Document:

EX-10.20

 Exhibit 10.20 

INDEPENDENCE CONTRACT DRILLING, INC. 

PERFORMANCE UNIT AWARD AGREEMENT 

CUMULATIVE EBITDA 

Grantee:
                         

1. Grant of Performance Unit Award. 

(a) As of the effective date of this agreement (this “Agreement”), Independence Contract Drilling, Inc., a Delaware
corporation (the “Company”), hereby grants to the Grantee (identified above)             1 restricted stock
units (the “RSUs”) pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2012 Omnibus Incentive Plan, as amended (the “Plan”). The RSUs represent the opportunity to receive a number of shares of
Common Stock of the Company based upon satisfaction of certain EBITDA targets and the “Payout Multiplier” as defined in Exhibit A, subject to Exhibit C. The actual number of shares of Common Stock that may be issued pursuant to the
terms of this Agreement will be between 0% and 200% of the number of Target RSUs. The Plan is hereby incorporated in this Agreement in its entirety by reference. In the event of a conflict between the terms of the Plan and the terms of this
Agreement, the terms of the Plan shall control. 
 (b) To determine the number, if any, of RSUs that shall vest, the methodology on
Exhibit A shall be followed, subject to Exhibit C. For purposes of this Agreement, the “Performance Period” shall be deemed to begin on July 1, 2014, (the “Effective Date”) and end on
June 30, 2017. The date that is the third anniversary of the date set forth on the signature page hereof shall be the “Determination Date.” 

2. Definitions. All capitalized terms used herein shall have the meanings set forth in the Plan unless otherwise provided herein.
Exhibits A, B and C set forth meanings for certain of the capitalized terms used in this Agreement. 
 3. Vesting and
Forfeiture. Except as otherwise provided in Exhibit C, all unvested RSUs will be forfeited automatically by the Grantee for no consideration upon termination for any reason of Grantee’s employment with the Company or its
affiliates (the “Company Group”) prior to the Determination Date. To the extent not forfeited prior to the Determination Date, the number of RSUs vesting shall, to the extent not vesting earlier pursuant to Exhibit C, be determined
pursuant to the methodology on Exhibit A. 
 4. Purchase Price. No consideration shall be payable by the Grantee to the
Company for the RSUs. 
  
  

	1 	Insert the number of RSUs that would vest if the maximum performance metric were achieved. 

 5. Restrictions on RSUs and Settlement of Vested RSUs.  

(a) No Dividend Equivalents are granted with to any RSUs. 

(b) The Company shall settle vested RSUs within 30 days of the date such RSUs vest. Each vested RSU shall entitle the Grantee to receive one
share of Common Stock. 
 (c) Nothing in this Agreement or the Plan shall be construed to: 

(i) give the Grantee any right to be awarded any further RSUs or any other Award in the future, even if RSUs or other Awards
are granted on a regular or repeated basis, as grants of RSUs and other Awards are completely voluntary and made solely in the discretion of the Committee; 

(ii) give the Grantee or any other person any interest in any fund or in any specified asset or assets of the Company or any
Affiliate; or 
 (iii) confer upon the Grantee the right to continue in the employment or service of the Company or any
Affiliate, or affect the right of the Company or any Affiliate to terminate the employment or service of the Grantee at any time or for any reason. 

(d) The Grantee shall not have any voting rights with respect to the RSUs. 

6. Independent Legal and Tax Advice. Grantee acknowledges that the Company has advised Grantee to obtain independent legal and
tax advice regarding the grant, holding, vesting and settlement of the RSUs in accordance with this Agreement and any disposition of any such Awards or the shares of Common Stock issued with respect thereto. 

7. Reorganization of Company. The existence of this Agreement shall not affect in any way the right or power of the Company or
its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue or bonds,
debentures, preferred stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or
otherwise. Except as otherwise provided herein, in the event of a Corporate Change as defined in the Plan, Section 4.5 of the Plan shall be applicable. 

8. Investment Representation. Grantee will enter into such written representations, warranties and agreements as the Company may
reasonably request in order to comply with any federal or state securities law. Moreover, any stock certificate for any shares of stock issued to Grantee hereunder may contain a legend restricting their transferability as determined by the Company
in its discretion. Grantee agrees that the Company shall not be obligated to take any affirmative action in order to cause the issuance or transfer of shares of Stock hereunder to comply with any law, rule or regulation that applies to the shares
subject to this Agreement. 

  
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 9. No Guarantee of Employment. This Agreement shall not confer upon Grantee any
right to continued employment with the Company or any Affiliate thereof. 
 10. Withholding of Taxes. The Company or an
Affiliate shall be entitled to satisfy, pursuant to Section 16.3 of the Plan, any and all tax withholding requirements with respect to RSUs. 

11. General. 
 (a)
Notices. All notices under this Agreement shall be mailed or delivered by hand to the parties at their respective addresses set forth beneath their signatures below or at such other address as may be designated in writing by either of the
parties to one another, or to their permitted transferees if applicable. Notices shall be effective upon receipt. 
 (b) Transferability
of Award. The rights of the Grantee pursuant to this Agreement are not transferable by Grantee. No right or benefit hereunder shall in any manner be liable for or subject to any debts, contracts, liabilities, obligations or torts of Grantee or
any permitted transferee thereof. Any purported assignment, alienation, pledge, attachment, sale, transfer or other encumbrance of the RSUs, prior to the lapse of restrictions, that does not satisfy the requirements hereunder shall be void and
unenforceable against the Company. 
 (c) Amendment and Termination. No amendment, modification or termination of this Agreement shall
be made at any time without the written consent of Grantee and the Company. 
 (d) No Guarantee of Tax Consequences. The Company and
the Committee make no commitment or guarantee that any federal, state, local or other tax treatment will (or will not) apply or be available to any person eligible for compensation or benefits under this Agreement. The Grantee has been advised and
been provided the opportunity to obtain independent legal and tax advice regarding the granting, vesting and settlement of RSUs pursuant to the Plan and this Agreement and the disposition of any Common Stock acquired thereby. 

(e) Section 409A. The award of RSUs hereunder is intended to either comply with or be exempt from Section 409A, and the
provisions of this Agreement shall be administered, interpreted and construed accordingly. If the Grantee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date on which the Grantee has a
“separation from service” (other than due to death) within the meaning of Section 1.409A-1(h) of the Treasury Regulations, notwithstanding the provisions of this Agreement, any transfer of shares or other compensation payable on
account of Grantee’s separation from service that constitute deferred compensation under Section 409A shall take place on the earlier of (i) the first business day following the expiration of six months from the Grantee’s
separation from service, or (ii) such earlier date as complies with the requirements of Section 409A. To the extent required under Section 409A, the Grantee shall be considered to have terminated employment with the Company or its
affiliates (the “Company Group”) when the Grantee incurs a “separation from service” with respect to the Company Group within the meaning of Section 409A(a)(2)(A)(i) of the Code. 

  
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 (f) Severability. In the event that any provision of this Agreement shall be held illegal,
invalid or unenforceable for any reason, such provision shall be fully severable, but shall not affect the remaining provisions of the Agreement, and the Agreement shall be construed and enforced as if the illegal, invalid or unenforceable provision
had not been included therein. 
 (g) Supersedes Prior Agreements. This Agreement shall supersede and replace all prior agreements and
understandings, oral or written, between the Company and the Grantee regarding the grant of the RSUs covered hereby. 
 (h) Governing
Law. This Agreement shall be construed in accordance with the laws of the State of Delaware without regard to its conflict of law provisions, to the extent federal law does not supersede and preempt Delaware law. 

(i) No Trust or Fund Created. This Agreement shall not create or be construed to create a trust or separate fund of any kind or a
fiduciary relationship between the Company or any Affiliate and a Grantee or any other Person. To the extent that any Person acquires a right to receive payments from the Company or any Affiliates pursuant to this Agreement, such right shall be no
greater than the right of any general unsecured creditor of the Company or any Affiliate. 
 (j) Clawback Provisions. Notwithstanding
any other provisions in this Agreement or the [Employment Agreement/Change of Control Agreement] to the contrary, any incentive-based compensation, or any other compensation, payable pursuant to this Agreement or any other agreement or arrangement
with the Company or an affiliate which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government
regulation or stock exchange listing requirement (or any policy adopted by the Company or an affiliate pursuant to such law, government regulation or stock exchange listing requirement.) 

(k) Other Laws. The Company retains the right to refuse to issue or transfer any Stock if it determines that the issuance or transfer of
such shares might violate any applicable law or regulation or entitle the Company to recover under Section 16(b) of the Securities Exchange Act of 1934. 

(l) Binding Effect. This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all persons
lawfully claiming under the Grantee. 

  
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its
duly authorized officer and Grantee has hereunto executed this Agreement as of the same date, to be effective as of [            ], 2014. 

INDEPENDENCE CONTRACT DRILLING, INC. 

			
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 Address for Notices:
  

Independence Contract Drilling, Inc.
 11601 North Galayda
Street
 Houston, Texas 77086
 Fax: [•]

Attn: [Chief Executive Officer]

	
	 GRANTEE

		
	 By:
	 	  

	 Name:
	 	  

	
	 Address for Notices:

	
	  

	  

	  

	 Fax:
	 	  

  
 5 

 Exhibit A 

Methodology for Calculating Vested RSUs 

1. Definitions. For purposes of determining the number of RSUs that vest, the following definitions shall apply: 

(a) EBITDA means net income before interest, taxes, depreciation and amortization, non-cash stock compensation, and asset impairment,
and other non-cash charges determined by the Committee. EBITDA shall be determined in accordance with generally accepted accounting principles applied by the Company on a consistent basis during the Performance Period. 

(b) Cumulative EBITDA means total cumulative EBITDA for the entire Performance Period. 

(c) Target RSUs means             .2 
 2. Committee Methodology. Subject to Exhibit C, for purposes of
determining the number of RSUs that vest, the Committee shall: 
 (a) Calculate the Cumulative EBITDA for the Company during the Performance
Period. 
 (b) Determine the Payout Multiplier to be utilized in determining the number of RSUs that vest, and thus the number of shares of
Common Stock to be issued to the Grantee, based on the Payout Schedule below: 
  

			
	 Payout Schedule

	 Cumulative EBITDA
	 	 Multiplier

	 Greater than or equal to $229.90 million
	 	2.00
	 Between $183.90 million and $229.90 million
	 	Between 1.00 and 2.00 (determined through interpolation)
	 Equal to $183.90 million
	 	1.00
	 Between $137.90 million and $183.90 million
	 	Between 0 and 1.00 (determined through interpolation)
	 Equal to $137.90 million
	 	.01
	 Less than $137.90 million
	 	0.00

  

	2 	Insert number of Target RSUs (i.e., the number of RSUs that would vest if the Payout Multiplier were 1.0). 

  
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 (c) Determine the number of RSUs that vest, and thus the number of shares of Common Stock to be
issued to Grantee, by multiplying the number of Target RSUs by the Payout Multiplier. 
 (d) If any calculation with respect to the number of
RSUs that vest, and thus the number of shares of Common Stock to be issued hereunder would result in a fractional share, the number of shares of Common Stock to be issued shall be rounded down to the nearest whole share. 

  
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 Exhibit B 

Certain Definitions. 

1. Cause shall mean Grantee’s: 

(i) willful and continued failure to comply with the reasonable written directives of the Company for a period of thirty
(30) days after written notice from the Company; 
 (ii) willful and persistent inattention to duties for a period of
thirty (30) days after written notice from the Company, or the commission of acts within employment with the Company amounting to gross negligence or willful misconduct; 

(iii) misappropriation of funds or property of the Company or committing any fraud against the Company or against any other
person or entity in the course of employment with the Company; 
 (iv) misappropriation of any corporate opportunity, or
otherwise obtaining personal profit from any transaction which is adverse to the interests of the Company or to the benefits of which the Company is entitled; 

(v) conviction of a felony involving moral turpitude; 

(vi) willful failure to comply in any material respect with the terms of this Agreement and such non-compliance continues
uncured after thirty (30) days after written notice from the Company; or 
 (vii) chronic substance abuse, including
abuse of alcohol, drugs or other substances or use of illegal narcotics or substances, for which Grantee fails to undertake treatment immediately after requested by the Company or to complete such treatment and which abuse continues or resumes after
such treatment period, or possession of illegal narcotics or substances on Company premises or while performing Grantee’s duties and responsibilities. 

Any termination of employment by the Company for Cause shall be communicated by Notice of Termination to the Grantee given in
accordance with Section 11(a) of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon,
(ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Grantee’s employment under the provision so indicated and (iii) if the Date of Termination
(as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than 30 days after the giving of such notice). The failure by the Company to set forth in the Notice of Termination any
fact or circumstance which contributes to a showing of Cause shall not waive any right of the Company from asserting such fact or circumstance in enforcing the Grantee’s or the Company’s rights hereunder. “Date of
Termination” shall mean the date that employment with the Company and its affiliates is terminated in all respects for any reason. 

  
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 2. [Change of Control Agreement shall mean the Change of Control Agreement entered into
effective [            ], by and between the Company and the Grantee, as amended.]3 

3. [Employment Agreement shall mean the [            ] entered into
effective [            ], by and between the Company and the Grantee, as amended.]4 

4. Good Reason shall mean without the express written consent of Grantee, the occurrence of any of the following: 

(i) any action or inaction that constitutes a material breach by the Company of the [Employment Agreement/Change of Control
Agreement] and such action or inaction continues uncured after thirty (30) days following written notice from the Grantee; 

(ii) the assignment to the Grantee of any duties resulting in a material diminution of the Grantee’s position (including
status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by the Employment Agreement, or any other action by the Company which results in a material diminution in such position, authority, duties or
responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company within 30 days of receipt of written notice thereof given by the Grantee; or 

(iii) a change in the geographic location of Grantee’s principal office location to a location more than fifty
(50) miles from Houston, Texas. 
 Notwithstanding anything herein to the contrary, the interim assignment of Grantee’s position,
authority, duties, or responsibilities to any person while Grantee is absent from his duties shall not constitute a Good Reason for Grantee to terminate his employment with the Company. In addition, the Grantee’s termination of employment shall
not constitute Good Reason unless Grantee notifies the Company in writing of the condition or event constituting Good Reason within ninety (90) days of the condition’s initial occurrence and the Company fails to cure the conditions, to the
extent curable, specified in the notice within thirty (30) days following such notification. Further, the Grantee’s termination of employment shall not constitute termination for Good Reason unless Grantee terminates his employment with
the Company within thirty (30) days following the end of the Company’s 30-day cure period. Any termination during the Employment Term by the Grantee for Good Reason shall be communicated by Notice of Termination to the Company given in
accordance with Section 11(a) of the Agreement. 
  
  

	3 	Include reference to existing change of control agreement if applicable. 

	4 	Include reference to existing employment agreement if applicable. 

  
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 Exhibit C 

1. Termination of Employment. If prior to the Determination Date, the Grantee’s employment with the Company Group is
terminated: 
 (i) by the Company without Cause, or 

(ii) by the Grantee for Good Reason; 
 then,
notwithstanding any other provision of this Agreement or the [Employment Agreement/Change of Control Agreement], the RSUs shall vest on a pro rata basis determined by multiplying the number of Target RSUs granted hereunder by a fraction (not greater
than 1.0), the numerator of which is the number of months (not including any partial months) that have elapsed since the Effective Date to the date of the Grantee’s termination of employment, and the denominator of which is the total number of
months in the period beginning on the Effective Date and ending on the third anniversary of the Effective Date. All remaining unvested RSUs shall be immediately forfeited. 

2 Change in Control. Notwithstanding any other provision of this Agreement or the [Employment Agreement/Change of Control
Agreement], if a Change in Control occurs prior to the Determination Date and the Grantee has remained continuously employed by the Company Group from the Effective Date to the date upon which such Change in Control occurs, the RSUs shall vest on a
pro rata basis determined by multiplying the number of Target RSUs granted hereunder by a fraction (not greater than 1.0), the numerator of which is the number of months (not including any partial months) that have elapsed since the Effective Date
to the date of the Change in Control, and the denominator of which is the total number of months in the period beginning on the Effective Date and ending on the third anniversary of the Effective Date. All remaining unvested RSUs shall be forfeited.
All remaining RSUs shall automatically be immediately forfeited. 
 For purposes of this Agreement, “Change of
Control” shall mean: 
 A. The acquisition by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of 50 percent or more of either (A) the then outstanding shares of common stock or membership interests of the Company (the “Outstanding Company Common Stock”) or (B) the
combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors or managers (the “Outstanding Company Voting Securities”); provided, however, that for
purposes of this subsection A, the following acquisitions shall not constitute a Change of Control: (1) any acquisition directly from the Company or any acquisition by the Company; or (2) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or (3) any acquisition by any corporation pursuant to a transaction that complies with clauses (1), (2) and (3) of subsection C of
this definition; or 

  
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 B. Individuals, who, as of the date hereof constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for
election by the Company’s stockholders or members, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but
excluding, for purpose of this subsection B, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
 C. Consummation of a
reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Corporate Transaction”) in each case, unless, following such Corporate
Transaction, (1) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Corporate
Transaction beneficially own, directly or indirectly, more than 60 percent of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the
election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation that as a result of such transaction owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Company Common Stock and the Outstanding Company
Voting Securities, as the case may be, (2) no Person (excluding any corporation resulting from such Corporate Transaction or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Corporate
Transaction) beneficially owns, directly or indirectly, 20 percent or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the then
outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Corporate Transaction and (3) at least a majority of the members of the board of directors of the corporation resulting from such
Corporate Transaction were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Corporate Transaction; or 

D. Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

Notwithstanding the foregoing, however, in any circumstance or transaction in which compensation would be subject to the income tax under
Section 409A if the foregoing definition of “Change of Control” were to apply, but would not be so subject if the term “Change of Control” were defined herein to mean a “change in control event” within the meaning
of Treasury Regulation Section 1.409A-3(i)(5), then “Change of Control” means, but only to the extent necessary to prevent such compensation from becoming subject to the income tax under Section 409A, a transaction or
circumstance that satisfies the requirements of both (1) a Change of Control under the applicable clauses (A) through (D) above, as applicable, and (2) a “change in control event” within the meaning of Treasury
Regulation Section 1.409A-3(i)(5). 

  
 11EX-10.21

 Exhibit 10.21 
 CHANGE OF CONTROL AGREEMENT 
 THIS CHANGE OF CONTROL AGREEMENT (the
“Agreement”), made and entered into effective as of [July]             , 2014 (the “Effective Date”), by and
between Independence Contract Drilling, Inc., a Delaware corporation (the “Company”), and
            (“Executive”). 
 WHEREAS, the Company and Executive desire to enter into an agreement regarding their respective rights and obligations in connection with a Change of Control during the Term of this Agreement;

 THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company and Executive agree as follows:  
 1. Term. This Agreement shall begin on the Effective Date and
shall end on the third anniversary of the Effective Date (the “Term”); provided, however, if neither party shall have provided written notice of termination at least one (1) year prior to the scheduled
expiration of the then current term of this Agreement (each such date by which such notice must be provided, a “Renewal Date”), the Term shall automatically be extended for one (1) additional year so as to expire two
(2) years from such Renewal Date. Upon a Change of Control, the Term shall be automatically extended to the third anniversary of the Change of Control. 
 2. Qualifying Termination. Subject to the terms of this Agreement, if a Qualifying Termination occurs with respect to the Executive, Executive shall be entitled to the benefits provided in
Section 3 hereof. If Executive’s employment terminates for any reason other than for a Qualifying Termination, then Executive shall not be entitled to any benefits under this Agreement; provided that Executive’s right to
receive the Accrued Obligations, if any, shall not be affected by this Agreement. 
 3. Benefits Upon a Qualifying
Termination. 
 (a) Lump Sum. Subject to Section 3(c) and 3(d), if a Qualifying Termination occurs with respect
to the Executive, then in addition to the Accrued Obligations, for which no Release of Claims is required, the Company shall pay to Executive, on the 60th day following the Date of Qualifying Termination, an amount, in a single lump sum payment,
equal to the sum of: 
 (i) Any earned but unpaid Annual Bonus related to the fiscal year prior to the fiscal year in which the
Date of Termination occurs plus; 
 (ii) An amount equal to the product of (x) the Target Annual Bonus for the fiscal year
in which the Date of Termination occurs, and (y) a fraction, the numerator of which is the number of days in the current fiscal year that have elapsed through the Date of Termination, and the denominator of which is 365; plus 

(iii) An amount equal to one times the sum of (x) the Executive’s Base Salary (at the rate in effect as of the Date of Termination)
and (y) the Target Annual Bonus for the fiscal year in which the Date of Termination occurs. 

 (b) Awards. Subject to Section 3(c) and 3(d), if a Qualifying Termination occurs
with respect to the Executive, then (i) except as expressly prohibited as of the Effective Date by the terms of the applicable plan under which any such award is granted, all outstanding awards and benefits held by the Executive under the
Company’s equity or long-term incentive compensation plan, including all stock options and restricted stock held by the Executive, not already vested, shall be 100% vested. 

(c) Release. Notwithstanding anything in this Agreement to the contrary, no payment other than payment of the Accrued Obligations
shall be made or benefits provided pursuant to this Agreement unless and until Executive signs and returns to the Company within fifty (50) days following the date of a Qualifying Termination, and does not revoke within seven (7) days
thereafter, a release and waiver agreement (the “Release of Claims”) in substantially the same form as that attached hereto as Exhibit A, in exchange for the benefits described in this Section 3, releasing and waiving all claims for
liability and damages in any way related to Executive’s employment against the Company, its affiliates, their directors, officers, employees and agents, and their employee benefit plans and fiduciaries and agents of such plans. 

(d) Section 409A Rules. 
 (i) This Agreement is intended to comply with the Section 409A Rules and any ambiguous provisions will be construed in a manner that is compliant with or exempt from the application of the
Section 409A Rules. If a provision of the Agreement would result in the imposition of applicable taxes and interest under the Section 409A Rules, such provision may be reformed to avoid, to the extent possible, imposition of such taxes and
interest and no action taken to comply with the Section 409A Rules shall be deemed to adversely affect any rights or benefits of Executive hereunder. For purposes of the Section 409A Rules, each payment or amount due under this Agreement
shall be considered a separate payment, and Executive’s entitlement to a series of payments under this Agreement shall be treated as an entitlement to a series of separate payments. 

(ii) To the extent that any reimbursement or benefit in kind hereunder needs to comply with the Section 409A Rules, such
reimbursement or benefit in kind shall be administered in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv). Specifically, (A) the applicable reimbursements and benefits in kind shall be such reimbursements and benefits in
kind allowable pursuant to the Company’s standard policies and procedures as apply to the Company’s executive employees generally, (B) the amounts reimbursed and in-kind benefits under this Agreement during Executive’s taxable
year may not affect the amounts reimbursed or in-kind benefits provided in any other taxable year, (C) the reimbursement of an eligible expense shall be made on or before the last day of Executive’s taxable year following the taxable year
in which the expense was incurred, (D) the right to reimbursement or an in-kind benefit is not subject to liquidation or exchange for another benefit, and (E) the right to reimbursement of expenses incurred or to provision of benefits in
kind shall terminate no later than one (1) year from Executive’s Date of Termination. 
 (iii) If Executive is a
“specified employee” within the meaning of the Section 409A Rules as of his Date of Termination, no distributions or benefits that are subject to, and not otherwise exempt from, the Section 409A Rules shall be made under this
Agreement before the date that is six (6) months and two (2) days after the Date of Termination (or, if earlier, the date of Executive’s death) and any such delayed distributions or benefits shall be made as of such date without
interest. 

  
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 4. Restrictions and Obligations of Executive. 

(a) Access to, and Acknowledgement of Value of, Confidential Information. The Company has previously made available to Executive
Confidential Information regarding the Company and its business operations, and the Company agrees to provide Executive with (i) Confidential Information regarding the Company and its business operations arising after the date hereof and
(ii) access to certain of the Company’s customers, prospective customers, vendors and other parties with whom the Company conducts business, which will allow Executive the opportunity to develop business relationships and goodwill with
such customers, prospective customers, vendors and other such parties after the date hereof. Executive acknowledges and agrees that the Confidential Information is of significant value to the Company and the protection against unauthorized
disclosure and use of the Confidential Information and the business relationships and goodwill that may be developed by Executive in performing his/her duties on behalf of the Company is of critical importance to the Company. The Company and
Executive agree that in addition to the Company’s disclosure of the Confidential Information and the business relationships and goodwill that may be developed by Executive in performing his duties on behalf of the Company, the Company’s
agreement to make the payments provided in this Agreement to Executive constitutes additional consideration for the Executive’s compliance with the undertakings set forth in this Section 4. Notwithstanding any other provision of this
Agreement to the contrary, Executive shall only be required to comply with the provisions of this Section 4 following the Date of Termination if Executive receives the benefits as provided in Section 3 above. 

(b) Confidentiality. Executive acknowledges that the Company has previously provided Executive with Confidential Information and
will continue to provide Executive with Confidential Information. Executive agrees that Executive will not, while employed by the Company or any affiliate and at any time thereafter, disclose or make available to any other person or entity, or use
for Executive’s own personal gain, any Confidential Information, except for such disclosures as required in the performance of Executive’s duties with the Company or as may otherwise be required by law or legal process (in which case
Executive shall notify the Company of such legal or judicial proceeding as soon as practicable following his receipt of notice of such a proceeding, and permit the Company to seek to protect its interests and information). Executive acknowledges and
agrees that such Confidential Information is the exclusive property of the Company and will only be used for the benefit of the Company. Further, Executive waives and releases any claim that he/she should be able to use, for the benefit of any
competing person or entity, Confidential Information that was received by Executive while working for the Company. 

Nothing contained in this Section 4 shall prohibit or otherwise restrict Executive from acquiring or owning, directly or indirectly,
for passive investment purposes not intended to circumvent this Agreement, securities of any entity engaged, directly or indirectly, in a Restricted Business if such entity is a public entity and Executive (i) is not a controlling Person of, or
a member of a group that controls, such entity and (ii) owns, directly or indirectly, no more than 3% of any class of equity securities of such entity. 

  
 -3-

 (c) Injunctive Relief. Executive acknowledges that monetary damages for any breach of
Section 4(b) above will not be an adequate remedy and that irreparable injury will result to the Company, its business and property, in the event of such a breach. For that reason, Executive agrees that in the event of a breach, in addition to
recovering legal damages, the Company is entitled to proceed in equity for specific performance or to enjoin Executive from violating such provisions. 
 (d) Severability. The Executive acknowledges and agrees that the restrictive covenants set forth in this Section 4 are reasonable and necessary in order to protect the Company’s valid
business interests. It is the intention of the parties hereto that the covenants, provisions and agreements contained herein shall be enforceable to the fullest extent allowed by law. If any covenant, provision or agreement contained herein is found
by a court having jurisdiction to be unreasonable in duration, scope or character of restrictions, or otherwise to be unenforceable, such covenant, provision or agreement shall not be rendered unenforceable thereby, but rather the duration, scope or
character of restrictions of such covenant, provision or agreement shall be deemed reduced or modified with retroactive effect to render such covenant, provision or agreement reasonable or otherwise enforceable (as the case may be), and such
covenant, provision or agreement shall be enforced as modified. If the court having jurisdiction will not review the covenant, provision or agreement, the parties hereto shall mutually agree to a revision having an effect as close as permitted by
applicable law to the provision declared unenforceable. The parties hereto agree that if a court having jurisdiction determines, despite the express intent of the parties hereto, that any portion of the covenants, provisions or agreements contained
herein are not enforceable, the remaining covenants, provisions or agreements of this Section 4 shall be valid and enforceable. Moreover, to the extent that any provision is declared unenforceable, the Company shall have any and all rights
under applicable statutes or common law to enforce its rights with respect to any and all Confidential Information or unfair competition by the Executive. 
 5. Parachute Payment Limitation. 
 (a) Anything in this Agreement to
the contrary notwithstanding, if the Executive is a “disqualified individual” (as defined in Section 280G of the Code), and the severance benefits provided in Section 3, together with any other payments which the Executive has
the right to receive, would constitute a “parachute payment” (as defined in Section 280G of the Code), the severance benefits provided hereunder that constitute a parachute payment shall be either (i) reduced (but not below zero)
so that the aggregate present value of such payments received by the Executive from the Company will be one dollar ($1.00) less than three times the Executive’s “base amount” (as defined in Section 280G of the Code) and so that
no portion of such payments received by the Executive shall be subject to the excise tax imposed by Section 4999 of the Code, or (ii) paid in full, whichever produces the better net after-tax result for the Executive (taking into account
any applicable excise tax under Section 4999 of the Code and any other applicable taxes). 

  
 -4-

 (b) In making any reductions pursuant to Section 5(a), above, the Company shall
reduce or eliminate amounts first by reducing those amounts that are not payable in cash, and then by reducing or eliminating cash amounts, in each case in reverse order beginning with amounts, if any, that are to be paid the farthest in time from
the Date of Qualifying Termination; provided, however, that no amount that is subject to the Section 409A Rules shall be reduced or eliminated until all amounts that are not subject to the Section 409A Rules have been
eliminated, and then all such amounts that are subject to the Section 409A Rules shall not be reduced in reverse order but shall be reduced proportionally. The determination of the base amount, the present value of the parachute payments, and
the amount of any benefit to be reduced shall be determined by the Company’s independent auditors, or such other nationally recognized accounting firm mutually acceptable to the Company and Executive, in accordance with the principles of
Section 280G of the Code and based upon the advice of any tax counsel selected by such auditors or other accounting firm. If a reduced payment is made and through error or otherwise that payment, when aggregated with other payments from the
Company (or its affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times the Executive’s base amount, the Executive shall immediately repay such excess to the Company upon
notification that an overpayment has been made. 
 6. Miscellaneous Provisions. 

(a) Definitions Incorporated by Reference. Reference is made to Annex I hereto for definitions of certain capitalized terms used in
this Agreement, and such definitions are incorporated herein by such reference with the same effect as if set forth herein. 
 (b) Cooperation. If Executive becomes entitled to benefits under Section 3 of this Agreement, Executive agrees, for a one (1) year period following the Date of Termination, to provide
reasonable cooperation to the Company in response to reasonable requests made by the Company for information or assistance, including but not limited to, participating upon reasonable notice in conferences and meetings, providing documents or
information, aiding in the analysis of documents, or complying with any other reasonable requests by the Company including execution of any agreements that are reasonably necessary, provided such cooperation relates to matters
concerning Executive’s duties with the Company and the requests do not, in the good faith opinion of Executive, materially interfere with Executive’s other activities. 

(c) Successors; Binding Agreement. 
 (i) Except in the case of a merger involving the Company with respect to which under applicable law the surviving corporation of such merger will be obligated under this Agreement in the same manner and
to the same extent as the Company would have been required if no such merger had taken place, the Company will require any successor, by purchase or otherwise, to all or substantially all of the business and/or assets of the Company, to execute an
agreement whereby such successor expressly assumes and agrees to perform this Agreement in the same manner and to the same extent as the Company would have been required if no such succession had taken place and expressly agrees that Executive may
enforce this Agreement against such successor. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid that executes and delivers the agreement
provided for in this Section 6(c)(i) or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 

  
 -5-

 (ii) This Agreement shall inure to the benefit of and be enforceable by Executive’s
personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive should die prior to payment of any amount that is otherwise payable under this Agreement, any such amount shall be
paid in accordance with the terms of this Agreement to Executive’s estate. 
 (d) Notice. All notices, consents,
waivers, and other communications required under this Agreement must be in writing and will be deemed to have been duly given when (i) delivered by hand (with written confirmation of receipt), (ii) sent by facsimile (with confirmation of
receipt), provided that a copy is mailed by certified mail, return receipt requested, or (iii) when received by the addressee, if sent by a nationally recognized overnight delivery service, in each case to the appropriate addresses and
facsimile numbers set forth below (or to such other addresses and facsimile numbers as a party may designate by notice to the other parties): 
 If to the Company: 
 Independence Contract Drilling, Inc. 

11601 North Galayda Street 
 Houston, Texas 77086 
 Attn: Chairman of the Board of Directors 

Facsimile No.: [•] 
 If to Executive: 
  

											
	  
	  		  		  		  		  	
	  
	  		  		  		  		  	
	  
	  		  		  		  		  	

 (e) Miscellaneous. No provisions of this Agreement may be modified, waived or discharged unless
such waiver, modification or discharge is agreed to in writing signed by Executive and by the Chairman of the Board or an officer of the Company specifically authorized by the Board. No waiver by either party hereto at any time of any breach by the
other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

 (f) Validity. The interpretation, construction and performance of this Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of Texas without regard to conflicts of laws principles. The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, each of which shall remain in full force and effect. 

  
 -6-

 (g) Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 
 (h)
Descriptive Headings. Descriptive headings are for convenience only and shall not control or affect the meaning or construction of any provision of this Agreement. 
 (i) Corporate Approval. This Agreement has been approved by the Board, or a committee thereof, and has been duly executed and delivered by Executive and on behalf of the Company by its duly
authorized representative. 
 (j) Disputes. The parties agree to resolve any claim or controversy arising out of or
relating to this Agreement by binding arbitration under the Federal Arbitration Act before one arbitrator in the City of Houston, State of Texas, administered by the American Arbitration Association under its Commercial Arbitration Rules, and
judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The Company shall reimburse Executive, on a current basis, for all legal fees and expenses incurred by Executive in connection with any dispute
arising under this Agreement, including, without limitation, the fees and expenses of the arbitrator, unless the arbitrator finds Executive brought such claim in bad faith, in which event each party shall pay its own costs and expenses and Executive
shall repay to the Company any fees and expenses previously paid on Executive’s behalf by the Company. 
 The
parties stipulate that the provisions hereof shall be a complete defense to any suit, action, or proceeding instituted in any federal, state, or local court or before any administrative tribunal with respect to any controversy or dispute arising
during the period of this Agreement and which is arbitrable as herein set forth. The arbitration provisions hereof shall, with respect to such controversy or dispute, survive the termination of this Agreement. 

(k) Withholding of Taxes. The Company may withhold from any amounts payable under this Agreement or otherwise in connection with
your employment all taxes and other amounts it is required to withhold pursuant to any applicable law or regulation or otherwise. 
 (l) No Guarantee of Tax Consequences. The Company makes no commitment or guarantee to Executive or any other person that any federal, state, local or other tax treatment will (or will not) apply or
be available to any person eligible for benefits under this Agreement and assumes no liability whatsoever for the tax consequences to Executive or to any other person eligible for benefits under this Agreement. 

(m) Clawback Provisions. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation,
or any other compensation, payable pursuant to this Agreement or any other agreement or arrangement with the Company or an affiliate which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be
subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company or an affiliate pursuant to any such law, government
regulation or stock exchange listing requirement). 

  
 -7-

 (n) No Employment Agreement. Nothing in this Agreement shall give Executive any
rights to continued employment by or other service with the Company or any of its affiliates or any successors, nor shall it restrict in any way the rights of the Company, or your rights, to terminate Executive’s employment or other service
relationship with the Company and its affiliates. 
 (o) Entire Agreement. This instrument contains the entire
agreement of Executive and the Company with respect to the subject matter hereof, and hereby expressly terminates, rescinds and replaces in full any prior and contemporaneous promises, representations, understandings, arrangements and agreements
between the parties relating to the subject matter hereof, whether written or oral. However, nothing in this Agreement shall affect Executive’s rights under such compensation and benefit plans and programs of the Company in which Executive may
participate, except as may be explicitly provided in this Agreement. 
 [Signature Page Follows] 

  
 -8-

 IN WITNESS WHEREOF, the Company and Executive have executed this Agreement in one or more
counterparts effective for all purposes as of the Effective Date. 
  

			
	INDEPENDENCE CONTRACT DRILLING, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	EXECUTIVE
		
	By:	 	  

	Name:	 	  

  
 -9-

 ANNEX I 
 TO 
 CHANGE OF CONTROL AGREEMENT 

Definitions: 
 1.
Accrued Obligations. “Accrued Obligations” shall mean the aggregate amount of (i) any earned but unpaid Base Salary; (ii) accrued but unpaid vacation pay through the Date of Termination; (iii) any unreimbursed reasonable
business expenses incurred by Executive prior to the Date of Termination that are reimbursable in accordance with the policies and procedures of the Company; and (iv) such employee benefits, if any, as to which Executive may be entitled
pursuant to the terms governing such benefits, payable in accordance with the terms of the applicable plan or other arrangement governing such benefits. 
 2. Annual Bonus. “Annual Bonus” shall mean (i) any annual incentive award(s) payable to Executive pursuant to the Company’s [Amended and Restated] 2012 Omnibus Incentive Plan,
or any successor plan as adopted by the Company; and (ii) any other annual cash incentive or bonus award(s) granted by the Company to the Executive. 
 3. Base Salary. “Base Salary” shall mean an Executive’s highest annual rate of base salary in effect at any time during the period beginning six (6) months preceding the Change
of Control and throughout the Protected Period, without reduction by payroll deductions and withholdings, including but not limited to, elective contributions made on the Executive’s behalf pursuant to a plan maintained under Code Sections 125
or 401, and any other reductions of the Executive’s remuneration, but excluding bonuses, severance pay and other amounts in lieu of base salary and any other amounts not considered base salary under the Company’s normal payroll
practices. 
 4. Board. “Board” shall mean the Board of Directors of the Company. 

5. Cause. “Cause” shall mean the following: 

(i) willful and continued failure to comply with the reasonable written directives of the Company for a period of thirty (30) days
after written notice from the Company; 
 (ii) willful and persistent inattention to duties for a period of thirty (30) days
after written notice from the Company, or the commission of acts within employment with the Company amounting to gross negligence or willful misconduct; 
 (iii) misappropriation of funds or property of the Company or committing any fraud against the Company or its affiliates or against any other person or entity in the course of employment with the Company
or its affiliates; 
 (iv) misappropriation of any corporate opportunity, or otherwise obtaining personal profit from any
transaction which is adverse to the interests of the Company or its affiliates or to the benefits of which the Company or its affiliates are entitled; 

  
 Annex I - 1

 (v) conviction of a crime involving moral turpitude or of a felony; 

(vi) willful failure to comply in any material respect with the terms of this Agreement and such non-compliance continues uncured after
thirty (30) days after written notice from the Company; or 
 (vii) chronic substance abuse, including abuse of alcohol,
drugs or other substances or use of illegal narcotics or substances, for which Executive fails to undertake treatment immediately after requested by the Company or to complete such treatment and which abuse continues or resumes after such treatment
period, or possession of illegal narcotics or substances on Company premises or while performing Executive’s duties and responsibilities. 
 For purposes of this definition, no act, or failure to act, by Executive will be considered “willful” if done, or omitted to be done, by Executive in good faith and in the reasonable belief that
the act or omission was in the best interest of the Company or required by applicable law. Any termination during the Term by the Company for Cause shall be communicated by Notice of Termination to the other party hereto given in accordance with
this Agreement. 
 6. Change of Control. A “Change of Control” shall mean: 

(i) The acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50
percent or more of either (A) the then outstanding shares of common stock or membership interests of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then
outstanding voting securities of the Company entitled to vote generally in the election of directors or managers (the “Outstanding Company Voting Securities”); provided, however, that for
purposes of this subsection (i), the following acquisitions shall not constitute a Change of Control: (1) any acquisition directly from the Company or any acquisition by the Company; or (2) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or (3) any acquisition by any corporation pursuant to a transaction that complies with clauses (1), (2) and (3) of subsection
(iii) of this definition; 
 (ii) Individuals, who, as of the date hereof (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders or
members, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but excluding, any such individual whose initial
assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the
Board; 
 (iii) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially
all of the assets of the Company (a “Corporate Transaction”) in each case, unless, following such Corporate Transaction, (1) all or substantially all of the individuals and entities who were the beneficial
owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such 

  
 Annex I - 2

 
Corporate Transaction beneficially own, directly or indirectly, more than 60 percent of, respectively, the then outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation that as a result of such
transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of
the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any corporation resulting from such Corporate Transaction or any employee benefit plan (or related trust) of the
Company or such corporation resulting from such Corporate Transaction) beneficially owns, directly or indirectly, 20 percent or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Corporate
Transaction or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Corporate Transaction and (3) at least a majority of the members of the board
of directors of the corporation resulting from such Corporate Transaction were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Corporate Transaction; or

 (iv) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

Notwithstanding the foregoing, however, in any circumstance or transaction in which compensation would be subject to the income tax under
the Section 409A Rules if the foregoing definition of “Change of Control” were to apply, but would not be so subject if the term “Change of Control” were defined herein to mean a “change in control event” within
the meaning of Treasury Regulation Section 1.409A-3(i)(5), then “Change of Control” means, but only to the extent necessary to prevent such compensation from becoming subject to the income tax under the Section 409A Rules, a
transaction or circumstance that satisfies the requirements of both (1) a Change of Control under the applicable clauses (i) through (iv) above, as applicable, and (2) a “change in control event” within the meaning of
Treasury Regulation Section 1.409A-3(i)(5). 
 7. Code. “Code” shall mean the Internal Revenue Code of
1986, as amended, and the regulations and administrative guidance promulgated thereunder. 
 8. Confidential
Information. “Confidential Information” means and includes all confidential and/or proprietary information, trade secrets and “know-how” and compilations of information of any kind, type or nature (tangible and intangible,
written or oral, and including information contained, stored or transmitted through any electronic medium), whether owned by the Company or its affiliated companies, disclosed to the Company or its affiliated companies in confidence by third parties
or licensed from any third parties, which, at any time during Executive’s employment by the Company, is developed, designed or discovered or otherwise acquired or learned by Executive and which relates to the Company or its affiliated
companies, partners, business, services, products, processes, properties or assets, customers, clients, suppliers, vendors or markets or such third parties. Notwithstanding the foregoing, Confidential Information shall not include any information
that becomes generally available to the public other than as a result of any disclosure or act of Executive in violation of the terms of this Agreement. 

  
 Annex I - 3

 9. Date of Qualifying Termination. “Date of Qualifying Termination” shall
mean, assuming a Qualifying Termination occurs, the date of such Termination. 
 10. Date of Termination.
“Date of Termination” shall mean the date Executive experiences a Termination. 
 11. Disability.
“Disability” means Executive will be deemed “Disabled,” if Executive shall have been unable to substantially perform Executive’s duties as an executive of the Company or any subsidiary thereof as a result of sickness or
injury, with or without reasonable accommodation, and shall have remained unable to perform any such duties for a period of more than one hundred twenty (120) days in any twelve (12) month period. If the Company determines that Executive
has become Disabled, the Company shall notify Executive of its determination. Executive may then request an accommodation from the Company to assist in his/her return to work. The Company will determine whether Executive’s request can be
accommodated without undue hardship no later than thirty (30) days after Executive requests an accommodation. In the event Executive’s request cannot be accommodated, the Company may, by notice given in the manner provided in this
Agreement, terminate the status of Executive as an executive and employee of the Company. Any such termination shall become effective thirty (30) days after such notice of termination is given, unless within such thirty (30) day period,
Executive becomes capable of rendering services of the character contemplated hereby (and a physician chosen by the Company so certifies in writing) and Executive in fact resumes such services. 

12. Exchange Act. “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

13. Good Reason. “Good Reason” shall mean the occurrence of any of the following without Executive’s express written
consent: 
 (a) any action or inaction that constitutes a material breach by the Company of this Agreement and such action
or inaction continues uncured after thirty (30) days following written notice from the Executive; 
 (b) the assignment to
the Executive of any duties that are a diminution in any respect from the Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities with respect to the Company, or any other
action by the Company which results in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company
within thirty (30) days of receipt of written notice thereof given by the Executive. 
 (c) a change in the geographic
location at which Executive must normally perform services to a location more than fifty (50) miles from Houston, Texas or the location at which Executive normally performs such services as of the Effective Date; or 

  
 Annex I - 4

 (d) in the event a Change of Control has occurred, the assignment to the Executive to any
position (including status, offices, titles and reporting requirements), authority, duties or responsibilities that are not (A) as a senior executive officer with the ultimate parent company of the entity surviving or resulting from
such Change of Control and (B) substantially similar to the Executive’s position (including status, offices, titles and reporting requirements), authority, duties and responsibilities immediately prior to the Change of Control. 

Notwithstanding anything herein to the contrary, the interim assignment of Executive’s position, authority, duties, or
responsibilities to any person while Executive is absent from his duties during any of the one hundred twenty (120) business days set forth under the definition of Disability shall not constitute a Good Reason for Executive to terminate his
employment with the Company. In addition, the Executive’s termination of employment shall not constitute Termination for Good Reason unless Executive notifies the Company of the condition or event constituting Good Reason within ninety
(90) days of the condition’s initial existence and the Company fails to cure the conditions, to the extent curable, specified in the notice within thirty (30) days following such notification. Further, the Executive’s termination
of employment shall not constitute Termination for Good Reason unless the Executive terminates his employment with the Company within thirty (30) days following the end of the Company’s 30-day cure period. Any termination during the Term
by the Executive for Good Reason shall be communicated by Notice of Termination to the other party hereto given in accordance with this Agreement. 
 14. IRS. “IRS” shall mean the Internal Revenue Service. 
 15.
Notice of Termination. “Notice of Termination” shall mean a written notice that sets forth in reasonable detail the facts and circumstances for Termination for Good Reason. Such Notice of Termination shall be subject to the
Company’s thirty (30) day cure period. 
 16. Person. “Person” shall mean any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act). 
 17. Protected
Period. The “Protected Period” shall mean the period during the Term beginning on the date of the Change of Control and ending on the three (3)-year anniversary of such Change of Control or Executive’s death, if earlier.
Notwithstanding the foregoing, the Protected Period shall end on the last day of the Term. 
 18. Qualifying
Termination. A “Qualifying Termination” shall mean a Termination occurring during the Protected Period that is the result of either (a) a unilateral and involuntary Termination by the Company other than for Cause, when Executive
remains willing and able to continue providing services, or (b) resignation by Executive for Good Reason. Termination of Executive’s employment during the Protected Period for any other reason, including Executive’s death or
Disability, a Termination by the Company for Cause or a Termination by Executive other than for Good Reason shall not constitute a Qualifying Termination. 
 19. Section 409A Rules. “Section 409A Rules” shall mean Section 409A of the Code and the Treasury Regulations and administrative guidance promulgated thereunder.

  
 Annex I - 5

 20. Target Annual Bonus. “Target Annual Bonus” shall mean the target
incentive award opportunity for Executive as established with respect to any Annual Bonus. 
 21. Term.
“Term” shall have the meaning set forth in Section 1 of this Agreement. 
 22. Termination.
“Termination” shall mean the permanent cessation of the provision of services for compensation by Executive to the Company and all affiliates and successors of the foregoing in any capacity, including but not limited to that of an employee
or an independent contractor, where Executive and the Company reasonably anticipate that no further services will be performed and which constitutes a “separation from service” within the meaning of the Section 409A Rules.

  
 Annex I - 6

 EXHIBIT A 
 TO 
 CHANGE OF CONTROL AGREEMENT 

AGREEMENT AND RELEASE 
 This Agreement and Release (“Release”) is entered into between you, the undersigned employee, and Independence Contract Drilling, Inc. (the “Company”). You have
[            ] days to consider this Release, which you agree is a reasonable amount of time. While you may sign this Release prior to the expiration of this
[            ]-day period, you are not to sign it prior to the date of your termination of employment with the Company. 

1. Definitions. 
 a. “Released Parties” means the Company and its past, present and future parents, subsidiaries, divisions, successors, predecessors, employee benefit plans and affiliated or related companies,
and also each of the foregoing entities’ past, present and future owners, officers, directors, stockholders, investors, partners, managers, principals, members, committees, administrators, sponsors, executors, trustees, fiduciaries, employees,
agents, assigns, representatives and attorneys, in their personal and representative capacities. Each of the Released Parties is an intended beneficiary of this Release. 
 b. “Claims” means all theories of recovery of whatever nature, whether known or unknown, recognized by the law or equity of any jurisdiction. It includes but is not limited to any and all
actions, causes of action, lawsuits, claims, complaints, petitions, charges, demands, liabilities, indebtedness, losses, damages, rights and judgments in which you have had or may have an interest. It also includes but is not limited to any claim
for wages, benefits or other compensation. It also includes but is not limited to claims asserted by you or on your behalf by some other person, entity or government agency. 
 2. Consideration. The Company agrees to pay you the consideration set forth in section 3(a) or 3(b) of the Change of Control Agreement between you and the Company dated as of
[            ] (the “CIC Agreement”). The Company will make such payments to you at the times set forth in the CIC Agreement. You acknowledge that the payment that the Company
will make to you in consideration for this Release is in addition to anything else of value to which you are entitled and that the Company is not otherwise obligated to make this payment to you. 

3. Release of Claims. 
 a. You – on behalf of yourself and your heirs, executors, administrators, legal representatives, successors, beneficiaries, and assigns – unconditionally release and forever discharge the
Released Parties from, and waive, any and all Claims that you have or may have against any of the Released Parties arising from your employment with the Company, the 

 
termination thereof, and any other acts or omissions occurring on or before the date you sign this Release; provided, however, that this Agreement shall not operate to release any Claims
that you may have to payments or benefits under the terms of the CIC Agreement with respect to Accrued Obligations or any rights you may have to indemnification under any indemnification agreement between you and the Company or any of its
affiliates, or the bylaws or any directors and officers liability insurance policy of the Company or any of its affiliates (collectively, the “Unreleased Claims”). 
 b. The release set forth in Paragraph 3(a) includes, but is not limited to, any and all Claims under (i) the common law (tort, contract or other) of any jurisdiction; (ii) the Rehabilitation Act
of 1973, the Age Discrimination in Employment Act, the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964, and any other federal, state and local statutes, ordinances, executive orders and regulations prohibiting
discrimination or retaliation upon the basis of age, race, sex, national original, religion, disability, or other unlawful factor; (iii) the National Labor Relations Act; (iv) the Employee Retirement Income Security Act; (v) the
Family and Medical Leave Act; (vi) the Fair Labor Standards Act; (vii) the Equal Pay Act; (viii) the Worker Adjustment and Retraining Notification Act; and (ix) any other federal, state or local law. 

c. In furtherance of this Release, you promise not to bring any Claims (other than Unreleased Claims) against any of the Released Parties
in or before any court or arbitral authority. You also agree effective as of the date of this release to resign any and all directorhips with the Company and any of its subsidiaries and affiliates. 

4. Confidentiality. You agree that you will not reveal, or cause to be revealed, this Release or its terms to any third party
(other than your attorney, tax advisor, or spouse), except as required by law. 
 5. Acknowledgment. You acknowledge that,
by entering into this Release, the Company does not admit to any wrongdoing in connection with your employment or termination, and that this Release is intended as a compromise of any Claims you have or may have against the Released Parties. You
further acknowledge that you have carefully read this Release and understand its final and binding effect, have had a reasonable amount of time to consider it, and are entering this Release voluntarily. You acknowledge that the Company has advised
you in writing to seek the advice of legal counsel prior to executing this release, and that you have had the opportunity to seek legal counsel of your choosing. 
 6. Applicable Law. This Release shall be construed and interpreted pursuant to the laws of Texas without regard to its choice of law rules. 

7. Severability. Each part, term, or provision of this Release is severable from the others. Notwithstanding any possible future
finding by a duly constituted authority that a particular part, term, or provision is invalid, void, or unenforceable, this Release has been made with the clear intention that the validity and enforceability of the remaining parts, terms and
provisions shall not be affected thereby. If any part, term, or provision is so found invalid, void or unenforceable, the applicability of any such part, term, or provision shall be modified to the minimum extent necessary to make it or its
application valid and enforceable. 

  
 A-2

 8. Effective Date: You acknowledge that you have seven (7) days after execution
to revoke this Release, and that this Release shall not become final and binding until the expiration of seven (7) days after execution. 
 [Signature page follows] 

  
 A-2

 IN WITNESS WHEREOF, the parties have executed this Release on the date set
forth below. 
  

									
	EXECUTIVE:	 		 		 	
				
		 		 		 	Date: [            , 20    ]
	  
 [name]
	 		 		 	
				
	COMPANY:	 		 		 	
				
	INDEPENDENCE CONTRACT DRILLING, INC.	 		 		 	
				
	 Date: [            ,
20    ]
	 		 		 	
					
	 By:
	 	  
	 		 		 	
	 Name:
	 	  
	 		 		 	
	 Title:
	 	  
	 		 		 	

  
 Exhibit A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}]]