Entry into a Material Definitive

As previously announced, on October29, 2019, Key Energy Services, Inc. (the Company or Key) entered into a forbearance agreement (as amended on December6, 2019, the ABL Forbearance Agreement), with Bank of America, N.A., as administrative agent (the Administrative Agent) and all of the lenders party thereto (the Lenders) regarding a default under the Loan and Security Agreement, dated as of April5, 2019 (as amended, the Loan Agreement), by and among Key, the Administrative Agent and the Lenders.

On December20, 2019, the Company and the Lenders amended the ABL Forbearance Agreement and the Loan Agreement (the Forbearance and Loan Agreement Amendment) to, among other things, (i)reduce the minimum availability Key is required to maintain under the ABL Forbearance Agreement from $12.5million to $10million, (ii)reduce the aggregate revolving commitments under the Loan Agreement from $100million to $80million and (iii)add certain reporting requirements. In addition, pursuant to the Forbearance and Loan Agreement Amendment, the Lenders have agreed to waive any past breach of the ABL Forbearance Agreement caused by Keys failure to maintain the minimum availability set forth in the ABL Forbearance Agreement prior to the date of the Forbearance and Loan Agreement Amendment.

The foregoing description of the Forbearance and Loan Agreement Amendment is qualified in its entirety by reference to the complete text of the Forbearance and Loan Agreement Amendment, attached as Exhibit 10.1 hereto and incorporated herein by reference.

Item9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1

Second Amendment to the Forbearance Agreement and Amendment No.2 to Loan Agreement, dated December 20, 2019, by and among Key Energy Services, Inc., Key Energy Services, LLC, the Lenders party thereto, and Bank of America, N.A., as administrative agent

Certain portions of this exhibit (indicated by [***]) have been omitted pursuant to Item 601(b)(10) of Regulation

S-K.

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: December23, 2019

By:

/s/ Katherine I. Hargis

Katherine I. Hargis

Senior Vice President, General Counsel

& Corporate Secretary

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