KEY ENERGY SERVICES, INC. (OTCMKTS:KEGXQ) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Key Energy Services, Inc., a Delaware corporation (the “Company”) recently adopted modifications to its equity compensation program that were disclosed within a Form 8-K filed with the Securities and Exchange Commission on December5, 2017 (the “Previous Form 8-K”). Company employees, including the Company’s named executive officers, that received equity awards to the Key Energy Services, Inc. 2016 Equity and Cash Incentive Plan (the “LTIP”) during the 2016 calendar year and during the 2017 calendar year prior to September13, 2017 (the “Prior Awards”) were generally given the election to either retain the Prior Awards, or forfeit all the Prior Awards that were originally scheduled to vest in September 2018 or beyond (the “Remaining Prior Awards”) in exchange for a new grant of equity awards made up of 50% time-vested restricted stock unit (“RSU”) awards and 50% performance share awards (together, the “New Equity Awards”).

The Company’s named executive officers each chose to forfeit the Remaining Prior Awards and receive the New Equity Awards. The forfeiture of the Remaining Prior Awards and the grant of the New Equity Awards will become effective December31, 2017. The Prior Awards that were not subject to the forfeiture election vested or will vest in accordance with the original terms of the Prior awards. The Company’s named executive officers received the following number of New Equity Awards, which will be governed by the terms of the Time RSU Award and the Performance RSU Award attached as Exhibits 10.2 and 10.3 of the Previous Form 8-K, as applicable, and the terms of the LTIP.

About KEY ENERGY SERVICES, INC. (OTCMKTS:KEGXQ)

Key Energy Services, Inc. is an onshore, rig-based well servicing contractor. The Company provides a range of well services to oil companies, foreign national oil companies, and independent oil and natural gas production companies. The Company operates in five segments: U.S. Rig Services, Fluid Management Services, Coiled Tubing Services, Fishing and Rental Services, and International. Its U.S. Rig Services, Fluid Management Services, Coiled Tubing Services, Fishing and Rental Services operate geographically within the United States. The International segment includes its operations in Mexico, Colombia, Ecuador, Russia, Bahrain and Oman. The Company’s services include rig-based and coiled tubing-based well maintenance and workover services, well completion and recompletion services, fluid management services, fishing and rental services, and other ancillary oilfield services. Additionally, certain of its rigs provide specialty drilling applications.