Document:

exhibit1022021tscashsett

   1    HOU:3760738.2  INDEPENDENCE CONTRACT DRILLING, INC.  PERFORMANCE UNIT AWARD AGREEMENT  TOTAL SHAREHOLDER RETURN  FIXED VALUE CASH SETTLEMENT  Grantee:  _________  1. Grant of Performance Unit Award.    (a) As of [DATE] (the “Effective Date”), the date of this agreement (this  “Agreement”), Independence Contract Drilling, Inc., a Delaware corporation (the “Company”),  hereby grants to the Grantee (identified above) the right to receive a  cash TSR Peformance Award  pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2019 Omnibus  Incentive Plan, as may be amended from time to time (the “Plan”) of up to $_____ (the “Award”).   The actual a cash payment under the Award will be equal to $______ (the “Target Award”)  multiplied by the “Payout Multiplier” as defined in Exhibit, subject to Exhibit C and the terms  of this Agreement and the Plan.       (b) To determine the number, if any, of the Award that shall be deemed earned  (“Earned Award”), the methodology on Exhibit A shall be followed, subject to Exhibit C.  For  purposes of this Agreement, there shall be three performance periods:  (a) “Performance Period  I” shall be deemed to begin on the Effective Date and end on the one year anniversary of the  Effective Date (the “Performance Period 1 Determination Date”); (b) “Performance Period  II” shall be deemed to begin on the Effective Date and end on the second anniversary of the  Effective Date (the “Performance Period II Determination Date”, and (c) “Performance  Period III” shall be deemed to begin on the Effective Date and end on the third anniversary of the  Effective Date (the “Performance Period III Determination Date”).     For purposes of this Agreement, each of Performance Period I, Performance  Period II and Performance Period III shall be considered a “Performance Period”, and each of  Performance Period I Determination Date, Performance Period II Determination Date and  Performance Period III Determination Date shall be considered a “Determination Date”.  It is understood that any Earned Award is also subject to a three-year time- based vesting requirement that begins on the Effective Date, as described in paragraph 3 below.  2. Definitions.  Exhibits A, B, C and D are incorporated into this Agreement by  reference.  Unless otherwise provided, all capitalized terms used herein shall have the meanings  set forth in the Plan, or as set forth in Exhibits A, B, C and D.  In the event of a conflict between  the terms of the Plan and terms of this Agreement, the terms of the Plan shall control.    

 

   2    HOU:3760738.2  3. Vesting and Forfeiture.  Subject to Grantee’s continued employment with the  Company or its affiliates (the “Company Group”), and subject further to Exhibits A, B and C,  and any employment agreement between Grantee and a member of the Company Group, only the  portion of the Award that becomes an Earned Award shall have the opportunity to vest, and an  Earned Award shall vest, if at all, on the third anniversary of the Effective Date (the “Vesting  Date”).  Any Award with respect to a Performance Period that fails to become an Earned Award  as of the respective Determination Date (as determined by the Committee) shall immediately and  automatically be forfeited for no consideration.  Additionally, except to the extent of the  occurrence of a Change of Control or the terms of an employment agreement between Grantee and  a member of the Company Group provides otherwise, a failure of Grantee to continue his or her  employment through the Vesting Date shall result in an immediate and automatic forfeiture of  outstanding Awards and Earned Awards under this Agreement.       4. Purchase Price.  No consideration shall be payable by the Grantee to the Company  for the Awards.  5. Restrictions on Awards and Settlement of Vested Awards.    (a) Subject to Section 11(e) and the other terms of the Plan, the Company shall  settle vested Earned Awards on the 15th day following the date such Earned Award become  vested in accordance with Section 3, above.  Notwithstanding the timing of payment set  forth herein, if payment of the Earned Award (when aggregated with any other payment  under the Plan), would, in the judgment of the Company, jeopardize the ability of the  Company to continue as a going concern, the Company may delay a portion of such  payment until such time at which making such payment and any other retention bonuses  and similar payments would no longer have such effect.  (b) Nothing in this Agreement or the Plan shall be construed to:  (i) give the Grantee any right to be awarded any further Awards or any  other Award in the future, even if Awards or other Awards are granted on a regular or  repeated basis, as grants of Awards 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.  (c) The Grantee shall not have any voting rights with respect to the Awards.  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 Awards in accordance with this Agreement.  

 

   3    HOU:3760738.2  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.    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,  subject to Section 16.3 of the Plan, any and all tax withholding requirements with respect to  Awards.  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 Award, 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 Awards  pursuant to the Plan and this Agreement.   (e) Section 409A.  The Award 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 Award is not exempt from Section 409A and the  

 

   4    HOU:3760738.2  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, then notwithstanding the provisions  of this Agreement, any 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.  (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 Award 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, 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) Restrictive Covenants.  Grantee agrees to the restrictive covenants  contained in Exhibit D to this Agreement.  (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.  [SIGNATURES ON NEXT PAGE]  

 

   5    HOU:3760738.2  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  date set forth above.  INDEPENDENCE CONTRACT DRILLING, INC.  By:       Name:  Title:   Address for Notices:    Independence Contract Drilling, Inc.  20475 Hwy 249, Suite 300  Houston, Texas 77070  Attn:  Chief Executive Officer  GRANTEE            Name:   Address for Notices:    Executive’s then current address shown in the  Company’s records.  

 

   6    HOU:3760738.2  Exhibit A    Methodology for Calculating Earned AWARDs    1.  Definitions. For purposes of determining the amount the Award that is deemed to  be an Earned Award, the following definitions shall apply:    (a) Peer Group means the following eight companies to the extent such entities  or their successors are in existence and publicly traded as of the Performance End Date: __.    (b) Broad-Based Index means _______.    (c) Rate of Return shall be defined and calculated as follows, where the  “Beginning Price” with respect to the Broad-Based Index is the average closing price reported for  such Index for the last 20 NYSE trading days prior and including the Effective Date and the  “Ending Price” for the Broad-Based Index is the average closing price reported for such Index for  the last 20 NYSE trading days prior to and including the applicable Determination Date.     Rate of Return = (Ending Price – Beginning Price) / Beginning Price    (d) Total Shareholder Return or TSR means shall be defined and calculated as  follows, where “Beginning Price” is (1) with respect to the Company or with respect to members  of the Peer Group, the average closing price on the New York Stock Exchange (“NYSE”) for the  last 20 NYSE trading days prior to and including the Effective Date, and “Ending Price” is the  average closing price on the NYSE for the last 20 NYSE trading prior to and including the  applicable Determination Date, in each case as applied to the applicable equity security:    TSR = (Ending Price – Beginning Price + cash dividends (if any) per share paid*)  Beginning Price    * Stock dividends paid in securities rather than cash in which there is a distribution of less  than 25 percent of the outstanding shares (as calculated prior to the distribution) shall be  treated as cash for purposes of this calculation.    To the extent a security of the Company or any member of the Peer Group is not listed or  traded on the NYSE, “NYSE” as used above shall mean the principal national securities exchange  or quotation service on which the security is listed or quoted.  TSR of the Company or of any  member of the Peer Group shall be equitably adjusted, as determined by the Committee, to reflect  any spin-off, stock split, reverse stock split, stock dividend, recapitalization, reclassification or  other similar change in the number of outstanding shares of common stock.  If the Broad-Based  Index ceases to be published, the Broad-Based Index shall be equitably adjusted, as determined by  the Committee, to a substitute published index.      2.  Committee Methodology.  The Award and Target Award shall be trifurcated into  three equal parts, with one-third being allocated to each Performance Period (to avoid partial  shares, the portion of the Award and Target Award allocated to a specific Performance Period shall  

 

   7    HOU:3760738.2  be reduced to the nearest whole number, with the excess rolling forward into the next sequentially  ordered Performance Period).  The Committee shall calculate the number of Earned Award  applicable to each Performance Period as soon as reasonably practicable following expiration of  the applicable Performance Period, and in all events as soon as practicable in order to determine  the Earned Award existing on the Vesting Date.    Subject to Exhibit C, for purposes of determining  the amount of Earned Award for a particular Performance Period, the Committee shall:    (a) Calculate the Total Shareholder Return for the Company and each member  of the Peer Group for the Performance Period.  (b) Rank the Company and each member of the Peer Group based on Total  Shareholder Return with the entity having the highest Total Shareholder Return ranking in the first  position and the entity with the lowest Total Shareholder Return ranking in the ninth position.    (c) Determine the Rate of Return for the Broad-Based Index for the  Performance Period.    (e) Determine the Company’s Performance compared to the Broad-Based  Index by dividing the Company’s Total Shareholder Return for the Performance Period by the  Rate Return for the Broad-Based Index during the Performance Period (with a minimum of  negative 20% and maximum of positive 20%).    (e) Determine the Payout Multiplier to be utilized in determining the amount  of the Award that is an Earned for the performance period, based on the Payout Matrix below:        (f) For the applicable Performance Period, calculate the amount of Earned  Award for such Performance Period as follows:    i. Performance Period I:  Multiply the Target Award allocable to Performance Period  I by the Payout Multiplier in the chart above, with such answer being the Earned  

 

   8    HOU:3760738.2  Award for the Performance Period I.  To the extent the Award allocated to  Performance Period I exceeds the Earned Award for Performance Period I, such  excess Award shall be immediately and automatically forfeited.    ii. Performance Period II:  Multiply the Target Award allocable to Performance  Period II by the Payout Multiplier in the chart above, with such answer being the  Earned Award for the Performance Period II. To the extent the Award allocated to  Performance Period II exceeds the Earned Award for Performance Period II, such  excess Award shall be immediately and automatically forfeited.    iii. Performance Period III:  Multiply the Target Award allocable to Performance  Period III by the Payout Multiplier in the chart above, with such answer being the  Earned Award for the Performance Period III. To the extent the Award allocated to  Performance Period III exceeds the Earned Award for Performance Period III, such  Award shall be immediately and automatically forfeited.      3. Peer Group Changes.     If a member of the Peer Group declares bankruptcy or ceases to be publicly traded as a  result of bankruptcy, it shall be deemed to remain in the Peer Group until the expiration of the  Performance Period and shall occupy the lowest ranking in the Payout Schedule. If, as a result of  a merger, acquisition or a similar corporate transaction, in which any member of the Peer Group  ceases to be publicly traded, the Committee may in its sole discretion, revise the makeup of the  Peer Group and calculate the resulting Total Shareholder Return for such affected member of the  Peer Group, adjusting accordingly, the associated Payout Multipliers in a manner consistent with  the methodologies contained herein.       

 

   9    HOU:3760738.2  Exhibit B  Certain Definitions.    1. 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  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  

 

   10    HOU:3760738.2  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).  

 

   11    HOU:3760738.2  Exhibit C    Change of Control.    1. Awards Becoming Earned AWARDs.  If prior to any Determination Date, a Change of  Control occurs, and the Grantee has remained continuously employed by the Company  Group from the Effective Date to the date of such Change of Control, then,  notwithstanding any other provision of this Agreement to the contrary, a portion of the  outstanding Target AWARD that have not previously forfeited or previously converted  to an Earned Award shall automatically and immediately become and Earned Award  on the date of such Change of Control in accordance with the following fraction (not  greater than 1.0): the numerator being the number of months (not including any partial  months) that have elapsed since the Effective Date to the date of the Change of Control,  and the denominator being the total number of months in the period beginning on the  Effective Date and ending on the third anniversary of the Effective Date.  For example:   a. If the Change of Control occurs prior to the Performance Period I Determination  Date, all Target Awards (to the extent not previously forfeited) for all  Performance Periods shall be included in the above fraction to determine what  portion of the Awards that are Earned Awards.  b. If the Change of Control occurs prior to the Performance Period II  Determination Date, all Target Awards subject to Performance Period II (to the  extent not previously forfeited) and all Target Awards subject to Performance  Period III (to the extent not previously forfeited) shall be included in the above  fraction to determine what portion of the Awards are Earned Awards.  c. If the Change of Control occurs after the Performance Period II Determination  Date but prior to the Performance Period III Determination Date, all Target  Awards subject to Performance Period III (to the extent not previously  forfeited) shall be included in the above fraction to determine what portion of  Awards are Earned Awards.  2. Earned Awards Becoming Vested.  If a Change of Control occurs and the Grantee has  remained continuously employed by the Company Group from the Effective Date to  the date of such Change of Control, then, notwithstanding any other provision of this  Agreement to the contrary, all Earned Award’s (determined after calculating 1, above)  shall vest on the date of such Change of Control.  It is understood that to the extent a Change of Control occurs after an applicable  Determination Date or Performance Period, any Earned Awards relating to such  previously occurring Determination Date and Performance Period (as determined by  the Committee pursuant to Exhibit A) shall be considered, in addition to the Earned  Awards calculated pursuant to paragraph 1 above, Earned Awards for purposes of this  paragraph 2.    

 

   12    HOU:3760738.2  Exhibit D  Restrictive Covenants    In consideration for the grant of Award’s hereunder, which are expected to vest during  Grantee’s employment with the Company Group over the vesting period, as well as the  protection of the Company Group’s goodwill and Confidential Information, Grantee agrees to  the following:    (a) Certain Definitions. For purposes of this Exhibit D, the following terms shall have  the following meanings:  (i) Cause” shall mean Grantee’s:  A. 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;   B. 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 Group amounting to gross negligence or  willful misconduct;  C. misappropriation of funds or property of the Company  Group or committing any fraud against the Company Group or against any other  person or entity in the course of employment with the Company Group;  D. misappropriation of any corporate opportunity, or otherwise  obtaining personal profit from any transaction which is adverse to the interests of  the Company Group or to the benefits of which the Company Group is entitled;   E. conviction of a felony involving moral turpitude;  F. 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;  G. 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.  For purposes of this definition, no act, or failure to act, by Grantee will be considered  “willful” if done, or omitted to be done, by Grantee 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.  

 

   13    HOU:3760738.2  Any termination during the Employment Term by the Company for Cause shall be  communicated by Notice of Termination to the Grantee.  For purposes of this Agreement,  a “Notice of Termination” means a written notice which sets forth in reasonable detail the  facts and circumstances claimed to provide a basis for termination of the Grantee’s  employment for “Cause”   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  Company’s rights hereunder.    (ii) “Confidential Information” means any information, knowledge or data of  any nature and in any form (including information that is electronically transmitted or  stored on any form of magnetic or electronic storage media) relating to the past, current or  prospective business or operations of the Company Group, that is not generally known to  persons engaged in a business similar to that conducted by the Company Group, whether  produced by the Company Group or any of its consultants, agents or independent  contractors or by Grantee, and whether or not marked confidential.   Confidential  information does not include information that (1) at the time of disclosure is, or thereafter  becomes, generally available to the public, (2) prior to or at the time of disclosure was  already in the possession of Grantee, (3) is obtained by Grantee from a third party not in  violation of any contractual, legal or fiduciary obligation to the Company Group with  respect to that information or (3) is independently developed by Grantee, but not including  the confidential information provided by the Company Group.  (iii) “Restricted Business” means any the oil and natural gas land contract  drilling business conducted in the United States of America.    (b) Nondisclosure of Confidential Information.  Grantee shall hold in a fiduciary  capacity for the benefit of the Company Group all Confidential Information which shall have been  obtained by Grantee during Grantee’s employment and shall not use such Confidential Information  other than within the scope of Grantee’s employment with and for the exclusive benefit of the  Company Group.  Following any termination of employment with the Company Group, Grantee  agrees (i) not to communicate, divulge or make available to any person or entity (other than the  Company Group) any such Confidential Information, except (A) upon the prior written  authorization of the Company Group, (B) as may be required by law or legal process, (C) as  reasonably necessary in connection with the enforcement of any right or remedy related to this  Agreement, or (D) unless no longer Confidential Information, and (ii) to deliver promptly to the  Company Group any Confidential Information in Grantee’s possession, including any duplicates  thereof and any notes or other records Grantee has prepared with respect thereto. In the event that  the provisions of any applicable law or the order of any court would require Grantee to disclose or  otherwise make available any Confidential Information then Grantee shall, to the extent  practicable, give the Company prior written notice of such required disclosure and an opportunity  to contest the requirement of such disclosure or apply for a protective order with respect to such  Confidential Information by appropriate proceedings.     (c) Limited Covenant Not to Compete.  In the event Grantee’s employment is  terminated for any reason, Grantee agrees that during the period beginning on the date of such  termination and ending on the twelve (12) month anniversary of the date of such termination:    

 

   14    HOU:3760738.2  (i) Grantee shall not, directly or indirectly, for himself or others, own, manage,  operate, control or participate in the ownership, management, operation or control of any  business, whether in corporate, proprietorship or partnership form or otherwise, that is  engaged, directly or indirectly, in the United States in the Restricted Business; provided,  however, that the restrictions contained herein shall not restrict (A) the acquisition by  Grantee of less than 2% of the outstanding capital stock of any publicly traded company  engaged in a Restricted Business or (B) Grantee from being employed by an entity in which  the majority of such entity’s revenues on a consolidated basis determined in accordance  with generally accepted accounting principles are from activities and businesses that do  not constitute a Restricted Business and provided that Grantee is only employed by and  engaged with divisions and units of such entity that are not engaged in the Restricted  Business; and  (ii) Grantee shall not, directly or indirectly (A) solicit any individual, who, at  the time of time of such solicitation is an employee of the Company Group, to leave such  employment or hire, employ or otherwise engage any such individual (other than  employees of the Company Group who respond to general advertisements for employment  in newspapers or other periodicals of general circulation (including trade journals)), or  (B) cause, induce or encourage any material actual or prospective client, customer,  supplier, landlord, lessor or licensor of the Company Group to terminate or modify any  such actual or prospective contractual relationship that exists on the date of termination of  employment.    In addition, it is understood that the provisions of this paragraph C shall terminate in all  respects on the fourth anniversary of the date of the Agreement to which this Exhibit D is a  part.  (d) Injunctive Relief; Remedies.  The covenants and undertakings contained in this  Exhibit D relate to matters which are of a special, unique and extraordinary character and a  violation of any of the terms of this Exhibit D will cause irreparable injury to the Company Group,  the amount of which will be impossible to estimate or determine and which cannot be adequately  compensated.  Accordingly, the remedy at law for any breach of this Exhibit D may be inadequate.   Therefore, notwithstanding anything to the contrary, the Company will be entitled to an injunction,  restraining order or other equitable relief from any court of competent jurisdiction in the event of  any breach of any provision of this Exhibit C without the necessity of proving actual damages or  posting any bond whatsoever.  The rights and remedies provided by this Exhibit C are cumulative  and in addition to any other rights and remedies which the Company Group may have hereunder  or at law or in equity.  The parties hereto further agree that, if any court of competent jurisdiction  in a final nonappealable judgment determines that a time period, a specified business limitation or  any other relevant feature of this Exhibit D is unreasonable, arbitrary or against public policy, then  a lesser time period, geographical area, business limitation or other relevant feature which is  determined by such court to be reasonable, not arbitrary and not against public policy may be  enforced against the applicable party.    (e) Governing Law of this Exhibit D; Consent to Jurisdiction. Any dispute regarding  the reasonableness of the covenants and agreements set forth in this Exhibit C, or the territorial  scope or duration thereof, or the remedies available to the Company upon any breach of such  

 

   15    HOU:3760738.2  covenants and agreements, shall be governed by and interpreted in accordance with the laws of the  state of Texas, without regard to conflict of law provisions thereof, and, with respect to each such  dispute, the Company and Grantee each hereby irrevocably consent to the exclusive jurisdiction  of the State of Texas for resolution of such dispute, and further agree that service of process may  be made upon Grantee in any legal proceeding relating to this Exhibit D by any means allowed  under the laws of such state.   (f) Grantee’s Understanding of this Section.  Grantee hereby represents to the  Company that Grantee has read and understands, and agrees to be bound by, the terms of this  Exhibit D. Grantee acknowledges that the geographic scope and duration of the covenants  contained in Exhibit D are the result of arm’s-length bargaining and are fair and reasonable in light  of (i) the importance of the functions performed by Grantee and the length of time it would take  the Company Group to find and train a suitable replacement, (ii) the nature and wide geographic  scope of the operations of the Company Group, (iii) Grantee’s level of control over and contact  with the Company Group’s business and operations in all jurisdictions where they are located, and  (iv) the fact that the Restricted Business is potentially conducted throughout the geographic area  where competition is restricted by this Agreement. It is the desire and intent of the parties that the  provisions of this Agreement be enforced to the fullest extent permitted under applicable law,  whether now or hereafter in effect and therefore, to the extent permitted by applicable law, the  parties hereto waive any provision of applicable law that would render any provision of this Exhibit  D invalid or unenforceable.    *     *     *     *     *exhibit103icd-retentiona

      RETENTION AGREEMENT  This RETENTION AGREEMENT (the “Agreement”) dated effective as of ___, ____ (the  “Effective Date”), between Independence Contract Drilling, Inc., a Delaware corporation (the  “Company”), and ________________ (“Executive”).  W I T N E S S E T H:  WHEREAS, Executive is employed by the Company Group (as defined below); and  WHEREAS, the Company and Executive desire to enter into this Agreement to set forth the term  of a retention bonus to be provided to Executive to be payable upon Executive’s continued employment  with the Company Group or in the event that Executive’s employment terminates under the circumstances  described herein.  NOW, THEREFORE, in consideration of the foregoing, the parties agree as follows:  1. Definitions.  For purposes of this Agreement, the following terms shall have the  meanings set forth below:  (a) Affiliate.  “Affiliate” means, with respect to any Person, any Person that, directly  or indirectly, through one or more intermediaries, controls, is controlled by or is under common  control with such Person.    (b) Cause.  “Cause” means, as determined by the board of directors of the Company  (the “Board”), Executive’s:  (i) willful and continued failure to comply with the reasonable written  directives of the Company Group 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 Group amounting to gross negligence or willful misconduct;  (iii) misappropriation of funds or property of the Company Group or  committing any fraud against the Company Group or against any other person or entity in  the course of employment with the Company Group;  (iv) misappropriation of any corporate opportunity, or otherwise obtaining  personal profit from any transaction which is adverse to the interests of the Company  Group or to the benefits of which the Company Group 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 Executive fails to    

 

2    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 Group or required by applicable  law.  Any termination by the Company Group for Cause shall be communicated by Notice of  Termination to the other party.  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 Executive'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 Group 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 Executive’s or  the Company’s rights hereunder.  “Date of Termination” shall mean the date that employment  with the Company Group is terminated in all respects for any reason.  (c) Code.  “Code” means the Internal Revenue Code of 1986, as amended.  (d) Company Group.  “Company Group” means the Company and its Affiliates.  (e) Confidential Information.  “Confidential Information” means any information,  knowledge or data of any nature and in any form (including information that is electronically  transmitted or stored on any form of magnetic or electronic storage media) relating to the past,  current or prospective business or operations of the Company Group, that is not generally known  to persons engaged in a business similar to that conducted by the Company Group, whether  produced by the Company Group or any of its consultants, agents or independent contractors or  by Executive, and whether or not marked confidential.   Confidential information does not  include information that (i) at the time of disclosure is, or thereafter becomes, generally available  to the public, (ii) prior to or at the time of disclosure was already in the possession of Executive,  (iii) is obtained by Executive from a third party not in violation of any contractual, legal or  fiduciary obligation to the Company Group with respect to that information or (iv) is  independently developed by Executive, but not including the confidential information provided  by the Company Group.  (f) Good Reason.  “Good Reason” shall mean without the express written consent of  Executive, the occurrence of any of the following:   (i) 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 Executive;  (ii) the assignment to Executive of any duties inconsistent in any respect  with Executive’s position (including status, offices, titles and reporting requirements),  authority, duties or responsibilities, or any other action by the Company Group 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  

 

3    which is remedied by the Company within thirty (30) days of  receipt of written notice  thereof given by Executive;  (iii) a change in the geographic location at which Executive must 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   (iv) in the event a Change of Control has occurred, the assignment to the  Participant to any position (including status, offices, titles and reporting requirements),  authority, duties or responsibilities that are not (A) as a senior Participant officer with the  ultimate parent company of the entity surviving or resulting from such Change of Control  and (B) substantially identical to the Participant's position (including status, offices, titles  and reporting requirements), authority, duties and responsibilities as contemplated by this  Agreement.  Executive’s termination of employment shall not constitute Good Reason unless  Executive notifies the Company of the condition or event constituting Good Reason within ninety  days (90) days of the condition’s occurrence (unless unknown to Executive) and the Company  fails to cure the conditions, to the extent curable, specified in the notice within thirty (30) days  following such notification and if conditions remain uncured following the end of such period,  Executive terminates employment no later than thirty (30) days thereafter.   (g) Person.  “Person” shall be construed broadly and shall include, without  limitation, an individual, a partnership, a corporation, an association, a joint stock company, a  limited liability company, a trust, a joint venture, an unincorporated organization and a  governmental entity or any department, agency or political subdivision thereof.  (h) Restricted Business.  “Restricted Business” means any the oil and natural gas  land contract drilling business conducted in the United States of America.    2. Retention Bonus.    (a) Executive shall be entitled to receive a cash bonus in the amount of $893648 (the  “Retention Bonus”) on the third anniversary of the Effective Date (the “Vesting Date”), subject to  Executive remaining continuously employed with the Company Group through the Vesting Date  and complying with the terms and conditions contained in this Agreement (including the  restrictive covenants contained in Section 5 of this Agreement).  Except as set forth in Section  2(b) below, if Executive’s employment terminates prior to the Vesting Date, Executive shall  forfeit any right to the Retention Bonus in its entirety.  If the Retention Bonus becomes payable  pursuant to this Section 2(a), the Retention Bonus shall be paid no later than thirty (30) days  following the Retention Date.  (b) If Executive’s employment terminates prior to the Vesting Date as a result of a  resignation by Executive for Good Reason or by the Company Group other than (i) for Cause or  (ii) as a result of disability or death, Executive shall be entitled to receive the Retention Bonus,  subject to Executive’s execution and non-revocation of a release in a form acceptable to the  Company and compliance with the terms and conditions contained in this Agreement (including  the restrictive covenants contained in Section 5 of this Agreement).  If the Retention Bonus  becomes payable pursuant to this Section 2(b), the Retention Bonus shall be paid no later than  sixty (60) days following the Date of Termination.  

 

4    (c) Notwithstanding the timing of payment set forth in Section 2(a) or (b), if  payment of the Retention Bonus (when aggregated with any other retention bonuses or similar  payments), would, in the judgment of the Company, jeopardize the ability of the Company to  continue as a going concern, the Company may delay a portion of such payment until such time at  which making such payment and any other retention bonuses and similar payments would no  longer have such effect.  (d) Tax and Other Withholdings.  The Company may withhold from any amounts  and benefits payable under this Agreement any applicable federal, state, city or other taxes as  required by law or any under amounts required to be withheld pursuant to any employee benefit  plan of the Company Group.  (e) No Other Bonuses.  This Agreement sets forth the entire agreement of the parties  hereto in respect of the subject matter contained herein and supersedes all prior agreements,  promises, covenants, arrangements, communications, representations or warranties, whether oral  or written, by any officer, employee or representative of the Company Group or any of their  predecessors, including but not limited to any retention bonus; provided that nothing in this  Agreement shall limit or release Executive from any other obligation regarding confidentiality,  intellectual or other property, post-employment competitive activities or other restrictive  covenant that Executive has or may have to the Company Group.    3. No Right to Continued Employment.  Nothing in this Agreement is intended to create or  imply a promise or contract of employment or continued employment for a specified term and either  Executive or the Company Group may terminate the employment relationship at any time for any or no  reason, with or without Cause, and with or without notice; provided, however, that Executive shall not be  entitled to any Retention Bonus under this Agreement in the event his or her employment is terminated by  the Company Group for Cause as a result of death or disability or by Executive without Good Reason, in  each case, prior to the Vesting Date.  4. Section 409A.  This Agreement is intended to comply with the requirements of  Section 409A of the Code and shall be interpreted and construed consistently with such intent.  The  payment to Executive pursuant to this Agreement is also intended to be exempt from Section 409A of the  Code to the maximum extent possible under either the separation pay exemption pursuant to Treasury  regulation §1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation  §1.409A-1(b)(4).  Notwithstanding anything in this Agreement to the contrary, in the event that any  amounts payable under this Agreement is subject to the provisions of Section 409A of the Code, to the  extent determined necessary, the parties agree to amend this Agreement in the least restrictive manner  necessary to avoid imposition of any additional tax or income recognition on Executive under  Section 409A of the Code, the final Treasury Regulations and other Internal Revenue Service guidance  thereunder (“409A Penalties”); provided, that in no event shall the Company be responsible for any 409A  Penalties that arise in connection with any amounts payable under this Agreement.    5. Restrictive Covenants.  In consideration for the Retention Bonus granted hereunder,  which are expected to vest during Executive’s employment with the Company Group, as well as the  protection of the Company Group’s goodwill and Confidential Information, Executive agrees to the  following:  (a) Nondisclosure of Confidential Information.  Executive shall hold in a fiduciary  capacity for the benefit of the Company Group all Confidential Information which shall have  been obtained by Executive during Executive’s employment and shall not use such Confidential  Information other than within the scope of Executive’s employment with and for the exclusive  

 

5    benefit of the Company Group.  Following any termination of employment with the Company  Group, Executive agrees (i) not to communicate, divulge or make available to any person or  entity (other than the Company Group) any such Confidential Information, except (A) upon the  prior written authorization of the Company Group, (B) as may be required by law or legal  process, (C) as reasonably necessary in connection with the enforcement of any right or remedy  related to this Agreement, or (D) unless no longer Confidential Information, and (ii) to deliver  promptly to the Company Group any Confidential Information in Executive’s possession,  including any duplicates thereof and any notes or other records Executive has prepared with  respect thereto. In the event that the provisions of any applicable law or the order of any court  would require Executive to disclose or otherwise make available any Confidential Information  then Executive shall, to the extent practicable, give the Company prior written notice of such  required disclosure and an opportunity to contest the requirement of such disclosure or apply for a  protective order with respect to such Confidential Information by appropriate proceedings.      (b) Limited Covenant Not to Compete.  In the event Executive’s employment is  terminated for any reason, Executive agrees that during the period beginning on the date of such  termination and ending on the twelve (12) month anniversary of the date of such termination:  (i) Executive shall not, directly or indirectly, for himself or others, own,  manage, operate, control or participate in the ownership, management, operation or  control of any business, whether in corporate, proprietorship or partnership form or  otherwise, that is engaged, directly or indirectly, in the United States in the Restricted  Business; provided, however, that the restrictions contained herein shall not restrict (A)  the acquisition by Executive of less than 2% of the outstanding capital stock of any  publicly traded company engaged in a Restricted Business or (B) Executive from being  employed by an entity in which the majority of such entity’s revenues on a consolidated  basis determined in accordance with generally accepted accounting principles are from  activities and businesses that do not constitute a Restricted Business and provided that  Executive is only employed by and engaged with divisions and units of such entity that  are not engaged in the Restricted Business; and  (ii) Executive shall not, directly or indirectly (A) solicit any individual, who,  at the time of time of such solicitation is an employee of the Company Group, to leave  such employment or hire, employ or otherwise engage any such individual (other than  employees of the Company Group who respond to general advertisements for  employment in newspapers or other periodicals of general circulation (including trade  journals)), or (B) cause, induce or encourage any material actual or prospective client,  customer, supplier, landlord, lessor or licensor of the Company Group to terminate or  modify any such actual or prospective contractual relationship that exists on the date of  termination of employment.  (c) Injunctive Relief; Remedies.  The covenants and undertakings contained in this  Section 5 relate to matters which are of a special, unique and extraordinary character and a  violation of any of the terms of this Section 5 will cause irreparable injury to the Company  Group, the amount of which will be impossible to estimate or determine and which cannot be  adequately compensated.  Accordingly, the remedy at law for any breach of this Section 5 may be  inadequate.  Therefore, notwithstanding anything to the contrary, the Company will be entitled to  an injunction, restraining order or other equitable relief from any court of competent jurisdiction  in the event of any breach of any provision of this Section 5 without the necessity of proving  actual damages or posting any bond whatsoever.  The rights and remedies provided by this  Section 5 are cumulative and in addition to any other rights and remedies which the Company  

 

6    Group may have hereunder or at law or in equity.  The parties hereto further agree that, if any  court of competent jurisdiction in a final nonappealable judgment determines that a time period, a  specified business limitation or any other relevant feature of this Section 5 is unreasonable,  arbitrary or against public policy, then a lesser time period, geographical area, business limitation  or other relevant feature which is determined by such court to be reasonable, not arbitrary and not  against public policy may be enforced against the applicable party.  (d) Governing Law of this Section 5; Consent to Jurisdiction. Any dispute regarding  the reasonableness of the covenants and agreements set forth in this Section 5, or the territorial  scope or duration thereof, or the remedies available to the Company upon any breach of such  covenants and agreements, shall be governed by and interpreted in accordance with the laws of  the state of Texas, without regard to conflict of law provisions thereof, and, with respect to each  such dispute, the Company and Executive each hereby irrevocably consent to the exclusive  jurisdiction of the State of Texas for resolution of such dispute, and further agree that service of  process may be made upon Executive in any legal proceeding relating to this Section 5 by any  means allowed under the laws of such state.   (e) Executive’s Understanding of this Section.  Executive hereby represents to the  Company that Executive has read and understands, and agrees to be bound by, the terms of this  Section 5. Executive acknowledges that the geographic scope and duration of the covenants  contained in this Section 5 are the result of arm’s-length bargaining and are fair and reasonable in  light of (i) the importance of the functions performed by Executive and the length of time it  would take the Company Group to find and train a suitable replacement, (ii) the nature and wide  geographic scope of the operations of the Company Group, (iii) Executive’s level of control over  and contact with the Company Group’s business and operations in all jurisdictions where they are  located, and (iv) the fact that the Restricted Business is potentially conducted throughout the  geographic area where competition is restricted by this Agreement. It is the desire and intent of  the parties that the provisions of this Agreement be enforced to the fullest extent permitted under  applicable law, whether now or hereafter in effect and therefore, to the extent permitted by  applicable law, the parties hereto waive any provision of applicable law that would render any  provision of this Section 5 invalid or unenforceable.  6. Successors; Binding Agreement.  (a) Upon a change in control of the Company, the Company shall require any  successor to its business or assets (whether direct or indirect, by purchase, merger, consolidation  or otherwise), that employs Executive and any parent company thereof, to expressly assume and  agree to perform the Company’s obligations under this Agreement.  (b) This Agreement shall not be assignable by Executive except by will or the laws  of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by  Executive and his or her personal or legal representatives and successors in interest.  7. Notice.  Any notice, demand or other communication required or permitted under this  Agreement shall be effective only if it is in writing and delivered personally or sent by registered or  certified mail, return receipt requested, postage prepaid, addressed as follows:  If to the Company:  Independence Contract Drilling, Inc.  20549 Hwy 249, Suite 300  

 

7    Houston, Texas  77070  Attn:  President & Chief Executive Officer    With a  copy to:  Executive Vice President & Chief Financial Officer    If to Executive:  At the address most recently on file with the Company   or to such other address as either party may designate by written notice to the other and shall be  deemed to have been given as of the date so personally delivered or mailed.  8. Acknowledgement of Mutuality.  Each of Executive and the Company acknowledges,  understands, and agrees that:  (a) such party has read and understands the terms and effect of this  Agreement; (b) such party is hereby advised to and has had a sufficient period of time in which to consult  with an attorney if such party so chooses (at that party’s cost) before executing this Agreement; (c) such  party has been offered and has had the opportunity to negotiate the provisions of this Agreement, and  agrees that this Agreement is a reasonable and fair bargain for valuable benefits and other consideration  as provided herein.   9. Miscellaneous.  (a) This Agreement cannot be modified or any term or condition waived in whole or  in part except by a writing signed by the party against whom enforcement of the modification or  waiver is sought or except as set forth in Section 5(c) above.  (b) This Agreement shall be governed by and construed in accordance with the laws  of the State of Texas.  Executive has been represented by counsel of his or her choice individually  and has negotiated this provision regarding choice of law and venue and voluntarily agrees to  these terms.  (c) Except for any disputes, controversies, or claims under Section 5 or disputes,  controversies or claims that are not arbitrable pursuant to applicable law, each party hereto agrees  that any disputes, controversies or claims relating to this Agreement shall be submitted for final  and binding arbitration in the State of Texas and resolved by a single neutral with the American  Arbitration Association (the “AAA”) then existing Employment Arbitration Rules and Mediation  Procedures (the rules in effect as of the date of this Agreement can be found at this link:  https://www.adr.org/Rules), which both parties acknowledge and agree they have had a  reasonable opportunity to review before executing this Agreement.   (d) EACH OF THE COMPANY AND EXECUTIVE HEREBY IRREVOCABLY  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND  ALL RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY ACTION,  PROCEEDING, CLAIM OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS  AGREEMENT.  (e) No waiver by either party at any time of any breach of this Agreement by the  other party shall be deemed a waiver of such provisions or conditions at any prior or subsequent  time.  

 

8    (f) The headings in this Agreement are included for convenience and shall not affect  the meaning or interpretation of this Agreement.  (g) Whenever possible, each provision of this Agreement will be interpreted in such  manner as to be effective and valid under applicable law, but if any provision of this Agreement  is held to be prohibited by or invalid under applicable law (after appropriate modification or  limitation pursuant to Section 5(c), such provision will be ineffective only to the extent of such  prohibition or invalidity, without invalidating the remainder of such provision or the remaining  provisions of this Agreement.  (h) This Agreement may be executed in any number of counterparts, each of which  shall be deemed an original, and such counterparts will together constitute one Agreement.    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]  

 

      IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly  authorized officer and attested to and Executive acknowledges Executive’s acceptance of the foregoing  terms as of the date shown above.  INDEPENDENCE CONTRACT DRILLING, INC.  By:     Name:   Date:  ___, 20__   Title:         EXECUTIVE     Name: Date:  ___ __, __

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