performance being determined by the Board (or a committee thereof). Employee shall not be eligible to receive the severance payment, the continued coverage or the accelerated vesting described in
this Section 4(b) unless and until he (or in the event of Employee’s death, his estate) executes and returns on a timely basis, without revoking, a release of claims in a form acceptable to the Company. As used in this Agreement, the term
“Disability” means Employee’s inability, with or without reasonable accommodation, to perform Employee’s obligations and duties hereunder by reason of physical or mental illness or injury for a period of 120 days.

 “Good Reason” shall mean the occurrence of one or more of any of the following without
Employee’s consent: 
 (1) A material diminution in Employee’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 previously afforded to
Employee; 
 (2) A move of more than fifty (50) miles in the geographic location at which Employee must perform services from the
location at which Employee was previously required to perform services for the Company; or 
 (3) Any other action or inaction by the
Company that constitutes a material breach of this Agreement. 
 Good Reason shall only be found to exist where (w) Employee provided
notice to Company of the existence of one of the above conditions within ninety (90) days of the initial existence of such condition, (x) the Company was provided thirty (30) days from the date of Employee’s notice
to remedy that condition (the “Cure Period”), (y) the condition was not remedied by the Company during the Cure Period and (z) the termination of employment must occur within one hundred and twenty
(120) days of the initial existence of the condition giving rise to Good Reason. 

  
 3 

Employment Agreement of Nelson Haight 

	 	(c)	 Involuntary Termination following a Change of Control. If, within one year following a Change of
Control (as defined in Exhibit A) of the Company, the Company terminates the employment of Employee without Cause or Employee resigns with Good Reason, then Employee will be entitled to receive the payments and benefits set forth in
Section 4(b) above in addition to the following: 

 (1) the amount of any unpaid bonus for any performance period
ending prior to the date of Employee’s termination, determined under the applicable bonus program based on actual achievement of any established performance objectives, to be paid on the date on which the bonus for such period is paid to
similarly situated employees of the Company; and 
 (2) an amount equal to Employee’s target bonus amount for the performance period in
which the termination of employment occurs, pro-rated based on the number of full months employed during the performance period (including the date of employment termination), to be paid in a single cash lump
sum payment as soon as practicable following Employee’s termination of employment. 
  

	 	(d)	 Special Rules Pertaining to Termination. For purposes of this Agreement, Employee’s
employment will not be considered to have terminated unless, as a result of a termination, Employee has had a “separation from service” (as that term is defined in Treas. Reg. §
1.409A-1(h)) with the “Key Energy Controlled Group.” The term “Key Energy Controlled Group” means the group of corporations and trades or businesses (whether or
not incorporated) composed of the Company and every entity or other person which together with the Company constitutes a single “service recipient” (as that term is defined in Treas. Reg. §
1.409A-1(g)) as the result of the application of Treas. Reg. § 1.409A-1(h)(3). 

5.    Section 280G. In the event that any payments or benefits otherwise payable to Employee
(a) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (b) but for this Section 5, would be subject to the
excise tax imposed by Section 4999 of the Code, then such payments and benefits will be either (i) delivered in full, or (ii) delivered as to such lesser extent that would result in no portion of such payments and benefits being
subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income and employment taxes and the excise tax imposed by Section 4999 of the Code (and
any equivalent state or local excise taxes), results in the receipt by Employee on an after-tax basis of the greatest amount of benefits, notwithstanding that all or some portion of such payments and benefits
may be taxable under Section 4999 of the Code. Any reduction in payments and/or benefits required by this provision shall occur in the following order: (x) reduction of cash payments, (y) reduction of vesting acceleration of equity
awards, and (z) reduction of other benefits paid or provided to Employee. In the event that acceleration of vesting of equity awards is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant for
equity awards. If two or more equity awards are granted on the same date, each award will be reduced on a pro-rata basis. 

  
 4 

Employment Agreement of Nelson Haight 

 6.    Protection of Confidential Information. During
Employee’s employment relationship with the Company, the Company has provided and will continue to provide access to information that is among its increasing body of trade secrets, engineering data, proprietary data, intellectual property,
customer data, or other Confidential Information (as defined below) of the Key Companies, which will be necessary for Employee to perform his duties and responsibilities to the Company. Employee’s position is a position of trust and confidence
that involves working with the Key Companies’ Confidential Information and developing additional Confidential Information for use by the Key Companies. The Company has disclosed and will continue to disclose or grant access to Confidential
Information to Employee after Employee’s execution and delivery of this Agreement, in which Employee agrees to protect Confidential Information and in which Employee acknowledges the terms of which are no more restrictive than necessary to
protect the Key Companies’ legitimate business interests, including Confidential Information and goodwill. 
  

	 	(a)	 Non-disclosure Obligation. During the period of
Employee’s employment and forever thereafter, Employee will not, without the express written consent of the Chief Executive Officer of Key, directly or indirectly communicate or divulge to, or make available to, or use for Employee’s own
benefit or for the benefit of any competitor or any other person or entity, any Confidential Information, except to the extent that disclosure is required (i) at the Company’s direction or (ii) by a court or other governmental agency
of competent jurisdiction. 

  

	 	(b)	 Confidential Information Defined. “Confidential Information” refers to
any item of information, or a compilation of information, in any form (tangible or intangible), related to the Key Companies’ business that the Key Companies have not made public or authorized public disclosure of, and that is not generally
known to the public or to other persons who might obtain value or competitive advantage from its disclosure or use. Confidential Information will not lose its protected status under this Agreement if it becomes generally known to the public or to
other persons through improper means such as the unauthorized use or disclosure of the information by Employee or another person. Confidential Information includes, but is not limited to, personnel information (including information relating to any
and all aspects of compensation of any and all employees of the Key Companies), ideas, discoveries, designs, inventions, improvements, trade secrets, engineering data, proprietary data, intellectual property, customer data, technology, know-how, manufacturing processes, design specifications, writings and other works of authorship, computer programs, financial information, accounting information, organizational structure, Key Companies’
expenditures, marketing plans, customer lists and data, business plans or methods and the like, that relate in any manner to the actual or anticipated business of the Key Companies, as well as any and all information regarding the Key Companies
other than information disclosed in public filings under the Securities Exchange Act of 1934, as amended. Confidential Information shall not include information that is publicly available, unless such information became publicly available by reason
of a breach of this Agreement by Employee. 

  
 5 

Employment Agreement of Nelson Haight 

	 	(c)	 Steps to Protect Information. At all times, Employee agrees to use all reasonable and available
methods to prevent the unauthorized use or disclosure of Confidential Information. Depending upon the circumstances, available methods may include but are not limited to: marking information “Confidential,” sharing
information with authorized persons only on a need-to-know basis, maintaining the integrity of password protected computer systems, and otherwise storing information in
a manner that prevents unauthorized access. Employee shall maintain at her work station and/or any other place under his control only such Confidential Information as he has a current “need to know” in the furtherance of the
Key Companies’ business. Employee shall return to the appropriate person or location or otherwise properly dispose of Confidential Information once that need to know no longer exists. Employee shall not make copies of or otherwise reproduce
Confidential Information unless there is a legitimate business need of the Key Companies for reproduction. Employee shall not store electronic data of the Key Companies, including but not limited to Confidential Information, on any electronic
storage device that is not owned by the Company without prior consent of the Company. If Employee does store electronic data on an electronic storage device that is not owned by the Company, with or without consent of the Company, Employee hereby
agrees to surrender within three (3) business days following demand by the Company any and all such electronic storage devices to the Company for inspection, data retrieval, and data removal. 

 

	 	(d)	 Return of Confidential Information. Employee agrees that all Confidential Information received by
Employee during Employee’s employment with the Company is, and shall be, the property of the Company exclusively. Employee agrees to immediately return to the Company (or, with the Company’s permission, destroy) all of the material
mentioned above, including memoranda or notes taken by Employee and all tangible materials, including, without limitation, correspondence, drawings, blueprints, letters, notebooks, reports, flow-charts, computer programs and data proposals, at the
request of the Company. No copies will be made by Employee, or retained by Employee, of any such Confidential Information, whether or not developed by Employee. 

 

	 	(e)	 Third Party Information. Employee acknowledges that the Company may receive from third parties
their confidential information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. Employee agrees that he owes the Company and such third parties, during
the period of employment and thereafter, a duty to hold all such confidential information in the strictest confidence and not to disclose or use it, except as necessary to perform his obligations hereunder and as is consistent with the
Company’s agreements with such third parties. 

  
 6 

Employment Agreement of Nelson Haight 

	 	(f)	 Permitted Disclosure. Notwithstanding the foregoing, or any other provision of this Agreement:

 (1) Employee 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 (a) made (y) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and (z) solely for the purpose of reporting or investigating a suspected
violation of law; (b) made in a compliant or other document filed in a lawsuit or other proceeding, if such filing is made under seal; or (c) protected under the whistleblower provisions of applicable law; 

(2) In the event Employee files a lawsuit for retaliation by the Company for Employee’s reporting of a suspected violation of law,
Employee may (a) disclose a trade secret to Employee’s attorney and (b) use the trade secret information in the court proceeding related to such lawsuit, in each case, if Employee (y) files any document containing such trade
secret under seal; and (z) does not otherwise disclose such trade secret except pursuant to court order; and 
 (3) Nothing shall
prevent Employee from lawfully, and without obtaining prior authorization from the Company, (a) 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; (b) responding to any inquiry or legal process directed to an employee individually from any Governmental Authority; (c) testifying, participating or otherwise assisting in any action or
proceeding by any Governmental Authorities relating to a possible violation of law, including providing any documents or other Confidential Information to Governmental Authorities; or (d) receiving an award for information provided to the SEC
or any other Governmental Authority. Neither this Agreement nor any other agreement between Employee and the Company shall be construed or applied to require Employee to obtain prior authorization from the Company before engaging in any of the
foregoing conduct referenced in this Section 6(f), or to notify the Company of having engaged in any such conduct. 

7.    Restrictive Covenants. The provisions of Exhibit B attached hereto, 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 such provisions. The Participant further acknowledges and agrees that the restrictive covenants contained
in Exhibit B are reasonable and enforceable in all respects. 

  
 7 

Employment Agreement of Nelson Haight 

 8.    Intellectual Property; Assignment of Work
Product. Employee shall assign and does hereby assign to the Key Companies, the entire right, title and interest (including, but not limited to, rights to prepare derivative works, adaptations and modifications) for the entire world
in and to all work performed, writings, formulas, designs, models, drawings, recordings, photographs, design inventions and other inventions whether or not patentable, patents, copyrights, trade secrets, any other intellectual property rights,
products, technology, and other proprietary rights made, conceived or reduced to practice or authorized by the Key Companies, either solely or jointly with others pursuant to or in connection with services rendered under this Agreement or with use
of information, materials or facilities of the Key Companies received or used by Employee during the term of this Agreement. Employee agrees to sign, execute and acknowledge or cause to be signed, executed and acknowledged without cost, but at the
expense of the Company, any and all documents and to perform such acts as may be necessary, useful or convenient for the purpose of securing to the Company, or its nominees, patent, trademark or copyright protection throughout the world upon all
such writings, formulas, designs, models, drawings, recordings, photographs, and inventions, whether or not patentable, patents, copyrights, trade secrets, any other intellectual property rights, products, technology, and other proprietary rights,
title to which the Company may acquire in accordance with the provisions of this clause. Employee shall not contest the validity of any invention, any copyright, any trademark, or any mask work registration owned by or vesting in the Key Companies
under this Agreement. 
 9.    Consultation with Legal Counsel; Entire Agreement. Employee acknowledges
and agrees that Employee has been provided a reasonable time to review this Agreement with legal counsel and to consider the terms and provisions of this Agreement. Both parties acknowledge and agree that they are voluntarily entering into this
Agreement, after consultation with their legal counsel if so desired. This Agreement (together with any equity agreements pursuant to which equity is granted to Employee) contains the entire agreement between Employee and the Company and may not be
amended except by written agreement of Employee and a duly authorized representative of the Company. This Agreement supersedes any and all prior agreements and understandings between Employee and the Company regarding any and all aspects of his
employment relationship with the Company and any of its affiliates, whether written or oral, including the Prior Agreement. 

10.  Withholding and Certain Tax Matters. Employee acknowledges and agrees that any
or all payments under this Agreement may be subject to reduction for tax and other required withholdings. 
  

	 	(a)	 Interpretation of Agreement. To the fullest extent possible, the terms of this Agreement shall be
construed and administered so that no amount is includable in Employee’s gross income under Section 409A of the Code, and those sections of the Agreement relating to timing of payments shall be effective as of the Commencement Date (as
defined in the Prior Agreement). 

  

	 	(b)	 Payment Schedule. Notwithstanding any provision of this Agreement, if the payment of any amount
under this Agreement would cause an amount to be included in Employee’s gross income under Section 409A of the Code because 

  
 8 

Employment Agreement of Nelson Haight 

	 	
the timing of such payment is not delayed as provided in Section 409A(a)(2)(B) of the Code, then any such payments that Employee would otherwise be entitled to during the first six months
following the date of Employee’s separation from service shall be accumulated and paid on the date that is six months after the date of Employee’s termination of employment (or if such payment date does not fall on a business day of the
Company, the next following business day of the Company), or such earlier date upon which such amount can be paid without causing any amount to be included in Employee’s gross income under Section 409A of the Code. 

11.  Governing Law. Any dispute concerning Employee’s employment or this Agreement will be governed and
construed exclusively in accordance with the laws of Texas applicable to agreements made and performed entirely within such state, without giving effect to any choice or conflicts of laws principles, with venue of any dispute arising out of or
related to this Agreement or to Employee’s employment exclusively found in Harris County, Texas. 
 12.  Successors and
Assigns. This Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the successors and assigns of the parties hereto, which in his case shall include his estate, heirs, executors, administrators, personal
and legal representatives, distributees, devisees, and legatees. 
 13.  Counterparts. This Agreement may be
executed in duplicate counterparts, each of which shall be deemed to be an original and all of which, taken together, shall constitute one agreement. 

SIGNATURE PAGE FOLLOWS 

  
 9 

Employment Agreement of Nelson Haight 

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

			
	KEY ENERGY SERVICES, INC.
		
	 By:
	 	/s/ J. Marshall Dodson
		 	J. Marshall Dodson
		 	President and Chief Executive Officer

 ACCEPTED AND AGREED: 
  

	
	/s/ Nelson Haight
	Nelson Haight
	Senior Vice President, Chief Financial Officer & Treasurer

  
 Employment Agreement of Nelson Haight

 EXHIBIT A 

Definition of Change of Control 

“Change of Control” shall mean:     
  

	(a)	 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: (i) 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 (ii) 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 of the Board at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination; 

 

	(b)	 the consummation of a sale of all or substantially all of the Company’s assets; or 

 

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

  

	(d)	 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.” Notwithstanding the occurrence of any of the foregoing events described above which would otherwise result in a Change in Control, the Board may determine in its discretion, if it
deems it to be in the best interest of the Company, that an event or events otherwise constituting a Change in Control shall not be considered a Change in Control. Such determination shall be effective only if it made by the Board prior to the
occurrence of an event that otherwise would be or likely would lead to a Change in Control; or after such an event if made by the Board, a majority of which is composed of directors who were member of the Board immediately prior to the event that
otherwise would be or probably would lead to a Change in Control. 

  
 Employment Agreement of Nelson Haight

 EXHIBIT B 

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: 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 

  
 Employment Agreement of Nelson Haight

 
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 the Participant
prior to his or her 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 

  
 Employment Agreement of Nelson Haight

 
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 owning, managing, operating, becoming an officer, director, 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 (x) in any capacity if the Participant is a Vice President or above at the Company and (y) 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 if the Participant is below the level of a Vice President at the Company; 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 (i) current 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, (ii) Prospective Customer or Supplier with whom or which the
Participant had contact in the last 6 months of his or her employment with the Company or its subsidiaries or (iii) any such customer, supplier or Prospective Customer or Supplier about whom or which the Participant obtained Confidential
Information to cease or lessen such customer’s or supplier’s or Prospective Customer’s or Supplier’s business with the Company or any of its subsidiaries in the Business; 

(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; or 

  
 Employment Agreement of Nelson Haight

 (v) employ or cause any other person or entity to employ any person who was
an employee or contractor of the Company or any of its subsidiaries in the past six (6) months. 
 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 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, or
planning to be 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) without limitation: 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
(a) onshore land areas in the Continental United States within seventy-five (75) miles of any location that the Participant was either 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, that a basin or play shall not be included within the Market Area if (1) the Participant 

  
 Employment Agreement of Nelson Haight

 
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 to 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 shall mean the period during which the
Participant is employed by the Company or any of its subsidiaries and continuing for a period of months equal to the monthly base salary amount received by Participant as severance following the date that the Participant is no longer employed by the
Company or any of its subsidiaries; provided, however, in no event shall the Prohibited Period exceed twelve (12) months following the date that the Participant is no longer employed with the Company. For example, if a Participant
receives six (6) months base salary as severance, the Prohibited Period for such Participant will be six (6) months following the date that the Participant is no longer employed with the Company or any of its subsidiaries. Notwithstanding
the foregoing, the Prohibited Period with respect to Section 4(b)(iv) of this Appendix A shall always be a period of twelve (12) months. 

(v) “Prospective Customer or Supplier” shall mean, any person whom the Company, has, within the six
(6) months prior to the termination of Participant’s employment with the Company or its subsidiaries, offered (by means of a personal meeting, telephone call or targeted letter or written proposal, or other similar communication) to, in
the case of a customer, provide services competitive with the Business or, in the case of a supplier, obtain services from such supplier. 

(d) 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. 
 (e) 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. 

  
 Employment Agreement of Nelson Haight

 (f) 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. 
 (g) 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. 

  
 Employment Agreement of Nelson Haight

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}]]