SEC Contract Filing

Filing Date: 2015-02-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.16.3
<SEQUENCE>4
<FILENAME>keg10-k13312014ex10163.htm
<DESCRIPTION>EXHIBIT 10.16.3
<TEXT>
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<a name="sedf1423aed7a40f1a15085ad19a72838"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.16.3</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">KEY ENERGY SERVICES, INC.</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2014 EQUITY AND CASH INCENTIVE PLAN</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PERFORMANCE UNIT AWARD AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIS PERFORMANCE UNIT AWARD AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">, including the Appendices attached hereto (this &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;), dated as of __________, 2015 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Date of Grant</font><font style="font-family:inherit;font-size:12pt;">&#8221;), is made by and between Key Energy Services,&#160;Inc., a Maryland corporation (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and _____________ (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Participant</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">R E C I T A L S:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Company has adopted the Key Energy Services, Inc. 2014 Equity and Cash Incentive Plan (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Plan</font><font style="font-family:inherit;font-size:12pt;">&#8221;) pursuant to which awards intended to qualify as Performance Compensation Awards may be granted (</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Performance Units</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8221;</font><font style="font-family:inherit;font-size:12pt;">); and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, in recognition of the Participant&#8217;s services to the Company, the Administrator has determined that it is in the best interests of the Company and its stockholders to grant the Performance Units provided for herein (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Performance Unit Award</font><font style="font-family:inherit;font-size:12pt;">&#8221;) pursuant to the terms of the Plan and subject to the further terms and conditions set forth herein.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NOW, THEREFORE</font><font style="font-family:inherit;font-size:12pt;">, in consideration for the services rendered by the Participant to the Company and the mutual covenants hereinafter set forth, the parties hereto agree as follows:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Grant of Performance Unit</font><font style="font-family:inherit;font-size:12pt;">. Pursuant to Sections 7.2 and 7.4 of the Plan, the Company hereby grants the Participant a Performance Unit Award consisting of a target of ______ Performance Units. Each Performance Unit represents the value of one share of Common Stock. The numbe