Document:

EX-10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS is an EMPLOYMENT AGREEMENT, made as of March 26, 2009 (the “Effective Date”),
between TELEFLEX INCORPORATED (the “Company”) and JEFFREY P. BLACK (“Executive”).

Background

A. Executive is employed by the Company as the Company’s Chairman and Chief Executive Officer.

B. The purpose of this Agreement is to set forth the terms and conditions of Executive’s
employment and, in particular, to provide for certain severance compensation and benefits to be
paid or provided to Executive in the event of the termination of his employment under circumstances
specified herein, to provide for certain commitments by Executive, and to supersede and replace the
Employment Agreement (the “Prior Agreement”) dated as of May 5, 2006 and amended as of
January 1, 2009 between the Company and Executive.

Terms

THE PARTIES, in consideration of the mutual covenants hereinafter set forth, and intending to
be legally bound hereby, agree as follows:

1.   Definitions. The following terms used in this Agreement with initial
capital letters have the respective meanings specified therefor in this Section.

“Affiliate” of any Person means (i) any other Person that controls, is controlled by
or is under common control with the first mentioned Person, or (ii) any Person that, together with
the Company, would be treated as a single employer with the Company under Section 414(b),(c), (m)
or (o) of the Code.

“Agreement” preceded by the word “this” means this Employment Agreement, as amended at
any relevant time.

“Base Salary” of Executive means the highest annualized base rate of salary paid to
Executive within 24 months preceding the Termination Date, including any and all authorized salary
reduction amounts under any of the Company’s benefit plans or programs; provided, however, that in
the event of a Termination Following a Change of Control, Base Salary means the highest annualized
base rate of salary being paid to Executive in all capacities with the Company, including any and
all authorized salary reduction amounts under any of the Company’s benefit plans or programs, at
the time of the Change of Control or any time thereafter.

“Board” has the meaning specified therefor in Section 4(a).

“Bonus Plan” means any Plan providing for the payment of incentive cash compensation
to Executive.

“Cause” means (a) misappropriation of funds, (b) conviction of a crime involving moral
turpitude, or (c) gross negligence in the performance of duties, which gross negligence has had a
material adverse effect on the business, operations, assets, properties or financial condition of
the Company and its subsidiaries taken as a whole.

“Change of Control” shall mean one of the following shall have taken place after the
date of this Agreement:

(a)   any “person” (as such term is used in Sections 13(d) or 14(d) of the Exchange
Act) (other than the Company, any majority controlled subsidiary of the Company, or the
fiduciaries of any Company benefit plans) becomes the beneficial owner (as defined in Rules
13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of 20% or more of the total
voting power of the voting securities of the Company then outstanding and entitled to vote
generally in the election of directors of the Company; provided, however, that no Change of
Control shall occur upon the acquisition of securities directly from the Company;

(b)   individuals who, as of the beginning of any 24 month period, constitute the Board
(as of the date hereof the “Incumbent Board”) cease for any reason during such 24
month period to constitute at least a majority of the Board, provided that any individual
becoming a director subsequent to the date hereof whose election, or nomination for election
by the Company’s shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such individual
were a member of the Incumbent Board, but excluding, for this purpose, any such individual
whose initial assumption of office is in connection with an actual or threatened election
contest relating to the election of the directors of the Company;

(c)   consummation of (i) a merger, consolidation or reorganization of the Company, in
each case, with respect to which all or substantially all of the individuals and entities
who were the respective beneficial owners of the voting securities of the Company
immediately prior to such merger, consolidation or reorganization do not, following such
merger, consolidation or reorganization, beneficially own, directly or indirectly, at least
65% of the combined voting power of the then outstanding voting securities entitled to vote
generally in the election of directors of the entity or entities resulting from such merger,
consolidation or reorganization, (ii) a complete liquidation or dissolution of the Company,
or (iii) a sale or other disposition of all or substantially all of the assets of the
Company, unless at least 65% of the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors of the entity or entities
that acquire such assets are beneficially owned by individuals or entities who or that were
beneficial owners of the voting securities of the Company immediately before such sale or
other disposition; or

(d)   consummation of any other transaction determined by resolution of the Board to
constitute a Change in Control.

“Code” means the Internal Revenue Code of 1986, as amended.

“Commencement Date” with respect to the commencement of any compensation or provision
of benefits pursuant to this Agreement means the first day of the seventh month beginning after the
Termination Date.

“Confidential Information” has the meaning specified therefor in Section 17.

“Disability” means Executive’s continuous illness, injury or incapacity for a period
of six consecutive months.

“Employment” means substantially full time employment of Executive by the Company or
any of its Affiliates.

“Equity Compensation Plan” means a Plan providing for the grant, award or payment to
participants of compensation in the form of (i) interests in or rights to acquire equity securities
of the Company or derivative securities relating to equity securities of the Company or (ii) cash
payments in amounts equal to the value or increase in value of equity securities of the Company,
including the 2000 Stock Compensation Plan of the Company or the 2008 Stock Incentive Plan of the
Company, as such Plan may be amended from time to time and any similar Plan or Plans in effect at
any relevant time.

“Good Reason” means the occurrence of one or more of the following actions, to which
Executive objects in writing to the Board within five days following initial notification of its
occurrence or proposed occurrence, and which action is not then rescinded within 30 days after
delivery of such notice:

(a)   A change of the principal office or work place assigned to Executive to a
location more than 25 miles distant from its location immediately prior to such change.

(b)   A material reduction by the Company of the executive title, duties,
responsibilities, authority, status, reporting relationship or executive position of
Executive; provided that if the Company sells or otherwise disposes of any part of its
business or assets or otherwise diminishes or changes the character of its business, the
change in the magnitude or character of the Company’s business resulting therefrom will not
itself be deemed to be a reduction of Executive’s responsibilities, authority or status
within the meaning of this clause (b).

(c)   A reduction of Executive’s base salary (as set forth in Section 5(a) hereof
(taking into consideration any upward adjustment)).

“Insurance Benefits Period” means the 36-month period commencing on the Termination
Date.

“Long Term Incentive Award” or “LTI Award” means an award under the Teleflex
Incorporated Executive Incentive Plan to employees of the Company of compensation in the form of
cash and/or equity securities of the Company, the payment of which awards are conditioned upon the
fulfillment of specified or determinable performance goals during specified multi-year Performance
Periods, or if such Plan shall be discontinued, a multi-year award under any similar Plan or Plans
in effect at any relevant time.

“Notice of Termination” has the meaning specified therefor in Section 10.

“Performance Period” applicable to any compensation payable (in cash or other
property) under any Plan, the amount or value of which is determined by reference to the
performance of participants or the Company or the fulfillment of specified conditions or goals,
means the period of time of such performance is measured or the period of time in which such
conditions or performance goals must be fulfilled.

“Person” means an individual, a corporation or other entity or a government or
governmental agency or institution.

“Plan” means a plan of the Company for the payment of compensation or provision of
benefits to employees in which plan Executive is or was, at all times relevant to the provisions of
this Agreement, a participant or eligible to participate.

“Prorated Amount” has the meaning specified therefor in Section 11(e).

“Release” has the meaning specified therefor in Section 16.

“Severance Compensation Period” means the 36 month period commencing on the day after
the Termination Date.

“Target Award” in respect of a bonus payable in cash to Executive pursuant to any
Bonus Plan means the amount specified in or determinable from the Company’s records pertaining to
such Bonus Plan as the “target award” which would be payable to Executive as such bonus if
specified conditions for a 100% award were fulfilled but not exceeded, without regard to whether
such conditions are actually fulfilled.

“Termination Date” means the date specified in a Notice of Termination complying with
the provisions of Section 10, as such Notice of Termination may be amended by mutual consent of the
parties, which date shall be the date the Executive’s Termination of Employment occurs.

“Termination of Employment” means a cessation of Employment which occurs prior to
Executive’s attaining the age of 62 years, other than such a cessation occurring by reason of
Executive’s death or Disability. Executive’s Termination of Employment for all purposes under this
Agreement will be determined to have occurred in accordance with the ‘separation from service’
requirements of Code Section 409A and the Treasury Regulations and other guidance issued
thereunder, and based on whether the facts and circumstances indicate that the Company and
Executive reasonably anticipated that no further services would be performed after a certain date
or that the level of bona fide services the Executive would perform after such date (as an employee
or as an independent contractor) would permanently decrease to no more than 20 percent of the
average level of bona fide services performed over the immediately preceding 36-month period.

“Termination Following a Change of Control” means a Termination of Employment
(regardless of the age of Executive) upon or within two years after a Change of Control either:

(a)   initiated by the Company for any reason other than Disability or Cause; or

(b)   initiated by Executive for Good Reason.

“Year of Termination” means the Year in which Executive’s Termination Date occurs.

“Year” means a fiscal year of the Company.

2.   Term. This Agreement shall terminate on the third anniversary of the
Effective Date hereof; provided, however, that this Agreement shall remain in effect for at
least two years after a Change of Control occurring during the term of this Agreement and
shall remain in effect until all of the obligations of the parties hereunder are satisfied.
The parties agree to consider and negotiate in good faith towards entering into a successor
agreement upon the termination of such term, provided that neither party shall have any
obligation to enter into any such agreement.

3.   Continued Employment of Executive. The parties acknowledge that
Executive’s employment by the Company is at will and, except as the parties may hereafter
agree in writing, such employment may be terminated by either party at any time, subject
only to the giving of prior notice pursuant to Section 10. Nothing in this Agreement shall
be construed as giving Executive any right to continue in the employ of the Company.

4.   Employment.

(a)   Duties. Executive shall serve as the President and Chief Executive
Officer of the Company with the duties, responsibilities and authority commensurate
therewith and shall report to the Board of Directors of the Company (the “Board”).
Executive shall use his best efforts to perform all duties and accept all responsibilities
incident to such position as may be reasonably assigned to him by the Board and consistent
with his position as the President and Chief Executive Officer.

(b)   Best Efforts. During the term of this Agreement, Executive shall devote
his best efforts and full business time and attention to promote the business and affairs of
the Company and its Affiliates, and shall be engaged in other business activities only to
the extent that such activities do not materially interfere or conflict with his obligations
to the Company hereunder. The foregoing also shall not be construed as preventing Executive
from (1) serving on civic, educational, philanthropic or charitable boards or committees,
or, with the prior written consent of the Board, in its sole discretion, on other corporate
boards, (2) delivering lectures, fulfilling speaking engagements or lecturing at educational
institutions, and (3) managing personal investments, so long as such activities do not
significantly interfere with the performance of the Executive’s responsibilities hereunder.

5.   Base Salary and Incentive Compensation.

(a)   As compensation for the services to be rendered hereunder, the Company shall pay to
Executive a base salary at the annual rate of $900,000. This amount may be subject to an upward
adjustment at the beginning of each Year, as determined by the Board, in its sole discretion.
Executive’s base salary shall be paid in accordance with the Company’s existing payroll policies,
and shall be subject to all applicable withholding taxes.

(b)   Executive shall be eligible to participate in annual and long-term incentive
compensation programs provided by the Company for its senior executives, as determined and on the
terms established from time to time by the Compensation Committee (the “Committee”) of the
Board, in its sole discretion.

6.   Equity Compensation. Executive shall be eligible to participate in equity
compensation programs provided by the Company for its senior executives, as determined and
on the terms established from time to time by the Committee, in its sole discretion.

7.   Retirement and Welfare Benefits; Perquisites. Executive shall be entitled
to participate in the Company’s retirement and welfare employee benefit plans and programs,
if any, pursuant to their respective terms and conditions. Nothing in this Agreement shall
preclude the Company from terminating or amending any employee benefit plan or program from
time to time. In addition, the Company will reimburse Executive for premiums for $1 million
of life insurance coverage under an individual policy owned by Executive. Finally, Executive
shall be entitled annually to personal use of the Company aircraft for the lesser of (i) 50
hours of flight time or (ii) $100,000 in incremental, variable costs to the Company (as
calculated in accordance with the disclosure rules of the Securities and Exchange
Commission). The reimbursements and in-kind benefits set forth in the prior two sentences
shall be provided for expenses and services incurred during the term of this Agreement, and
the amount of expenses eligible for reimbursement, or in-kind benefits provided, during one
calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to
be provided, in any other calendar year. All reimbursements under this provision shall be
made no later than the last day of the calendar year following the calendar year in which
the expense was incurred, and all requests for reimbursement must be made by the Executive
no later than 15 days before that date in order to be eligible for reimbursement hereunder.
The Executive’s right to have the Company pay such expenses or provide such in-kind benefits
may not be liquidated or exchanged for any other benefit.

8.   Vacation. Executive shall be entitled to vacation, and holiday and sick
leave at levels commensurate with those provided to other senior executive officers of the
Company, in accordance with the Company’s vacation, holiday and other similar polices as in
effect from time to time for senior executives.

9.   Expenses. The Company shall reimburse Executive for all necessary and
reasonable travel and other business expenses incurred by Executive in the performance of
his duties hereunder in accordance with such reasonable accounting procedures as the Company
may adopt generally from time to time for executives. All reimbursements under this
provision shall be for expenses incurred during the term of this Agreement and shall be made
no later than the last day of the calendar year following the calendar year in which the
expense was incurred; all requests for reimbursement must be made by the Executive no later
than 15 days before that date in order to be eligible for reimbursement hereunder. The
amount of such expenses that the Company is obligated to pay in any given calendar year
shall not affect the expenses that the Company is obligated to pay in any other calendar
year, and the Executive’s right to have the Company pay such expenses may not be liquidated
or exchanged for any other benefit.

10.   Notice of Termination of Employment. The party initiating any Termination
of Employment shall give notice thereof to the other party (a “Notice of
Termination”). A Notice of Termination shall (i) state with reasonable particularity the
reasons for such Termination of Employment, if any, which are relevant to Executive’s right
to receive compensation and benefits pursuant to this Agreement and (ii) specify the date
such Termination of Employment shall become effective which, without the consent of such
other party, shall not be later than 15 days after the date of such Notice of Termination,
except in the event of a Termination of Employment initiated by the Company with Cause (in
which case no advance notice shall be required).

11.   Compensation upon Termination of Employment. Subject to the terms of
Sections 16-19, upon Termination of Employment (i) by the Company other than for Cause or
(ii) by Executive within two months after the expiration of the period for rescission of an
action that, absent such rescission, would constitute Good Reason, Executive will receive
from the Company the following payments and benefits:

(a)   Unpaid Salary. Within 15 days after the Termination Date, Executive shall
receive a lump sum cash payment equal to Executive’s unpaid base salary, if any, earned
through the Termination Date.

(b)   Cash Bonuses for Years Preceding the Year of Termination. If any cash
award pursuant to a Bonus Plan in respect of a Performance Period which ended before the
Year of Termination shall not have been paid to Executive on or before the Termination Date,
the Company will pay Executive, within 15 days after the Termination Date, such award in the
amount of Executive’s award earned for the Performance Period; provided, however, that if
any such Bonus Plan requires, as a condition to eligibility for payment, that a participant
be employed by the Company on the date payment is made, then payment of the award under such
Bonus Plan for the Performance Period ended before the Year of Termination shall be made on
the Commencement Date.

(c)   Continuation of Base Salary. As consideration for the obligations of
Executive under Sections 17 and 18, the Company will pay Executive (i) on the Commencement
Date an amount equal to seven-twelfths of Executive’s Base Salary, and (ii) each month
thereafter during the Severance Compensation Period an amount equal to one-twelfth of
Executive’s Base Salary.

(d)   Additional Severance. As consideration for the obligations of Executive
under Sections 17 and 18, on March 15 of each of the first three Years immediately following
the Termination Date the Company will pay Executive an amount equal to 100% of Executive’s
Base Salary; provided that if the foregoing date for the first such annual payment occurs
before the Commencement Date, such first annual payment will be paid on the Commencement
Date.

(e)   Payment of Cash-Based LTI Awards for Performance Periods Not Completed Before
the Termination Date. On the later of the Commencement Date or the date that is 2 1/2
months following the end of the relevant Performance Period, the Company will pay Executive
the Prorated Amount of the cash portion of Executive’s LTI Award for the Performance Period,
if any, which is scheduled to end on the last day of the Year of Termination. The amount of
any such cash-based award, from which the Prorated Amount is derived, shall be determined
based on the degree to which each performance goal on which such award is based has been
satisfied prior to the Termination Date, as determined in the discretion of the Committee.
The “Prorated Amount” of Executive’s award in respect of such Performance Period
means an amount equal to the portion of such cash-based award which bears the same ratio to
the amount of such award as the portion of such Performance Period that expired immediately
before the Termination Date bears to the entire period of such Performance Period.
Notwithstanding the foregoing, in the event that Executive’s Termination of Employment
occurs after December 31, 2009, then Executive shall not be entitled to any of the amounts
set forth in this Subsection.

(f)   Health Insurance. Subject to the provisions of the last sentence of this
Subsection, during the Severance Compensation Period, the Company will reimburse Executive
in cash monthly in an amount equal to Executive’s after-tax cost actually incurred by
Executive to maintain health insurance coverage from commercial sources that is comparable
to the health care coverage Executive last elected as an employee for himself, his spouse
and dependents under the Company’s health care plan covering Executive. The aggregate
premium cost of providing such insurance will be borne by the Company and Executive in
accordance with the Company’s policy then in effect for employee participation in premiums,
on substantially the same terms as would be applicable to an executive officer of the
Company. All reimbursements under this provision shall be made no later than the last day
of the calendar year following the calendar year in which the expense was incurred, and all
requests for reimbursement must be made by the Executive no later than 15 days before that
date in order to be eligible for reimbursement hereunder. Notwithstanding the foregoing,
the COBRA health care continuation coverage (“COBRA Coverage”) period under Section
4980B of the Code shall begin on the Termination Date and continue to run concurrently with
the Severance Compensation Period, and the Company shall pay the same portion of the cost of
COBRA Coverage as it pays for the same level and type of coverage for similarly situated
active employees in lieu of reimbursement of alternative commercially available comparable
coverage during the COBRA health care continuation coverage period. If at any time during
the Severance Compensation Period similar health insurance coverage shall become available
to Executive in connection with Executive’s employment by another employer, Executive will
advise the Company, and the Company may terminate the COBRA Coverage subsidy and/or payments
provided by the Company pursuant to this Subsection, effective on the date when Executive
has the opportunity to be covered by such other health insurance coverage.

(g)   Life and Accident Insurance. Subject to (i) the provisions of the last
sentence of this Subsection and (ii) the terms, limitations and exclusions of the Plan or
Plans for provision of life and accident insurance and the Company’s related policies of
group insurance (other than any limitation or exclusion classifying former employees as
ineligible for participation), (A) during the Insurance Benefits Period the Company will
provide life and accident insurance coverage for Executive comparable to the life and
accident insurance coverage which Executive last elected to receive as an employee under the
applicable Plan for such benefits, subject to modifications from time to time of the
coverage available under such Plan or related insurance policies which are applicable
generally to executive officers of the Company, and (B) on the Commencement Date the Company
will reimburse Executive for the Company’s share (determined in accordance with the next
sentence) of any premiums paid by Executive for such life and accident insurance during the
period from the Termination Date to the Commencement Date. The cost of providing such
insurance will be borne by the Company and Executive in accordance with the Company’s policy
then in effect for employee participation in premiums, on substantially the same terms as
would be applicable to an executive officer of the Company. The Company shall pay its share
of such premiums to the applicable insurance carrier(s) on the due date(s) established by
such carrier(s), but in no event later than the last day of the calendar year in which such
due date(s) occurs. If at any time during the Insurance Benefits Period similar life or
accident insurance coverage shall become available to Executive in connection with
Executive’s employment by another employer, Executive will advise the Company, and the
Company may terminate the corresponding life or accident coverage provided by the Company
pursuant to this Subsection, effective on the date when Executive has the opportunity to be
covered by such other insurance.

(h)   Stock Options. Any stock options (the “Stock Options”) granted to
Executive pursuant to an Equity Compensation Plan which are not exercisable as of the
Termination Date shall expire on the Termination Date. Any Stock Options that are
exercisable as of the Termination Date shall expire on the date that is three months
following the Termination Date.

12.   Compensation upon Termination Following a Change of Control. Subject to
the terms of Sections 16-19, in the event of a Termination Following a Change of Control,
Executive will receive from the Company the following payments and benefits in addition to
the payments and benefits provided in Section 11 of this Agreement:

(a)   Bonus. If under any Bonus Plan no cash award shall have been granted to
Executive for the last Performance Period ended before the Year of Termination, on the
Commencement Date Executive will receive a lump sum amount equal to the sum of the Target
Awards under each such Bonus Plan which would have been payable to Executive for such
Performance Period.

(b)   LTI Awards. On each of the six month, eighteen month and thirty month
anniversaries of the Commencement Date, Executive will receive an amount equal to the Target
Award for the LTI Award for the Performance Period scheduled to end on the last day of the
Year of Termination. Notwithstanding the foregoing, in the event that Executive’s
Termination of Employment occurs after December 31, 2009, then Executive shall not be
entitled to any of the amounts set forth in this Subsection.

(c)   Deferred Compensation Plan. On the Commencement Date, Executive shall
receive a lump sum cash payment equal to the sum of the Employer Non-Elective Contributions
with which Employee would have been credited under the Teleflex Incorporated Deferred
Compensation Plan (“Deferred Compensation Plan”) for each of the next three plan
years following the plan year which includes in the Termination Date, assuming that
Executive’s “Compensation” and “Bonus,” as those terms are defined in the Deferred
Compensation Plan, for each of the three plan years immediately following the plan year
which includes the Termination Date are the same as Executive’s Compensation and Bonus for
the plan year which includes the Termination Date.

(d)   Outplacement. Beginning on the Termination Date and ending on the earlier
of the last day of the second calendar year beginning after the Year of Termination or the
first date Executive is employed by another employer, the Company shall reimburse Executive
for the cost of outplacement assistance services, up to a maximum of $20,000, which shall be
provided by an outplacement agency selected by Executive. The Company shall reimburse
Executive within 15 days following the date on which the Company receives proof of payment
of such expense, which proof must be submitted no later than December 1 of the calendar year
after the calendar year in which the expense was incurred.

(e)   Automobile. If the Executive was provided with the use of an automobile
or a cash allowance therefor as of the Termination Date, the Company will provide Executive
with a monthly vehicle allowance equal to what it would cost Executive to lease the vehicle
utilized by the Executive immediately prior to his Termination Date, calculated by assuming
that the lease is a three-year closed-end lease, for the Severance Compensation Period. The
Company shall pay Executive the vehicle allowance as follows: (i) a lump sum cash amount
equal to seven times the monthly vehicle allowance, on the Commencement Date; and (ii) a
lump sum cash amount equal to the monthly vehicle allowance on the first day of each month
thereafter for which the vehicle allowance is provided.

(f)   Acceleration of Vesting of Stock Options and Restricted Stock. All Stock
Options, restricted stock awards and similar equity compensation awards now held by
Executive, or hereafter granted to Executive pursuant to any Equity Compensation Plan, which
are outstanding at the Termination Date and have not theretofore become exercisable in full
(in the case of Stock Options) or non-forfeitable (in the case of restricted stock) will
become exercisable in full or cease to be subject to the possibility of forfeiture, as
applicable, on the Termination Date. Notwithstanding the terms of any other agreement to
the contrary, the Board will take action to amend all Stock Options and restricted stock
awards now held by Executive to provide for the foregoing acceleration of vesting, and the
Board will include such a provision in the terms of all Stock Options and restricted stock
awards granted to Executive hereafter. Any Stock Options not exercised by Executive prior to
the Termination Date, whether or not exercisable prior to the Termination Date, shall expire
on the date that is three months following the Termination Date.

13.   Limitations on Certain Payments

(a)   Anything in this Agreement to the contrary notwithstanding, if a Change of Control
occurs and it is determined that any payment or distribution by the Company to or for the benefit
of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise (a “Payment”), would constitute an “excess parachute payment” within
the meaning of Section 280G of the Code, then, if the aggregate present value of such Payments
exceeds 2.99 times Executive’s “base amount,” as defined in Section 280G(b)(3) of the Code (the
“Executive Base Amount”), the amounts constituting “parachute payments” which would
otherwise be payable to or for the benefit of Executive shall be reduced to the extent necessary so
that such “parachute payments” are equal to 2.99 times the Executive Base Amount (the “Reduced
Amount”); provided that such amounts shall not be so reduced if the Executive
determines, based upon the advice of the Accounting Firm (as defined below), that without such
reduction Executive would be entitled to receive and retain, on a net after tax basis (including,
without limitation, any excise taxes payable under Section 4999 of the Code), an amount which is
greater than the amount, on a net after tax basis, that the Executive would be entitled to retain
upon his receipt of the Reduced Amount.

(b)   If the determination made pursuant to Section 13(a) results in a reduction of the
Payments that would otherwise be paid to Executive except for the application of Section 13(a),
then the reduction shall occur in the following order: reduction of cash payments; cancellation of
accelerated vesting of equity-based awards (if applicable); reduction of employee benefits. In the
event that acceleration of vesting of equity-based awards is to be reduced, such acceleration of
vesting shall be cancelled in the reverse order of the date of grant of Executive’s equity-based
award.

(c)   All determinations to be made under this Section 13 shall be made by the Company’s
independent public accountants immediately prior to the Change of Control or by another independent
public accounting firm mutually selected by the Company and Executive before the date of the Change
of Control (the “Accounting Firm”), which firm shall provide its determinations and any
supporting calculations both to the Company and Executive within 20 days after the Termination
Date. Any such determination by the Accounting Firm shall be binding upon the Company and
Executive.

(d)   All of the fees and expenses of the Accounting Firm in performing the determinations
referred to in this Section 13 shall be borne solely by the Company. The Company agrees to
indemnify and hold harmless the Accounting Firm from any and all claims, damages and expenses
resulting from or relating to its determinations pursuant to this Section 13, except for claims,
damages or expenses resulting from the gross negligence or willful misconduct of the Accounting
Firm.

(e)   As a result of the uncertainty in the application of Section 280G of the Code at the
time of a determination hereunder, it is possible that payments will be made by the Company which
should not have been made under this Section 13 (“Overpayment”) or that additional payments
which are not made by the Company under this Section 13 should have been made
(“Underpayment”). In the event that there is a final determination by the Internal Revenue
Service, or a final determination by a court of competent jurisdiction, that an Overpayment has
been made, any such Overpayment shall be treated for all purposes as a loan to Executive which
Executive shall repay to the Company together with interest at the applicable Federal rate provided
for in Section 7872(f)(2) of the Code. In the event that there is a final determination by the
Internal Revenue Service, a final determination by a court of competent jurisdiction or a change in
the provisions of the Code or regulations pursuant to which an Underpayment arises under this
Agreement, any such Underpayment shall be promptly paid by the Company to or for the benefit of
Executive, together with interest at the applicable Federal rate provided for in Section 7872(f)(2)
of the Code.

14.   Deductions and Taxes. Amounts payable by the Company pursuant to this
Agreement shall be paid net of (i) taxes withheld by the Company in accordance with the
requirements of law and (ii) deductions for the portion of the cost of certain benefits to
be borne by Executive pursuant to Sections 11(f) and (g).

15.   Compensation and Benefits Pursuant to Other Agreements and Plans. Nothing
in this Agreement is intended to diminish or otherwise affect Executive’s right to receive
from the Company all compensation payable to Executive by the Company in respect of his
Employment prior to the Termination Date pursuant to any agreement with the Company (other
than this Agreement) or any Plan; provided that Executive shall have no rights under any
other such agreement or Plan to receive severance pay, medical continuation coverage or
similar compensation and benefits payable hereunder upon a Termination of Employment.

16.   Executive’s General Release and Resignation from Board of Directors. As a
condition to the obligations of the Company to make any payments or provide any benefits
pursuant to Sections 11 and 12 (other than Section 11(a)), the Company shall have received
from Executive not later than the fifteenth business day following the Termination Date his
written resignation from the Board and as an officer and director of the Company and all of
its Affiliates and a general release in substantially the form of Exhibit A executed by
Executive (the “Release”), and Executive shall not thereafter revoke the Release. No
payments or other benefits shall be made or provided under this Agreement (including
acceleration of exercisability of Stock Options or vesting of restricted stock) before the
expiration of the seven-day revocation period described in Section 7 of the Release. In any
case, if Executive fails to resign from the Board or fails to execute, or if Executive
revokes, the Release, no payments or benefits shall thereafter be made or provided to
Executive pursuant to Sections 11 or 12, and Executive shall be required to reimburse to the
Company any payments or benefits (including the amount of income recognized with respect to
any Stock Options or restricted stock for which exercisability or vesting was accelerated)
received by Executive pursuant to this Agreement, but Executive’s obligations pursuant to
Sections 17 and 18 shall continue in force.

17.   Confidential Information. Executive acknowledges that, by reason of
Executive’s employment by and service to the Company, Executive has had and will continue to
have access to confidential information of the Company and its Affiliates, including
information and knowledge pertaining to products and services offered, innovations, designs,
ideas, plans, trade secrets, proprietary information, distribution and sales methods and
systems, sales and profit figures, customer and client lists, and relationships between the
Company and its Affiliates and other distributors, customers, clients, suppliers and others
who have business dealings with the Company and its Affiliates (“Confidential
Information”). Executive acknowledges that such Confidential Information is a valuable
and unique asset of the Company, and Executive covenants that Executive will not, either
during or after Executive’s employment by the Company, disclose any such Confidential
Information to any Person for any reason whatsoever without the prior written authorization
of the Company, unless such information is in the public domain through no fault of
Executive or except as may be required by law or in a judicial or administrative proceeding.
Notwithstanding anything to the contrary herein, each of the parties (and each employee,
representative, or other agent of such parties) may disclose to any Person, without
limitation of any kind, the federal income tax treatment and federal income tax structure of
the transactions contemplated hereby and all materials (including opinions or other tax
analyses) that are provided to such party relating to such tax treatment and tax structure.

18.   Restrictive Covenants.

(a)   Covenant Not to Compete.

(i)   Executive agrees that, during the Severance Compensation Period,
Executive will not, at any time, directly or indirectly, engage in, or have any
interest on behalf of himself or others in any person or business other than the
Company (whether as an employee, officer, director, agent, security holder,
creditor, partner, joint venturer, beneficiary under a trust, investor, consultant
or otherwise) that engages in any of those business activities, and in any
geographic areas, in which the Company is engaged or has been engaged in the
preceding 12 months (a “Competing Business”).

(ii)   Notwithstanding the restrictions set forth in Section 18(a)(i), during
the Severance Compensation Period, Executive may acquire solely as an investment not
more than 2% of any class of securities of an entity engaged in a Competing Business
if such class of securities is listed on a national securities exchange or on the
Nasdaq system, so long as Executive remains a passive investor in such entity and
does not become engaged as a director, officer, employee or manager of such entity
or otherwise involved in the day to day operations of such entity and Executive may
engage in the activity described on Exhibit B on the terms and conditions set forth
therein.

(b)   Hiring of Employees. During the Severance Compensation Period, the
Executive agrees that Executive will not directly or indirectly solicit for employment, or
hire or offer employment to, (i) any employee of the Company unless the Company first
terminates the employment of such employee, or (ii) any person who at any time during the
180-day period prior to the Termination Date was an employee of the Company.

(c)   Non-Solicitation. Executive hereby agrees that, during the Severance
Compensation Period, Executive will not directly or indirectly call on or solicit for the
purpose of selling services or products of a type offered by the Company or divert or take
away from the Company (including, by divulging any identity to any competitor or potential
competitor of the Company) any person or entity who is at the Termination Date, or at any
time during the 12 month period prior to the Termination Date had been, a customer of the
Company or whose identity is known to Executive at the Termination Date as one whom the
Company intends to solicit within the succeeding year.

(d)   Return of Company Property. Upon a Termination of Employment Executive
will deliver to the person designated by the Company all originals and copies of all
documents and property of the Company in Executive’s possession, under Executive’s control,
or to which Executive may have access. The Executive will not reproduce or appropriate for
Executive’s own use, or for the use of others, any Confidential Information.

19.   Equitable and Other Relief; Consent to Jurisdiction of Pennsylvania
Courts.

(a)   Executive acknowledges that the restrictions contained in Sections 17 and 18 are
reasonable and necessary to protect the legitimate interests of the Company and its Affiliates,
that the Company would not have entered into this Agreement in the absence of such restrictions,
and that any material violation of any provision of that such Sections will result in irreparable
injury to the Company. Executive represents and acknowledges that (i) Executive has been advised by
the Company to consult Executive’s own legal counsel in respect of this Agreement and (ii)
Executive has had full opportunity, prior to execution of this Agreement, to review thoroughly this
Agreement with Executive’s counsel.

(b)   Executive agrees that the Company shall be entitled to preliminary and permanent
injunctive relief, without the necessity of proving actual damages, as well as an equitable
accounting of all earnings, profits and other benefits arising from any violation of Sections 17 or
18, which rights shall be cumulative and in addition to any other rights or remedies to which the
Company may be entitled under applicable law. Without limiting the foregoing, Executive also agrees
that payment of the compensation and benefits payable under Sections 11 and 12 may be automatically
ceased in the event of a material breach of a covenant contained in Sections 17 or 18, provided the
Company gives Executive written notice of such breach, specifying in reasonable detail the
circumstances constituting such material breach.

(c)   Executive irrevocably and unconditionally (i) agrees that any suit, action or other
legal proceeding arising out of Sections 17 or 18 hereof, including any action commenced by the
Company for preliminary and permanent injunctive relief or other equitable relief, may be brought
in a United States District Court in Pennsylvania, or if such court does not have jurisdiction or
will not accept jurisdiction, in any court of general jurisdiction in or around Philadelphia,
Pennsylvania, (ii) consents to the non-exclusive jurisdiction of any such court in any such suit,
action or proceeding, and (iii) waives any objection which Executive may have to the laying of
venue of any such suit, action or proceeding in any such court. Executive also irrevocably and
unconditionally consents to receive service of any process, pleadings, notices or other papers in a
manner provided for in Section 25 for the giving of notices.

20.   Arbitration of Disputes. If the Company and Executive cannot agree on the
interpretation or enforcement of one or more provisions of this Agreement (including whether
a material breach has occurred under Subsection 19(b)), such disagreement shall be resolved
by an arbitrator, mutually agreeable to the Company and Executive, within 60 days after
either party notifies the other of such disagreement. If the Company and Executive cannot
mutually agree on a single arbitrator, each of the Company and Executive shall together
choose an arbitrator and the two arbitrators so chosen shall choose a third neutral
arbitrator. The decision of the arbitrator(s) shall be rendered within the initial 60-day
period described above and shall be final.

21.   Enforcement. It is the intent of the parties that Executive not be
required to incur any expenses associated with the enforcement of Executive’s rights under
this Agreement by arbitration, litigation or other legal action, because the cost and
expense thereof would substantially detract from the benefits intended to be extended to
Executive hereunder. Accordingly, the Company will pay Executive the amount necessary to
reimburse Executive in full for all expenses (including all attorneys’ fees and legal
expenses) incurred by Executive in attempting to enforce any of the obligations of the
Company under this Agreement, without regard to outcome, unless the lawsuit brought by
Executive is determined to be frivolous by a court of final jurisdiction. The Company shall
reimburse Executive within 15 days following the date on which the Company receives proof of
payment of such expense, which proof must be submitted no later than December 1st
of the calendar year after the calendar year in which the expense was incurred. The amount
of such expenses that the Company is obligated to pay in any given calendar year shall not
affect the amount of such expenses that the Company is obligated to pay in any other
calendar year, and the Executive’s right to have the Company reimburse the payment of such
expenses may not be liquidated or exchanged for any other benefit.

22.   No Obligation to Mitigate Company’s Obligations. Executive will not be
required to mitigate the amount of any payment or benefit provided for in this Agreement by
seeking other employment or otherwise, nor shall the amount of any payment or benefit
provided for herein be reduced by any compensation earned by other employment or otherwise,
except to the extent provided in Subsections 11(f), 11(g) and 12(e) and Section 13.

23.   No Set-Off. Except as provided in Sections 14 and 19(b), the Company’s
obligation to make the payments, and otherwise perform its obligations, provided for in this
Agreement shall not be diminished or delayed by reason of any set-off, counterclaim,
recoupment or similar claim which the Company may have against Executive or others.

24.   Successor Company. The Company shall require any successor or successors
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company, by agreement in form and
substance satisfactory to Executive, to acknowledge expressly that this Agreement is binding
upon and enforceable against the Company in accordance with the terms hereof, and to become
jointly and severally obligated with the Company to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform if no such
succession or successions had taken place. Failure of the Company to obtain such agreement
prior to the effectiveness of any such succession shall be a breach of this Agreement
unless, upon written request by Executive, the Company obtains such agreement within 60 days
following such request. As used in this Agreement, the Company shall mean the Company as
herein before defined and any such successor or successors to its business or assets,
jointly or severally.

25.   Notices. All notices and other communications given pursuant to or in
connection with this Agreement shall be in writing and delivered (which may be by telefax or
other electronic transmission) to a party at the following address, or to such other address
as such party may hereafter specify by notice to the other party:

If to the Company, to:

Teleflex Incorporated

155 S. Limerick Road

Limerick, PA 19468

Attention: General Counsel and Board of Directors

If to Executive, to:

Jeffrey P. Black

At the most recent address furnished to the Company.

26.   Governing Law. This Agreement will be governed by the law of
Pennsylvania, excluding any conflicts or choice of law rule or principle that might
otherwise refer to the substantive law of another jurisdiction for the construction, or
determination of the validity or effect, of this Agreement.

27.   Parties in Interest. This Agreement, including specifically the covenants
of Sections 17 and 18, will be binding upon and inure to the benefit of the parties and
their respective heirs, successors and assigns.

28.   Entire Agreement. This Agreement contains the entire agreement between
the parties with respect to the employment of Executive and the right of Executive to
receive severance compensation upon the termination of his Employment, and supersedes any
prior agreements or understandings between the parties relating to the subject matter of
this Agreement, including but not limited to the Executive Change in Control Agreement dated
June 21, 2005 between the parties and the Prior Agreement.

29.   Amendment or Modification. No amendment or modification of or supplement
to this Agreement will be effective unless it is in writing and duly executed by the party
to be charged thereunder. It is the Parties’ intention that the benefits and rights to
which Executive could become entitled in connection with his Termination of Employment
comply with Code Section 409A. If Executive or the Company believes, at any time, that any
of such benefits or rights do not so comply, he or it shall promptly advise the other party
and shall negotiate reasonably and in good faith to amend the terms of this Agreement such
that it does comply with the most limited economic effect on both the Executive and the
Company.

30.   Compliance with IRC Section 409A. Notwithstanding anything herein to the
contrary, (i) if at the time of Executive’s termination of employment with the Company
Executive is a “specified employee” as defined in Section 409A of the Code and the deferral
of the commencement of any payments or benefits otherwise payable hereunder or pursuant to
any other agreement with the Company as a result of such termination of employment is
necessary in order to prevent any accelerated or additional tax under Section 409A of the
Code, then the Company will defer the commencement of the payment of any such payments or
benefits hereunder (without any reduction in such payments or benefits ultimately paid or
provided to Executive) until the date that is six months following Executive’s termination
of employment with the Company (or the earliest date as is permitted under Section 409A of
the Code without any accelerated or additional tax) and (ii) if any other payments of money
or other benefits due to Executive hereunder could cause the application of an accelerated
or additional tax under Section 409A of the Code, such payments or other benefits shall be
deferred if deferral will make such payment or other benefits compliant under Section 409A
of the Code, or otherwise such payment or other benefits shall be restructured, to the
extent possible, in a manner, determined by the Board, that is reasonably expected not to
cause such an accelerated or additional tax. The Company shall consult with Executive in
good faith regarding the implementation of the provisions of this Section 30;
provided that neither the Company nor any of its employees or representatives shall
have any liability to Executive with respect thereto. For purposes of Section 409A of the
Code, each payment made under this Agreement shall be designated as a “separate payment”
within the meaning of the Section 409A of the Code, and references herein to Executive’s
“termination of employment” shall refer to Executive’s separation from service with the
Company within the meaning of Section 409A. To the extent any reimbursements or in-kind
benefits due to Executive under this Agreement constitute “deferred compensation” under
Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to
Executive in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv).

31.   Construction. The following principles of construction will apply to this
Agreement:

(a)   Unless otherwise expressly stated in connection therewith, a reference in this
Agreement to a “Section,” “Exhibit” or “party” refers to a Section of, or an Exhibit or a
party to, this Agreement.

(b)   The word “including” means “including without limitation.”

32.   Headings and Titles. The headings and titles of Sections and the like in
this Agreement are inserted for convenience of reference only, form no part of this
Agreement and shall not be considered for purposes of interpreting or construing any
provision hereof.

EXECUTED as of March 26, 2009.

TELEFLEX INCORPORATED

By: /s/ Laurence G. Miller

Name: Laurence G. Miller

Title: Executive Vice President,

General Counsel and Secretary

/s/ Jeffrey P. Black

Jeffrey P. BlackEX-10.1

TREY WHICHARD

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (as from time to time amended in accordance with the provisions
hereof, this “Agreement”), is entered into as of the 26th day of March, 2009, by and between TREY
WHICHARD (the “Executive”) and KEY ENERGY SHARED SERVICES, LLC, a Delaware limited liability
company (the “Company”).

1. Employment; Term.

(a) Commencing on March 26, 2009 (the “Commencement Date”), the Company hereby employs the
Executive, and the Executive hereby accepts employment by the Company, as the Company’s Vice
President and Treasurer, and the Senior Vice President and Chief Financial Officer of Key Energy
Services, Inc. (the “Parent”). The Executive shall have the responsibilities, duties and authority
commensurate with his positions as the Senior Vice President and Chief Financial Officer, including
without limitation the general supervision and control over, and responsibility for, the overall
financial and related activities of the Parent and its subsidiaries, and such other
responsibilities, duties, functions and authority as the Chief Executive Officer or, in certain
circumstances, the Board shall from time to time designate that do not effect a material decrease
in the responsibilities, importance, scope or dignity of the Executive’s position compared with
those of such position as of the Commencement Date, subject, however, to the supervision of the
Chief Executive Officer or, in certain circumstances, the Board. The Executive will report to the
Chief Executive Officer or, in certain circumstances, the Board. Executive will, if appointed or
elected, serve as an officer or director of the Company, the Parent, subsidiaries or affiliates
(collectively, the “Key Companies”) and perform all duties incident to such offices.

(b) Executive shall hold such positions with the Company and Parent hereunder until the close
of business on March 26, 2011, unless sooner terminated in accordance with Section 5, and at the
close of business on each anniversary of such date, commencing with March 26, 2011, the term of the
Executive’s employment hereunder shall be automatically extended for twelve (12) months (unless
sooner terminated in accordance with Section 5 hereof) unless either the Executive or the Company
shall have given written notice (in each case, a “Non-Renewal Notice”) to the other that such
automatic extension shall not occur, which Non-Renewal Notice shall have been given no later than
ninety (90) days next preceding the relevant Anniversary Date. (The entire period of employment of
Executive, until termination in accordance herewith, is referred to hereby as the “Employment
Period”).

(c) The Executive will devote his full time and his best efforts to the business and affairs
of the Company, its Parent, and its subsidiaries; provided, however, that nothing contained in this
Section 1 shall be deemed to prevent or limit the Executive’s right to: (i) make investments in the
securities of any publicly-owned corporation; or (ii) make any other investments with respect to
which he is not obligated or required to, and to which he does not in fact, devote managerial
efforts that interfere with his fulfillment of his duties hereunder; or (iii) to serve on boards of
directors and to serve in such other positions with non-profit and for-profit organizations as to
which the Board may from time to time consent, which consent shall not be unreasonably withheld or
delayed. Reference is made to Section 7 hereof, which contains limitations on some of the above
activities.

(d) The principal location at which the Executive will substantially perform his duties will
be the Company’s Houston, Texas offices.

2. Salary; Bonuses; Expenses.

(a) During the Employment Period, the Company will pay base compensation to the Executive at
the annual rate of Three Hundred Seventy-Five Thousand Dollars ($375,000) per year (the “Base
Salary”), payable in substantially equal installments in accordance with the Company’s existing
payroll practices, but no less frequently than monthly. The Company will review the Base Salary on
a yearly basis following the end of each fiscal year of the Company to determine if an increase is
advisable, and the Base Salary may be increased at the discretion of the Chief Executive Officer
and the Compensation Committee (the “Compensation Committee”) of the Board, taking into account,
among other factors, the Executive’s performance and the performance of the Company.

(b) The Executive shall be eligible to participate in all of the Company’s cash performance
compensation plans (collectively, the “Performance Cash Compensation Plans”) for the Company’s
executives providing for the payment of cash bonuses or other cash incentives payable upon the
achievement of goals set forth in the Company’s strategic plan as developed by the Compensation
Committee after consultation with the Chief Executive Officer and the Executive, payable in
accordance with the provisions thereof. The performance goals for the Performance Cash Compensation
Plans will be based on objective criteria specified in good faith in advance by the Compensation
Committee after consultation with the Chief Executive Officer and the Executive. The Executive
shall also receive such bonuses other than pursuant to the Performance Cash Compensation Plans in
such amounts and at such times as the Compensation Committee, after consultation with the Chief
Executive Officer, in its discretion determines are appropriate to recognize extraordinary
performance by the Executive.

(c) The Executive shall be reimbursed by the Company for reasonable travel, lodging, meal,
entertainment and other expenses incurred by him in connection with performing his services
hereunder in accordance with the Company’s reimbursement policies from time to time in effect.

3. Equity-Based Incentives.

The Executive shall be eligible to participate in awards of stock options, restricted stock,
deferred stock, stock appreciation rights, and other equity-based incentives (collectively,
“Equity-Based Incentives”), at the discretion of the Board or the Compensation Committee. Any
performance goals for the grant of such Equity-Based Incentives will be based on objective criteria
mutually negotiated and agreed upon in good faith in advance by the Board or the Compensation
Committee after consultation with the Executive and the Chief Executive Officer.

4. Benefit Plans; Vacations.

In connection with the Executive’s employment hereunder, he shall be entitled during the
Employment Period (and thereafter to the extent provided in Section 5(f) hereof) to the following
additional benefits:

(a) At the Company’s expense, such fringe benefits as the Company may provide from time to
time for its senior management, but in any case, at least the benefits described on Exhibit A
hereto.

(b) The Executive shall be entitled to no less than the number of vacation days in each fiscal
year determined in accordance with the Company’s vacation policy as in effect from time to time,
but not less than twenty (20) business days in any fiscal year (prorated in any fiscal year during
which he is employed hereunder for less than the entire year in accordance with the number of days
in such fiscal year in which he is so employed) and subject to the Company’s policies on
carryovers. The Executive shall also be entitled to all paid holidays and personal days given by
the Company to its senior management.

(c) Nothing herein contained shall preclude the Executive, to the extent he is otherwise
eligible, from participation in all group insurance programs or other fringe benefit plans which
the Company may from time to time in its sole and absolute discretion make available generally to
its personnel, or for personnel similarly situated, but the Company shall not be required to
establish or maintain any such program or plan except as may be otherwise expressly provided
herein.

5. Termination, Change in Control and Reassignment of Duties.

(a) Termination by the Company. The Company shall have the right to terminate the
Executive’s employment under this Agreement and the Employment Period for Cause (as defined below)
at any time without obligation to make any further payments to the Executive hereunder except the
compensation described in Section 5(g) hereof. Except as otherwise provided in Section 5(b) hereof,
which Section shall apply in the event the Executive becomes unable to perform his obligations
hereunder by reason of Disability (as defined below), the Company shall have the right to terminate
the Executive’s employment hereunder and the Employment Period for any reason other than for Cause
(including, without limitation, by giving the Executive a Non-Renewal Notice pursuant to Section
1(b) hereof) only upon at least ninety (90) days prior written notice to him (provided that, in the
event the Company gives the Executive a Non-Renewal Notice pursuant to Section 1(b) hereof, only
the 90-day notice period therein provided shall be required). In the event the Company terminates
the Executive’s employment hereunder for any reason other than for Disability or Cause (including,
without limitation, by giving the Executive a Non-Renewal Notice pursuant to Section 1(b) hereof),
then for the purpose of effecting a transition during the ninety (90) day notice period of the
Executive’s management functions from the Executive to another person or persons, during such
period the Company may reassign the Executive’s duties hereunder to another person or other
persons. Such reassignment shall not reduce the Company’s obligations hereunder to make salary,
bonus and other payments to the Executive and to provide other benefits to him during the remainder
of his employment and, if applicable, following the termination of employment. Notwithstanding a
notice of termination that does not, when made, specify Cause, the Company may, during the 90 day
notice period (the “Cause Review Period”), convert the termination to a Cause termination, subject
to the procedural safeguards specified in the next paragraph.

As used in this Agreement, the term “Cause” shall mean (i) the failure by the Executive to
substantially perform the major functions of his position in a satisfactory manner (other than (A)
any such failure resulting from his incapacity due to physical or mental illness or physical injury
or (B) any such actual or anticipated failure after the issuance of a notice of termination by the
Executive for Good Reason (as defined below)), after a written demand for substantial performance
is delivered by the Company to the Executive that specifically identifies the manner in which the
Company believes the Executive has not substantially performed his duties; or (ii) the engaging by
the Executive in misconduct that is, or is reasonably likely to be, materially injurious to the
Company, monetarily or otherwise; or (iii) the Executive’s conviction or plea of guilty or no
contest to a felony (or to a felony charge reduced to misdemeanor), or, with respect to his
employment, to any misdemeanor (other than a traffic violation) or, with respect to his employment,
knowing violation of any federal or state securities or tax laws; or (iv) willful violation of the
Key Energy Services, Inc. Policy Prohibiting Insider Trading and Unauthorized Disclosure of
Information and the Supplemental Insider Trading Policy, as amended from time to time.
Notwithstanding the foregoing, the Executive’s employment shall not be deemed to have been
terminated for Cause unless (A) reasonable notice shall have been given to him setting forth in
detail the reasons for the Company’s intention to terminate for Cause, and if such termination is
pursuant to clause (i) or (ii) above and any damage to the Company is curable, only if Executive
has been provided a period of ten (10) business days from receipt of such notice to cease the
actions or inactions and otherwise cure such damage, and he has not done so (provided that only one
such period needs to be provided in any period of three (3) consecutive months); (B) an opportunity
shall have been provided for the Executive to be heard before the Board; and (C) if such
termination is pursuant to clause (i) or (ii) above, delivery shall have been made to the Executive
of a notice of termination from the Board finding that in the good faith opinion of a majority of
the Board (excluding the Executive, if applicable) he was guilty of conduct set forth in clause (i)
or (ii) above.

(b) Termination upon Disability and Temporary Reassignment of Duties Due to Disability;
Termination upon Death

(i) If the Executive becomes totally and permanently disabled during the Employment Period so
that he is unable to perform his obligations hereunder by reasons involving physical or mental
illness or physical injury for an aggregate of ninety (90) days (whether or not consecutive) during
any period of twelve (12) consecutive months during the Employment Period (“Disability”), then the
Executive’s employment hereunder and the Employment Period may be terminated by the Company within
sixty (60) days after the expiration of such ninety (90) day period (whether or not consisting of
consecutive days), such termination to be effective ten (10) days after written notice to the
Executive. In the event the Company shall give a notice of termination under this Section 5(b)(i),
then the Company may reassign the Executive’s duties hereunder to another person or other persons.
Such reassignment shall not reduce the Company’s obligations hereunder to make salary, bonus and
other payments to the Executive and to provide other benefits to him during the remainder of his
employment and, if applicable, following the termination of employment.

(ii) During any period that the Executive is totally disabled such that he is unable to
perform his obligations hereunder by reason involving physical or mental illness or physical
injury, as determined by a physician chosen by the Company and reasonably acceptable to the
Executive (or his legal representative), the Company may reassign the Executive’s duties hereunder
to another person or other persons, provided if the Executive shall again be able to perform his
obligations hereunder prior to the Company’s termination of the Executive’s employment hereunder
and the Employment Period in accordance with the terms of this Agreement, all such duties shall
again be the Executive’s duties. The cost of any examination by such physician shall be borne by
the Company. Notwithstanding the foregoing, if the Executive has been unable to perform his
obligations hereunder by reasons involving physical or mental illness or physical injury for an
aggregate of ninety (90) days (whether or not consecutive) during any period of twelve (12)
consecutive months during the Employment Period, then a determination by a physician of disability
will not be required prior to any such reassignment. Any such reassignment shall not be a
termination of employment and in no event shall such reassignment reduce the Company’s obligation
to make salary, bonus and other payments to the Executive and to provide other benefits to him
under this Agreement during his employment or, if applicable, following a termination of
employment.

(iii) The Executive’s employment hereunder and the Employment Period shall automatically
terminate immediately upon the death of the Executive.

(c) Termination by Executive. The Executive’s employment hereunder and the Employment
Period may be terminated by the Executive by giving written notice to the Company as follows: (i)
at any time for any reason other than Good Reason (including, without limitation, by giving the
Company a Non-Renewal Notice pursuant to Section 1(b) hereof) by notice of at least ninety (90)
days (provided that, in the event the Executive gives the Company a Non-Renewal Notice pursuant to
Section 1(b) hereof, only the 90-day notice period therein provided shall be required); or (ii) at
any time for Good Reason, provided that the Executive can only give a notice of resignation for
Good Reason in connection with a “Change in Control” of the Parent (as defined in Exhibit B)
beginning on the ninetieth (90th) day after the closing of the transaction or the event
constituting a Change in Control. In the event of a termination by the Executive of his
employment, the Company may reassign the Executive’s duties hereunder to another person or other
persons.

As used herein, “Good Reason” shall mean the continued existence from the
date of the notice from the Executive referred to below until after the expiration
of the Cure Period of any one or more of only the following circumstances or
conditions:

(i) A material diminution in the Executive’s Base Compensation, authority,
duties or responsibilities,

(ii) A material diminution in the authority, duties or responsibilities of a
supervisor to whom the Executive reports (including a requirement that the
Executive report to another individual rather than to the Board of Directors of
the Company),

(iii) A material diminution in the budget over which the Executive retains
authority,

(iv) A material change in the geographic location at which the Executive must
perform the services required by this Agreement; or

(v) Any other action or inaction by the Company that constitutes a material
breach of this Agreement.

The existence of any circumstance or condition shall not constitute Good Reason unless (i) the
Executive provided notice to the Company of the existence of the circumstance or conditions within
90 days of the initial existence of such circumstance or condition, and (ii) the circumstance or
condition continued to exist after the last day of the Cure Period. For purposes of this Section
5(c), the term “Cure Period” means the period of 30 consecutive days beginning on the date notice
was given by the Executive of the existence of the circumstance or condition alleged to be Good
Reason.

(d) Severance Compensation.

(i) Termination by Executive for Good Reason or by the Company for Non Renewal or Other
than for Cause. In the event the Executive’s employment hereunder is terminated (A) by the
Executive for Good Reason or (B) by the Company other than for Cause, for Disability, or upon
Notice of Non-Renewal, the Executive shall be entitled, in addition to the other compensation and
benefits herein provided for, to severance compensation in an aggregate amount equal to two (2)
times his Base Salary at the rate in effect on the termination date, (but no less than the annual
Base Salary specified in Section 2(a)) payable in twenty-four (24) substantially equal monthly
installments commencing at the end of the calendar month in which the termination date occurs.
Each monthly installment payment required under this Section 5(d)(i) shall be payable on or about
the first day of the month to which it relates, and the right to any series of separate installment
payments under this Section 5(d)(i) shall at all times be a right to a series of separate payments
under Treasury Reg. 1.409A-2(b)(2)(iii).

(ii) Termination following Disability. In the event the Executive’s employment should
be terminated by the Company as a result of Disability in accordance with Section 5(b) hereof, then
the Executive shall be entitled, in addition to the other compensation and benefits herein provided
for, to severance compensation in an aggregate amount equal to one (1) times his Base Salary at the
rate in effect on the termination date, payable in twelve (12) substantially equal monthly
installments commencing at the end of the calendar month in which the termination date occurs,
reduced by the amount of any employer-provided disability insurance proceeds actually paid to the
Executive or for his benefit during such time period.

(iii) If the Executive’s employment is terminated within one (1) year following a Change in
Control of the Parent that is a “change in control event” as defined in Treas. Reg. §1.409A-3(i)(5)
and the Executive is entitled to severance compensation pursuant to Section 5(d)(i) or 5(d)(ii)
hereof as a result of such termination, the severance compensation otherwise payable to the
Executive (A) shall be increased by an amount (the “Enhanced Severance Amount”) sufficient, when
added to the amount payable under Section 5(d)(i) or 5(d)(ii) hereof, to cause the total amount
payable as the result of such termination to equal three (3) times the Base Salary then in effect
plus three (3) times the Executive’s annual target cash bonus as provided in Section 2(b) above and
(B) the Enhanced Severance Amount shall be payable in one lump sum on the effective date of such
termination. In the event severance compensation becomes payable in a lump sum pursuant to this
Section 5(d)(iii), and if the Executive’s employment is or has been terminated for Disability, such
lump sum shall be reduced by a good faith estimate of the aggregate amount of any disability
insurance proceeds which will be actually paid to the Executive or for his benefit (but only those
proceeds from disability insurance provided by the Company to the Executive pursuant to Section
4(a) hereof) during the remaining period over which such severance would otherwise have been paid.

(iv) Termination for Death. In the event of the Executive’s death during the
Employment Period, the Executive’s estate shall not be entitled to any severance compensation.

(v) Termination by Executive other than for Good Reason or by Company for Cause. In
the event of the Executive’s termination by resignation under Section 5(c)(i) (i.e., other than for
Good Reason) or by the Company for Cause, the Executive shall not be entitled to any severance
under Section 5(d) or otherwise, any continued benefits under Section 5(f) (other than as required
by statute), or any accrued compensation under Section 5(g)(iii) (for prior year bonuses, to the
extent specified in that clause). Under the foregoing situations, the treatment of equity
incentives shall be as specified in Section 5(e)(ii), and the Executive shall receive the accrued
compensation described in Section 5(g).

(vi) Release. Executive agrees that except in the case of a termination resulting
from Executive’s death, all payments under Section 5 (d), (e), (f), and (g)(iii) and Section 6 are
conditioned on the Executive’s prior execution and non-revocation of a full release of the Company
and its officers, employees, affiliates and subsidiaries for all claims relating to his employment,
compensation, and termination and such other matters as the Company reasonably requests on
termination, in a form provided by the Company, which execution shall not occur earlier than the
day after termination of the Executive’s employment and not later than 60 days following delivery
by the Company to the Executive of the form for such release; provided, however, that if no form
for such release is delivered to the Executive within seven (7) days of the termination of
Executive’s employment, this Agreement shall be applied without regard to this Section 5(d)(vi);
and provided further, however, that any Release previously executed under this Section 5(d)(vi)
will be null and void if the Company reaches a determination of Cause within the Cause Review
Period. If any amount is payable under this Section 5 because of a separation from service that is
not an “involuntary separation from service” as defined in Treas. Reg. § 1.409A-1(n)(1) or a
separation from service which, pursuant to Treas. Reg. § 1.409A-1(n)(2) is entitled to treatment as
an “involuntary separation from service” as so defined, and if a form of release is delivered by
the Company to the Executive within seven (7) days of such separation from service, then any other
provision of this Agreement to the contrary notwithstanding, any such amount shall not be payable
until the sixtieth day after the date of such separation from service.

(vii) For purposes of this Agreement, Executive’s employment will not be considered to have
terminated unless, as a result of a termination, Executive 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).

(e) Effect of Termination or Change in Control upon Equity-Based Incentives.

(i) In the event the Executive’s employment hereunder is terminated by the Company for any
reason other than for Cause or Disability (including, without limitation, by giving the Executive a
Non-Renewal Notice pursuant to Section 1(b) hereof), or in the event the Executive should terminate
his employment for Good Reason, then any Equity-Based Incentives held by the Executive which have
not vested prior to the effective date of such termination shall immediately vest and shall remain
exercisable until the earlier to occur of (x) the first anniversary of the effective date of such
termination and (y) the final stated expiration date of the Equity-Based Incentive. In addition, in
the event of such a termination, any Equity-Based Incentives held by the Executive which have
vested prior to the effective date of such termination shall remain exercisable until the earlier
to occur of (x) the first anniversary of the effective date of such termination and (y) the final
stated expiration date of the Equity-Based Incentive.

(ii) In the event the Executive’s employment hereunder is terminated by the Company for Cause
or is terminated by the Executive other than for Good Reason (including, without limitation, by
giving the Company a Non-Renewal Notice pursuant to Section 1(b) hereof), then effective upon the
date such termination is effective, any Equity-Based Incentives which have not vested prior to the
effective date of such termination shall be forfeited. Any Equity-Based Incentives held by the
Executive entitling the Executive to retain or purchase securities of the Company which have vested
prior to the effective date of such termination shall remain subject to the terms and provisions of
the plan and/or the agreement under which they were awarded.

(iii) In the event of the Executive’s death while employed by the Company or in the event that
the Executive’s employment should terminate as a result of Disability, then, any Equity-Based
Incentives held by the Executive which have not vested prior to the effective date of such
termination shall immediately vest and shall also remain exercisable until the earlier to occur of
(x) the first anniversary of the death of the Executive or the effective date of such termination
and (y) the final stated expiration date of the Equity-Based Incentives. In addition, in the event
of such death or such a termination, any Equity-Based Incentives held by the Executive which have
vested prior to the effective date of such death or termination shall remain exercisable until the
earlier to occur of (x) the first anniversary of the effective date of such death or termination
and (y) the final stated expiration date of the Equity-Based Incentives.

(iv) In the event of a conflict between the preceding terms and provisions of this Section
5(e) and any other terms and provisions governing any Equity-Based Incentives held (now or in the
future) by the Executive (including without limitation the terms and provisions contained in the
agreements and/or plans pursuant to which such Equity-Based Incentives were (or will in the future
be) granted), the preceding terms and provisions of this Section 5(e) shall control;
provided, however, that, if an Equity-Based Incentive does not by its terms require
any exercise, no requirement of exercise shall be implied from the preceding terms and provisions
of this Section 5(e).

(v) Anything to the contrary in this Agreement notwithstanding, the final stated expiration
date of an Equity Based Incentive shall not be extended beyond the tenth anniversary of the date on
which such Equity-Based Incentive was granted.

(f) Continuation of Benefits.

(i) Subject to Section 5(f)(ii) hereof, in the event that Executive’s employment hereunder is
terminated by the Executive for Good Reason or by the Company for Disability or other than for
Cause (including, without limitation, by giving the Executive a Non-Renewal Notice pursuant to
Section 1(b) hereof) and not as a result of the death of the Executive, the Executive shall
continue to be entitled, at the Company’s expense, to the post-employment benefits under Section 4,
if any, that such benefits provide under their terms for a period of time following the termination
date ending on the first to occur of (I) the second anniversary of the termination date, (II) the
last date of eligibility under the applicable benefits or (III) the date on which the Executive
commences full-time employment with another employer. The Company will pay the premiums for COBRA
health coverage for Executive and his covered family members for the period COBRA provides. At such
time as the Company is no longer required to provide the Executive with life and/or disability
insurance, as the case may be, the Executive shall be entitled, at the Executive’s expense, to
convert such life and disability insurance, as the case may be, into individually owned policies,
except if and to the extent such conversion is not available from the provider of such insurance.

(ii) In the event the Executive’s employment hereunder is terminated by the Company within one
(1) year of a Change in Control (other than a termination because of the Executive’s death) or is
terminated by the Company other than for Cause in anticipation of a Change in Control, the Company
shall pay to the Executive, in lieu of providing the benefits contemplated by Section 5(f)(i)
above, an amount in cash equal to the aggregate reasonable expenses that the Company would incur if
it were to provide such benefits for a period of time following the termination date ending on the
second anniversary of the termination date, which amount shall be paid in one lump sum on the date
of such termination.

(iii) In the event the Executive’s employment hereunder is terminated by reason of death, the
Executive’s spouse and her dependents shall be entitled at the Company’s expense to continued
health coverage under COBRA under the Company’s group medical and dental plans applicable to
executives (with the Company’s payment of premiums lasting for a period of twenty-four months or
such shorter period as COBRA provides because of replacement coverage).

(g) Accrued Compensation. In the event of any termination of the Executive’s
employment for any reason, the Executive (or his estate) shall be paid (i) any unpaid portion of
his Base Salary through the effective termination date, (ii) for any accrued but unused vacation
(payable in an amount equal to the Base Salary divided by 255 and multiplied by the number of
accrued but unused vacation days), (iii) any prior fiscal year bonus earned, but not paid (unless
Executive resigns without Good Reason or is terminated for Cause), (iv) any amounts for expense
reimbursement and similar items which have been properly incurred in accordance with the provisions
hereof prior to termination and have not yet been paid, including without limitation any sums due
under Sections 2(c), 2(d), and 4(c) hereof, and (v) any Gross-Up Payment which may become due under
the terms of Section 6 hereof. Such amounts shall be paid within ten (10) days of the termination
date.

(h) Director/Officer Resignations. If the Executive’s employment hereunder shall be
terminated by him or by the Company in accordance with the terms set forth herein, then effective
upon the date such termination is effective, he will be deemed to have resigned from all positions
as an officer and director of the Company and of any of its Subsidiaries, except as the parties may
otherwise agree.

6. Certain Tax Consequences.

(a) Tax Consequences under Section 280G.

(i) Whether or not the Executive becomes entitled to the payments and benefits described in
this Section 6, if any of the payments or benefits received or to be received by the Executive in
connection with a change in ownership or control of the Company, as defined in section 280G of the
Code (a “Statutory Change in Control”), or the Executive’s termination of employment (whether
pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the
Company, any person whose actions result in a Statutory Change in Control or any person affiliated
with the Company or such person) (collectively, the “Severance Benefits ”) will be subject to any
excise tax (the “Excise Tax”) imposed under section 4999 of the Code after giving effect to Section
6(a)(iii), the Company shall pay to the Executive an additional amount equal to the Excise Tax,
plus any amount necessary to “gross up” the Executive for additional taxes resulting from the
payments to the Executive by the Company under this Section 6(a)(i) (the “Excise Tax Payment”).
Each Excise Tax Payment shall be made not less than five (5) business days prior to the due date
for payment of the Excise Tax.

(ii) Notwithstanding the foregoing, if it shall be determined that the Executive would be
entitled to an Excise Tax Payment, but that if the Severance Benefits could be reduced by an amount
necessary such that the receipt of the Company Payments would not give rise to any Excise Tax (the
“Reduced Benefits”) and the Reduced Benefits would not be less than ninety percent (90%) of the
Severance Benefits before such reduction, then no Excise Tax Payment shall be made to the Executive
and the Severance Benefits, in the aggregate, shall be reduced to the Reduced Benefits. To
determine the Reduced Benefits, payments shall be reduced in the following order (1) acceleration
of vesting of any stock options for which the exercise price exceeds the then fair market value,
(2) any cash severance based on a multiple of Base Salary or Bonus, (3) any other cash amounts
payable to the Executive, (4) any benefits valued as parachute payments; and (5) acceleration of
vesting of any equity not covered by (1) above, unless the Executive elects another method of
reduction by written notice to the Company prior to the change of ownership or effective control.

(iii) For purposes of determining whether any of the Severance Benefits will be subject to the
Excise Tax and the amount of such Excise Tax:

(A) all of the Severance Benefits shall be treated as “parachute payments” within the meaning
of Code section 280G(b)(2) if the aggregate present value (determined as provided in Code Section
280G(d)(4)) of such Severance Benefits equals or exceeds three times the Executive’s “Base Amount”
(within the meaning of Code Section 280G(b)(3)), and all “excess parachute payments” within the
meaning of Code section 280G(b)(1) shall be treated as subject to the Excise Tax, unless the
Executive receives a written opinion from a nationally recognized law or accounting firm (“280G
Advisers”) selected by the Compensation Committee or the Board, and reasonably acceptable to the
Executive, that such other payments or benefits (in whole or in part) do not constitute parachute
payments, including by reason of Code section 280G(b)(4)(A), or such excess parachute payments (in
whole or in part) represent reasonable compensation for services actually rendered, within the
meaning of Code section 280G(b)(4)(B), in excess of the “Base Amount” as defined in Code section
280G(b)(3) allocable to such reasonable compensation, or are otherwise not subject to the Excise
Tax; and

(B) the value of any non-cash benefits or any deferred payment or benefit shall be determined
by a certified public accountant or appraisal company of recognized national standing forming part
of or selected by the 280G Advisers and reasonably acceptable to the Executive, in accordance with
the principles of Code section 280G(d)(3) and (4).

(iv) In the event that the Excise Tax is subsequently determined to be less than the amount
taken into account hereunder, the Executive shall repay to the Company, at the time that the amount
of such reduction in Excise Tax is finally determined (the “Reduced Excise Tax”), an amount (the
“Gross-Up Repayment”) equal to the sum of (A) the difference of the Excise Tax Payment and the
Reduced Excise Tax plus (B) an amount representing the difference between (1) the amount paid by
the Company to the Executive to “gross up” the Executive for taxes on payments made by the Company
to the Executive in respect of the Excise Tax and (2) the amount which should have been paid to the
Executive by the Company to “gross up” the Executive for taxes on payments made by the Company to
the Executive in respect of the Reduced Excise Tax; provided, however, that in no event shall the
Gross-Up Repayment exceed the actual aggregate cash refunds of, or cash reductions in, taxes paid
by the Executive by virtue of paying the Gross-Up Repayment; and provided, further, that if such
refunds or reductions are realized from time to time, the Executive shall make a repayment to the
Company at the time of each such realization equal to the excess of the Gross-Up Repayment due
after giving effect to such realization over the Gross-Up Repayment due immediately prior to giving
effect to such realization. The Executive shall (1) take such actions with respect to taxes and tax
returns as the Company may from time to time request in order to obtain such refunds and
reductions, including, without limitation, by taking positions on tax returns and filing amended
tax returns, (2) provide the Company with copies of all tax returns filed by the Executive which
reflect such refunds or reductions or are otherwise requested by the Company in order to determine
the Executive’s compliance with the immediately preceding clause (1), (3) permit the Company to
participate in any proceedings relating to such refunds and reductions and (4) take all such other
actions as may be reasonably requested by the Company from time to time in connection with the
realization of such refunds or reductions, including, without limitation, borrowing money from the
Company (on terms and conditions reasonably satisfactory to the Executive and the Company,
including, without limitation, having the Company make the Executive whole, on an after-tax basis,
for any interest costs) so that the payments made from time to time by the Executive to the Company
hereunder maximize (to the extent reasonably possible) such refunds and reductions, the aggregate
amount of such payments by the Executive not to exceed the Gross-Up Repayment (computed without
regard to the provisos to the first sentence of this Section 6(a)(iv)); provided, however, that the
Company shall bear and directly pay, or shall promptly reimburse the Executive for, all costs and
expenses (including any additional penalties and interest) incurred by the Executive in connection
with any actions taken or omitted by the Executive in accordance with instructions from the Company
pursuant to this sentence, and shall indemnify and hold the Executive harmless, on an after-tax
basis, for any Excise Tax or income tax (including any additional penalties and interest) imposed
as a result of the Company’s payment of such costs and expenses. In the event that the Excise Tax
is subsequently determined to exceed the amount taken into account hereunder (including by reason
of any payment the existence or amount of which could not be determined at the time of the Excise
Tax Payment), the Company shall make an additional Excise Tax Payment in respect of such excess
(together with any interest or penalties payable by the Executive with respect to such excess) at
the time that the amount of such excess if finally determined, plus any additional taxes resulting
from the payment to the Executive by the Company for such excess and the interest and penalties
thereon. The Executive and the Company shall each reasonably cooperate with the other in connection
with any administrative or judicial proceedings concerning the existence or amount of liability for
Excise Tax with respect to the Severance Benefits.

(v) The Executive shall give the Company written notice of any determination by the Executive,
or any claim by any taxing authority, that he owes Excise Tax on any Severance Benefit. Such notice
shall be given as soon as practicable but no later than ten (10) business days after the Executive
makes such determination or is informed of such claim, and shall, to the extent Executive has or
may reasonably obtain such information, apprise the Company of the amount of such Excise Tax and
the date on which it is required to be paid. If the Company gives the Executive written notice at
least thirty (30) days prior to the due date for payment of such Excise Tax, or within ten (10)
business days of having received the foregoing notice from the Executive (whichever is later), that
it disagrees with or wishes to contest the amount of the Excise Tax, the Company and the Executive
shall consult with each other and their respective tax advisors regarding the amount and payment of
any Excise Tax. In the event there is a contest with any taxing authority regarding the amount of
the Excise Tax, the Company shall bear and pay directly all costs and expenses (including
additional interest, penalties and legal fees) incurred in connection with any such contest, and
shall indemnify and hold the Executive harmless, on an after-tax basis, to the extent not otherwise
paid hereunder, on (x) the Excise Tax Payment (including any interest and penalties with respect
thereto) and (y) the Company’s payment of the Executive’s costs and expenses hereunder.

(b) Tax Consequences Under Section 409A

(i) In the event that any amount arising from this Agreement is includable in Executive’s
gross income for a taxable year of the Executive under Section 409A of the Internal Revenue Code as
the result of the terms of this Agreement and/or the administration of those terms (“the Included
Amount”) and a 20% additional tax is owed under Section 409A, then the Company shall pay to the
Executive an amount equal to the 20% additional tax imposed under Section 409A on the Included
Amount, together with any underpayment penalties and interest (the “Additional Tax”) resulting from
the inclusion of the additional amount. The Company also will pay the Executive an additional
amount necessary to “gross up” the Executive for additional income taxes on the Additional Tax
payment.

(ii) The payments required by this Section 6(b) will be made on the earlier of (a) the
thirtieth day following the date on which it is finally determined by a court or administrative
agency that the Included Amount was includible in Executive’s income as the result of the
application of Section 409A(a)(1)(B) to the Included Amount; or (b) the last day of the Executive’s
taxable year next following the taxable year in which the Executive remitted the taxes due as the
result of the application of Section 409A(a)(1)(B) to the Included Amount.

(iii) It shall be a condition precedent to the Company’s obligations under this Section 6(b)
that the Executive (a) has given the Company written notice of any determination by the Executive,
or any claim by any taxing authority, that he owes Additional Tax as the result of the inclusion of
the Included Amount; (b) that such notice was given as soon as practicable but no later than ten
(10) business days after the Executive makes such determination or is informed of such claim; (c)
that such notice shall, to the extent Executive has or may reasonably obtain such information,
apprise the Company of the amount of such Additional Tax and the date on which it is required to be
paid. If the Company gives the Executive written notice at least thirty (30) days prior to the due
date for payment of such Additional Tax, or within ten (10) business days of having received the
foregoing notice from the Executive (whichever is later), that it disagrees with or wishes to
contest the inclusion of the Included Amount and/or the amount of the Additional Tax, the Company
and the Executive shall consult with each other and their respective tax advisors regarding the
amount and payment of any Additional Tax, and it shall be a further condition precedent to the
Company’s obligations hereunder that the Executive will take all reasonable steps requested by the
Company to contest the inclusion of the Included Amount and/or the amount of the Additional Tax
resulting from such inclusion, provided that in the event there is a contest with any taxing
authority regarding the inclusion and/or the amount of the Additional Tax, the Company shall bear
and pay directly all costs and expenses (including additional interest, penalties and legal fees)
incurred in connection with any such contest, and shall indemnify and hold the Executive harmless,
on an after-tax basis, to the extent not otherwise paid hereunder, on the Additional Tax (including
any interest and penalties with respect thereto) and the Company’s payment of the Executive’s costs
and expenses hereunder.

7. Limitation on Competition.

The Executive acknowledges that he will have continuing access to the financial and other
confidential information of the Company. As an agreement ancillary to the receipt of such
information and the other undertakings in this Agreement, the Executive covenants as follows:

During the Employment Period, and for such period thereafter (A) as the Executive is entitled
to receive severance compensation under this Agreement, or (B) in the event payment of Enhanced
Severance compensation is paid, for a period of three (3) years following the end of the Employment
Period, or (C) in the event the Executive’s employment is terminated by the Company for Cause or
the Executive terminates his employment for any reason other than Good Reason (including, without
limitation, by giving the Company a Non-Renewal Notice pursuant to Section 1(b) hereof), for a
period of twelve months following the Employment Period:

(a) the Executive shall not, directly or indirectly, without the Company’s prior written
consent, participate or engage in, whether as a director, officer, employee, advisor, consultant,
investor, lender, stockholder, partner, joint venturer, owner or in any other capacity, any
Competitive Business (as defined below) conducted in any Competitive Market Area (as defined
below); provided, however, that the Executive shall not be deemed to be participating or engaging
in any such business solely by virtue of his ownership of not more than five percent of any class
of stock or other securities which is publicly traded on a national securities exchange or in a
recognized over-the-counter market;

(b) the Executive shall not, without the Company’s prior written consent, (i) solicit (other
than by way of generalized employment advertising undertaken in the ordinary course of business)
the service of or employ any employee of the Key Companies for the Executive’s own benefit or for
the benefit of any person or entity other than the Key Companies, (ii) induce any such employee to
leave employment with the Key Companies, or (iii) employ or cause any other person or entity other
than the Key Companies to employ any former employee of the Key Companies whose termination of
employment with the Key Companies occurred less than six (6) months prior to such employment by the
Executive or such other person or entity; and

(c) the Executive shall not, without the Company’s prior written consent, (i) induce or
attempt to induce any customer, supplier or contractor of the Company to terminate or breach any
agreement or arrangement with the Key Companies or otherwise to cease doing business with the Key
Companies, or (ii) induce or attempt to induce any customer, supplier or contractor of the Key
Companies (including any prospective customer, supplier or contractor which the Key Companies is
actively pursuing prior to the Executive’s termination of employment), not to enter into any
agreement or arrangement with the Key Companies or not to do business with the Key Companies.

As used herein, the term “Competitive Business” shall mean any business: (1) that is
competitive with any business (A) which was conducted by the Company or any of its affiliated
companies on the date of termination of Executive’s employment hereunder or (B) which, on the date
of such termination or during the twelve months immediately preceding such termination, the Company
or any of its affiliated companies was actively investigating with a view to conducting or was
actively pursuing a plan to conduct; and (2) from which the Company and such affiliated companies
derive (or reasonably expect to derive) annual revenues of not less than $1,000,000. As used
herein, the term “Competitive Market Area” shall mean any geographic market area (1) if the Company
or any of its affiliated companies conducted business in such geographic market area during the
Employment Period or on the date of termination of Executive’s employment hereunder, or (2) if, on
the date of such termination or during the twelve months immediately preceding such termination,
the Company or any of its affiliated companies was actively investigating with a view to conducting
business in such geographic market area or was actively pursuing a plan to conduct business in such
geographic market area.

The Executive agrees and acknowledges that a portion of the consideration to be paid by the
Company to the Executive pursuant to this Agreement is in consideration of the covenants under this
Section 7 and that such consideration is fair and adequate, even though the Executive will not
receive any severance compensation in the event he terminates his employment with the Company other
than for Good Reason or the Company terminates his employment for Cause. The Executive acknowledges
and agrees that any breach or anticipatory breach by him of any of the provisions of this Section 7
would cause the Company or its affiliates irreparable injury not compensable by monetary damages
alone and that, accordingly, in any such event, the Key Companies shall be entitled to injunctions,
both preliminary and permanent, enjoining or restraining such breach or anticipatory breach without
the necessity of showing irreparable injury (and the Executive hereby consents to the issuance
thereof without bond by a court of competent jurisdiction).

8. Confidential Information.

The Executive acknowledges that during the course of his employment with the Company he will
have access to trade secrets, confidential and proprietary information and know-how of the Key
Companies (“Confidential Information”). Except in the ordinary course of properly performing his
duties for the Company, the Executive shall not at any time, without the Company’s prior written
consent while employed or after termination of his employment, disclose, communicate or divulge, or
use for the benefit of himself or of any third party, any of the Confidential Information of the
Key Companies. In the event the Executive learns during his employment with the Company any trade
secrets, confidential or proprietary information or know-how of any customer, supplier or
contractor of the Key Companies, the Executive shall maintain the confidence of such information.

9. Return of Materials.

Upon termination of the Executive’s employment for any reason, the Executive shall promptly
deliver to the Company or, with the Company’s consent, destroy all documents and other materials in
the Executive’s possession or custody (whether prepared by the Executive or others) that the
Executive obtained from the Key Companies or its customer, supplier or contractor during the
Employment Period and which relate to the past, present or anticipated business and affairs of the
Key Companies, including without limitation, any Confidential Information.

10. Enforceability.

If any provision of this Agreement shall be deemed invalid or unenforceable as written, this
Agreement shall be construed, to the greatest extent possible, or modified, to the extent allowable
by law, in a manner which shall render it valid and enforceable and any limitation on the scope or
duration of any such provision necessary to make it valid and enforceable shall be deemed to be a
part thereof. No invalidity or unenforceability of any provision contained herein shall affect any
other portion of this Agreement unless the provision deemed to be so invalid or unenforceable is a
material element of this Agreement, taken as a whole.

11. Legal Expenses.

The Company shall pay the Executive’s reasonable fees for legal and other related expenses
associated with any disputes arising hereunder or under any other agreements, arrangements or
understandings regarding Executive’s employment with the Company (including, without limitation,
all agreements, arrangements and understandings regarding bonuses, Equity-Based Incentives,
employee benefits or other compensation issues) if either a court of competent jurisdiction or an
arbitrator shall render a final judgment or an arbitrator’s final decision in favor of the
Executive on the issues in such dispute, from which there is no further right of appeal. If it
shall be determined in such judicial adjudication or arbitration that the Executive is successful
on some of the issues in such dispute, but not all, then the Executive shall be entitled to receive
a portion of such legal fees and other expenses as shall be appropriately prorated.

For purposes of this Section 11, the phrase “reasonable fees for legal and other related
expenses” shall mean only the reasonable fees incurred by the Executive for legal and other related
expenses, to the extent and only to the extent to which either (a) the reimbursement or payment of
such fees and expenses by the Company does not constitute “compensation” within the meaning of that
word where it appears in the phrase “a legally binding right during a taxable year to compensation”
in the first sentence of Treas. Reg. § 1.409A-1(b)(1); or (b) the reimbursement or payment of such
fees and expenses by the Company is a settlement or award resolving bona fide legal claims based on
wrongful termination, employment discrimination, the Fair Labor Standards Act, or worker’s
compensation statutes, including claims under applicable Federal, state, local, or foreign laws, or
for reimbursements or payments of reasonable attorneys fees or other reasonable expenses incurred
by a service provider related to such bona fide legal claims described in Treas. Reg. §
1.409A-1(b)(10).

12. Notices.

All notices which the Company is required or permitted to give to the Executive shall be given
by registered or certified mail or overnight courier, with a receipt obtained, addressed to the
Executive at his primary residence, or at such other place as the Executive may from time to time
designate in writing, or by personal delivery to the Executive, or by facsimile to the Executive
with oral confirmation of his receipt and with a copy immediately sent to the Executive by first
class U.S. Mail, and to counsel for the Executive as may be requested in writing by the Executive
from time to time. All notices which the Executive is required or permitted to give to the Company
shall be given by registered or certified mail or overnight courier, with a receipt obtained,
addressed to the Company at the address set forth above, or at such other address as the Company
may from time to time designate in writing, or by personal delivery to the Chief Executive Officer
of the Company, or by facsimile to the Chief Executive Officer with oral confirmation of his
receipt and with a copy immediately sent to the Chief Executive Officer by first class U.S. Mail,
and to counsel for the Company as may be requested in writing by the Company. A notice will be
deemed given upon personal delivery, the mailing thereof or delivery to an overnight courier for
delivery the next business day, or the oral confirmation of receipt by facsimile, except for a
notice of change of address, which will not be effective until receipt, and except as otherwise
provided in Section 5(a) hereof.

13. Waivers.

No waiver by either party of any breach or nonperformance of any provision or obligation of
this Agreement shall be deemed to be a waiver of any preceding or succeeding breach of the same or
any other provision of this Agreement. Any waiver of any provision of this Agreement must be in
writing and signed by the party granting the waiver.

14. Headings; Other Language.

The headings contained in this Agreement are for reference purposes only and shall in no way
affect the meaning or interpretation of this Agreement. In this Agreement, as the context may
require, the singular includes the plural and the singular, the masculine gender includes both male
and female reference, the word “or” is used in the inclusive sense and the words “including,”
“includes,” and “included” shall not be limiting. As used herein, the term “Subsidiary” shall mean
any corporation or other entity the voting equity of which the Company or another Subsidiary holds
at least fifty percent.

15. Withholding and Timing of Payments.

The Executive acknowledges and agrees that any or all payments under this Agreement may be
subject to reduction for tax and other required withholdings. Notwithstanding any provision of
this Agreement, if the payment of any amount under this Agreement would cause an amount to be
included in Executive’s taxable income under Section 409A of the Internal Revenue Code because the
timing of such payment is not delayed as provided in Section 409A(a) (2) (B) of the Internal
Revenue Code, then any such payment that Executive would otherwise be entitled to during the first
six months following the date of Executive’s separation from service shall be accumulated and paid
on the date that is six months after the date of Executive’s separation from service (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 the Executive’s taxable income under Section 409A of the Internal Revenue Code.

16. 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.

17. Agreement Complete; Amendments.

This Agreement, together with the Exhibits hereto, the agreements referred to herein, and the
instruments, agreements, plans, resolutions and other documents pursuant to which any Equity-Based
Incentives are held (now or in the future) by the Executive, constitutes the entire agreement of
the parties with respect to the subject matter hereof and supersedes all prior agreements, written
or oral, with respect thereto. This Agreement may not be amended, supplemented, canceled or
discharged except by a written instrument executed by both of the parties hereto, provided,
however, that the immediately foregoing provision shall not prohibit the termination of rights and
obligations under this Agreement which termination is made in accordance with the terms of this
Agreement.

18. Benefit of the Successors and Permitted Assigns of the Respective Parties Hereto.

This Agreement and the rights and obligations hereunder are personal to the Company and the
Executive and are not assignable or transferable to any other person, firm or corporation without
the consent of the other party, except as contemplated hereby; provided, however, in the event of
the sale, merger or consolidation of the Company, whether or not the Company is the surviving or
resulting corporation, the transfer of all or substantially all of the assets of the Company, or
the voluntary or involuntary dissolution of the Company, then the surviving or resulting
corporation or the transferee or transferees of the Company’s assets shall be bound by this
Agreement and the Company shall take all actions necessary to insure that such corporation,
transferee or transferees are bound by the provisions of this Agreement; and provided, further,
this Agreement shall inure to the benefit of the Executive’s estate, heirs, executors,
administrators, personal and legal representatives, distributees, devisees, and legatees.
Notwithstanding the foregoing provisions of this Section 18, the Company shall not be required to
take all actions necessary to insure that a buyer, survivor, transferee or transferees of the
Company’s assets (“Transferee”) are bound by the provisions of this Agreement and such Transferee
shall not be bound by the obligations of the Company under this Agreement if the Company shall have
(a) paid to the Executive or made provision satisfactory to the Executive for payment to him of all
amounts which are or may become payable to him hereunder in accordance with the terms hereof and
(b) made provision satisfactory to the Executive for the continuance of all benefits required to be
provided to him in accordance with the terms hereof, in each case as if the Executive had been
terminated without Cause in anticipation of a Change in Control.

19. Governing Law.

This Agreement will be governed and construed in accordance with the laws of Texas applicable
to agreements made and to be performed entirely within such state, without giving effect to any
choice or conflicts of laws principles which would cause the application of the domestic
substantive laws of any other jurisdiction.

20. Survival.

The covenants, agreements, representations, warranties and provisions contained in this
Agreement that are intended to survive the termination of the Executive’s employment hereunder and
the termination of the Employment Period shall so survive such termination.

21. Interpretation.

The terms of this Agreement shall be construed and administered in a manner calculated to
avoid the inclusion of any amount in Executive’s gross income under Code Section 409A, and any
provisions regarding the timing of payments shall have an effective date of August 1, 2005, as
required by Code Section 409A.

The Company and the Executive each acknowledge and agree that this Agreement has been reviewed
and negotiated by such party and its or his counsel, who have contributed to its revision, and the
normal rule of construction, to the effect that any ambiguities are resolved against the drafting
party, shall not be employed in the interpretation of it.

IN WITNESS WHEREOF, the parties have executed this Agreement, this 26th day of March,
2009.

THE PARENT:

KEY ENERGY SERVICES, INC.

By: /s/ RICHARD J. ALARIO

Richard J. Alario

Chairman, President, and Chief Executive

Officer

THE COMPANY:

KEY ENERGY SHARED SERVICES, LLC

By: /s/ KIM B. CLARKE

Kim B. Clarke

Sr. Vice President and Chief People

Officer

THE EXECUTIVE:

/s/ TREY WHICHARD

	 	 	Trey Whichard

1

EXHIBIT A

Company Paid Coverages

1. Medical and Dental Plan. Comprehensive medical and dental plans available to the Company’s
senior management, pursuant to which all medical and dental expenses incurred by the Executive, his
spouse and his children will be reimbursed by the Company, through insurance or, in the absence of
insurance, directly by the Company, so that the Executive has no out-of-pocket cost with respect to
such expenses.

2. Director and Officer Liability Insurance.

3. Voluntary annual physicals at the Executive’s option while employed, with a report by the
examining physician to the Board regarding the Executive’s ability to perform job related
functions.

2

EXHIBIT B

Definition of “Change in Control” of the Parent

The occurrence of any of the following shall constitute a “Change in Control” of Key Energy
Services, Inc. (hereinafter, the “Company”):

(a) If any person (as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as
from time to time in effect (the “Exchange Act”), or any successor provision), other than the
Company, becomes the beneficial owner directly or indirectly of more than fifty percent (50%) of
the outstanding Common Stock of the Company, determined in accordance with Rule 13d-3 under the
Exchange Act (or any successor provision), or otherwise becomes entitled to vote more than fifty
percent (50%) of the voting power entitled to be cast at elections for directors (“Voting Power”)
of the Company;

(b) If the Company is subject to the reporting requirements of Section 13 or 15(d) (or any
successor provision) of the Exchange Act, and any person (as defined in Section 3(a)(9) of the
Exchange Act, or any successor provision), other than the Company, purchases shares pursuant to a
tender offer or exchange offer to acquire Common Stock of the Company (or securities convertible
into or exchangeable for or exercisable for Common Stock) for cash, securities or any other
consideration, if after consummation of the offer, the person in question is tile beneficial owner,
directly or indirectly, of more than fifty percent (50%) of the outstanding Common Stock of the
Company, determined in accordance with Rule 13d-3 under the Exchange Act (or any successor
provision);

(c) If the stockholders or the Board approve any consolidation or merger of the Company (i) in
which the Company is not the continuing or surviving corporation unless such merger is with a
Subsidiary at least fifty percent (50%) of the Voting Power of which is held by the Company or (ii)
pursuant to which the holders of the Company’s shares of Common Stock immediately prior to such
merger or consolidation would not be the holders immediately after such merger or consolidation of
at least a majority of the Voting Power of the Company;

(d) The stockholders or the Board shall have approved any sale, lease, exchange or other
transfer (in one transaction or a series of transactions) of all or substantially all of the assets
of the Company;

(e) Upon the election of one or more new directors of the Company, a majority of the directors
holding office, including the newly elected directors, were not nominated as candidates by a
majority of the directors in office immediately before such election As used in this definition of
“Change in Control,” “Common Stock” means the Common Stock, or if changed, the capital stock of the
Company as it shall be constituted from time to time entitling the holders thereof to share
generally in the distribution of all assets available for distribution to the Company’s
stockholders after the distribution to any holders of capital stock with preferential rights.

3

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