Acknowledgement and Waiver Agreement between Richard J. Alario and Key Energy Services, Inc.
Richard J. Alario agrees that the Compensation Committee of Key Energy Services, Inc. has rescinded his stock option grant from June 3, 2004, under the company's 1997 Incentive Plan. He waives any claims to the option or any breach of his employment agreement due to this rescission. While the Committee may offer replacement incentives in the future, there is no current binding agreement to do so. The agreement is signed by Mr. Alario and witnessed by Gregory L. Silva on March 25, 2005.
Exhibit 10.1
Acknowledgement and Waiver
Having received sufficient consideration and by signing below, I acknowledge and agree that the Compensation Committee of the Board of Directors of Key Energy Services, Inc. has rescinded my option grant, originally made as of June 3, 2004, under the Key Energy Group, Inc. 1997 Incentive Plan (the “Plan”). I hereby waive any claim to that option and any claim that the rescission breaches the terms of my employment agreement with Key Energy Services, Inc. I understand that the Committee intends to provide replacement incentives, in the form of equity-related incentives, cash or a combination thereof, but I acknowledge that there is currently no binding agreement to do so.
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| March 25, 2005 |
| /s/ Richard J. Alario | |
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| Date Signed |
| Richard J. Alario | |
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| March 25, 2005 |
| Signed: | /s/ Gregory L. Silva |
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| Date Signed |
| Name: | Gregory L. Silva |
