Common use of Equity-Based Incentives Clause in Contracts

Equity-Based Incentives. (a) On the Effective Date, the Compensation Committee has granted the Executive, pursuant to the Key Energy Group, Inc. 1997 Incentive Plan (the “1997 Plan”), nonqualified stock options for 125,000 shares of Company’s common stock, with the exercise price set as provided under that plan based on the date of grant and with vesting over three years, assuming continued employment. Such grant shall otherwise be on the terms and conditions generally applicable to options as reasonably determined by the Compensation Committee. (b) The Executive shall be eligible to participate in awards of stock options, restricted stock, deferred stock and other equity-based incentives (collectively, “Equity-Based Incentives”), at the discretion of the Board or the Compensation Committee. The performance goals for the grant of such Equity-Based Incentives will be based on objective criteria mutually negotiated and agreed upon in good faith in advance by the Board or the Compensation Committee after consultation with the Executive and the Chief Executive Officer.

Equity-Based Incentives. (a) On Effective as of the Effective Commencement Date, the Compensation Committee has granted the Executive, pursuant to the Key Energy Group, Inc. 1997 Incentive Plan (the “"1997 Plan”"), nonqualified stock options for 125,000 25,000 restricted shares of Company’s 's common stock, with the exercise price set as provided under that plan based on the date of grant and with vesting over three years, assuming continued employment. Such grant shall otherwise be on the terms and conditions generally applicable to options grants of restricted stock as reasonably determined by the Compensation Committee. (b) The Executive shall be eligible to participate in awards of stock options, restricted stock, deferred stock and other equity-based incentives (collectively, “"Equity-Based Incentives”"), at the discretion of the Board or the Compensation Committee. The performance goals for the grant of such Equity-Based Incentives will be based on objective criteria mutually negotiated and agreed upon in good faith in advance by the Board or the Compensation Committee after consultation with the Executive and the Chief Executive Officer.