ASSET PURCHASE AGREEMENT among Key Energy Drilling, Inc. Key Energy Drilling beneficial, L.P. Key rocky mountain, inc. Key four corners, inc. and Key Energy Services, Inc. and Patterson-UTI Drilling Company LP, LLLP and Patterson-UTI Energy, Inc....Asset Purchase Agreement • February 25th, 2005 • Patterson Uti Energy Inc • Drilling oil & gas wells • Texas
THIS ASSET PURCHASE AGREEMENT (this “Agreement”) is entered into as of December 7, 2004, among Key Energy Drilling, Inc., a Delaware corporation (“Key Drilling”), Key Energy Drilling Beneficial, L.P., a Texas limited partnership (“Key Drilling L.P.”), Key Four Corners, Inc., a Delaware corporation (“Key Four Corners”) and Key Rocky Mountain, Inc., a Delaware corporation (“Key Rocky Mountain”, and together with Key Drilling, Key Four Corners and Key Rocky Mountain, the “Sellers”), Key Energy Services, Inc., a Maryland corporation (“Parent”) and Patterson-UTI Drilling Company LP, LLLP, a Delaware limited liability limited partnership (“Buyer”) and Patterson-UTI Energy, Inc., a Delaware corporation (“Patterson”).
Patterson-UTI Energy, Inc. LetterheadPatterson Uti Energy Inc • February 25th, 2005 • Drilling oil & gas wells
This letter confirms and evidences the existing agreement between Patterson-UTI Energy, Inc. (the “Company”) and you pursuant to which the Company agrees to pay to you within ten (10) days of your termination of employment with the Company for any reason (including voluntary termination by you), an amount in cash equal to your annual base salary at the time of such termination. You agree that any payment made pursuant to the agreement evidenced in this letter will reduce dollar for dollar any payment owed to you, if any, pursuant to the Change in Control Agreement dated January 29, 2004 between the Company and you or any agreement in substitution therefore. You agree that this letter agreement evidences and supercedes any oral understanding between the Company and you with respect to the payment of a cash severance payment to you upon your termination.
