Acknowledgement and Waiver Agreement between Key Energy Services, Inc. and Newton W. Wilson III
This agreement is between Key Energy Services, Inc. and Newton W. Wilson III. Mr. Wilson acknowledges that the company’s Compensation Committee has rescinded his stock option grant from January 24, 2005, under the company’s 1997 Incentive Plan.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. The company may offer replacement incentives in the future, but there is no binding commitment to do so at this time.
Exhibit 10.2
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I acknowledge and agree that the Compensation Committee of the Board of Directors of Key Energy Services, Inc. has rescinded my option grant, originally made as of January 24, 2005, under the Key Energy Group, Inc. 1997 Incentive Plan (the “Plan”).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/ Newton W. Wilson III | |
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| Date Signed |
| Newton W. Wilson III | |
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| March 25, 2005 |
| Signed: | /s/ Gregory L. Silva |
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| Date Signed |
| Name: | Gregory L. Silva |
