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Key Energy Services Board Announced

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According to documents filed with the SEC, Key Energy Services announced that upon its emergence from Chapter 11 protection, the term of any current members of the Company’s board of directors will expire, and a new board will take office.

The new board will initially consist of Bryan Kelln, Jacob Kotzubei, Philip Norment, Mary Ann Sigler, Robert Drummond, Sherman K. Edmiston III, Scott D. Vogel, Steven H. Pruett, C. Christopher Gaut and H.H. Tripp Wommack III. On or after the effective date, the reorganized company will be authorized to grant awards under a new management incentive plan (MIP), which will authorize the compensation comprised of stock or economic rights tied to the value of stock collectively representing up to 7% (which may be increased to up to 11% by the board in its discretion) of the fully diluted shares of the reorganized Company’s common stock as of the effective date (without regard to shares reserved for issuance pursuant to the new warrants).

The new MIP may provide for awards of restricted stock, restricted stock units, options and stock appreciation rights and cash-based awards for distribution to officers, directors and employees of as determined by the new board.

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