SEC Contract Filing

Filing Date: 2017-03-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.4.15
<SEQUENCE>5
<FILENAME>keg10-k12312016ex10415.htm
<DESCRIPTION>EXHIBIT 10.4.15
<TEXT>
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<div><a name="s754f158a779d4eeba25b94a04f52025d"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.4.15</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">AMENDED AND RESTATED CHANGE OF CONTROL AGREEMENT </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:45px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">THIS AMENDED AND RESTATED CHANGE OF CONTROL AGREEMENT (the &#8220;Agreement&#8221;) dated as of January</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:10pt;">31, 2017 (the &#8220;Effective Date&#8221;) is hereby made between Key Energy Services, Inc. (the &#8220;Company&#8221;), with its principal offices located at 1301 McKinney Street, Suite 1800, Houston, Texas and </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Eddie Picard</font><font style="font-family:inherit;font-size:10pt;">&#32;(&#8220;Employee&#8221;), who agree as follows: </font></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:45px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, Employee was hired as the Vice President and Controller on October 20, 2016;</font></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:45px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the Company and Employee are parties to that Change of Control Agreement dated October 20, 2016 (the &#8220;Prior Agreement&#8221;);</font></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:45px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the Company and Employee desire that this Agreement supersede and replace in its entirety the Prior Agreement. </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;padding-left:1px;text-indent:45px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the Company and Employee agree as follows: </font></div><div style="line-height:120%;padding-top:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1. &#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Services</font><font style="font-family:inherit;font-size:10pt;">. Employee agrees that he will render services to the Company (as well as any subsidiary thereof or successor thereto) during the period of his employment to the best of his ability and in a prudent and businesslike manner. </font></div><div style="line-height:120%;padding-top:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Term</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">. </font><font style="font-family:inherit;font-size:10pt;">Within thirty (30) days after October 20, 2018, and within thirty (30) days after each successive October 20 thereafter that this Agreement is in effect, the Company shall have the right to review this Agreement, and in its sole discretion either continue and extend this Agreement, terminate this Agreement, and/or offer Employee a different agreement and will notify Employee of such action within said thirty (30) day time period mentioned above. This Agreement shall remain in effect until so terminated and/or modified by the Company. Failure of the Company to take any action within said thirty (30) days shall be considered an extension of this Agreement for an additional twelve (12) month period of time. Notwithstanding anything to the contrary contained in this &#8220;sunset provision,&#8221; it is agreed that if a Change of Control occurs while this Agreement is in effect, then this Agreement shall not be subject to termination or modification under this provision, and shall remain in force for a period of twelve (12) months after such Change of Control, subject to further twelve (12) month anniversary date renewals.</font></div><div style="line-height:120%;padding-top:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Termination Within One Year After a Change of Control.</font><font style="font-family:inherit;font-size:10pt;">&#32;&#32;If Employee&#8217;s employment with the Company or any subsidiary or successor of the Company shall be terminated in an Involuntary Termination which occurs within one year after the date upon which a Change of Control occurs, and provided Employee signs, without modification or revocation, a Separation and Release Agreement in a form acceptable to the Company, then the Company w