Key Energy Group, Inc.
Xxx Xxxxx Xxxxxx, 00xx Xxxxx
Xxxx Xxxxxxxxx, Xxx Xxxxxx
October 20, 1998
Xxxxxx X. Xxxxxxx
1305 000 Xxxxx
Xxxxxxxxxx, Xxxxx 00000
EMPLOYMENT AGREEMENT
(this"Agreement")
Dear Xxx:
Key Energy Group, Inc., a Maryland corporation (the "Company"), with its
principal offices at the address set forth above, and you, an individual with
your home address set forth above, agree as follows:
1. Employment; Term. The Company agrees to employ you, and you agree to devote
your full time and best efforts to serve as the President of the Gulf Coast
Division of the Company. Your employment will commence effective as of the date
hereof and continue until this Agreement is terminated in accordance with
Section 3 hereof.
2. Salary; Expenses; Benefits. From the date hereof until this Agreement is
terminated in accordance with Section 3 hereof, the Company will pay a salary to
you at the annual rate of $140,000 per year (the "Base Salary"), payable in
substantially equal installments in accordance with the Company's existing
payroll practices, but no less frequently than monthly. You will be reimbursed
by the Company for reasonable travel, lodging, meal and other expenses incurred
by you in connection with performing your services hereunder in accordance with
the Company's policies from time to time in effect. From the date hereof until
this Agreement is terminated in accordance with Section 3 hereof, you will be
entitled to such benefits, including, without limitation, group medical and
dental , accident and disability insurance, retirement plans and supplemental
and excess retirement benefits as the Company may provide from time to time for
its similarly situated management personnel.
3. Termination. Either you or the Company may terminate this Agreement at any
time for any reason by providing the other party at least 30 days' written
notice of such party's intent to so terminate. After the date of termination,
the Company shall have no further obligation to you other than for any salary or
expense reimbursement payments owed to you under Section 2 hereof through the
date of termination.
4. Limitation on Competition. From the date hereof until this Agreement is
terminated in accordance with Section 3 hereof, you shall not, directly or
indirectly, without the prior written consent of the Company, participate or
engage in, whether as a director, officer, employee, advisor, consultant,
stockholder, partner, joint venturer, owner or in any other capacity, any
business engaged in the business of furnishing oilfield services (a "Competing
Enterprise") anywhere in the continental United States, Argentina or any other
geographic region in which the Company (including its subsidiaries and
affiliates) conducts its business from time to time; provided, however, that you
shall not be deemed to be participating or engaging in any such business solely
by virtue of your ownership of not more than five percent of any class of stock
or other securities which is publicly traded on a national securities exchange
or in a recognized over-the-counter market; and, for that same period of time,
you shall not, directly or indirectly, solicit, raid, entice or otherwise induce
any employee of the Company or any of its subsidiaries to be employed by a
Competing Enterprise.
If this Agreement correctly sets forth your understanding of the agreement
between the Company and you, please indicate your agreement hereto by signing
this Agreement in the space for that purpose below.
KEY ENERGY GROUP, INC.
By:
Name:
Title:
ACCEPTED AND AGREED
as of the date first written above:
Xxxxxx X. Xxxxxxx
