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If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
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Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) |
Represents unvested awards of restricted stock shares granted under the Key Energy Services, Inc. 2007 Equity and Cash Incentive Plan ("2007 Plan") and the Key Energy Services, Inc. 2009 Equity and Cash Incentive Plan ("2009 Plan"). The first award for 30,000 restricted shares was granted under the 2007 Plan on January 28, 2010 and vests in three equal annual installments beginning on the first anniversary of the grant date. The second award for 16,409 restricted shares was granted under the 2009 Plan on January 28, 2010 and vests in three equal annual installments beginning on the first anniversary of the grant date. |
(2) |
Represents performance units granted under the 2009 Plan. Half of the performance units are subject to a performance period from March 1, 2010 through February 28, 2011, and half are subject to a performance period from March 1, 2011 through February 29, 2012. At the end of each performance period, either 0%, 50% or 100% of the performance units subject to that performance period will vest based on the relative performance of Key Energy Services, Inc. within a peer group of companies as measured by total shareholder return. If any performance units vest at the end of a performance period, such vested performance units will be settled within sixty (60) days after the vesting date, solely in cash, in an amount equal to the closing price per share of Key Energy Services, Inc.'s common stock on the last trading day of the performance period. |