AMENDMENT NO. 1
CONFIDENTIAL SEPARATION AND RELEASE AGREEMENT
This AMENDMENT NO. 1 to the CONFIDENTIAL SEPARATION AND RELEASE
AGREEMENT ("AMENDMENT NO. 1") is made and entered into by and between KEY ENERGY
SERVICES, INC., a Maryland corporation ("COMPANY"), and XXXXXXX X. XXXXXXXX
("Executive") as of this 24th day of November, 1999 (the "AGREEMENT"). Unless
the context otherwise requires defined terms used herein shall have the same
meaning ascribed to them as set forth in the Agreement.
WHEREAS, the Executive and the Company entered into that certain
Confidential Separation And Release Agreement dated as of July1, 1999;
WHEREAS, the third sentence of section 3(a) of that Agreement
incorrectly stated that the amount of the advance payment which the Executive
received under the Agreement was $275,000.00; however, the correct amount of the
advance payment made to the Executive pursuant to the Agreement was $425,000.00.
WHEREAS, the parties to the Agreement each desire to correct the
aforementioned error to the Agreement.
NOW, THEREFORE, for and in consideration of the premises and the
consideration more fully set forth hereinafter and in the Agreement, and
intending to be legally bound hereby, the Company and Executive mutually agree
as follows:
1. Amendment to Section 3(a) of the Agreement.
The third sentence of Section 3(a) of the Agreement is hereby amended
to read as follows:
* * *
"Executive also acknowledges that, with respect to the Company's
obligation to make the aforementioned payment of $725,000.00 to him, he has
already received an advance payment thereon in the amount of $425,000.000."
* * *
2. Except as otherwise modified or amended by the provisions of the
Amendment No. 1 as set forth above, the terms and provisions of the Agreement
shall remain in full force and effect.
[Signature page follows]
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first above written.
KEY ENERGY SERVICES, INC.
/s/ Xxxxxxx X. Xxxx
---------------------------------
Xxxxxxx X. Xxxx
Chairman of the Board, President
and Chief Executive Officer
EXECUTIVE:
/s/ Xxxxxxx X. XxXxxxxx
---------------------------------
Xxxxxxx X. XxXxxxxx
0000 Xxxxxxxxxx Xxxxxx
Xxxxxxxxxx, X.X. 00000
