Document:

Exhibit 4.28

 

WARRANT
AGREEMENT

 

THIS WARRANT AGREEMENT
(this “Agreement”), dated as of ______________, 2015, is entered into by and between Cryoport, Inc., a Nevada corporation
(the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Warrant Agent”).

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission a Registration Statement on Form S-1, No. 333-203006 (the “Registration
Statement”), for the registration, under the Securities Act of 1933, as amended (the “Act”) of, among other securities,
a certain number of Warrants and the Common Stock issuable upon exercise of such Warrants;

 

WHEREAS, the Company contemplates issuance of additional Warrants (the “Additional Warrants”) pursuant to conversion or exchange rights associated with outstanding shares of the Company's Preferred Stock following the effectiveness of the Registration Statement which additional Warrants will not be subject to the Registration Statement, but for which the Company may file an additional registration statement with the Securities and Exchange Commission related to the exercise of such additional Warrants or the resale of shares of Common Stock issued upon such exercise;

 

WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance,
registration, transfer, exchange and exercise of the Warrants;

 

WHEREAS, the Company
desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the
respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Agreement.

 

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

 

1.      Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants (which includes both the Warrants subject to the Registration Statement and the Additional Warrants), and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this
Agreement.

 

2.      Warrants.

 

2.1      Form of Warrant.
Each Warrant shall be (a) issued in registered form only, (b) in substantially the form of Exhibit A hereto, the provisions
of which are incorporated herein, and (c) signed by, or bear the facsimile signature of, the Chairman of the Board or the President
and the Treasurer or the Secretary of the Company. In the event the person whose facsimile signature has been placed upon any Warrant
shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued
with the same effect as if he or she had not ceased to be such at the date of issuance.

 

2.2      Effect of
Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, Warrant shall be invalid
and of no effect and may not be exercised by the holder thereof.

 

    	 

    	 

    

 

2.3      Registration
and Listing.

 

2.3.1      Warrant Register.
The Warrant Agent shall maintain books (the “Warrant Register”) for the registration of the original issuance and transfers
of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names
of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant
Agent by the Company.

 

2.3.2      Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant shall be registered upon the Warrant Register (the “registered holder”),
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on the warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.3.3      Stock Exchange
Listings. So long as any Warrants remain outstanding, the Company will use commercially reasonable efforts to take all necessary
action to have the Warrants and the Common Stock, immediately upon their issuance upon exercise of Warrants, (i) listed on each
national securities exchange on which the Common Stock is then listed or (ii) if the Common Stock is not then listed on any national
securities exchange, listed for quotation on the OTCQB or such other over-the-counter quotation system on which the Common Stock
may then be listed.

 

3.      Terms and Exercise
of Warrants.

 

3.1      Warrant Price.
Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of
such Warrant, as the case may be, and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock
stated therein, at the price of $ ______ per whole share, subject to the adjustments provided in Section 4 hereof and in the last
sentence of this Section 3.1. The term “Warrant Price” as used in this Warrant Agreement refers to the price per share
at which Common Stock may be purchased at the time a Warrant is exercised. The Company, in its sole discretion, may lower the Warrant
Price at any time prior to the Expiration Date (as defined below).

 

3.2      Duration
of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing on ____________,
2015 and terminating at 5:00 p.m., New York City time on ____________, 2020 (the “Expiration Date”). Each Warrant not
exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under
this Agreement shall cease at the close of business on the Expiration Date. The Company, in its sole discretion, may extend the
duration of the Warrants by delaying the Expiration Date.

 

    	 

    	 

    

 

3.3      Exercise
of Warrants.

 

3.3.1      Payment.
Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be
exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor
as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant,
duly executed, and by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised
and any and all applicable taxes due in connection with the exercise of the Warrant, by certified check payable to the order of
the Warrant Agent.

 

3.3.2      Cashless
Exercise. If, and only if, at the time of exercise of the Warrants (i) there is no effective registration statement registering,
or the prospectus contained therein is not available for, the issuance of the Common Stock to the Warrantholder (as defined in
the Warrant), and (ii) solely with respect to the Additional Warrants,
there is no effective registration statement registering, or the prospectus contained there is not available for, the resale of
the Common Stock by the Warrantholder (so long as such Warrantholder has complied with the Company’s requests for information
regarding itself, the Common Stock held by it, and the intended method of disposition of such securities as is reasonably required
to effect the registration of the resale of such Warrantholder’s Common Stock), then, and only then, the Warrants may at
the option of the Warrantholder be exercised, in whole or in part, at such time by means of a “cashless exercise” in
which the Warrantholder shall be entitled to receive a number of shares of Common Stock equal to the quotient obtained by dividing
[(A-B) (X)] by (A), where:

 

(A) = the VWAP (defined below) on the trading day
immediately preceding the date on which the Warrantholder elects to exercise the Warrants by means of a “cashless exercise,”
as set forth in the applicable subscription form;

 

(B) = the Warrant Price of the Warrants, as adjusted
hereunder; and

 

(X) = the number of shares of Common Stock that would
be issuable upon exercise of the Warrants being exercised in accordance with the terms hereof if such exercise were by means of
a cash exercise rather than a cashless exercise.

 

“VWAP” means, for any date,
the price per share of Common Stock determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on the New York Stock Exchange, the American Stock Exchange, the NASDAQ National Market, the NASDAQ Capital Market
or the OTC Bulletin Board (each, a “Trading Market”), the daily volume weighted average price of the Common Stock for
such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported
by Bloomberg L.P. (“Bloomberg”) (based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York
City time)), (b) if the Common Stock is not then listed or quoted for trading or quoted for trading on a Trading Market and if
prices for the Common Stock are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock
so reported, or (c) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the Board of Directors of the Company, the fees and expenses of which shall be paid by the Company.

 

    	 

    	 

    

 

3.3.3      Issuance
of Certificates. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the
Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates representing the
number of full shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by
him, her or it, and, if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares
as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver
any securities pursuant to the exercise of a Warrant unless (a) a registration statement under the Act with respect to the Common
Stock issuable upon exercise of such Warrants is effective and a current prospectus relating to the shares of Common Stock issuable
upon exercise of the Warrants is available for delivery to the Warrant holders or (b) in the opinion of counsel to the Company,
the exercise of the Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale
or exempt from qualification under applicable securities laws of the states or other jurisdictions in which the registered holder
resides. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise or
issuance would be unlawful. In the event that a registration statement under the Act with respect to the Common Stock underlying
the Warrants is not effective or a current prospectus is not available, or because such exercise would be unlawful with respect
to a registered holder in any state, the registered holder shall not be entitled to exercise such Warrants and such Warrants may
have no value and expire worthless. In no event will the Company be required to “net cash settle” the warrant exercise.

 

3.3.4      Valid Issuance.
All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued,
fully paid and nonassessable.

 

3.3.5      Date of Issuance.
Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become
the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made,
irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when
the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the
close of business on the next succeeding date on which the stock transfer books are open.

 

4.      Adjustments.

 

4.1      Stock Dividends
- Split-Ups. If, after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares
of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock,
or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of
Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Common
Stock.

 

4.2      Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 4.6, the number of outstanding shares of Common
Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other
similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar
event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease
in outstanding shares of Common Stock.

 

    	 

    	 

    

 

4.3      Adjustments
in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted,
as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant
Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock
purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the
number of shares of Common Stock so purchasable immediately thereafter.

 

4.4      Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change covered by Section 4.1 or 4.2 hereof or one that solely affects the par value of such shares of Common
Stock), or, in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation
or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization
of the outstanding shares of Common Stock), or, in the case of any sale or conveyance to another corporation or entity of the assets
or other property of the Company as an entirety or substantially as an entirety, in connection with which the Company is dissolved,
the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon
the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such
sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately
prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Section 4.1 or 4.2,
then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

4.5      Notices of
Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant,
setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence
of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written notice to each
Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date
of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.6      No Fractional
Shares. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company shall not issue fractional
shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would
be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise,
round up or down to the nearest whole number the number of shares of Common Stock to be issued to the Warrant holder.

 

    	 

    	 

    

 

4.7      Form of Warrant.
The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment
may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement.
However, the Company may, at any time, in its sole discretion, make any change in the form of Warrant that the Company may deem
appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange
or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

5.      Transfer and
Exchange of Warrants.

 

5.1      Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant in the Warrant Register,
upon surrender of such Warrant for transfer, properly endorsed with signatures properly medallion guaranteed and accompanied by
appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants
shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled may be delivered by the
Warrant Agent to the Company from time to time upon request.

 

5.2      Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered
holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event
that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new
Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer
is exempt from registration under the Federal Securities Act of 1933, as amended and indicating whether the new Warrants must also
bear a restrictive legend.

 

5.3      Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a warrant certificate for a fraction of a warrant.

 

5.4      Service Charges.
No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5      Warrant Execution
and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of
this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required
by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

    	 

    	 

    

 

6.      Other Provisions
Relating to Rights of Holders of Warrants.

 

6.1      No Rights
as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company,
including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or
to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the
Company or any other matter.

 

6.2      Lost, Stolen,
Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated or destroyed, the Company and the Warrant Agent
may, on such terms as to indemnity or otherwise as they may in their discretion impose (which terms shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor and date as the Warrant so lost, stolen,
mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone.

 

6.3      Reservation
of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of
Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

6.4      Registration
of Common Stock. The Company will use its best efforts to maintain the effectiveness of a registration statement
registering the Common Stock issuable upon the exercise of the Warrant and/or a registration statement registering the resale
of the Common Stock issuable upon the exercise of the Additional Warrants, as applicable, and ensure that a prospectus is
available for delivery to the Warrant holders until the expiration of the Warrants in accordance with the provisions of this
Agreement. Except as provided in Section 3.3.2, the Warrants shall not be exercisable and the Company shall not be obligated
to issue Common Stock unless, at the time a holder seeks to exercise Warrants, a prospectus related to the Common Stock
issuable upon exercise of the Warrants is current and the Common Stock has been registered or qualified under the laws of the
state of residence of the holder of the Warrants or unless the issuance of the Common Stock is deemed to be exempt from such
requirements. In addition, the Company agrees to use its best efforts to register the issuance and/or the resale of such
securities under the blue sky laws of the states of residence of exercising Warrant holders, if permitted by the blue sky
laws of such jurisdictions, in the event that an exemption is not available.

 

6.5      Limitation
on Monetary Damages. In no event shall the registered holder of a Warrant be entitled to receive monetary damages for failure
to settle any Warrant exercise if the Common Stock issuable upon exercise of the Warrants has not been registered with the Securities
and Exchange Commission pursuant to an effective registration statement or if a current prospectus is not available for delivery
by the Warrant Agent, provided the Company has fulfilled its obligations under Section 6.4 to use its best efforts to effect the
registration under the Act of the Common Stock issuable upon exercise of the Warrants.

 

7.      Concerning the
Warrant Agent and Other Matters.

 

7.1      Payment of
Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant
Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not
be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

    	 

    	 

    

 

7.2      Resignation,
Consolidation, or Merger of Warrant Agent.

 

7.2.1      Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the
office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of
30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant
(who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may
apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent
at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation
organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough
of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision
or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority,
powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as
Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor
Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent
all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

7.2.2      Notice of
Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to
the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

 

7.2.3      Merger or
Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor
Warrant Agent under this Agreement without any further act.

 

7.3      Fees and
Expenses of Warrant Agent.

 

7.3.1      Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse
the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

    	 

    	 

    

 

7.3.2      Further Assurances.
The Company agrees to perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered
all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

 

7.4      Liability
of Warrant Agent.

 

7.4.1      Reliance
on Company Statement. Whenever in the performance of its duties under this Warrant Agreement the Warrant Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be
conclusively proved and established by a statement signed by the President or Chairman of the Board of the Company and delivered
to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant
to the provisions of this Agreement.

 

7.4.2      Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant
Agent’s gross negligence, willful misconduct or bad faith.

 

7.4.3      Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required
under the provisions of Section 4 hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any
Warrant or as to whether any shares of Common Stock will when issued be valid and fully paid and nonassessable.

 

7.5      Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants exercised
and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of Common
Stock through the exercise of Warrants.

 

8.      Miscellaneous
Provisions.

 

8.1      Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

    	 

    	 

    

 

8.2      Notices.
Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder
of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier service,
addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

Cryoport, Inc.

20382 Barents Sea Circle

Lake Forest, California 92630

		Attn:	Robert Stefanovich, Chief Financial Officer

 

Any notice, statement or demand authorized
by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be delivered
by hand or sent by registered or certified mail or overnight courier service, addressed (until another address is filed in writing
by the Company with the Warrant Agent) as follows:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

		Attn:	Compliance Department

 

with a copy in each case to:

 

Snell & Wilmer, L.L.P.

600 Anton Boulevard

Suite 1400

Costa Mesa, California 92626

		Attn:	Anthony J. Ippolito, Esq.

 

Any notice, sent pursuant to this Warrant
Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight
courier, on the next business day of the delivery to the courier, and if sent by registered or certified mail on the third day
after registration or certification thereof.

 

8.3      Applicable
Law. The validity, interpretation and performance of this Agreement and of the Warrants shall be governed in all respects by
the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of
the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

    	 

    	 

    

 

8.4      Persons Having
Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Warrants, any right, remedy, or claim under or by reason of this Warrant Agreement or of any
covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements
contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and
assigns and of the registered holders of the Warrants.

 

8.5      Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant
Agent may require any such holder to submit his, her or its Warrant for inspection by it.

 

8.6      Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

8.7      Effect of
Headings. The section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect
the interpretation thereof.

 

8.8      Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment
to increase the Warrant Price or shorten the Exercise Period, shall require the written consent of the registered holders of a
majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the
duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders.

 

8.9      Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

[Signature page follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	CRYOPORT, INC.
	 	 
	 	 
	 	By:	 	
	 	Name: Robert Stefanovich
	 	Title: Chief Financial Officer
	 	 
	 	 
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	 
	 	By:	 	 
	 	Name: Michael Mullings
	 	Title: Vice President and Director of Restricted Transactions

 

    	 

    	 

    

 

Exhibit
A

 

	No. __________	 	__________ A WARRANTS

 

THIS WARRANT
CERTIFICATE WILL BE VOID IF NOT EXERCISED PRIOR

 

TO 5:00
P.M. NEW YORK CITY TIME, [__________]

 

CRYOPORT,
INC.

 

A WARRANT
CERTIFICATE

 

THIS CERTIFIES THAT, for value received,
[_______________] (“Warrantholder”) is the registered holder of [_______] Warrants (the “Warrant”
or “Warrants”) to purchase fully paid and non-assessable shares of common stock, par value $0.001 per
share (the “Share” or “Shares”), of CRYOPORT, INC., a Nevada corporation
(the “Company”).

 

This Warrant Certificate is issued under
and in accordance with the Warrant Agreement, dated as of June [     ], 2015 (the “Warrant
Agreement”), between the Company and Continental Stock Transfer & Trust Company, a New York corporation (the
“Warrant Agent”), and is subject to the terms and provisions contained in the Warrant Agreement, to all
of which terms and provisions the holder of this Warrant Certificate and the beneficial owners of the Warrants represented by this
Warrant Certificate consent by acceptance hereof.  In the case of any conflict between this Certificate and the Warrant Agreement,
the provisions of the Warrant Agreement shall control and govern.

 

1.      Terms and Exercise
of A Warrants.

 

(a)      Warrant Price.
Each Warrant shall entitle the registered holder thereof, subject to the provisions of such Warrant, to purchase from the Company
one share of Common Stock at the price of [$_____] per share, subject to the adjustments provided in Section 2 hereof and
in the last sentence of this Section 1(a). The term “Warrant Price” as used in this Agreement refers
to the price per share at which Common Stock may be purchased at the time the Warrants are exercised. The Company, in its sole
discretion, may by notice to registered holders lower the Warrant Price at any time prior to the Expiration Date (as defined below)
for a specified period of not less than 20 business days.

 

(b)      Duration
of Warrants. The Warrants may be exercised only during the period (“Exercise Period”) commencing
on the date of issuance and terminating at 5:00 p.m., New York City time, on the Expiration Date. For purposes of this Agreement,
the “Expiration Date” shall mean [__________], 2020. Each Warrant not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect thereof shall cease at the close of business on the
Expiration Date. The Company may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the
Company shall provide notice to registered holders of the Warrants of such extension of not less than 20 days.

 

    	 

    	 

    

 

(c)      Exercise
of Warrants.

 

(i)      Payment.
Subject to the provisions of the Warrants, the Warrants may be exercised by the registered holder thereof by surrendering them
at the Company with the subscription form as set forth herein duly executed and, except where otherwise permitted in accordance
with Section 1(c)(ii), by paying in full in lawful money of the United States by certified check made payable to the Company or
by wire transfer of immediately available funds to an account designated by the Company (or as otherwise agreed to by the Company),
the Warrant Price for each share of Common Stock as to which the Warrants are exercised and any and all applicable taxes due in
connection with the exercise of the Warrants and the issuance of the Common Stock.

 

(ii)      Cashless Exercise.
If, and only if, at the time of exercise of the Warrants (i) there is no effective registration statement registering, or the prospectus
contained therein is not available for, the issuance of the Common Stock to the Warrantholder, and (ii) solely with respect to
Warrants that were not originally issued pursuant to an effective registration statement, there is no effective registration statement
registering, or the prospectus contained there is not available for, the resale of the Common Stock by the Warrantholder (so long
as such Warrantholder has complied with the Company’s requests for information regarding itself, the Common Stock held by
it, and the intended method of disposition of such securities as is reasonably required to effect the registration of the resale
of such Warrantholder’s Common Stock), then, and only then, the Warrants may at the option of the Warrantholder be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Warrantholder shall be entitled to
receive a number of shares of Common Stock equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = the VWAP (defined below) on the trading day
immediately preceding the date on which the Warrantholder elects to exercise the Warrants by means of a “cashless exercise,”
as set forth in the applicable subscription form;

 

(B) = the Warrant Price of the Warrants, as adjusted
hereunder; and

 

(X) = the number of shares of Common Stock that would
be issuable upon exercise of the Warrants being exercised in accordance with the terms hereof if such exercise were by means of
a cash exercise rather than a cashless exercise.

 

“VWAP” means,
for any date, the price per share of Common Stock determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on the New York Stock Exchange, the American Stock Exchange, the NASDAQ National Market, the NASDAQ
Capital Market or the OTC Bulletin Board (each, a “Trading Market”), the daily volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then
listed or quoted as reported by Bloomberg L.P. (“Bloomberg”) (based on a trading day from 9:30 a.m. (New
York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is not then listed or quoted for trading or quoted
for trading on a Trading Market and if prices for the Common Stock are then reported in the “Pink Sheets” published
by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per share of the Common Stock so reported, or (c) in all other cases, the fair market value of a share of Common Stock
as determined by an independent appraiser selected in good faith by the Board of Directors of the Company, the fees and expenses
of which shall be paid by the Company.

 

    	 

    	 

    

 

(iii)      Issuance
of Certificates. As soon as practicable after the exercise of any Warrants and the clearance of the funds in payment of the
Warrant Price, the Company shall issue to the registered holder of such Warrants a certificate or certificates representing the
number of shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him,
her or it, and, if such Warrants shall not have been exercised or surrendered in full, a new countersigned Warrant Certificate
for the number of shares as to which such Warrants shall not have been exercised or surrendered. Notwithstanding the foregoing,
the Company shall not be obligated to deliver any securities pursuant to the exercise of Warrants unless (a) a registration statement
under the Securities Act of 1933, as amended (the “Act”) with respect to the Common Stock issuable upon
exercise of the Warrants is effective and a current prospectus relating to the shares of Common Stock issuable upon exercise of
the Warrants is available for delivery to the Warrant holders, or (b) the exercise of the Warrants is exempt from the registration
requirements of the Act and such securities are qualified for sale or exempt from qualification under applicable securities laws
of the state or other jurisdiction in which the registered holder resides. Warrants may not be exercised by, or securities issued
to, any registered holder in any state in which such exercise or issuance would be unlawful. In the event a registration statement
under the Act with respect to the Common Stock underlying the Warrants is not effective or a prospectus is not available, or because
such exercise would be unlawful with respect to a registered holder in any state, the registered holder shall not be entitled to
exercise such Warrants and such Warrants may have no value and expire worthless. In no event will the Company be obligated to pay
such registered holder any cash consideration upon exercise (except pursuant to Section 2(e)). The Company’s counsel
shall deliver any legal opinions required by the Warrant Agent in connection with the exercise of the Warrants at no cost to the
Warrantholder.

 

(iv)     Valid Issuance.
All shares of Common Stock issued upon the proper exercise or surrender of the Warrants in conformity with this Agreement shall
be validly issued, fully paid and nonassessable.

 

(v)      Date of Issuance.
Each person or entity in whose name any such certificate for shares of Common Stock is issued shall, for all purposes, be deemed
to have become the holder of record of such shares on the date on which the Warrants were surrendered and payment of the Warrant
Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment
is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such
shares at the close of business on the next succeeding date on which the stock transfer books are open.

 

    	 

    	 

    

 

(vi)     Exercise Limitation.
Notwithstanding any provisions herein to the contrary, the Warrantholder shall not be entitled to exercise the Warrants for a number
of shares of Common Stock in excess of that number of shares of Common Stock which, upon giving effect to such exercise, would
cause the aggregate number of shares of Common Stock beneficially owned by such Warrantholder to exceed 9.99% of the outstanding
shares of Common Stock following such exercise. For purposes of the foregoing proviso, the aggregate number of shares of Common
Stock beneficially owned by the Warrantholder shall include the number of shares of Common Stock issuable upon exercise of this
Warrant with respect to which determination of such proviso is being made, but shall exclude the shares of Common Stock which would
be issuable upon (i) exercise of the remaining, unexercised Warrants beneficially owned by the Warrantholder and (ii) exercise
or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the Warrantholder
subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding
sentence, for purposes of this Section 1(c)(vi), beneficial ownership shall be calculated in accordance with Section 13(d)
of the Securities Exchange Act of 1934, as amended. The Warrantholder may waive the foregoing limitation by written notice to the
Company upon not less than 61 days prior written notice (such waiver taking effect only upon the expiration of such 61 day notice
period and applying only to the Warrantholder and not to any other holder of Warrants). For purposes of this Section 1(c)(vi),
in determining the number of outstanding shares of Common Stock, the Warrantholder may rely on the number of outstanding shares
of Common Stock as reflected in (1) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, filed with the
Securities and Exchange Commission on the date thereof, (2) a more recent public announcement by the Company as to the number of
shares of Common Stock outstanding, or (3) any other notice by the Company or its transfer agent setting forth the number of shares
of Common Stock outstanding. Upon the written request of the Warrantholder, the Company shall within three trading days confirm
in writing or by electronic mail to the Warrantholder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including the Warrants, by the Warrantholder since the date as of which such number of outstanding shares of Common Stock
was reported.

 

2.      Adjustments.

 

(a)      Stock Dividends;
Stock Splits. If, after the date hereof, and subject to the provisions of Section 2(f) below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split of shares of Common Stock,
or other similar event, then, on the effective date of such stock dividend, stock split or similar event, the number of shares
of Common Stock issuable on exercise of the Warrants shall be increased in proportion to such increase in outstanding shares of
Common Stock.

 

(b)      Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 2(f) below, the number of outstanding
shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common
Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification
or similar event, the number of shares of Common Stock issuable on exercise of the Warrants shall be decreased in proportion to
such decrease in outstanding shares of Common Stock.

 

    	 

    	 

    

 

(c)      Adjustments
in Warrant Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted,
as provided in Sections 2(a) and 2(b), the Warrant Price shall be adjusted (to the nearest cent) by multiplying such
Warrant Price, immediately prior to such adjustment, by a fraction, (i) the numerator of which shall be the number of shares of
Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (ii) the denominator of which
shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

(d)      Extraordinary
Dividends. If the Company, at any time during the Exercise Period, shall pay a dividend in cash, securities or other assets
to the holders of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible),
other than (i) as described in Sections 2(a), 2(b) or 2(e), or (ii) regular quarterly or other periodic dividends
(any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant
Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash
and/or the fair market value (as determined by the Company’s Board of Directors, in good faith) of any securities or other
assets paid on each share of Common Stock in respect of such Extraordinary Dividend in order that subsequent thereto upon exercise
of the Warrants the Warrantholder may obtain the equivalent benefit of such Extraordinary Dividend.

 

(e)      Replacement
of Securities upon Reorganization, Etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change covered by Sections 2(a) or 2(b) hereof or one that solely affects the par value of such
shares of Common Stock), or, in the case of any merger or consolidation of the Company with or into another corporation (other
than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding shares of Common Stock), or, in the case of any sale or conveyance to another corporation
or entity of the assets or other property of the Company as an entirety or substantially as an entirety, in connection with which
the Company is dissolved, the Warrants shall thereafter represent the right to purchase and receive, upon the basis and upon the
terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the Warrants holder would have received if such Warrants holder had exercised
his, her or its Warrants immediately prior to such event; and if any reclassification also results in a change in shares of Common
Stock covered by Sections 2(a) or 2(b), then such adjustment shall be made pursuant to Sections 2(a), 2(b),
2(c) and this Section 2(e). The provisions of this Section 2 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

 

(f)      Notices of
Changes in Warrants. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of the Warrants,
the Company shall give written notice thereof to each registered holder, which notice shall state the Warrant Price resulting from
such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of the
Warrants, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon
the occurrence of any event specified in Sections 2(a), 2(b), 2(d) or 2(e) the Company shall give written
notice to each Warrants holder, at the last address set forth for such holder in the Warrants register, of the record date or the
effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such
event.

 

    	 

    	 

    

 

(g)      Form of Warrant.
The form of Warrant need not be changed because of any adjustment pursuant to this Section 2, and Warrants issued after
such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant
to this Agreement. However, the Company may, at any time, in its sole discretion, make any change in the form of Warrants that
the Company may deem appropriate and that does not affect the rights of holders thereof, and any Warrants thereafter issued or
countersigned, whether in exchange or substitution for outstanding Warrants or otherwise, may be in the form as so changed.

 

(h)      Notice of
Certain Transactions. In the event that the Company shall propose to (i) offer the holders of its Common Stock rights to subscribe
for or to purchase any securities convertible into shares of Common Stock or shares of stock of any class or any other securities,
rights or options, (ii) issue any rights, options or warrants entitling the holders of Common Stock to subscribe for shares of
Common Stock or (iii) make a tender offer or exchange offer with respect to the Common Stock, the Company shall send to the Warrant
holders a notice of such proposed action or offer. Such notice shall be mailed to the registered holders at their addresses as
they appear in the Warrants register, which shall specify the record date for the purposes of such dividend, distribution or rights,
or the date such issuance or event is to take place and the date of participation therein by the holders of Common Stock, if any
such date is to be fixed, and shall briefly indicate the effect of such action on the Common Stock and on the number and kind of
any other shares of stock and on other property, if any, and the number of shares of Common Stock and other property, if any, issuable
upon exercise of the Warrants and the Warrant Price after giving effect to any adjustment pursuant to this Section 2 which would
be required as a result of such action. Such notice shall be given as promptly as practicable after the Company has determined
to take any such action and (x) in the case of any action covered by clause (i) or (ii) above, at least 10 days prior to the record
date for determining the holders of the Common Stock for purposes of such action or (y) in the case of any other such action, at
least 20 days prior to the date of the taking of such proposed action or the date of participation therein by the holders of Common
Stock, whichever shall be the earlier.

 

3.      Transfer and
Exchange of Warrants.

 

(a)      Registration
of Transfer. The Company shall register the transfer, from time to time, of any outstanding Warrants into the Warrant register,
upon surrender of such Warrants for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate
instructions for transfer. Upon any such transfer, new Warrants representing an equal aggregate number of Warrants shall be issued
and the old Warrants shall be cancelled by the Company.

 

(b)      Procedure
for Surrender of Warrants. Warrants may be surrendered to the Company, together with a written request for exchange or transfer,
and, thereupon, the Company shall issue in exchange therefor one or more new Warrants as requested by the registered holder of
the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that, in the event the Warrants
surrendered for transfer bear a restrictive legend, the Company shall not cancel such Warrants and issue new Warrants in exchange
therefor until the Company has received an opinion of counsel for the Company stating that such transfer may be made and indicating
whether the new Warrants must also bear a restrictive legend.

 

    	 

    	 

    

 

(c)      Service Charges.
No service charge shall be made for any exchange or registration of transfer of Warrants.

 

4.      Other Provisions
Relating to Rights of Holders of Warrants.

 

(a)      No Rights
as Stockholder. The Warrants do not entitle the registered holder thereof to any of the rights of a stockholder of the Company,
including, without limitation, the right to receive dividends or other distributions, to exercise any preemptive rights, or to
vote, consent or receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the
Company or any other matter.

 

(b)      Lost, Stolen,
Mutilated or Destroyed Warrant Certificates. If any Warrant Certificate is lost, stolen, mutilated or destroyed, the Company
may, on such terms as to indemnity or otherwise as it may in its discretion impose (which terms shall, in the case of a mutilated
Warrant Certificate, include the surrender thereof), issue a new Warrant Certificate of like denomination, tenor and date as the
Warrant Certificate so lost, stolen, mutilated or destroyed. Any such new Warrant Certificate shall constitute a substitute contractual
obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant Certificate shall be at any
time enforceable by anyone.

 

(c)      Reservation
of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of
Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

(d)      Notices.
Any notice, statement or demand authorized by this Certificate to be given or made by the Company or by the holder of the Warrants
to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed
(until another address is provided in writing by the Company) as follows:

 

Cryoport, Inc.

20382 Barents Sea Circle

Lake Forest, CA 92630

Attn: Chief Financial Officer

 

Any notice, sent pursuant to this Certificate
shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight courier,
on the next business day of the delivery to the courier, and if sent by registered or certified mail on the third day after registration
or certification thereof.

 

    	 

    	 

    

 

(e)      Applicable
Law. The validity, interpretation, and performance of this Certificate and of the Warrants shall be governed in all respects
by the laws of the State of Nevada, without giving effect to any conflict of laws principles. The Company hereby agrees that any
action, proceeding or claim against it arising out of or relating in any way to this Certificate and to the Warrants shall be brought
and enforced in the courts of the State of Nevada or the United States District Court for the District of Nevada, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may
be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed
to it at the address set forth in Section 5(d) hereof. Such mailing shall be deemed personal service and shall be legal and binding
upon the Company in any action, proceeding or claim.

  

	CRYOPORT, INC.	 
	 	 	 	 
	 	 	 	 
	By:	 		 
	 	 	Robert Stefanovich,
    Chief Financial Officer

 

    	 

    	 

    

 

CRYOPORT,
INC.

 

SUBSCRIPTION
FORM

 

(To Be Executed by the Warrantholder in
Order to Exercise Warrants)

 

The undersigned Warrantholder hereby irrevocably
elects to exercise __________ Warrants represented by this Warrant Certificate, and to purchase the shares of Common Stock issuable
upon the exercise of such Warrants. Payment shall take the form of (check applicable box):

 

 ̈  in lawful money of the United
States by certified check made payable to the Company or by wire transfer of immediately available funds to an account designated
by the Company; or

 

  ̈  if permitted by the terms of the
Warrant Certificate, the cancellation of such number of shares of Common Stock as is necessary, in accordance with the formula
set forth in Section 1(c)(ii), to exercise the Warrants with respect to the maximum number of shares of Common Stock purchasable
pursuant to the cashless exercise procedure set forth in Section 1(c)(ii).

 

The undersigned Warrantholder requests
that certificates for such shares shall be issued in the name of:

 

	Name:	 	 	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Tax Identification Number:	 	 	 

 

 

and be delivered to:

 

	Name:	 		 
	 	 	 	 
	Address:	 	 	 

 

 

and, if the number of Warrants shall not
be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered
in the name of, and delivered to, the Warrantholder at the address stated below.

 

 

	Date:	 		 	Signature:	 	
	 	 	 	 	 	 	 
	 	 		 	Address:	 	 
	 	 	 	 	 	 	 

 

    	 

    	 

    

 

	 	 	 	 	 
		 	Tax Identification Number	 	

 

 

Signature Guaranteed:

 

 

 

	 		 

 

THE SIGNATURE TO THIS WARRANT EXERCISE
FORM MUST CORRESPOND TO THE NAME WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT
OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE AMERICAN STOCK EXCHANGE,
NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR CHICAGO STOCK EXCHANGE.

 

    	 

    	 

    

 

CRYOPORT,
INC.

 

ASSIGNMENT

 

(To Be Executed by the Warrantholder in
Order to Assign Warrants)

 

 

For Value Received, ____________________
hereby sells, assigns and transfers unto:

 

 

	Name:	 	 	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Tax Identification Number:	 	 	 

 

 

_________ of the Warrants represented by
this Warrant Certificate, and hereby irrevocably constitutes and appoints ____________________ Attorney to transfer this Warrant
Certificate on the books of the Company, with full substitution in the premises.

 

 

	Date:	 		 	Signature:	 	

 

 

Signature Guaranteed:

 

 

	 		 

 

 

THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND
TO THE NAME WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE AMERICAN STOCK EXCHANGE, NEW YORK
STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR CHICAGO STOCK EXCHANGE.EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (as from time to time amended in accordance with the provisions hereof, this “Agreement”),
is entered into this 22nd day of June, 2015, by and between Robert Drummond (the “Executive”), KEY ENERGY SERVICES, INC., a Maryland corporation with executive offices at
1301 McKinney Street, Suite 1800, Houston, Texas 77010 (the “Parent”) and KEY ENERGY SERVICES, LLC, a Texas limited liability company (the “Company”) (Executive, Parent, and the Company
collectively referred to as the “Parties”). 
 WHEREAS, the Company desires to employ the Executive as President and Chief
Operating Officer of the Parent and President of the Company; 
 WHEREAS, the Company and the Executive desire to enter into this Agreement
as to the terms of the Executive’s employment by the Company; 
 WHEREAS, the Executive agrees that he will not use his former
employers’ confidential information to in any way benefit the Parent or the Company at any time during his employment with the Company, or any time thereafter; 

WHEREAS, the Executive acknowledges that the Parent and the Company will provide him with trade secret, proprietary, and confidential
information of the Company, the Parent, and all subsidiaries and affiliates thereof (collectively, the “Key Companies”); and the Executive acknowledges that the Parent and the Company will provide him access to, and the
opportunity to develop, business relationships with the customers, clients, vendors and partners of the Key Companies, with whom the Key Companies have developed goodwill and to which the Executive would not otherwise have access; and 

WHEREAS, the Executive acknowledges that the Company employs the Executive in one of the top six positions at the Company; the Executive
provides executive level services to the Key Companies; and that, based upon the nature of the Executive’s position with the Company, the Executive has access to the most sensitive trade secrets, proprietary, and confidential information of the
Key Companies, and is intimately involved with the Key Companies’ existing product and service lines, any business plans for the expansion thereof, as well as any business plans for the development of new product and service lines for the Key
Companies. 
 Now, THEREFORE, in consideration of the promises and mutual covenants and agreements herein contained, the Parties agree as
follows: 
 1. Employment; Term. 
 (a)
Commencing on June 22, 2015 (the “Commencement Date”), the Company hereby employs the Executive under the terms of this Agreement, and the Executive hereby accepts employment by the Company under the terms of this
Agreement, as the Company’s President, and the Parent’s President and Chief Operating Officer. The Executive shall have the responsibilities, duties and authority commensurate with his positions, including without limitation, general
supervision of, responsibility for and control over the Company’s day-to-day operations of each of its service lines, business development, assets and equipment and such 

  
 1 

 
other responsibilities, duties, functions and authority as the Chief Executive Officer or, in certain circumstances, the Parent’s Board of Directors (“Board”)
shall from time to time designate. The Executive will report to the Chief Executive Officer. The Executive will, if appointed or elected, serve as an officer or director of the Key Companies and perform all duties incident to such offices. 

(b) The Executive shall hold such positions with the Company and Parent hereunder until the close of business on June 21, 2017, unless
the Executive’s employment or this Agreement or both is sooner terminated in accordance with Section 5, and at the close of business on each anniversary of such date, commencing with June 22, 2017, 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
Executive’s entire period of employment under this Agreement, until the termination of the Executive’s employment or the termination of this Agreement, or both, is referred to as the “Employment Term.” The Board may, in its sole
discretion, renew the Executive’s Employment Term for subsequent terms. 
 (c) The Executive will devote his full time and best efforts
to the business and affairs of the Key Companies; provided, however, that subject to Sections 7 and 8 of this Agreement, 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; (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) serve on boards of directors and 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. 
 (d) The principal location at which the Executive will substantially perform his duties will be the
Company’s Houston, Texas offices, or as otherwise agreed between the Chief Executive Officer and the Executive. 
 2. Salary; Bonuses; Expenses.

 (a) During the Employment Term, the Company will pay base compensation to the Executive at the annual rate of SIX HUNDRED TWENTY FIVE
THOUSAND AND NO/100 ($625,000.00) 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 (but not decreased) at the discretion of the Chief Executive Officer
and the Compensation Committee of the Board (the “Compensation Committee”), taking into account, among other factors, the Executive’s performance and the performance of the Key Companies. 

  
 2 

 (b) The Executive will be entitled to receive a bonus equal to ONE MILLION AND NO/100
($1,000,000.00), subject to applicable deductions and withholdings, provided that he has been continuously employed from the Commencement Date until the one year anniversary of the Commencement Date. Such payment shall be made in a lump sum cash
payment within thirty (30) days following the one year anniversary of the Commencement Date. In the event that the Executive is terminated by the Company without Cause (as defined in Section 5(a)), he resigns for Good Reason (as defined in
Section 5(c)), or he incurs a separation from service due to his death or Disability (as defined in Section 5(b)) (each a “Qualifying Termination”) prior to the one year anniversary of the Commencement Date, the
bonus will instead be paid to the Executive (or his estate, as applicable) within the thirty (30) day period immediately following the Executive’s Qualifying Termination. 

(c) The Executive shall be eligible to participate in all of the Company’s performance cash 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 sole discretion determines are appropriate to recognize extraordinary performance by the Executive. The
Executive’s target bonus for each fiscal year will be a percentage of Base Salary as determined by the Compensation Committee. 
 (d)
The Company shall reimburse the Executive for reasonable travel, lodging, meal, entertainment and other expenses incurred by him in connection with performing his services under this Agreement 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, stock appreciation rights, deferred stock and
other equity-based incentives (collectively, “Equity-Based Incentives”), at the discretion of the Board or the Compensation Committee. 

4. Benefit Plans; Vacations. 
 During the
Employment Term, the Executive shall be entitled to the following 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 to this Agreement. 

(b) The number of vacation days in each fiscal year as determined in accordance with the Company’s vacation policy as in effect from time
to time, but not less than twenty (20)

  
 3 

 
business days in any fiscal year (prorated in any fiscal year during the Employment Term whereby the Executive is employed 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) To the extent he is eligible, to participate 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 for Cause (as defined
below) at any time. Except as otherwise provided in Section 5(b) of this Agreement, the Company shall also have the right to terminate the Executive’s employment for any reason other than for Cause. In the event the Company terminates the
Executive’s employment other than for Cause, Disability or death, it must provide the Executive with at least ninety (90) days’ prior written notice. During the ninety (90) day notice period, the Company may reassign the
Executive’s duties to another person or other persons. Such reassignment shall not reduce the Company’s obligations under the Agreement 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 ninety (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
his duties hereunder or the Executive recklessly disregarding his obligation to substantially perform his duties hereunder (other than (A) any such failure resulting from the Executive’s Disability (as defined below), (B) any such
actual or anticipated failure after the issuance of a notice of termination by the Executive for Good Reason (as defined below), or (C) after a notice of termination by the Company without Cause or a Non-Renewal Notice is given by either the
Executive or the Company)), after a written demand 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 willful
engaging or the engaging with reckless disregard for the consequences by the Executive in misconduct that is, or is reasonably likely to be, materially injurious to the Key Companies, monetarily or otherwise, including, but not limited to the
misappropriation of funds, fraud, or theft; a material violation of the Company’s policies or procedures; wrongful disclosure of Confidential Information; failing to disclose the existence of any non-compete or non-solicitation agreements that
would, in any manner, restrict the Executive’s employment; or (iii) the Executive’s conviction or plea of guilty or no contest to a felony, or, with respect to his employment, to any misdemeanor involving moral turpitude; or
(iv) material violation of the Insider Trading Policy and Supplemental Insider Trading Policy, the U.S. Foreign Corrupt Practices Act, or the Code of 

  
 4 

 
Business Conduct, as same may be amended from time to time. Notwithstanding the foregoing, the Executive’s employment shall not be deemed to have been terminated for Cause unless
(x) 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 Key Companies
is curable, only if the 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); (y) an opportunity shall have been provided for the Executive to be heard before the Board; and (z) 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 has engaged in the conduct set
forth in clauses (i) or (ii) above. For purposes of this paragraph, no act, or failure to act, on the part of the Executive shall be considered “willful” unless done or intended to be done in bad faith. 

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

(i) If the Executive is unable to perform the essential functions of his position with or without reasonable accommodation, if any, by the
Company for an aggregate of ninety (90) days (whether or not consecutive) during any period of twelve (12) consecutive months (“Disability”), then the Company may terminate the Executive’s employment within
sixty (60) days after the expiration of such ninety (90) day period (whether or not consisting of consecutive days). Such termination shall 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 to another person or other persons. Such reassignment shall not reduce the Company’s obligations under this Agreement
to make salary, bonus and other payments to the Executive and to provide other benefits to him, during the remainder of employment and, if applicable, following the termination of employment. 

(ii) During any period that the Executive is unable to perform the essential functions of his position with or without reasonable
accommodation, if any, by the Company, 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 to another person or other
persons, provided that if the Executive shall again be able to perform his duties prior to the Company’s termination of the Executive’s employment, 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 suffers from a Disability, then a determination by a physician 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 the remainder of his
employment or, if applicable, following a termination of employment. 
 (iii) The Executive’s employment shall automatically terminate
immediately upon the death of the Executive. 

  
 5 

 (c) Termination by the Executive. The Executive may terminate his employment by giving
written notice to the Company as follows: (i) at any time for any reason other than Good Reason by notice of at least ninety (90) days; (ii) at any time for Good Reason other than in connection with a “Change in Control” of
the Parent (as defined in Exhibit B to this Agreement); or (iii) for Good Reason in connection with a Change in Control of the Parent only on or after the sixtieth (60th) day following the closing of the transaction or event constituting a
Change in Control. In the event the Executive terminates his employment or provides the Company with notice of intent to terminate his employment, the Company may reassign the Executive’s duties hereunder to another person or other persons at
any time. 
 As used herein, “Good Reason” shall mean the existence of any one or more of only the following
circumstances or conditions: 
 (i) A reduction in the Executive’s Base Salary (except the salary reduction of ten percent
(10%) for an indefinite amount of time, to which the Executive agreed with the Company upon hire), or a material diminution of Executive’s 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 the Chief Executive Officer); 
 (iii) A material diminution in the budget over
which the Executive retains authority; 
 (iv) A material change in the principal location at which the Executive must perform the services
required by this Agreement. For purposes of this section, a material change in the principal location at which the Executive must perform services required by this Agreement is a change of fifty (50) miles or more; or 

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

Notwithstanding the foregoing, the existence of any of the circumstances or conditions enumerated above in Sections 5(c)(i)-(v), shall
not constitute Good Reason unless (A) the Executive provided written notice to the Company of the existence of any such circumstance or condition within ninety (90) days of the initial existence of such circumstance or condition, and
(B) the circumstance or condition continued to exist after the last day of the Cure Period and (C) the Executive terminates his employment no later than sixty (60) days, or in the event of a Change in Control, no later than ninety
(90) days, after the expiration of the Cure Period. For purposes of this Section 5(c), the term “Cure Period” means the period of thirty (30) consecutive days beginning on the date written notice was given by the Executive
of the existence of the circumstance or condition alleged to be Good Reason. 
 (d) Severance Compensation. 

(i) Termination of Employment by the Executive for Good Reason; Termination of Employment by the Company other than for Cause, Disability or
Death. In the event the Executive’s employment is terminated (A) by the Executive for Good Reason other 

  
 6 

 
than in connection with a Change in Control; or (B) by the Company other than for Cause, Disability or death (but including by the Company by giving Executive a Non-Renewal Notice
pursuant to Section 1(b) hereof), the Executive shall be entitled, in addition to the other compensation and benefits provided for in this Agreement, 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, subject to, and commencing on
the date specified in Section 5(i) below. 
 (ii) Termination following Disability. In the event the Executive’s employment
is terminated by the Company as a result of Disability in accordance with Section 5(b) of this Agreement, then the Executive shall be entitled, in addition to the other compensation and benefits provided for in this Agreement, 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, reduced by the amount of any disability insurance
proceeds actually paid to the Executive or for his benefit from the Company’s disability plans and programs during such time period, subject to and commencing on the date specified in Section 5(i) below. 

(iii) Termination for Death. In the event of the Executive’s death during the Employment Term, the Executive’s estate shall
not be entitled to any severance compensation. 
 (iv) Termination following a Change in Control. If, during the one (1) year
period immediately following a Change in Control as defined in Exhibit B, the Executive’s employment is terminated (A) by the Executive for Good Reason or (B) by the Company other than for Cause or death (but including by the Company
by giving Executive a Non-Renewal Notice pursuant to Section 1(b) hereof), the Executive shall be entitled, in addition to the other compensation and benefits provided for in this Agreement, to severance compensation in an aggregate amount
equal to the sum of (x) three (3) 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)), plus (y) three (3) times the Executive’s annual
target cash bonus as provided in Section 2(c) above, payable as a single lump sum on the date specified in Section 5(i) below. In the event that the Executive’s employment is terminated by the Company for Disability during the one
(1) year period immediately following a Change in Control, such lump sum shall be reduced by a good faith estimate of the aggregate amount of any disability insurance proceeds that will be paid to the Executive or for his benefit from the
Company’s disability plans during the three year period following his termination date. For purposes of this Section 5(d)(iv) only, a determination of “Change in Control” shall be made with reference to the Parent and must
satisfy the requirements to be a “change in control event” as defined in Treas. Reg. § 1.409A-3(i)(5). 
 (v)
Termination by the Executive other than for Good Reason or by the Company for Cause. In the event the Executive terminates his employment during the Employment Term for any reason other than Good Reason or in the event the Company terminates
the Executive’s employment during the Employment Term for Cause, the Executive shall not be entitled to any severance under Section 5(d) or otherwise or any continued benefits under Section 5(f) (other than as required by statute).
Under the foregoing situations, the treatment of Equity-Based Incentives shall be as specified in Section 5(e)(ii), and the Executive shall receive the accrued compensation described in Section 5(g), except that which is provided for in
Section 5(g)(iii). 

  
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 (vi) For purposes of this Agreement, the Executive’s employment will not be considered to
have terminated unless, as a result of a termination, the Executive has had a “separation from service” (as that term is defined in Treas. Reg. § 1.409A-1(h)) (“Separation From Service”) 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-l(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 is terminated by the Company during the Employment Term for any reason (including a
termination by giving a Non-Renewal Notice) other than for Cause or Disability or in the event the Executive terminates his employment during the Employment Term 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 (A) the first anniversary of the effective date of such termination and (B) 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 (A) the first anniversary of the effective date of such termination and (B) the final stated expiration date of the Equity-Based Incentive. 

(ii) In the event the Executive’s employment is terminated by the Company during the Employment Term for Cause or is terminated by the
Executive during the Employment Term other than for Good Reason, 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 during the Employment Term or in the
event that the Executive’s employment should terminate during the Employment Term 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 (A) the first anniversary of the death of the Executive or the effective date of such termination and (B) the final stated expiration date of the Equity-Based
Incentives. In addition, in the event of such death or such a termination as a result of Disability, 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 (A) the first anniversary of the effective date of such death or termination and (B) the final stated expiration date of the Equity-Based Incentives. 

  
 8 

 (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 (10th) anniversary of the date on which such Equity-Based Incentive was granted. 

(f) Continuation of Benefits. 

(i) Subject to Sections 5(f)(ii) and 5(i) hereof, in the event that the Executive’s employment is terminated during the Employment
Term by the Executive for Good Reason or by the Company for Disability or any reason (including by the Company giving a Non-Renewal Notice) other than for Cause and not as a result of the death of the Executive, the Executive shall continue to be
entitled to receive post-employment group health, dental, vision and executive health reimbursement benefits under the Company’s welfare benefit plans (the “Welfare Plans”) for a period of time commencing on the date of
his termination and ending on the first to occur of (x) the second anniversary of his termination date or (y) the date on which the Executive commences full-time employment with another employer (the “Coverage
Period”), provided, that in order to receive such continued coverage, the Executive shall be required to timely elect COBRA coverage under the Welfare Plans and pay the full applicable monthly COBRA premium (the “COBRA
Premium”), as described below, during the Coverage Period. The COBRA continuation period shall run simultaneously during the Coverage Period. During the Coverage Period, the Company shall withhold from the Executive’s severance pay each
month the applicable monthly COBRA Premium for the Welfare Plans (based on the Executive’s coverage level on his termination date). The Company shall reimburse the Executive for this payment by providing an additional severance benefit in an
amount equal to the applicable monthly COBRA premium for the Welfare Plans (determined based on the Executive’s coverage level on his termination date) for the period commencing on the Executive’s termination date and ending on the last
day of the Coverage Period, grossed up by the Executive’s taxes paid on this COBRA Premium. For purposes of this Section 5(f)(i) only, the COBRA premium for the Company’s group health, dental and vision plans will be determined based
on the COBRA rates at the time of the Executive’s termination and the COBRA premium for the Company’s executive health reimbursement benefits shall be based on the premium amount the Executive was paying at the time of Executive’s
termination. 
 (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 (including by the Company giving a Non-Renewal Notice) 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 

  
 9 

 
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, grossed up by the amount of taxes paid on
this amount. For purposes of this Section 5(f)(ii) only, the COBRA premium for the Company’s group health, dental and vision plans will be determined based on the COBRA rates at the time of the Executive’s termination and the COBRA
premium for the Company’s executive health reimbursement benefits will be calculated as an amount equal to the average monthly reimbursement received by the participants during the preceding twenty-four (24) month period. 

(iii) In the event the Executive’s employment is terminated during the Employment Term by reason of death, the Executive’s spouse
and his dependents shall be entitled to receive continued group health, dental and vision coverage under the Company’s Welfare Plans. If the Executive’s spouse and his dependents enroll in such coverage, the Company shall pay all required
COBRA premiums on an after-tax basis for this continuation coverage (determined based on the Executive’s coverage level on his termination date) for the period commencing on the date of the Executive’s death and ending on the earlier of
(x) the second anniversary of his death, or (y) the date on which the Executive’s spouse and his dependents receive replacement coverage which would terminate their COBRA continuation rights. 

(g) Accrued Compensation. In the event of any termination of the Executive’s employment for any reason during the Employment Term,
the Executive (or his estate) shall be paid: (i) any unpaid portion of his Base Salary through the effective termination date; (ii) 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 the 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 Section 2(d); and (v) any Gross-Up Payment
which may become due under the terms of Section 6 hereof. Except as provided in Section 5(i), such amounts shall be paid within ten (10) days of the termination date, except that the amount provided in clause (iii) above shall be
paid at the same time as bonuses are generally paid to other executives covered by the Performance Cash Compensation Plans. 
 (h)
Director/Officer Resignations. If the Executive’s employment shall be terminated by him or by the Company during the Employment Term in accordance with the terms set forth in this Agreement, then upon the date such termination is
effective, he will be deemed to have resigned from all positions as an officer and director of the Key Companies, except as the Parties may otherwise agree. 

(i) Release and Timing of Payments. The Executive agrees that except in the case of a termination resulting from the Executive’s
death, all payments under Sections 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 Key Companies and their officers, directors, employees, and
affiliates for all claims relating to his agreements, employment, compensation, and termination and such other matters as the Company reasonably requests on termination, other than any continuing obligations of the Company described in this
Agreement, which shall be documented on a form substantially similar to that which is attached as Exhibit C (“Release”). The Release shall be 

  
 10 

 
executed by the Executive no earlier than the day after termination of the Executive’s employment and no later than the time period prescribed by law or as provided for in the Release (the
“Release Deadline”). If the Executive does not properly execute the Release by the Release Deadline, or effectively revokes the executed Release within seven (7) days after delivering the executed Release to the Company,
the Executive will receive only such compensation and benefits as are required by applicable law. Any Release previously executed under this Section 5(i) will be null and void if the Company reaches a determination of Cause within the Cause
Review Period. 
 The Company shall not commence the payment of any amounts described in Sections 5(d), (e), (f), and (g)(iii) and
Section 6 (if made following termination of employment) until ten (10) days after the Release is executed, provided that the Executive has not revoked the executed Release. At that time, and subject to the following sentence, the Company
shall (A) commence payment of any installment payments payable under Sections 5(d)(i) or (ii) on the first day of the calendar month following the Executive’s termination date (provided that with respect to any installment that
would have been paid prior to the tenth (10th) day after the Release is signed, such payment shall be made to the Executive at the same time as the first payroll following the end of such ten (10) day period), (B) make payment of any
lump sum payment due under Sections 5(d)(iv), 5(f)(ii), 5(g)(iii) within five (5) business days after the Release becomes irrevocable, (C) provide the benefits described in Sections 5(e) and 5(f)(i) within five (5) business
days after the Release becomes irrevocable, and (D) provide the benefits under Section 6 on the dates designated therein. If any amount payable under this Agreement (or any other agreement between the Executive and the Company) is
classified as “nonqualified deferred compensation” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), then any other provision of this Agreement (or any other agreement) to the
contrary notwithstanding, (i) any such amount shall be paid or commenced to be paid on the sixtieth (60th) day after the date of the Executive’s separation from service, and (ii) with respect to amounts payable in installments
during the sixty (60) day period following the Executive’s separation from service, such payments shall be made to the Executive at the same time as the first payroll following the end of such sixty (60) day period. 

6. Certain Tax Consequences. 
 (a) Tax
Consequences Under Code Section 409A. 
 (i) In the event that any amount arising from this Agreement is includable in the
Executive’s gross income for a taxable year of the Executive under Code Section 409A as the result of the terms of this Agreement and/or the administration of those terms (the “Included Amount”), and a twenty
percent (20%) additional tax is owed under Code Section 409A, then the Company shall pay to the Executive an amount equal to the twenty percent (20%) additional tax imposed under Code 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(a) will be made on
the earlier of (A) the thirtieth (30th) day following the date on which it is finally determined by a court or 

  
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administrative agency that the Included Amount was includible in the Executive’s income as the result of the application of Code Section 409A(a)(l)(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 Code Section 409A(a)(l)(B) to the Included Amount. 

(iii) It shall be a condition precedent to the Company’s obligations under this Section 6(a) 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; and (C) that such notice shall, to the extent the 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. 
 (b) Certain Excise Tax Matters Under Section 4999. 

(i) Notwithstanding any other provision of this Agreement to the contrary, if any payment or benefit by or from the Company or any of its
affiliates or successors to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise would be subject to the Excise Tax (as hereinafter defined in
Section 6(b)(iv)) (all such payments and benefits being collectively referred to herein as the “Payments”), then except as otherwise provided in Section 6(b)(ii), the Payments shall be reduced (but not below zero) or
eliminated (as further provided for in Section 6(b)(iii) to the extent the Independent Tax Advisor (as hereinafter defined in Section 6(b)(v)) shall reasonably determine is necessary so that no portion of the Payments shall be subject to
the Excise Tax. 
 (ii) Notwithstanding the provisions of Section 6(b)(i), if the Independent Tax Advisor reasonably determines that
the Executive would receive, in the aggregate, a greater amount of the Payments on an after-tax basis (after including and taking into account all applicable federal, state, and local income, employment and other applicable taxes and the Excise Tax)
if the Payments were not reduced or eliminated pursuant to Section 6(b)(i), then no such reduction or elimination shall be made notwithstanding that all or any portion of the Payments may be subject to the Excise Tax. 

  
 12 

 (iii) For purposes of determining which of Section 6(b)(i) and Section 6(b)(ii) shall
be given effect, the determination of which of the Payments shall be reduced or eliminated to avoid the Excise Tax shall be made by the Independent Tax Advisor, provided that the Independent Tax Advisor shall reduce or eliminate, as the case may be,
the Payments in the following order (and within the category described in each of the following Sections 6(b)(iii)(A) through 6(b)(iii)(E), in reverse order beginning with the Payments which are to be paid farthest in time except as otherwise
provided in Section 6(b)(iii)(D)): 
 (A) by first reducing or eliminating the portion of the Payments otherwise due and which are not
payable in cash (other than that portion of the Payments subject to Sections 6(b)(iii)(D) and 6(b)(iii)(E); 
 (B) then by reducing or
eliminating the portion of the Payments otherwise due and which are payable in cash (other than that portion of the Payments subject to Sections 6(b)(iii)(C), 6(b)(iii)(D) and 6(b)(iii)(E)); 

(C) then by reducing or eliminating the portion of the Payments otherwise due to or for the benefit of Executive pursuant to the terms of
this Agreement and which are payable in cash; 
 (D) then by reducing or eliminating the portion of the Payments otherwise due that
represent equity-based compensation, such reduction or elimination to be made in reverse chronological order with the most recent equity-based compensation awards reduced first; and 

(E) then by reducing or eliminating the portion of the Payments otherwise due to or for the benefit of Executive pursuant to the terms of
this Agreement and which are not payable in cash. 
 (iv) The Independent Tax Advisor shall provide its determinations, together with
detailed supporting calculations and documentation, to the Parent, Company, and the Executive for their review no later than ten (10) days after the Date of Termination. The determinations of the Independent Tax Advisor under this
Section 6(b) shall, after due consideration of the Parent’s, Company’s, and the Executive’s comments with respect to such determinations and the interpretation and application of this Section 6(b), be final and binding on
all parties hereto absent manifest error. The Parent, Company, and the Executive shall furnish to the Independent Tax Advisor such information and documents as the Independent Tax Advisor may reasonably request in order to make the determinations
required under this Section 6(b). 
 (v) For purposes of this Section 6(b), “Independent Tax Advisor” shall mean a
lawyer with a nationally recognized law firm, a certified public accountant with a nationally recognized accounting firm, or a compensation consultant with a nationally recognized actuarial and benefits consulting firm, in each case with expertise
in the area of executive compensation tax law, who shall be selected by the Company and shall be acceptable to Executive (Executive’s acceptance not to be unreasonably withheld), and all of whose fees and disbursements shall be paid by the
Company. 

  
 13 

 (vi) As used in this Agreement, the term “Excise Tax” means, collectively, the excise
tax imposed by Section 4999 of the Code, together with any interest thereon, any penalties, additions to tax, or additional amounts with respect to such excise tax, and any interest in respect of such penalties, additions to tax or additional
amounts. 
 7. Confidential Information. 

(a) Company Provided Access to Confidential Information and Company Relationships. The Company will provide the Executive with access to
trade secret, proprietary and confidential information of the Key Companies, including, without limitation, information pertaining to the Key Companies’: current and future business plans; corporate opportunities; operations; acquisition,
merger or sale strategies; research and development; production methods, strategies and forecasts; product and service line development, plans and strategies; marketing plans, goals and strategies; non-public cost and pricing structure information,
pricing and profit margins, profitability data; operation and production procedures and results; partners, partnership or other business arrangements or agreements with third parties; the identities of customers (including names, addresses and
telephone numbers of customers); customer lists; customer information; customer sales volumes; personnel information; and technical information relating to the intellectual property and other equipment products or services of the Key Companies
(collectively, “Confidential Information”). Additionally, the Company will provide to the Executive, access to, and the opportunity to develop, business relationships with the Key Companies’ customers, clients, vendors
and partners, with whom the Key Companies have developed goodwill and to which the Executive would not otherwise have access (collectively “Company Relationships”). 

(b) Value of Confidential Information and Access to Company Relationships; Non- Disclosure. The Executive acknowledges that the Key
Companies’ business is highly competitive and that the Confidential Information and Company Relationships that the Company promises to provide the Executive are valuable, special, and unique assets of the Key Companies which the Key Companies
use in their business to obtain a competitive advantage over their competitors which do not know or use this information. The Executive further acknowledges that protection of the Confidential Information and Company Relationships against
unauthorized disclosure and use is of critical importance to the Key Companies in maintaining their competitive position. The Executive hereby agrees that Executive will not, at any time during or after the Employment Term, without the
Company’s prior written consent, for the Executive’s own benefit or the benefit of any third party, disclose, use, communicate or divulge any Confidential Information, or exploit commercially Company Relationships, except in the ordinary
course of properly performing the Executive’s duties for the Company, unless such Confidential Information becomes public information through no fault or act of the Executive. 

(c) Third-Party Information. The Executive acknowledges that, as a result of the Executive’s employment by the Company, the
Executive will have access to, or knowledge of, confidential business information or trade secrets of third parties, such as customers, clients, vendors, suppliers, partners, joint venturers, and the like, of the Key Companies. The Executive agrees
to preserve and protect the confidentiality of such third-party confidential information and trade secrets to the same extent, and on the same basis, as the Confidential Information. 

  
 14 

 (d) Return of Materials. All written or electronic or other data or materials, records and
other documents made by, or coming into the possession of, the Executive during the Employment Term or thereafter which contain or disclose Confidential Information and/or Company Relationships shall be and remain the exclusive property of the
Company. At any time upon request by the Company, or upon termination of the Executive’s employment by the Company for any reason (even without request by the Company), the Executive shall promptly deliver to the Company, or, with the
Company’s written consent, destroy, the same and all copies, derivatives and extracts thereof, in the Executive’s possession or custody (whether prepared by the Executive or others). 

(e) Breach of this Section. The Executive understands and agrees that the restrictions in this Section 7 do not terminate upon the
expiration of the Employment Term. The Executive acknowledges that money damages would not be a sufficient remedy for any breach of this Section 7 by the Executive, and the Parent or Company shall be entitled to enforce the provisions of this
Section 7 through specific performance and injunctive relief as remedies for such breach or any threatened breach. Such remedies shall not be deemed the exclusive remedies for a breach of this Section 7, but shall be in addition to all
remedies available at law or in equity to the Company or Parent. 
 8. Limitation on Competition. 

In order to enforce the Executive’s obligations in Section 7, and in consideration for the promises of the Company in Section 7,
which Executive acknowledges the receipt and sufficiency thereof, Executive hereby agrees that during his employment and the twelve (12) month period following termination of his employment: 

(a) the Executive shall not, without the Company’s prior written consent, for any Competitive Business (as defined below) which conducts
business or operations in any Competitive Market Area (as defined below): 
 (i) hold the same or a substantially similar position held by
the Executive with the Company at the time of the Executive’s termination of employment from the Company, or during the immediately preceding twelve (12) months; or 

(ii) serve as an officer, director, employee, consultant/contractor or advisor if serving in such capacity will result in Executive’s use
or disclosure (actual or inadvertent) of Confidential Information; or 
 (iii) be an investor, lender, stockholder, partner, joint venturer,
or owner provided, however, that the Executive may own not more than five (5%) 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; and 

(b) the Executive shall not, directly or indirectly, without the Company’s prior written consent: (i) solicit (other than by way of
generalized employment advertising undertaken in the 

  
 15 

 
ordinary course of business) the service of, or employ or seek to 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) entice away any employee of the Key Companies, or in any other manner induce, encourage, or influence any such employee to leave employment with the Key Companies; or (iii) engage or employ, or cause any other
person or entity other than the Key Companies to engage or 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 for
his own benefit or for the benefit of any person or entity other than the Key Companies; and 
 (c) the Executive shall not, directly or
indirectly: (i) initiate contact with or solicit competing business from any customer, supplier or contractor of the Key Companies, including any prospective customer, supplier or contractor which the Key Companies is actively pursuing as of
the date of the Executive’s termination of employment, provided, however, that the Executive had direct contact or business dealings with such existing or prospective customer, supplier or contractor, or about whom the Executive has
Confidential Information; (ii) entice away from the Key Companies any such existing or prospective customer, supplier or contractor of the Key Companies, or in any other manner induce, encourage or influence, or attempt to induce, encourage or
influence, any such existing or prospective customer, supplier or contractor of the Key Companies to divert present or future business away from the Key Companies, to reduce the amount or volume of current or future business given or provided to the
Key Companies, to terminate or breach any agreement or arrangement with the Key Companies, or otherwise to cease doing business with the Key Companies; or (iii) induce, encourage or influence, or attempt to induce, encourage or influence, any
such existing or prospective customer, supplier or contractor of the Key Companies, 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 engaged in: (1) Well Servicing and
Production Services, which includes rig-based services (including maintenance, workover and recompletion of existing oil and gas wells; completion of newly-drilled wells; plugging and abandonment of wells);
fluid management services (including oilfield transportation and produced water disposal services); coiled tubing operations; Fishing Services (including recovery of lost or stuck equipment in a wellbore); and Rental Services of equipment provided
by the Key Companies, or rental of equipment which perform similar or comparable functions as equipment provided by the Key Companies; and (2) any other lines of business, products, or services offered by, engaged in, or conducted by, any of
the Key Companies as of the date of the Executive’s termination of employment from the Company; and (3) lines of business, products, or services if, on the date of the Executive’s termination of employment or within the preceding
twelve ( 12) months, the Key Companies were actively investigating with a view to conducting, or pursuing a plan to conduct, (and continue to be interested in pursuing such other line of business, product, or service), provided, however, that the
Executive was directly or indirectly (through the supervision of others) involved with such investigation or plan, or has Confidential Information about such investigation or plan. 

As used herein, the term “Competitive Market Area” shall include any geographic region productive or thought to be
productive of oil, gas or other minerals: (1) wherein the Key Companies, on the date of the Executive’s termination of employment hereunder, conduct 

  
 16 

 
business, or provide or market their products or services; or (2) wherein as of the date of the Executive’s termination of employment, or within the preceding twelve (12) months,
the Key Companies were actively investigating with a view to conducting, or pursuing a plan to conduct, business, or to provide, or market, products or services in such geographic region (and continue to maintain an interest in providing products or
services in that geographic region), provided, however, that the Executive was involved, directly or indirectly (through the supervision of others) in such investigation or plan, or the Executive has Confidential Information related to such
investigation or plan. 
 The Executive agrees and acknowledges that any breach or anticipatory breach by the Executive of any of the
provisions of this Section 8 would cause the Key Companies 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). 

9. 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. 
 10. The
Executive’s 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 the 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 a court of competent jurisdiction renders a final judgment 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 that the Executive is successful on some of the issues in such dispute, but not all, then the Executive shall be entitled to receive reimbursement for a portion of such legal fees
and other expenses as shall be appropriately prorated. For purposes of this Section 10, 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 

  
 17 

 
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). 
 11. 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 1301 McKinney, Suite 1800, Houston, Texas 77010, 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. 

12. 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. 
 13. 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. 
 14. Tax Withholding. 

The Executive acknowledges and agrees that any or all payments under this Agreement may be subject to reduction for tax and other required
withholdings. 

  
 18 

 15. 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. 
 16. 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 all 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. 
 17. Benefit
of the Successors and Permitted Assigns of the Respective Parties Hereto. 
 This Agreement and the rights and obligations hereunder are
personal to the Parties 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 ensure 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 17, the Company shall not be required to take all actions necessary to ensure 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. 
 18. 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. 

  
 19 

 19. Survival. 

The covenants, agreements, representations, warranties and provisions contained in this Agreement that are intended to survive the termination
of the Employment Term shall so survive such termination. 
 20. Compliance with Code Section 409A. 

(a) The Company and the Executive intend the terms of this Agreement to be in compliance with Code Section 409A. The Company does not
guarantee the tax treatment or tax consequences associated with any payment or benefit, including, but not limited to, consequences related to Code Section 409A. To the maximum extent permissible, any ambiguous terms of this Agreement shall be
interpreted in a manner that avoids a violation of Code Section 409A. 
 (b) Notwithstanding any provision of this Agreement, if the
payment of any amount under this Agreement would cause an amount to be included in the Executive’s taxable income under Code Section 409A because the timing of such payment is not delayed as provided in Code Section 409A(a)(2)(B),
then any such payment that the Executive would otherwise be entitled to during the first six months following the date of the Executive’s Separation From Service shall be accumulated and paid on the date that is six months after the date of the
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 Code Section 409A. 
 (c) If the Executive believes he is entitled to a
payment or benefit pursuant to the terms of this Agreement (or any other arrangement between the Company and the Executive) that was not timely paid or provided, and such payment or benefit is considered deferred compensation subject to the
requirements of Code Section 409A, the Executive acknowledges that to avoid an additional tax on such payment or benefit pursuant to the provisions of Code Section 409A, the Executive must make a reasonable, good faith effort to collect
such payment or benefit no later than ninety (90) days after the latest date upon which the payment could have been timely made or benefit timely provided without violating Code Section 409A, and if not paid or provided, must take further
enforcement measures within one hundred eighty (180) days after such latest date. 
 (d) Neither the Company nor the Executive,
individually or in combination, may accelerate any payment or benefit that is subject to Code Section 409A, except in compliance with Code Section 409A and the provisions of this Agreement, and no amount that is subject to Code
Section 409A shall be paid prior to the earliest date on which it may be paid without violating Code Section 409A. 
 (e) For
purposes of applying the provisions of Code Section 409A to this Agreement, each separately identified amount to which the Executive is entitled under this Agreement shall be treated as a separate payment. In addition, to the extent permissible
under Code Section 409A, any series of installment payments under this Agreement shall be treated as a right 

  
 20 

 
to a series of separate payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period
shall be within the sole discretion of the Company. 
 (f) The following rules shall apply to any payment under this Agreement which is
treated as a “reimbursement payment” under Code Section 409A: (i) the amount eligible for reimbursement in one calendar year shall not limit the available reimbursements for any other calendar year; (ii) the Executive shall
file a claim for all reimbursement payments not later than thirty (30) days following the end of the calendar year during which the expenses were incurred; (iii) the Company shall make such reimbursement payments not later than the end of
the calendar year following the calendar year during which the expenses were incurred; and (iv) the Executive’s right to such reimbursement payments shall not be subject to liquidation or exchange for any other payment or benefit. 

(g) 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 22nd day of June, 2015

  

			
	THE PARENT:
	
	KEY ENERGY SERVICES, INC.
		
	By:		 /s/ Richard J. Alario

			Richard J. Alario
			Chairman and Chief Executive Officer
	
	THE COMPANY:
	
	KEY ENERGY SERVICES, LLC
		
	By:		 /s/ Kim B. Clarke

			Kim B. Clarke
			Sr. Vice President, Administration and Chief People Officer

  
 21 

 
	
	THE EXECUTIVE
	
	 /s/ Robert Drummond

	        Robert Drummond

  
 22 

 EXHIBIT A 

COMPANY PAID COVERAGES 

1. Executive Health Reimbursement Plan. Out-of-pocket costs that would otherwise be payable by Executive with respect to medical and dental
expenses for Executive and Executive’s covered dependents, shall be reimbursed under the terms of, and subject to all applicable limitations set forth in, the Company’s Executive Health Reimbursement Plan, as that may be amended from time
to time. 
 2. Long Term Disability Insurance. Salary continuation benefit for total disability. Benefit commences with ninetieth day of
disability and continues to a maximum of age sixty-five. Annual maximum benefit shall be 60% of the Base Salary. Coverage offered only while employed. 

3. Director and Officer Liability Insurance, during the Employment Term. 

4. Voluntary annual physicals at the Executive’s option, during the Employment Term, with a report by the examining physician, if
requested, to the Board regarding the Executive’s ability to perform job related functions. 

 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. (referred to herein in Exhibit B as the “Parent”): 

(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 Parent, becomes the beneficial owner directly or indirectly of more than fifty percent (50%) of the outstanding Common Stock of the Parent, 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 Parent; 
 (b) If the Parent is subject to the reporting requirements of Sections 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 Parent, purchases shares pursuant to a tender offer or exchange offer to acquire Common
Stock of the Parent (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 the beneficial owner, directly or
indirectly, of more than fifty percent (50%) of the outstanding Common Stock of the Parent, 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 Parent (i) in which the Parent 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 Parent or (ii) pursuant to which the holders of the Parent’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 Parent; 

(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 Parent; 
 (e) Upon the election of one or more new directors of the Parent,
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 Parent 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 Parent’s stockholders after the distribution to any
holders of capital stock with preferential rights. 

 EXHIBIT C 

SEVERANCE AGREEMENT AND GENERAL RELEASE 

This Severance Agreement and General Release (“Agreement and Release”) is made and entered into by Robert Drummond
(“Executive”), Key Energy Services, Inc. (“Parent”) and Key Energy Services, LLC (“Employer”); 
 WHEREAS,
Executive entered into an Employment Agreement on                     , with the Parent and the Employer (the “Employment Agreement”); 

WHEREAS, Executive served as the Parent’s President and Chief Operating Officer since
                    ; 
 WHEREAS,
Employer has decided based on its knowledge as of the Notice Date, to terminate Executive’s employment for reasons “Other than for Cause” pursuant to Section 5(a) of the Employment Agreement; 

WHEREAS, on                     (the
“Notice Date”), Parent and Employer gave Executive ninety (90) days’ notice of his termination, in accordance with Section 5(a) of the Employment Agreement (“Notice Period”), and the termination will become
effective on                     (the “Termination Date”); 

WHEREAS, in accordance with Section 5(a) of the Employment Agreement, during the Notice Period, the Employer reserves the right to
convert the termination to a “Cause” termination (as defined in the Employment Agreement), subject to the procedural safeguards specified in the Employment Agreement, and such termination will render this Agreement and Release null and
void; 
 WHEREAS, Executive will be deemed to have resigned from all positions as an officer of Parent and any of its subsidiaries or
affiliates as of the Notice Date; 
 WHEREAS, the Parent’s Chief Executive Officer will direct Executive’s services to Employer
during the Notice Period; 
 WHEREAS, Executive’s base salary on the date this Agreement and Release was given to Executive was
$        ; 
 WHEREAS, Executive was eligible during his employment to participate in all of
Employer’s cash performance compensation plans (collectively, the “Performance Cash Compensation Plans”); 
 WHEREAS,
Executive was eligible during his employment to participate in awards of stock options, restricted stock, deferred stock, stock appreciation rights and other equity-based incentives (collectively, “Equity-Based Incentives”) under the terms
of the 2007 Equity Cash and Incentive Plan, 2009 Equity Cash and Incentive Plan, and 2012 Equity Cash and Incentive Plans (collectively referred to herein as the “Equity Cash and Incentive Plans”); 

 WHEREAS, in consideration of the mutual promises set forth in this Agreement and Release,
Executive and Employer agree as follows: 
 1. Payment by Employer. As consideration for signing, and not revoking, this
Agreement and Release, Employer agrees to pay Executive the gross amount of $        .00 (“Severance Compensation”). The Severance Compensation will be payable in twenty-four (24) substantially
equal monthly installments (“Severance Period”) commencing at the end of the calendar month in which the Termination Date occurs. 

2. Release by Executive. In consideration of the Severance Compensation paid to Executive as described in this Agreement and
Release, and in lieu of any other benefits, as a full and final settlement, Executive releases and discharges Employer and Parent and all of Employer’s and Parent’s past, present and future officers, directors, principals, agents,
employees, investors, attorneys, shareholders, founders, administrators, divisions, subsidiaries, parents, holding companies, affiliates, predecessors, successors, predecessors, assigns, insurers, compensation and benefit plans and administrators,
trustees, fiduciaries, and insurers of such compensation and benefit plans, from any and all claims and causes of action (except for claims arising specifically from a breach of this Agreement and Release), whether known or unknown, arising out of
or related to Executive’s employment with Employer, and any other events or transactions involving Employer or Parent which precede the date of this Agreement and Release. The entities released in the foregoing sentence shall be referred to
collectively as the “Released Parties.” The claims and causes of action released by Executive include, but are not limited to, the following: contract claims; claims for salary, benefits, bonuses, stocks, severance pay, commissions, or
vacation pay; claims or causes of action pertaining to any and all negligence and tort claims; all matters in law, in equity, or pursuant to statute, including damages, attorney’s fees, costs and expenses; and, without limiting the generality
of the foregoing, to all claims arising under the Age Discrimination in Employment Act as amended; the Older Workers’ Benefit Protection Act; Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Americans
with Disabilities Act; 42 U.S.C. § 1981; the Employee Retirement Income Security Act; Genetic Information Nondiscrimination Act; Chapter 21 et seq. of the Texas Labor Code; or any other federal, state, or local law, statute, or ordinance
affecting Executive’s employment with Employer; claims arising pursuant to any law, statute, ordinance, rule or regulation, including, but not limited to, the previously mentioned federal law claims and claims under state law; and any and all
other claims that were ever made the basis of, or could have been made the basis of, any claims against the Released Parties in any legal proceeding. 

This Agreement and Release does not apply to any claims or rights that may arise after the date that Executive signs this Agreement and
Release, to vested rights under Employer’s employee benefit plans, if any, and as applicable, or to claims that the controlling law clearly states may not be released. 

Nothing in this Agreement and Release generally prevents Executive from filing a charge or complaint with or from participating in an
investigation or proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”), National Labor Relations Board (“NLRB”), or any other federal, state, or local agency charged with the enforcement of any employment
laws. Despite this, by signing this Agreement and Release, Executive is waiving his right to monetary recovery based on claims asserted in such a charge or complaint. 

 3. Age Discrimination in Employment Act and Older Workers’ Benefit Protection Act
Release. 
 ADDITIONALLY, THIS AGREEMENT AND RELEASE SPECIFICALLY WAIVES ALL OF EXECUTIVE’S RIGHTS AND CLAIMS ARISING UNDER THE
AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967 (29 U.S.C. § 621 et seq.), AS AMENDED, AND THE OLDER WORKERS’ BENEFIT PROTECTION ACT, AS AMENDED. IN CONNECTION WITH THIS WAIVER, Executive acknowledges and agrees to the following: 

 

	 	(a)	I am waiving rights or claims under the Age Discrimination in Employment Act in exchange for consideration that is in addition to anything of value to which I already am entitled. 

 

	 	(b)	I have had ample opportunity to consult with an attorney prior to executing this Agreement and Release. Employer advised me and encouraged me in writing herein to consult with an attorney prior to signing this Agreement
and Release. 

  

	 	(c)	I have carefully read and fully understand all of the provisions and effects of this Agreement and Release and I knowingly and voluntarily (of my own free will) entered into all of the terms set forth in this Agreement
and Release. 

  

	 	(d)	I knowingly and voluntarily intend to be legally bound by all of the terms set forth in this Agreement and Release. 

  

	 	(e)	I relied solely and completely upon my own judgment or the advice of my attorney in entering into this Agreement and Release. 

  

	 	(f)	I further understand that I have been given at least twenty-one (21) days to consider the terms of this Agreement and Release before signing it. The parties agree, however, that any changes to the terms or
conditions of this Agreement and Release (whether material or immaterial) will not restart the running of the twenty-one (21) day period. 

  

	 	(g)	If I sign this Agreement and Release prior to the end of the twenty-one (21) day time period, I certify that, in accordance with 29 CFR § 1625.22(e)(6), I knowingly and voluntarily decided to sign the
Agreement and Release after considering it less than twenty-one (21) days and my decision to do so was not induced by the Released Parties through fraud, misrepresentation, or a threat to withdraw or alter the offer prior to the expiration of
the twenty-one (21) day time period. I have not been asked by the Released Parties to shorten my time period for consideration of whether to sign this Agreement and Release. If I decide to sign this Agreement and Release prior to the end of the
twenty-one (21) day time period, the Released Parties may expedite the processing of benefits provided to me in exchange for signing this Agreement and Release. 

	 	(h)	I understand that I may change my mind and revoke this Agreement and Release at any time within seven (7) days after I sign it by sending notice of revocation to the attention of Kimberly Frye, Senior Vice
President, General Counsel, and Secretary by fax and certified mail, return receipt requested, to Key Energy Services, Inc., 1301 McKinney, Suite 1800, Houston, Texas 77010 facsimile: 713.651.4559. I understand that this Agreement and Release
shall not become effective or enforceable until after the seven (7) day revocation period has expired and that the earliest I will receive benefits would be the eighth (8th) day after I sign this Agreement and Release. 

 

	 	(i)	I understand that following the seven (7) day revocation period, this Agreement and Release will be final and binding. I promise that I will not pursue any claim that I have settled by this Agreement and Release.
If I break this promise, I agree to pay all of the Released Parties’ costs and expenses (including reasonable attorney’s fees) related to the defense of any claims except this promise not to sue does not apply to claims that I may have
under the Older Workers’ Benefit Protection Act and the Age Discrimination in Employment Act. Although I am releasing claims that I may have under the Older Workers’ Benefit Protection Act and the Age Discrimination in Employment Act, I
understand that I may challenge the knowing and voluntary nature of this Agreement and Release under the Older Workers’ Benefit Protection Act and the Age Discrimination in Employment Act before a court, the EEOC, the NLRB, or any other
federal, state, or local agency charged with the enforcement of any employment laws. I understand, however, that if I pursue a claim against the Released Parties under the Older Workers’ Benefit Protection Act and/or the Age Discrimination in
Employment Act, a court has the discretion to determine whether the Released Parties are entitled to restitution, recoupment, or set off (hereinafter “reduction”) against a monetary award obtained by me in the court proceedings. A
reduction never can exceed the amount I recover, or the consideration I received for signing this Agreement and Release, whichever is less. I also recognize that the Released Parties may be entitled to recover costs and attorneys’ fees incurred
by them as specifically authorized under applicable law. 

  

	 	(j)	I am, through this Agreement and Release, releasing the Released Parties from any and all claims I may have against the Released Parties, relating to my employment and separation, including claims arising under the Age
Discrimination in Employment Act of 1967 (29 U.S.C. § 6721, et seq.). My initials below, following the present paragraph of this Agreement and Release, evidence my understanding and voluntary waiver of all claims against the Released
Parties, including, but not limited to, those pursuant to the Age Discrimination in Employment Act, the Texas Labor Code, and the Older Workers’ Benefit Protection Act. 

 Initials:
                     
 4.
Acknowledgments. Executive acknowledges and agrees that he has received all compensation due to him as a result of services performed for the Employer including, but not limited to, all base salary payments through the Termination
Date; all wages; any prior fiscal year bonuses earned, but not paid; any gross up payments that were due; fringe benefits; payments under all group insurance plans; accrued but unused vacation/paid time off; housing allowances; relocation costs;
interest; severance; reimbursable expenses; payments under the Performance Cash Compensation Plans; payments under the Equity-Based Incentives; stock; stock options; vesting; and any and all other benefits and compensation due to Executive.
Executive further acknowledges that he has reported to the Employer any and all work-related injuries incurred by him during his employment with Employer. Executive also acknowledges that he has been properly provided any leave of absence because of
his health condition, a family member’s health condition, or workplace injury, and has not been subjected to any improper treatment, conduct, retaliation, or actions due to a request for or taking such leave. 

5. Clawback Provision. If the Employer, during the Notice Period, converts the termination to “Cause,” as defined in
the Employment Agreement, Executive shall repay to the Employer the amount of Severance Compensation the Employer paid to Executive from the Termination Date through the date on which the Employer determined that Executive engaged in conduct that
constitutes Cause. In addition, if Severance Compensation has not been paid in full as of the date it is determined that Executive has engaged in conduct that constitutes Cause, no further Severance Compensation shall be due to Executive after
such date. If any repayment is due the Employer, Executive agrees that the amount of the refund due is payable in full immediately via personal check. Executive further agrees, subject to the requirements of applicable law, to permit the
Employer to deduct any amount due to the Employer pursuant to this paragraph from any monies or benefits due to Executive, including wages, bonuses, reimbursements or expenses, and any remaining amounts following such deductions are Executive’s
responsibility, payable via personal check.
 If the Employer brings any action or proceeding to enforce any provision of this paragraph and
the Employer prevails in such action or proceeding, Executive agrees to pay all costs of collection, and litigation, together with reasonable attorneys’ fees and interest at the highest rate permitted by applicable law. If Executive prevails in
such action or proceeding, the Employer agrees to pay all costs of litigation together with reasonable attorneys’ fees and interest at the highest rate permitted by applicable law. 

6. No Filing of Lawsuit or Other Claims. Executive agrees, promises and covenants that neither he, nor any person, organization,
or other entity acting on his behalf, has or will file a lawsuit, charge, claim, sue, cause or permit to be filed, charged or claimed, or participate as a party in any action for damages against any of the Released Parties involving any matter
occurring in the past up to the date of this Agreement and Release or involving any claims, demands, causes of action, obligations, damages or liabilities which are the subject of this Agreement and Release. 

7. Confidentiality of Agreement and Release. Executive agrees that he shall keep the existence and terms of this Agreement and
Release and the amount of Severance 

 
Compensation confidential and that he will not disclose, directly or indirectly, such terms to third persons, except that Executive may disclose the terms of this Agreement and Release to his
legal advisors and/or spouse, and as to all such persons the disclosure must be made with the condition that the persons receiving such information maintain the information in strict confidence. Executive specifically agrees not to disclose the
terms of this Agreement and Release to any present or former employees or contractors of the Released Parties. Executive agrees to make no comment, either generally or specifically, regarding the amount or other terms of the Agreement and Release.
Nothing in this paragraph is intended to preclude the parties from disclosing the existence and terms of this Agreement and Release as necessary to enforce its terms or in connection with a claim for breach of this Agreement and Release. 

8. Non-Disparagement. Executive agrees not to commit any act or make any statement that is, or could reasonably be interpreted
as, detrimental to the business, reputation, or good will of the Released Parties including disparaging or embarrassing the Released Parties or their officers, directors, agents, and/or other personnel or employees. Such acts or statements will be
considered “Detrimental Activity” as that term is defined in the Equity and Cash Incentive Plans and may result in the cancellation and rescission of Awards under the Equity and Cash Incentive Plans. 

9. No Adverse Cooperation. Executive agrees not to act in any manner that might damage the business of Released Parties.
Executive further agrees that he will not knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges or complaints by any third party against
any of the Released Parties unless under a subpoena or other court order to do so. Executive agrees both to immediately notify Employer upon receipt of any such subpoena or court order, and to furnish, within three business days of its receipt, a
copy of such subpoena or other court order to Employer. If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges or complaints against any of the Released Parties,
Executive shall state no more than that he cannot provide counsel or assistance. 
 10. Entire Agreement. The Parties agree
that this Agreement and Release may not be modified, altered, or changed except by a written agreement signed by both Executive and a duly authorized representative of Employer. Executive and Employer acknowledge that this Agreement and Release
constitutes the entire agreement between them and supersedes all prior written and oral agreements aside from Sections 7 and 8 of the Employment Agreement. Executive reaffirms and agrees that for the twelve (12) month time period, during which
he is receiving Severance Compensation from Employer, he shall not, without Employer’s prior or written consent, participate or engage in any of the prohibited conduct specified in Section 8(a), 7(b), or 7(c) of the Employment Agreement.
Executive further reaffirms and agrees that he shall not, at any time, except with Employer’s prior written consent, disclose, communicate, or divulge any Confidential Information as set forth in Section 7 of the Employment Agreement. If
any provision of this Agreement and Release is held to be invalid, the remaining provisions shall not be affected. 

 11. Return of Property. Executive acknowledges that his signature below constitutes
his certification that he has delivered to Employer all documents and other items in his possession or custody (whether prepared by Executive or otherwise) that Executive obtained from the Employer companies or their customers, suppliers, or
contractors during his employment and which relate to the past, present, or anticipated business and affairs of the Key companies including, without any limitation, any Confidential Information (as that term is defined in Section 8 of the
Employment Agreement). 
 12. Governing Law. This Agreement and Release shall be governed by the laws of the State of Texas.
The Parties also agree that the state and federal courts located in the State of Texas shall have personal jurisdiction over them to hear all disputes arising under this Agreement and Release. 

13. Cooperation with Employer. Executive agrees to cooperate, at the reasonable request of Employer, in the defense and/or
prosecution of any charges, claims, investigations (internal or external), administrative proceedings, and/or lawsuits relating to matters occurring during Executive’s period of employment, and to make himself reasonably available upon request
for interviews by the Parent and/or its outside counsel as necessary to accomplish this requirement. Employer agrees to reimburse Executive for travel costs and reasonable incidental expenses incurred in connection with such cooperation. Executive
acknowledges that any legal fees incurred in connection with such cooperation will be governed by the advancement and indemnification provisions of the Parent’s Directors’ and Officers’ insurance policy, the Parent’s charter
documents, and Maryland law. 
 14. Counterparts. This Agreement and Release may be executed in counterparts and by facsimile
or email (pdf), and each counterpart, facsimile, or email shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 

[SIGNATURE PAGE FOLLOWS] 

 
			
	ROBERT DRUMMOND indicates his acceptance by signing below:
	
	  

		
	Date:		  

	
	KEY ENERGY SERVICES, INC. indicates its acceptance by signing below:
		
	By:		  

		
	Date:		  

	
	KEY ENERGY SERVICES, LLC indicates its acceptance by signing below:
		
	By:		  

		
	Date:

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