SEC Contract Filing

Filing Date: 2017-12-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d504387dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[NAME] </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT
AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>KEY ENERGY SERVICES, LLC</B> (the &#147;<B><I>Company</I></B>&#148;), a Texas limited liability company with its
principal offices at 1301 McKinney Street, Suite 1800, Houston, Texas 77010, and <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B> (&#147;<B><I>Employee</I></B>&#148;)
enter into this Employment Agreement (this &#147;<B><I>Agreement</I></B>&#148;) effective the &nbsp;&nbsp;&nbsp;&nbsp; day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201&nbsp;&nbsp;&nbsp;&nbsp; (the
&#147;<B><I>Commencement Date</I></B>&#148;) in order to outline the terms and conditions of Employee&#146;s employment relationship with the Company during the term of this Agreement. Employee and the Company hereby agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B><I>Employment; Term of Agreement</I></B><B>.</B> Employee agrees to devote his full time and best efforts to serve as
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>, for the Company, having those duties and title specified from time to time by the Chief Executive Officer, Senior
Officers or the Board of Directors (the &#147;<B><I>Board</I></B>&#148;) of Key Energy Services, Inc. (&#147;<B><I>Key</I></B>&#148;). This Agreement will continue until the close of business on
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 201_, unless earlier terminated in accordance with its terms, and shall be automatically renewed for successive <FONT STYLE="white-space:nowrap">one-year</FONT> terms unless
either Employee or the Company gives written notice to the other, no later than thirty (30)&nbsp;days prior to the expiration of the then-current term that such automatic extension shall not occur (&#147;<B><I>Notice of <FONT
STYLE="white-space:nowrap">Non-Renewal</FONT></I></B>&#148;). Employee will, if elected, serve as an officer and/or director of the Company, its parent, subsidiaries or affiliates (collectively, the &#147;<B><I>Key Companies</I></B>&#148;) and
perform all duties incident to such offices. This Agreement supersedes and replaces the Change of Control Agreement between Employee and the Company dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
201&nbsp;&nbsp;&nbsp;&nbsp;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Salary; Bonus; Expenses</I></B><B>.</B> The Company will pay a salary to
Employee at the annual rate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and NO/100 ($&nbsp;&nbsp;&nbsp;&nbsp;,000.00) (the &#147;<B><I>Base Salary</I></B>&#148;),
payable in substantially equal installments in accordance with the Company&#146;s existing payroll practices, but no less frequently than monthly. Senior management of the Company will have discretion to review Employee&#146;s compensation from time
to time as it deems appropriate and may, in its sole discretion, increase Employee&#146;s Base Salary. In addition, Employee shall be eligible to participate in incentive plans in effect from time to time for the Key Companies&#146;
similarly-situated executives, key employees and other persons involved in the business of the Company and in the Key Companies&#146; stock-based incentive plans outstanding from time to time. Under the Key Companies&#146; annual incentive bonus
plan and subject to the terms of the governing plan, Employee may be eligible to earn a discretionary cash bonus, with the amount of any such bonus in any given year to be determined by the senior management of the Company or the Board (or a
committee thereof) in their sole discretion, based upon the level of achievement of goals mutually established by Employee and the senior management of the Company (subject to Board approval). Such bonus shall be paid to Employee no later than
March&nbsp;15 of the year following the year to which it applies, as a &#147;<B><I>short-term deferral</I></B>&#148; under Treas. Reg. <FONT STYLE="white-space:nowrap">1.409A-1(b)(4).</FONT> Employee will be reimbursed by the Company for reasonable
travel, lodging, meals and other expenses incurred by Employee in connection with performing his services hereunder in accordance with the Key Companies&#146; policies as in effect from time to time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <B><I>Vacations; Benefits</I></B><B>.</B> Employee will be entitled to (i)&nbsp;not less than 20 vacation days per calendar year (prorated
for any partial year of service), with no carryover to subsequent years, and (ii)&nbsp;participation in such other fringe benefits, including, without limitation, personal time off, group medical and dental, life, accident and disability insurance,
retirement plans and supplemental </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employment Agreement of
<U>&nbsp;&nb