Entry into a Material Definitive

As previously announced, on October29, 2019, Key Energy Services,Inc. (the Company or Key) entered into (i)a forbearance agreement (as amended on December6, 2019, the Term Loan Forbearance Agreement) with Cortland Products Corp., as agent (in such capacity, the Agent), and the lenders party thereto (the Term Loan Lenders), collectively holding over 99.5% of the principal amount of the outstanding term loans, regarding a default under the Term Loan and Security Agreement, dated as of December15, 2016, by and among Key, the Agent and the Term Loan Lenders and (ii)a forbearance agreement (as amended on December6, 2019 and December20, 2019, the ABL Forbearance Agreement and, collectively, the Forbearance Agreements) with Bank of America, N.A., as administrative agent (the Administrative Agent), and all of the lenders party thereto (the ABL Lenders and, collectively with the Term Loan Lenders, the Lenders) regarding a cross-default under the Loan and Security Agreement, dated as of April5, 2019, by and among Key, the Administrative Agent and the ABL Lenders (such defaults, the Specified Defaults).

On January10, 2020, the Company and the Lenders party thereto amended the Forbearance Agreements (the Forbearance Agreement Amendments) to extend the forbearance period. Pursuant to the Forbearance Agreement Amendments, the Lenders party thereto have agreed that, until the earlier of January31, 2020 or the occurrence of certain specified early termination events, such Lenders will forbear from exercising any default-related rights and remedies with respect to the Specified Defaults.

The foregoing description of the Forbearance Agreement Amendments is qualified in its entirety by reference to the complete text of (i)the Second Amendment to the Term Loan Forbearance Agreement, attached as Exhibit10.1 hereto and (ii)the Third Amendment to the ABLForbearance Agreement, attached as Exhibit10.2 hereto, each incorporated herein by reference.

Item9.01

Financial Statements and Exhibits.

(d)

Exhibits.

10.1

Second Amendment to Forbearance Agreement, dated January10, 2020, by and among Key Energy Services,Inc., as borrower, the Lenders party thereto, and Cortland Products Corp., as agent.

10.2

Third Amendment to Forbearance Agreement, dated January10, 2020, by and among Key Energy Services,Inc., KeyEnergy 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 Item601(b)(10) of

RegulationS-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:January10, 2020

By:

/s/ Katherine I. Hargis

Katherine I. Hargis

Senior Vice President, General Counsel& Corporate Secretary

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Other recent filings from the company include the following:

Entry into a Material Definitive - May 22, 2020
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