Acknowledgement and Waiver

Waiver Agreement

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KEY ENERGY SERVICES INC

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Title: Acknowledgement and Waiver
Date: 3/29/2005
Industry: Oil Well Services and Equipment

Exhibit 10.1

Acknowledgement and Waiver

Having received sufficient consideration and by signing below, I acknowledge and agree that the Compensation Committee of the Board of Directors of Key Energy Services, Inc. has rescinded my option grant, originally made as of June 3, 2004, under the Key Energy Group, Inc. 1997 Incentive Plan (the “Plan”). I

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