In connection with Mr. Weinheimer’s appointment to Senior Vice President, Production Services, his annual compensation will be increased, effective November 1, 2009, from $262,500 to $275,625 per year. However, his salary will continue to be reduced by 5% under the Company’s temporary pay reduction program implemented in response to the current economic downturn. After giving effect to the 5% reduction, his reduced annual salary is currently $249,375 and will be increased on November 1, 2009 to approximately $261,844. In addition, the Compensation Committee of the Company’s Board of Directors approved a grant to Mr. Weinheimer, in connection with his promotion, of 5,000 shares of restricted stock granted effective November 1, 2009. The restricted stock will vest in annual installments over three years under the terms of the Key Energy Services, Inc. 2007 Equity and Cash Incentive Plan.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
10.1 Amendment No. 1 to Credit Agreement, dated as of October 27, 2009, among Key Energy Services, Inc., each lender from time to time party thereto, Bank of America, N.A., as Paying Agent, Co-Administrative Agent, Swing Line Lender and L/C Issuer, and Wells Fargo Bank, National Association, as Co-Administrative Agent, Swing Line Lender and L/C Issuer.
99.1 Press release dated October 28, 2009 reporting results for the quarter ended September 30, 2009 and the credit facility amendment.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
KEY ENERGY SERVICES, INC.
Date: October 28, 2009
By: /s/ KIMBERLY R. FRYE
Senior Vice President and General Counsel
Exhibit Index
| Exhibit No. | Description | |
10.1 |
Amendment No. 1 to Credit Agreement, dated as of October 27, 2009, among Key Energy Services, Inc., each lender from time to time party thereto, Bank of America, N.A., as Paying Agent, Co-Administrative Agent, Swing Line Lender and L/C Issuer, and Wells Fargo Bank, National Association, as Co-Administrative Agent, Swing Line Lender and L/C Issuer. |
|
99.1 |
Press release dated October 28, 2009 reporting results for the quarter ended September 30, 2009 and the credit facility amendment. |