Document:

EX-10.14

 Exhibit 10.14 

AMENDED AND RESTATED 

INDEPENDENCE CONTRACT DRILLING, INC. 

2012 OMNIBUS INCENTIVE PLAN 

(As Amended             , 2014) 

 AMENDED AND RESTATED 

INDEPENDENCE CONTRACT DRILLING, INC. 

2012 OMNIBUS INCENTIVE PLAN 
  

							
	 ARTICLE I ESTABLISHMENT, PURPOSE AND DURATION
	  	 	1	  
			
	 1.1
	 	Establishment	  	 	1	  
			
	 1.2
	 	Purpose of the Plan	  	 	1	  
			
	 1.3
	 	Duration of Plan	  	 	1	  
		
	 ARTICLE II DEFINITIONS
	  	 	1	  
			
	 2.1
	 	“Affiliate”	  	 	1	  
			
	 2.2
	 	“Annual Cash Incentive Award”	  	 	2	  
			
	 2.3
	 	“Authorized Shares”	  	 	2	  
			
	 2.4
	 	“Award”	  	 	2	  
			
	 2.5
	 	“Award Agreement”	  	 	2	  
			
	 2.6
	 	“Beneficial Owner”	  	 	2	  
			
	 2.7
	 	“Board”	  	 	2	  
			
	 2.8
	 	“Cash-Based Award”	  	 	2	  
			
	 2.9
	 	“Code”	  	 	2	  
			
	 2.10
	 	“Committee”	  	 	2	  
			
	 2.11
	 	“Company”	  	 	3	  
			
	 2.12
	 	“Corporate Change”	  	 	3	  
			
	 2.13
	 	“Covered Employee”	  	 	3	  
			
	 2.14
	 	“Disability”	  	 	3	  
			
	 2.15
	 	“Dividend Equivalent”	  	 	3	  
			
	 2.16
	 	“Effective Date”	  	 	3	  
			
	 2.17
	 	“Employee”	  	 	3	  
			
	 2.18
	 	“Exchange Act”	  	 	4	  
			
	 2.19
	 	“Fair Market Value”	  	 	4	  
			
	 2.20
	 	“Fiscal Year”	  	 	4	  
			
	 2.21
	 	“Freestanding SAR”	  	 	4	  
			
	 2.22
	 	“Holder’’	  	 	4	  
			
	 2.23
	 	“Incentive Stock Option”	  	 	4	  
			
	 2.24
	 	“Mature Shares”	  	 	4	  
			
	 2.25
	 	“Minimum Statutory Tax Withholding Obligation”	  	 	4	  
			
	 2.26
	 	“Nonqualified Stock Option”	  	 	5	  

  
 -i- 

							
			
	 2.27
	 	“Option”	  	 	5	  
			
	 2.28
	 	“Option Price”	  	 	5	  
			
	 2.29
	 	“Other Stock-Based Award’’	  	 	5	  
			
	 2.30
	 	“Outside Director”	  	 	5	  
			
	 2.31
	 	“Parent Corporation”	  	 	5	  
			
	 2.32
	 	“Performance-Based Compensation”	  	 	5	  
			
	 2.33
	 	“Performance Goals”	  	 	5	  
			
	 2.34
	 	“Performance Stock Award’’	  	 	5	  
			
	 2.35
	 	“Performance Unit Award”	  	 	5	  
			
	 2.36
	 	“Period of Restriction”	  	 	5	  
			
	 2.37
	 	“Permissible under Section 409A”	  	 	5	  
			
	 2.38
	 	“Plan”	  	 	6	  
			
	 2.39
	 	“Restricted Stock”	  	 	6	  
			
	 2.40
	 	“Restricted Stock Award”	  	 	6	  
			
	 2.41
	 	“RSU”	  	 	6	  
			
	 2.42
	 	“RSU Award”	  	 	6	  
			
	 2.43
	 	“SAR”	  	 	6	  
			
	 2.44
	 	“Section 409A”	  	 	6	  
			
	 2.45
	 	“Separation from Service”	  	 	6	  
			
	 2.46
	 	“Stock”	  	 	6	  
			
	 2.47
	 	“Subsidiary Corporation”	  	 	6	  
			
	 2.48
	 	“Substantial Risk of Forfeiture”	  	 	6	  
			
	 2.49
	 	“Tandem SAR”	  	 	6	  
			
	 2.50
	 	“Ten Percent Stockholder”	  	 	7	  
			
	 2.51
	 	“Third Party Service Provider”	  	 	7	  
		
	 ARTICLE III ELIGIBILITY
	  	 	7	  
		
	 ARTICLE IV GENERAL PROVISIONS RELATING TO AWARDS
	  	 	7	  
			
	 4.1
	 	Authority to Grant Awards	  	 	7	  
			
	 4.2
	 	Shares That Count Against Limit.	  	 	8	  
			
	 4.3
	 	Non-Transferability	  	 	9	  
			
	 4.4
	 	Requirements of Law	  	 	9	  
			
	 4.5
	 	Changes in the Company’s Capital Structure	  	 	9	  
			
	 4.6
	 	Election Under Section 83(b) of the Code	  	 	12	  
			
	 4.7
	 	Forfeiture for Cause	  	 	12	  

  
 ii 

							
			
	 4.8
	 	Forfeiture Events	  	 	13	  
			
	 4.9
	 	Recoupment in Restatement Situations	  	 	13	  
			
	 4.10
	 	Award Agreements	  	 	14	  
			
	 4.11
	 	Amendments of Award Agreements	  	 	14	  
			
	 4.12
	 	Rights as Stockholder	  	 	14	  
			
	 4.13
	 	Issuance of Shares of Stock	  	 	14	  
			
	 4.14
	 	Restrictions on Stock Received	  	 	14	  
			
	 4.15
	 	Section 409A	  	 	14	  
			
	 4.16
	 	Date of Grant	  	 	15	  
			
	 4.17
	 	Source of Shares Deliverable Under Awards	  	 	15	  
		
	 ARTICLE V OPTIONS
	  	 	15	  
			
	 5.1
	 	Authority to Grant Options	  	 	15	  
			
	 5.2
	 	Type of Options Available	  	 	15	  
			
	 5.3
	 	Option Agreement	  	 	15	  
			
	 5.4
	 	Option Price	  	 	15	  
			
	 5.5
	 	Duration of Option	  	 	16	  
			
	 5.6
	 	Amount Exercisable	  	 	16	  
			
	 5.7
	 	Exercise of Option	  	 	16	  
			
	 5.8
	 	Transferability-Incentive Stock Options	  	 	17	  
			
	 5.9
	 	Notification of Disqualifying Disposition	  	 	17	  
			
	 5.10
	 	No Rights as Stockholder	  	 	17	  
			
	 5.11
	 	$100,000 Limitation on ISOs	  	 	17	  
			
	 5.12
	 	Separation from Service	  	 	18	  
		
	 ARTICLE VI STOCK APPRECIATION RIGHTS
	  	 	18	  
			
	 6.1
	 	Authority to Grant SAR Awards	  	 	18	  
			
	 6.2
	 	Type of Stock Appreciation Rights Available	  	 	18	  
			
	 6.3
	 	General Terms	  	 	18	  
			
	 6.4
	 	SAR Agreement	  	 	18	  
			
	 6.5
	 	Term of SAR	  	 	18	  
			
	 6.6
	 	Exercise of Freestanding SARs	  	 	19	  
			
	 6.7
	 	Exercise of Tandem SARs	  	 	19	  
			
	 6.8
	 	Payment of SAR Amount	  	 	19	  
			
	 6.9
	 	Separation from Service	  	 	19	  
			
	 6.10
	 	No Rights as Stockholder	  	 	19	  
			
	 6.11
	 	Restrictions on Stock Received	  	 	19	  

  
 iii 

							
		
	 ARTICLE VII RESTRICTED STOCK AWARDS
	  	 	20	  
			
	 7.1
	 	Restricted Stock Awards	  	 	20	  
			
	 7.2
	 	Restricted Stock Award Agreement	  	 	20	  
			
	 7.3
	 	Holder’s Rights as Stockholder	  	 	20	  
		
	 ARTICLE VIII RESTRICTED STOCK UNIT AWARDS
	  	 	21	  
			
	 8.1
	 	Authority to Grant RSU Awards	  	 	21	  
			
	 8.2
	 	RSU Award	  	 	21	  
			
	 8.3
	 	RSU Award Agreement	  	 	21	  
			
	 8.4
	 	Dividend Equivalents	  	 	21	  
			
	 8.5
	 	Form of Payment Under RSU Award	  	 	21	  
			
	 8.6
	 	Time of Payment Under RSU Award	  	 	21	  
			
	 8.7
	 	Holder’s Rights as Stockholder	  	 	21	  
		
	 ARTICLE IX PERFORMANCE STOCK AWARDS AND PERFORMANCE UNIT AWARDS
	  	 	21	  
			
	 9.1
	 	Authority to Grant Performance Stock Awards and Performance Unit Awards	  	 	21	  
			
	 9.2
	 	Performance Goals	  	 	22	  
			
	 9.3
	 	Time of Establishment of Performance Goals	  	 	23	  
			
	 9.4
	 	Written Agreement	  	 	23	  
			
	 9.5
	 	Form of Payment Under Performance Unit Award	  	 	23	  
			
	 9.6
	 	Time of Payment Under Performance Unit Award	  	 	23	  
			
	 9.7
	 	Holder’s Rights as Stockholder With Respect to a Performance Stock Award	  	 	23	  
			
	 9.8
	 	Holder’s Rights as Stockholder With Respect to a Performance Unit Award	  	 	23	  
			
	 9.9
	 	Increases Prohibited	  	 	23	  
			
	 9.10
	 	Stockholder Approval	  	 	24	  
			
	 9.11
	 	Dividend Equivalents	  	 	24	  
		
	 ARTICLE X ANNUAL CASH INCENTIVE AWARDS
	  	 	24	  
			
	 10.1
	 	Authority to Grant Annual Cash Incentive Awards	  	 	24	  
			
	 10.2
	 	Covered Employees	  	 	24	  
			
	 10.3
	 	Written Agreement	  	 	24	  
			
	 10.4
	 	Form of Payment Under Annual Cash Incentive Award	  	 	24	  
			
	 10.5
	 	Time of Payment Under Annual Cash Incentive Award	  	 	24	  
		
	 ARTICLE XI OTHER STOCK-BASED AWARDS
	  	 	25	  
			
	 11.1
	 	Authority to Grant Other Stock-Based Awards	  	 	25	  
			
	 11.2
	 	Value of Other Stock-Based Award	  	 	25	  

  
 iv 

							
			
	 11.3
	 	Written Agreement	  	 	25	  
			
	 11.4
	 	Payment of Other Stock-Based Award	  	 	25	  
			
	 11.5
	 	Separation from Service	  	 	25	  
			
	 11.6
	 	Time of Payment of Other Stock-Based Award	  	 	25	  
		
	 ARTICLE XII CASH-BASED AWARDS
	  	 	25	  
			
	 12.1
	 	Authority to Grant Cash-Based Awards	  	 	25	  
			
	 12.2
	 	Value of Cash-Based Award	  	 	26	  
			
	 12.3
	 	Written Agreement	  	 	26	  
			
	 12.4
	 	Payment of Cash-Based Award	  	 	26	  
			
	 12.5
	 	Time of Payment of Cash-Based Award	  	 	26	  
			
	 12.6
	 	Separation from Service	  	 	26	  
		
	 ARTICLE XIII SUBSTITUTION AWARDS
	  	 	26	  
		
	 ARTICLE XIV ADMINISTRATION
	  	 	26	  
			
	 14.1
	 	Awards	  	 	26	  
			
	 14.2
	 	Authority of the Committee	  	 	27	  
			
	 14.3
	 	Decisions Binding	  	 	28	  
			
	 14.4
	 	No Liability	  	 	28	  
		
	 ARTICLE XV AMENDMENT OR TERMINATION OF PLAN
	  	 	28	  
			
	 15.1
	 	Amendment, Modification, Suspension, and Termination	  	 	28	  
			
	 15.2
	 	Awards Previously Granted	  	 	28	  
		
	 ARTICLE XVI MISCELLANEOUS
	  	 	29	  
			
	 16.1
	 	Unfunded Plan/No Establishment of a Trust Fund	  	 	29	  
			
	 16.2
	 	No Employment Obligation	  	 	29	  
			
	 16.3
	 	 Tax Withholding
	  	 	29	  
			
	 16.4
	 	 No Rights to Award
	  	 	30	  
			
	 16.5
	 	 No Guarantee of Tax Consequences
	  	 	30	  
			
	 16.6
	 	Gender and Number	  	 	30	  
			
	 16.7
	 	Severability	  	 	30	  
			
	 16.8
	 	Headings	  	 	30	  
			
	 16.9
	 	Other Compensation Plans	  	 	31	  
			
	 16.10
	 	Retirement and Welfare Plans	  	 	31	  
			
	 16.11
	 	Other Awards	  	 	31	  
			
	 16.12
	 	Law Limitations/Governmental Approvals	  	 	31	  
			
	 16.13
	 	Delivery of Title	  	 	31	  

  
 v 

							
			
	 16.14
	 	Inability to Obtain Authority	  	 	31	  
			
	 16.15
	 	Investment Representations	  	 	31	  
			
	 16.16
	 	Persons Residing Outside of the United States	  	 	31	  
			
	 16.17
	 	Arbitration of Disputes	  	 	32	  
			
	 16.18
	 	No Fractional Shares	  	 	32	  
			
	 16.19
	 	Governing Law	  	 	32	  

  
 vi 

 AMENDED AND RESTATED 

INDEPENDENCE CONTRACT DRILLING, INC. 

2012 OMNIBUS INCENTIVE PLAN 

(As Amended on                     ,
2014) 
 ARTICLE I 

ESTABLISHMENT, PURPOSE AND DURATION 

1.1 Establishment. The Company hereby establishes an incentive compensation plan, to be known as the
“Amended and Restated Independence Contract Drilling, Inc. 2012 Omnibus Incentive Plan”, as set forth in this document. The Plan permits the grant of Incentive Stock Options, Nonqualified Stock Options, SARs, Restricted
Stock, RSUs, Performance Stock Awards, Performance Unit Awards, Annual Cash Incentive Awards, Other Stock-Based Awards and Cash-Based Awards. The Plan, as amended, is effective as of
            , 2014 (the “Effective Date”), provided that the Company’s stockholders approve the adoption of the Plan, as
amended, within 12 months after the date of adoption of the Plan by the Board. 
 1.2 Purpose of the Plan. The Plan is
intended to advance the best interests of the Company, its Affiliates and its stockholders by providing those persons who have substantial responsibility for the management and growth of the Company and its Affiliates with additional performance
incentives and an opportunity to obtain or increase their proprietary interest in the Company, thereby encouraging them to continue in their employment or affiliation with the Company or its Affiliates. 

1.3 Duration of Plan. The Plan shall continue indefinitely until it is terminated pursuant to Section 16.1. No Award may be granted
under the Plan on or after the tenth anniversary of the Effective Date. The applicable provisions of the Plan will continue in effect with respect to an Award granted under the Plan for as long as such Award remains outstanding. Notwithstanding the
foregoing, no Incentive Stock Option may be granted under the Plan on or after the date that is ten years from the earlier of (a) adoption of the Plan by the Board and (b) the Effective Date. 

ARTICLE II 
 DEFINITIONS

 Each word and phrase defined in this Article shall have the meaning set out below throughout the Plan, unless the context in which
any such word or phrase appears reasonably requires a broader, narrower or different meaning. 
 2.1 “Affiliate” means any
corporation, partnership, limited liability company or association, trust or other entity or organization which, directly or indirectly, controls, is controlled by, or is under common control with, the Company. For purposes of the preceding
sentence, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any entity or organization, shall mean the possession, directly or
indirectly, of the power (a) to vote more than fifty percent (50%) of the 

 
securities having ordinary voting power for the election of directors or comparable individuals of the controlled entity or organization, or (b) to direct or cause the direction of the
management and policies of the controlled entity or organization, whether through the ownership of voting securities or by contract or otherwise; provided, however, that with respect to Incentive Stock Options, the term “Affiliate” means
only a Parent Corporation of the Company or a Subsidiary Corporation of the Company or of any such parent corporation (as such terms are defined in Sections 424(e) and (f) of the Code and determined in accordance with Section 421 of the
Code); and provided further, that with respect to grants of Nonqualified Options or SARs, the term “Affiliate” means only a corporation or other entity in a chain of corporations and/or other entities in which the Company has a
“controlling interest” within the meaning of Treasury Regulation Section 1.414(c)-2(b)(2)(i), but using the threshold of 50% ownership wherever 80% appears. 

2.2 “Annual Cash Incentive Award” means an Award granted pursuant to Article X to an individual who is then an
Employee. 
 2.3 “Authorized Shares” shall have the meaning ascribed to that term in Section 4.1(a). 

2.4 “Award” means, individually or collectively, a grant under the Plan of an Incentive Stock Option, a Nonqualified Stock
Option, a SAR, Restricted Stock, a RSU, a Performance Stock Award, a Performance Unit Award, an Annual Cash Incentive Award, an Other Stock-Based Award or a Cash-Based Award, in each case subject to the terms and provisions of the Plan. 

2.5 “Award Agreement” means an agreement that sets forth the terms and conditions applicable to an Award granted under the
Plan. 
 2.6 “Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and
Regulations under the Exchange Act. 
 2.7 “Board” means the board of directors of the Company. 

2.8 “Cash-Based Award” means an Award granted pursuant to Article XII. 

2.9 “Code” means the United States Internal Revenue Code of 1986, as amended, and the rules, regulations and administrative
guidance promulgated thereunder. 
 2.10 “Committee” means (a) in the case of an Award granted to an Outside Director,
the Board, and (b) in the case of any other Award granted under the Plan, the Compensation Committee of the Board or, if the Compensation Committee of the Board chooses to delegate its duties, a committee of at least two persons who are members
of the Compensation Committee of the Board and are appointed by the Compensation Committee of the Board to administer the Plan. Each member of the Committee in respect of his or her participation in any decision with respect to an Award that is
intended to satisfy the requirements of section 162(m) of the Code must satisfy the requirements of “outside director” status within the meaning of section 162(m) of the Code; provided, however, that the failure to satisfy such
requirement shall not affect the validity of the action of any committee otherwise duly authorized and acting in the matter. As to 

  
 2 

 
Awards that are authorized by the Committee and that are intended to be exempt under Rule 16b-3 of the General Rules and Regulations under the Exchange Act, the requirements of Rule 16b-3(d)(1)
of the General Rules and Regulations under the Exchange Act with respect to committee action must also be satisfied, including approval by a committee of the Board that is composed solely of two or more “Non-Employee Directors” (as defined
under Rule 16b-3(b)(3) of the General Rules and Regulations under the Exchange Act). 
 2.11 “Company” means Independence
Contract Drilling, Inc., a Delaware corporation, or any successor (by reincorporation, merger or otherwise). 
 2.12 “Corporate
Change” shall have the meaning ascribed to that term in Section 4.5(c). 
 2.13 “Covered Employee” means an
Employee who is a “covered employee,” as defined in section 162(m) of the Code or any successor statute. 
 2.14
“Disability” means, as determined by the Committee in its discretion exercised in good faith, (a) in the case of an Award that is exempt from the application of the requirements of Section 409A and is granted to a Holder
who is covered by the Company’s long-term disability insurance policy or plan, a physical or mental condition of the Holder that would entitle him or her to payment of disability income payments under such
long-term disability insurance policy or plan as then in effect, (b) in the case of an Award that is exempt from the application of the requirements of Section 409A and is granted to a Holder who is
not covered by the Company’s long-term disability insurance policy or plan for whatever reason, or in the event the Company does not maintain such a long-term disability insurance policy or plan, and for purposes of an ISO granted under the
Plan, a permanent and total disability as defined in section 22(e)(3) of the Code and (c) in the case of an Award that is not exempt from the application of the requirements of Section 409A, a physical or mental condition of the Holder
where (i) the Holder is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not
less than 12 months, or (ii) the Holder is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving
income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company. A determination of Disability may be made by a physician selected or approved by the Committee and, in this
respect, the Holder shall submit to an examination by such physician upon request by the Committee. 
 2.15 “Dividend
Equivalent” means a payment equivalent in amount to dividends paid with respect to the Stock to the Company’s stockholders. 

2.16 “Effective Date” shall have the meaning ascribed to that term in Section 1.1. 

2.17 “Employee” means (a) a person employed by the Company or any Affiliate as a common law employee and (b) a
person who has agreed to become a common law employee of the Company or any Affiliate and is expected to become such within six (6) months after the date of grant of the Award. 

  
 3 

 2.18 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or
any successor act. 
 2.19 “Fair Market Value” of the Stock as of any particular date means, 

(a) if the Stock is traded on a stock exchange, 

(i) and if the Stock is traded on that date, the closing sale price of the Stock on that date; or 

(ii) and if the Stock is not traded on that date, the closing sale price of the Stock on the last trading date immediately
preceding that date; 
 as reported on the principal securities exchange on which the Stock is traded; or 

(b) if the Stock is traded in the over-the-counter market, 

(i) and if the Stock is traded on that date, the average between the high bid and low asked price on that date; or 

(ii) and if the Stock is not traded on that date, the average between the high bid and low asked price on the last trading date
immediately preceding that date; 
 as reported in such over-the-counter market; provided, however, that (x) if the Stock is not
so traded, or (y) if, in the discretion of the Committee, another means of determining the fair market value of a share of Stock at such date shall be necessary or advisable, the Committee may provide for another method or means for determining
such fair market value, which method or means shall comply with the requirements of a reasonable valuation method as described under Section 409A. 

2.20 “Fiscal Year” means the calendar year. 

2.21 “Freestanding SAR” means a SAR that is granted independently of any Options, as described in Article VI. 

2.22 “Holder’’ means a person who has been granted an Award or any person who is entitled to receive shares of Stock or
cash under an Award. 
 2.23 “Incentive Stock Option” or “ISO” means an option to purchase Stock granted
pursuant to Article V that is designated as an incentive stock option and that satisfies the requirements of section 422 of the Code. 
 2.24
“Mature Shares” means shares of Stock that the Holder has held for at least six months, but not including any shares of Restricted Stock. 

2.25 “Minimum Statutory Tax Withholding Obligation” means, with respect to an Award, the amount the Company, an Affiliate or
other subsidiary is required to withhold for federal, state, local and foreign taxes based upon the applicable minimum statutory withholding rates required by the relevant tax authorities. 

  
 4 

 2.26 “Nonqualified Stock Option” or “NQSO” means a
“nonqualified stock option” to purchase Stock granted pursuant to Article V that does not satisfy the requirements of section 422 of the Code. 

2.27 “Option” means an Incentive Stock Option or a Nonqualified Stock Option. 

2.28 “Option Price” shall have the meaning ascribed to that term in Section 5.4. 

2.29 “Other Stock-Based Award’’ means an equity-based or equity-related Award not otherwise described by the terms and
provisions of the Plan that is granted pursuant to Article XI. 
 2.30 “Outside Director” means a director of the Company
who is not an Employee. 
 2.31 “Parent Corporation” means any corporation (other than the Company) in an unbroken chain of
corporations ending with the Company if, at the time of the action or transaction, each of the corporations other than the Company owns stock possessing 50 percent or more of the total combined voting power of all classes of stock in one of the
other corporations in the chain. 
 2.32 “Performance-Based Compensation” means compensation under an Award that satisfies
the requirements of section 162(m) of the Code for deductibility of remuneration paid to Covered Employees. 
 2.33 “Performance
Goals” means one or more of the criteria described in Section 9.2 on which the performance goals applicable to an Award are based. 

2.34 “Performance Stock Award’’ means an Award designated as a performance stock award granted to a Holder pursuant to
Article IX. 
 2.35 “Performance Unit Award” means an Award designated as a performance unit award granted to a Holder
pursuant to Article IX. 
 2.36 “Period of Restriction” means the period during which Restricted Stock is subject to a
substantial risk of forfeiture (based on the passage of time, the achievement of Performance Goals, or upon the occurrence of other events as determined by the Committee, in its discretion), as provided in Article VII. 

2.37 “Permissible under Section 409A” means with respect to a particular action (such as, the grant, payment, vesting,
settlement or deferral of an amount or award under the Plan) that such action is intended to avoid the compensation at issue from being subject to the additional tax or interest applicable under Section 409A and related penalties. 

  
 5 

 2.38 “Plan” means the Amended and Restated Independence Contract Drilling, Inc.
2012 Omnibus Incentive Plan, as set forth in this document as it may be amended from time to time. 
 2.39 “Restricted
Stock” means shares of restricted Stock issued or granted under the Plan pursuant to Article VII. 
 2.40 “Restricted Stock
Award” means an authorization by the Committee to Issue or transfer Restricted Stock to a Holder. 
 2.41 “RSU”
means a restricted stock unit credited to a Holder’s ledger account maintained by the Company pursuant to Article VIII. 
 2.42
“RSU Award” means an Award granted pursuant to Article VIII. 
 2.43 “SAR” means a stock appreciation right
granted under the Plan pursuant to Article VI. 
 2.44 “Section 409A” means section 409A of the Code or any successor
statute. 
 2.45 “Separation from Service” means, except as otherwise provided in the case of an ISO in the following
sentence of this Section 2.45, (a) if the Award Agreement is not exempt from the application of the requirements of Section 409A, the termination of the Award recipient’s employment or service relationship with the Company and
all Affiliates in a manner that satisfies Section 409A as determined by the Committee and (b) if the Award Agreement is exempt from the application of the requirements of Section 409A the termination of the Award recipient’s
employment or service relationship with the Company and all Affiliates as determined by the Committee. “Separation from Service” means, in the case of an ISO, the termination of the Employee’s employment relationship with all
of the Company, any Parent Corporation, any Subsidiary Corporation and any parent or subsidiary corporation (within the meaning of section 422(a)(2) of the Code) of any such corporation that issues or assumes an ISO in a transaction to which section
424(a) of the Code applies. 
 2.46 “Stock” means the common stock of the Company, $0.01 par value per share (or such other
par value as may be designated by act of the Company’s stockholders). 
 2.47 “Subsidiary Corporation” means any
corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if, at the time of the action or transaction, each of the corporations other than the last corporation in an unbroken chain owns stock possessing 50
percent or more of the total combined voting power of all classes of stock in one of the other corporations in the chain. 
 2.48
“Substantial Risk of Forfeiture” shall have the meaning ascribed to that term in Section 409A. 
 2.49 “Tandem
SAR” means a SAR that is granted in connection with a related Option pursuant to Article VI herein, the exercise of which shall require forfeiture of the right to purchase a share of Stock under the related Option (and when a share of Stock
is purchased under the Option, the Tandem SAR shall similarly be canceled). 

  
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 2.50 “Ten Percent Stockholder” means an individual, who, at the time the
applicable Option is granted, owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent Corporation or Subsidiary Corporation. An individual shall be considered as
owning the stock owned, directly or indirectly, by or for his or her brothers and sisters (whether by the whole or half-blood), spouse, ancestors, and lineal descendants; and stock owned, directly or indirectly, by or for a corporation, partnership,
estate, or trust, shall be considered as being owned proportionately by or for its stockholders, partners, or beneficiaries. 
 2.51
“Third Party Service Provider” means any consultant, agent, representative, advisor, or independent contractor who renders services to the Company or an Affiliate that (a) are not in connection with the offer and sale of the
Company’s securities in a capital raising transaction, and (b) do not directly or indirectly promote or maintain a market for the Company’s securities, or any other person as determined by the Committee. 

ARTICLE III 

ELIGIBILITY 

Except as otherwise specified in this Article III, the persons who are eligible to receive Awards under the Plan are Employees, Outside
Directors and Third Party Service Providers, provided, however, that (a) only those persons who are, on the dates of grant, Employees of the Company or any Parent Corporation or Subsidiary Corporation are eligible for grants of Incentive
Stock Options under the Plan, (b) the only persons who are eligible to receive Annual Cash Incentive Awards under the Plan are Employees and (c) Outside Directors and Third Party Service Providers are only eligible to receive NQSOs, SARs,
Restricted Stock, RSUs, Performance Stock Awards and Performance Unit Awards. Awards other than ISOs, Performance Stock Awards, Performance Units Awards or Annual Cash Incentive Awards may also be granted to a person who is expected to become an
Employee within six months. 
 ARTICLE IV 

GENERAL PROVISIONS RELATING TO AWARDS 

4.1 Authority to Grant Awards The Committee may grant Awards to those Employees, Outside Directors and Third Party Service Providers as
the Committee shall from time to time determine, under the terms and conditions of the Plan. Subject only to any applicable limitations set out in the Plan, the number of shares of Stock or other value to be covered by any Award to be granted under
the Plan shall be as determined by the Committee in its sole discretion. 
 (a) The aggregate number of shares
of Stock with respect to which Awards may be granted under the Plan is 2,200,000 (the “Authorized Shares”). 

  
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 (b) The aggregate number of shares of Stock with respect to which ISOs may be
granted under the Plan is equal to the Authorized Shares. 
 (c) The maximum number of shares of Stock with respect to which
ISOs may be granted to an Employee during a Fiscal Year is equal to the Authorized Shares. The maximum number of shares of Stock with respect to which NQSOs may be granted to an Employee during a Fiscal Year is equal to the Authorized Shares. The
maximum number of shares of Stock with respect to which SARs may be granted to an Employee during a Fiscal Year is equal to the Authorized Shares. The maximum number of shares of Stock with respect to which Performance Stock Awards may be granted to
an Employee during a Fiscal Year is equal to the Authorized Shares. The maximum number of shares of Stock with respect to which Performance Unit Awards payable in shares of Stock may be granted to an Employee during a Fiscal Year is equal to the
Authorized Shares. The maximum value of cash with respect to which Performance Unit Awards payable in cash may be granted to an Employee during a Fiscal Year, determined as of the dates of grants of the Performance Unit Awards, is $3,000,000. The
maximum amount that may be paid to an Employee under Annual Cash Incentive Award(s) granted to an Employee during a Fiscal Year is $3,000,000. 

(d) Each of the foregoing numerical limits stated in this Section 4.1 shall be subject to adjustment in accordance with
the provisions of Section 4.5. 
 4.2 Shares That Count Against Limit. 

(a) If shares of Stock are withheld from payment of an Award to satisfy tax obligations with respect to the Award, such shares
of Stock will not count against the aggregate number of shares of Stock with respect to which Awards may be granted under the Plan. 

(b) If shares of Stock are tendered in payment of an Option Price of an Option, such shares of Stock will not count against the
aggregate number of shares of Stock with respect to which Awards may be granted under the Plan. 
 (c) To the extent that any
outstanding Award is forfeited or cancelled for any reason or is settled in cash in lieu of shares of Stock, the shares of Stock allocable to such portion of the Award may again be subject to an Award granted under the Plan. 

(d) When a SAR is settled in shares of Stock, the number of shares of Stock subject to the SAR under the SAR Award Agreement
will be counted against the aggregate number of shares of Stock with respect to which Awards may be granted under the Plan as one share for every share subject to the SAR, regardless of the number of shares used to settle the SAR upon exercise. 

(e) The maximum number of shares of Stock available for issuance under the Plan shall not be reduced to reflect any dividends
or Dividend Equivalents that are reinvested into additional shares of Stock or credited as additional Restricted Stock, Restricted Stock Units, Performance Shares, or other Stock-Based Awards. 

  
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 4.3 Non-Transferability. Except as specified in the applicable Award Agreements or in
domestic relations court orders, an Award shall not be transferable by the Holder other than by will or under the laws of descent and distribution, and shall be exercisable, during the Holder’s lifetime, only by him or her. Any attempted
assignment of an Award in violation of this Section shall be null and void. In the discretion of the Committee, any attempt to transfer an Award other than under the terms of the Plan and the applicable Award Agreement may terminate the Award. 

4.4 Requirements of Law. The Company shall not be required to sell or issue any shares of Stock under any Award if issuing those shares
of Stock would constitute or result in a violation by the Holder or the Company of any provision of any law, statute or regulation of any governmental authority. Specifically, in connection with any applicable statute or regulation relating to the
registration of securities, upon exercise of any Option or pursuant to any other Award, the Company shall not be required to issue any shares of Stock unless the Committee has received evidence satisfactory to it to the effect that the Holder will
not transfer the shares of Stock except in accordance with applicable law, including receipt of an opinion of counsel satisfactory to the Company to the effect that any proposed transfer complies with applicable law. The determination by the
Committee on this matter shall be final, binding and conclusive. The Company may, but shall in no event be obligated to, register any shares of Stock covered by the Plan pursuant to applicable securities laws of any country or any political
subdivision. In the event the shares of Stock issuable on exercise of an Option or pursuant to any other Award are not registered, the Company may imprint on the certificate evidencing the shares of Stock any legend that counsel for the Company
considers necessary or advisable to comply with applicable law, or, should the shares of Stock be represented by book or electronic entry rather than a certificate, the Company may take such steps to restrict transfer of the shares of Stock as
counsel for the Company considers necessary or advisable to comply with applicable law. The Company shall not be obligated to take any other affirmative action in order to cause or enable the exercise of an Option or any other Award, or the issuance
of shares of Stock pursuant thereto, to comply with any law or regulation of any governmental authority. 
 4.5 Changes in the
Company’s Capital Structure. 
 (a) The existence of outstanding Awards 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, any merger or consolidation of the Company, any issue
of bonds, debentures, preferred or prior preference shares ahead of or affecting the Stock or Stock rights, the dissolution or liquidation of the Company, 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. 
 (b) If the Company shall effect a subdivision or consolidation
of Stock or other capital readjustment, the payment of a Stock dividend, or other increase or reduction of the number of shares of Stock outstanding, without receiving compensation therefor in money, services or property, then (i) the number,
class or series and per share price of Stock subject to outstanding Awards under the Plan shall be appropriately adjusted in such a manner as to entitle a Holder to receive upon exercise of an Award, for

  
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the same aggregate cash consideration, the equivalent total number and class or series of Stock the Holder would have received had the Holder exercised his or her Award in full immediately prior
to the event requiring the adjustment, and (ii) the number and class or series of Stock then reserved to be issued under the Plan shall be adjusted by substituting for the total number and class or series of Stock then reserved, that number and
class or series of Stock that would have been received by the owner of an equal number of outstanding shares of Stock of each class or series of Stock as the result of the event requiring the adjustment. 

(c) If while unexercised Awards remain outstanding under the Plan (i) the Company shall not be the surviving
entity in any merger, consolidation or other reorganization (or survives only as a subsidiary of an entity other than an entity that was wholly-owned by the Company immediately prior to such merger, consolidation or other reorganization),
(ii) the Company sells, leases or exchanges or agrees to sell, lease or exchange all or substantially all of its assets to any other person or entity (other than an entity wholly-owned by the Company), (iii) the Company is to be dissolved
or (iv) the Company is a party to any other corporate transaction (as defined under section 424(a) of the Code and applicable Department of Treasury regulations) that is not described in clauses (i), (ii) or (iii) of this sentence
(each such event is referred to herein as a “Corporate Change”), then, except as otherwise provided in an Award Agreement or another agreement between the Holder and the Company (provided
that such exceptions shall not apply in the case of a reincorporation merger), or as a result of the Committee’s effectuation of one or more of the alternatives described below, there shall be no acceleration of the time at which any Award then
outstanding may be exercised, and no later than ten days after the approval by the stockholders of the Company of such Corporate Change (or approval by the Board if approval by the stockholders of the Company of such Corporate Change is not
required), the Committee, acting in its sole and absolute discretion without the consent or approval of any Holder, shall act to effect one or more of the following alternatives, which may vary among individual Holders and which may vary among
Awards held by any individual Holder (provided that, with respect to a reincorporation merger in which Holders of the Company’s ordinary shares will receive one ordinary share of the successor corporation for
each ordinary share of the Company, none of such alternatives shall apply and, without Committee action, each Award shall automatically convert into a similar award of the successor corporation exercisable for the same number of ordinary shares of
the successor as the Award was exercisable for ordinary shares of Stock of the Company): 
 (1) accelerate the
time at which some or all of the Awards then outstanding may be exercised so that such Awards may be exercised in full for a limited period of time on or before a specified date (before or after such Corporate Change) fixed by the Committee, after
which specified date all such Awards that remain unexercised and all rights of Holders thereunder shall terminate; 
 (2)
require the mandatory surrender to the Company by all or selected Holders of some or all of the then outstanding Options and SARs held by such Holders (irrespective of whether such Options and SARs are then exercisable under the provisions of the
Plan or the applicable Award Agreement evidencing such Options or SARs) as of a 

  
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date, before or after such Corporate Change, specified by the Committee, in which event the Committee shall thereupon cancel such Options and SARs and the Company shall pay to each such Holder an
amount of cash per share equal to the excess, if any, of the per share price offered to stockholders of the Company in connection with such Corporate Change over the exercise prices or grant prices under such Options and SARs for such shares; 

(3) with respect to all or selected Holders, have some or all of their then outstanding Awards (whether vested or
unvested) assumed or have a new award of a similar nature substituted for some or all of their then outstanding Awards under the Plan (whether vested or unvested) by an entity which is a party to the transaction resulting in such Corporate Change
and which is then employing such Holder or which is affiliated or associated with such Holder in the same or a substantially similar manner as the Company prior to the Corporate Change, or a parent or subsidiary of such entity, provided that
(A) such assumption or substitution is on a basis where the excess of the aggregate fair market value of the Stock subject to the Award immediately after the assumption or substitution over the aggregate exercise price of such Award is equal to
the excess of the aggregate fair market value of all Award subject to the Award immediately before such assumption or substitution over the aggregate exercise price of such Stock, and (B) the assumed rights under such existing Award or the
substituted rights under such new Award, as the case may be, will have the same terms and conditions as the rights under the existing Award assumed or substituted for, as the case may be; 

(4) provide that the number and class or series of Stock covered by an Award (whether vested or unvested) theretofore granted
shall be adjusted so that such Award when exercised shall thereafter cover the number and class or series of Stock or other securities or property (including, without limitation, cash) to which the Holder would have been entitled pursuant to the
terms of the agreement or plan relating to such Corporate Change if, immediately prior to such Corporate Change, the Holder had been the holder of record of the number of shares of Stock then covered by such Award; or 

(5) make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Corporate Change
(provided, however, that the Committee may determine in its sole and absolute discretion that no such adjustment is necessary to reflect such Corporate Change). 

Any adjustment effected by the Committee under Section 4.5 shall be designed to provide the Holder with the intrinsic value of his or her
Award, as determined prior to the Corporate Change, or, if applicable, equalize the Fair Market Value of the Award before and after the Corporate Change. 

In effecting one or more of the alternatives set out in paragraphs (3), (4) or (5) immediately above, and except as otherwise may be
provided in an Award Agreement, the Committee, in its sole and absolute discretion and without the consent or approval of any Holder, may accelerate the time at which some or all Awards then outstanding may be exercised. 

  
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 (d) In the event of changes in the outstanding Stock by reason of
recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges or other relevant changes in capitalization occurring after the date of the grant of any Award and not otherwise provided for by this Section 4.5, any
outstanding Award and any Award Agreement evidencing such Award shall be subject to adjustment by the Committee in its sole and absolute discretion as to the number and price of Stock or other consideration subject to such Award. In the event of any
such change in the outstanding Stock, the aggregate number of shares of Stock available under the Plan may be appropriately adjusted by the Committee, whose determination shall be conclusive. 

(e) After a merger of one or more corporations into the Company in which the Company shall be the surviving corporation, each
Holder shall be entitled to have his or her Restricted Stock appropriately adjusted based on the manner in which the shares of Stock were adjusted under the terms of the agreement of merger or consolidation. 

(f) The issuance by the Company of stock of any class or series, or securities convertible into, or exchangeable for, stock of
any class or series, for cash or property, or for labor or services either upon direct sale or upon the exercise of rights or warrants to subscribe for them, or upon conversion or exchange of stock or obligations of the Company convertible into, or
exchangeable for, stock or other securities, shall not affect, and no adjustment by reason of such issuance shall be made with respect to, the number, class or series, or price of shares of Stock then subject to outstanding Awards. 

4.6 Election Under Section 83(b) of the Code. No Holder shall exercise the election permitted under section 83(b) of the Code with
respect to any Award without the prior written approval of the General Counsel or the Chief Financial Officer of the Company. Any Holder who makes an election under section 83(b) of the Code with respect to any Award without the prior written
approval of the General Counsel or the Chief Financial Officer of the Company may, in the discretion of the Committee, forfeit any or all Awards granted to him or her under the Plan. 

4.7 Forfeiture for Cause. Notwithstanding any other provision of the Plan or an Award Agreement, if the Committee finds by a majority
vote that a Holder, before or after his Separation from Service, (a) committed a felony, a crime involving moral turpitude, or any act or omission involving fraud, embezzlement, theft or any other act of dishonesty, during the course of his
employment by, affiliation with or service, to the Company or an Affiliate which conduct damaged the Company or an Affiliate, (b) disclosed trade secrets of the Company or an Affiliate, (c) violated the terms of any non-competition,
non-disclosure, service or similar agreement with respect to the Company or any Affiliate to which the Holder is a party, (d) knowingly caused or assisted in causing the publicly released financial statements of the Company or an Affiliate to
be misstated, (e) substantially and repeatedly failed to perform duties of the office or position held by the Holder as reasonably directed by the Company or an Affiliate, (f) committed gross negligence or willful misconduct with respect
to the Company or an Affiliate, (g) committed a material breach of any employment or service agreement between the Holder and the Company or an Affiliate that is not cured within ten (10) days after receipt of written notice thereof from
the Company or the Affiliate or as otherwise provided in such agreement, as applicable, (h) failed, within ten (10) days after receipt by the Holder of written notice thereof from the 

  
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Company or an Affiliate, to correct or otherwise rectify any failure to comply with reasonable instructions or other directions from the Company or an Affiliate which the Committee reasonably
believes has or may materially or adversely affect the Company’s or an Affiliate’s business or operations, (i) willfully engaged in conduct which the Holder has, or in the opinion of the Committee should have had, reason to know is
materially injurious to the Company or an Affiliate, (j) harassed or discriminated against the Company’s or an Affiliate’s employee, customer or vendor in violation of the Company’s or the Affiliate’s policies with respect
to such matters, (k) misappropriated funds or assets of the Company or an Affiliate for personal use, (l) willfully violated the Company’ or an Affiliate’s policies or standards of business conduct as determined in good faith by
the Committee, (m) failed, due to some action or inaction on the part of the Holder, to have immigration status that permits the Holder to maintain full-time employment with the Company or an Affiliate in the United States in compliance with
all applicable immigration law, or (n) knowingly caused or assisted in causing the Company or an Affiliate to engage in criminal misconduct, then as of the date the Committee makes its finding, some or all Awards awarded to the Holder
(including vested Awards that have been exercised, vested Awards that have not been exercised and Awards that have not yet vested), as determined by the Committee in its sole discretion, and all net proceeds realized with respect to any such Awards,
will be forfeited to the Company on such terms as determined by the Committee. The findings and decision of the Committee with respect to such matter, including those regarding the acts of the Holder and the damage done to the Company, will be final
for all purposes. No decision of the Committee, however, will affect the finality of the discharge of the individual by the Company or an Affiliate or severance of the individual’s affiliation with the Company and all Affiliates. 

4.8 Forfeiture Events. The Committee may specify in an Award Agreement that the Holder’s rights, payments, and benefits with
respect to an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may
include, but shall not be limited to, Separation from Service for cause, Separation from Service for any other reason, violation of material policies of the Company and its Affiliates, breach of noncompetition, confidentiality, or other restrictive
covenants that may apply to the Holder, or other conduct by the Holder that is detrimental to the business or reputation of the Company and its Affiliates. 

4.9 Recoupment in Restatement Situations. Without limiting the applicability of Section 4.7 or Section 4.8, if the Company is
required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under applicable securities laws, the current or former Holder who was a current or former executive officer of
the Company or an Affiliate shall forfeit and must repay to the Company any compensation awarded under the Plan to the extent specified in any of the Company’s recoupment policies established or amended (now or in the future) in compliance with
the rules and standards of the Securities and Exchange Commission under or in connection with Section 10D of the Exchange Act. In addition, without limiting the applicability of Section 4.7 or Section 4.8, any Award granted pursuant
to the Plan, and any Stock or property issued or cash paid pursuant to such an Award, shall be subject to any recoupment, forfeiture or clawback policy that may be adopted by the Board of the Company from time to time and to any requirement of
applicable law, regulation or listing standard that requires the Company to recoup, forfeit or claw back compensation paid pursuant to such an Award. 

  
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 4.10 Award Agreements. Each Award shall be embodied in a written Award Agreement that
shall be subject to the terms and conditions of the Plan. The Award Agreement shall be signed by an executive officer of the Company, other than the Holder, on behalf of the Company, and may be signed by the Holder to the extent required by the
Committee. The Award Agreement may specify the effect of a change in control of the Company on the Award. The Award Agreement may contain any other provisions that the Committee in its discretion shall deem advisable which are not inconsistent with
the terms and provisions of the Plan. 
 4.11 Amendments of Award Agreements. The terms of any outstanding Award under the Plan may be
amended from time to time by the Committee in its discretion in any manner that it deems appropriate and that is consistent with the terms of the Plan or necessary to implement the requirements of the Plan. However, no such amendment shall adversely
affect in a material manner any right of a Holder without his or her written consent. Except as specified in Section 4.5(b), the Committee may not directly or indirectly lower the exercise price of a previously granted Option or the grant price
of a previously granted SAR. 
 4.12 Rights as Stockholder. A Holder shall not have any rights as a stockholder with respect to Stock
covered by an Option, a SAR, an RSU, a Performance Unit, or an Other Stock-Based Award payable in Stock until the date, if any, such Stock is issued by the Company; and, except as otherwise provided in Section 4.5, no adjustment for dividends,
or otherwise, shall be made if the record date therefor is prior to the date of issuance of such Stock. 
 4.13 Issuance of Shares of
Stock. Shares of Stock, when issued, may be represented by a certificate or by book or electronic entry. 
 4.14 Restrictions on Stock
Received. The Committee may impose such conditions and restrictions on any shares of Stock issued pursuant to an Award as it may deem advisable or desirable. These restrictions may include, but shall not be limited to, a requirement that the
Holder hold the shares of Stock for a specified period of time. 
 4.15 Section 409A. Awards shall be designed, granted and
administered in such a manner that they are intended to either be exempt from the application of, or comply with, the requirements of Section 409A. The Company makes no representations that the Plan, the administration of the Plan, any Award
Agreement or the amounts hereunder comply with, or are exempt from, Section 409A and the Company undertakes no obligation to ensure such compliance or exemption. The Plan and each Award Agreement under the Plan that is intended to comply the
requirements of Section 409A shall be construed and interpreted in accordance with such intent. Notwithstanding any other provision of the Plan, if Holder is a “specified employee” (within the meaning of Section 409A), and the
Company determines that a payment or vesting under an Award is not Permissible under Section 409A, then no payment shall be made or vesting shall occur under the Award due to a “separation from service” (within the meaning of
Section 409A of the Code) for any reason before the earlier of the date (i) that is six (6) months after the date on which the Holder incurs such separation from service or (ii) of the Holder’s death. 

  
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 4.16 Date of Grant. The date on which an Option or SAR is granted shall be the date the
Company completes the corporate action constituting an offer of Stock for sale to a Holder under the terms and conditions of the Option or SAR; provided that such corporate action shall not be considered complete until the date on which the
maximum number of shares that can be purchased under the Option or SAR and the minimum Option Price or grant price are fixed or determinable. If the corporate action contemplates an immediate offer of Stock for sale to a class of individuals,
then the date of the granting of an Option or SAR is the time or date of that corporate action, if the offer is to be made immediately. If the corporate action contemplates a particular date on which the offer is to be made, then the date of grant
is the contemplated date of the offer. 
 4.17 Source of Shares Deliverable Under Awards. Any shares of Stock delivered pursuant to an
Award may consist, in whole or in part, of authorized and unissued shares of Stock or of treasury shares of Stock. 
 ARTICLE V 

OPTIONS 
 5.1 Authority
to Grant Options. Subject to the terms and provisions of the Plan, the Committee, at any time, and from time to time, may grant Options under the Plan to eligible persons under Article III in such number and upon such terms as the Committee
shall determine; provided that ISOs may be granted only to eligible Employees of the Company or of any Parent Corporation or Subsidiary Corporation (as permitted by section 422 of the Code and the regulations thereunder). 

5.2 Type of Options Available. Options granted under the Plan may be NQSOs or ISOs. 

5.3 Option Agreement. Each Option grant under the Plan shall be evidenced by an Award Agreement that shall specify (a) whether the
Option is intended to be an ISO or an NQSO, (b) the Option Price, (c) the duration of the Option, (d) the number of shares of Stock to which the Option pertains, (e) the exercise restrictions, if any, applicable to the Option and
(f) such other provisions as the Committee shall determine that are not inconsistent with the terms and provisions of the Plan. Notwithstanding the designation of an Option as an ISO in the applicable Award Agreement for such Option, to the
extent the limitations of Section 5.11 of the Plan are exceeded with respect to the Option, the portion of the Option in excess of the limitation shall be treated as a NQSO. An Option granted under the Plan may not be granted with any Dividend
Equivalents rights. 
 5.4 Option Price. The price at which shares of Stock may be purchased under an Option (the “Option
Price”) shall not be less than one hundred percent (100%) of the Fair Market Value of the shares of Stock on the date the Option is granted; provided, however, if the Option is an ISO granted to a Ten Percent
Stockholder, the Option Price must not be less than one hundred ten percent (110%) of the Fair Market Value of the shares of Stock on the date the ISO is granted. Subject to the limitations set forth in the preceding sentences of this
Section 5.4, the Committee shall determine the Option Price for each grant of an Option under the Plan. 

  
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 5.5 Duration of Option. An Option shall not be exercisable after the earlier of
(a) the general term of the Option specified in the applicable Award Agreement (which shall not exceed ten years, and, in the case of a Ten Percent Stockholder, no ISO shall be exercisable later than the fifth (5th) anniversary of the date
of its grant) or (b) the period of time specified in the applicable Award Agreement that follows the Holder’s Separation from Service. 

5.6 Amount Exercisable. Each Option may be exercised at the time, in the manner and subject to the conditions the Committee specifies in
the Award Agreement in its sole discretion. 
 5.7 Exercise of Option. 

(a) General Method of Exercise. Subject to the terms and provisions of the Plan and the applicable Award Agreement,
Options may be exercised in whole or in part from time to time by the delivery of written notice in the manner designated by the Committee stating (i) that the Holder wishes to exercise such Option on the date such notice is so delivered,
(ii) the number of shares of Stock with respect to which the Option is to be exercised and (iii) the address to which a stock certificate, if any, representing such shares of Stock should be mailed or delivered, or the account to which the
shares of Stock represented by book or electronic entry should be delivered. Except in the case of exercise by a third party broker as provided below, in order for the notice to be effective the notice must be accompanied by payment of the Option
Price (and all applicable federal, state, local and foreign withholding taxes described in Section 17.3) by any combination of the following: (w) cash, certified check, or bank draft for an amount equal to the Option Price under the
Option, (x) Mature Shares with a Fair Market Value on the date of exercise equal to the Option Price under the Option (if approved in advance by the Committee or an executive officer of the Company), (y) as described further in
(c) below, an election to make a cashless exercise through a registered broker-dealer (if approved in advance by the Committee or an executive officer of the Company) or (z) except as specified below, any other form of payment which is
acceptable to the Committee. If Mature Shares are used for payment by the Holder, the aggregate Fair Market Value of the shares of Stock tendered must be equal to or less than the aggregate Option Price of the shares of Stock being purchased upon
exercise of the Option, and any difference must be paid by cash, certified check, or bank draft payable to the order of the Company. Whenever an Option is exercised by exchanging shares of Stock owned by the Holder, the Holder shall deliver to the
Company or its delegate certificates registered in the name of the Holder representing a number of shares of Stock legally and beneficially owned by the Holder, free of all liens, claims, and encumbrances of every kind, accompanied by stock powers
duly endorsed in blank by the record holder of the shares represented by the certificates, (with signature guaranteed by a commercial bank or trust company or by a brokerage firm having a membership on a registered national stock exchange). The
delivery of certificates upon the exercise of Option is subject to the condition that the person exercising the Option provide the Company with the information the Company might reasonably request pertaining to exercise, sale or other disposition of
an Option. 

  
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 (b) Issuance of Shares. Subject to Section 4.3 and
Section 5.7(c), as promptly as practicable after receipt of written notification and payment, in the form required by Section 5.7(a), of an amount of money necessary to satisfy the aggregate option price and any withholding tax liability
that may result from the exercise of such Option, the Company shall deliver to the Holder certificates for the number of shares with respect to which the Option has been exercised, issued in the Holder’s name. Delivery of the shares
shall be deemed effected for all purposes when a stock transfer agent of the Company shall have deposited the certificates in the United States mail, addressed to the Holder, at the address specified by the Holder or shall have transferred to the
account designated by the Holder to which the shares of Stock represented by book or electronic entry are to be delivered. 

(c) Exercise Through Third-Party Broker. The Committee may permit a Holder to elect to pay the Option Price and any
applicable tax withholding resulting from such exercise by authorizing a third-party broker to sell all or a portion of the shares of Stock acquired upon exercise of the Option and remit to the Company a sufficient portion of the sale proceeds to
pay the Option Price and any applicable federal, state, local and foreign tax withholding resulting from such exercise. 

(d) Limitations on Exercise Alternatives. The Committee shall not permit a Holder to pay such Holder’s Option Price
upon the exercise of an Option by having the Company reduce the number of shares of Stock that will be delivered pursuant to the exercise of the Option. In addition, the Committee shall not permit a Holder to pay such Holder ‘s Option Price
upon the exercise of an Option by using shares of Stock other than Mature Shares. An Option may not be exercised for a fraction of a share of Stock. 

5.8 Transferability-Incentive Stock Options. Notwithstanding anything in the Plan or an Award Agreement to the contrary, no ISO granted
under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, and all ISOs granted to an Employee under this Article V shall be exercisable during
his or her lifetime only by such Employee. 
 5.9 Notification of Disqualifying Disposition. If any Employee shall make any
disposition of shares of Stock issued pursuant to the exercise of an ISO under the circumstances described in section 421(b) of the Code (relating to certain disqualifying dispositions), such Employee shall notify the Company of such disposition
within ten (10) days thereof. 
 5.10 No Rights as Stockholder. A Holder of an Option shall not have any rights as a stockholder
with respect to Stock covered by an Option until the date a stock certificate for such Stock is issued by the Company. Except as otherwise provided in Section 4.5, no adjustment for dividends, or otherwise, shall be made if the record date
therefor is prior to the date of issuance of such certificate. 
 5.11 $100,000 Limitation on ISOs. To the extent that the aggregate
Fair Market Value of shares of Stock with respect to which ISOs first become exercisable by a Holder in any calendar year exceeds $100,000, taking into account both shares of Stock subject to ISOs under the Plan and Stock subject to ISOs under all
other plans of the Company, such Options shall be treated as NQSOs. For this purpose, the “Fair Market Value” of the shares of Stock subject to Options shall be determined as of the date the Options were awarded. In reducing the number of

  
 17 

 
Options treated as ISOs to meet the $100,000 limit, the most recently granted Options shall be reduced first. To the extent a reduction of simultaneously granted Options is necessary to meet the
$100,000 limit, the Committee may, in the manner and to the extent permitted by law, designate which shares of Stock are to be treated as shares acquired pursuant to the exercise of an ISO. 

5.12 Separation from Service. Each Award Agreement shall set forth the extent to which the Holder of an Option shall have the right to
exercise the Option following the Holder’s Separation from Service. Such provisions shall be determined in the sole discretion of the Committee, need not be uniform among all Options issued pursuant to the Award Agreement or the Plan, and may
reflect distinctions based on the reasons for termination or severance. 
 ARTICLE VI 

STOCK APPRECIATION RIGHTS 

6.1 Authority to Grant SAR Awards. Subject to the terms and provisions of the Plan, the Committee, at any time, and from time to time,
may grant SARs under the Plan to eligible persons under Article III in such number and upon such terms as the Committee shall determine. Subject to the terms and conditions of the Plan, the Committee shall have complete discretion in determining the
number of SARs granted to each Holder and, consistent with the provisions of the Plan, in determining the terms and conditions pertaining to such SARs. 

6.2 Type of Stock Appreciation Rights Available. The Committee may grant Freestanding SARs, Tandem SARs, or any combination of these
forms of SARs. 
 6.3 General Terms. Subject to the terms and conditions of the Plan, a SAR granted under the Plan shall confer on the
recipient a right to receive, upon exercise thereof, an amount equal to the excess of (a) the Fair Market Value of one share of the Stock on the date of exercise over (b) the grant price of the SAR, which shall not be less than one hundred
percent (100%) of the Fair Market Value of one share of the Stock on the date of grant of the SAR. The grant price of Tandem SARs shall not be less than the Option Price of the related Option. A SAR granted under the Plan may not be granted
with any Dividend Equivalents rights. 
 6.4 SAR Agreement. Each Award of SARs granted under the Plan shall be evidenced by an Award
Agreement that shall specify (a) the grant price of the SAR, (b) the term of the SAR, (c) the vesting and termination provisions of the SAR and (d) such other provisions as the Committee shall determine that are not inconsistent
with the terms and provisions of the Plan. The Committee may impose such additional conditions or restrictions on the exercise of any SAR as it may deem appropriate. 

6.5 Term of SAR. The term of a SAR granted under the Plan shall be determined by the Committee, in its sole discretion; provided that no
SAR shall be exercisable on or after the tenth anniversary date of its grant. Notwithstanding any other provision of this Plan to the contrary, with respect to a Tandem SAR granted in connection with an ISO: (a) the Tandem SAR will expire no
later than the expiration of the underlying ISO; (b) the value of the payout with respect to the Tandem SAR may be for no more than one hundred percent (100%) of the excess 

  
 18 

 
of the Fair Market Value of the shares of Stock subject to the underlying ISO at the time the Tandem SAR is exercised over the Option Price of the underlying ISO; and (c) the Tandem SAR may
be exercised only when the Fair Market Value of the shares of Stock subject to the ISO exceeds the Option Price of the ISO. 
 6.6
Exercise of Freestanding SARs. Subject to the terms and provisions of the Plan and the applicable Award Agreement, Freestanding SARs may be exercised in whole or in part from time to time by the delivery of written notice in the manner
designated by the Committee stating (a) that the Holder wishes to exercise such SAR on the date such notice is so delivered, (b) the number of shares of Stock with respect to which the SAR is to be exercised and (c) the address to
which the payment due under such SAR should be delivered. In accordance with applicable law, a Freestanding SAR may be exercised subject to whatever additional terms and conditions the Committee, in its sole discretion, imposes. 

6.7 Exercise of Tandem SARs. Subject to the terms and provisions of the Plan and the applicable Award Agreement, Tandem SARs may be
exercised for all or part of the shares of Stock subject to the related Option upon the surrender of the right to exercise the equivalent portion of the related Option and by the delivery of written notice in the manner designated by the Committee
stating (a) that the Holder wishes to exercise such SAR on the date such notice is so delivered, (b) the number of shares of Stock with respect to which the SAR is to be exercised and (c) the address to which the payment due under
such SAR should be delivered. A Tandem SAR may be exercised only with respect to the shares of Stock for which its related Option is then exercisable. In accordance with applicable law, a Tandem SAR may be exercised subject to whatever additional
terms and conditions the Committee, in its sole discretion, imposes. 
 6.8 Payment of SAR Amount. Upon the exercise of a SAR, a
Holder shall be entitled to receive payment from the Company in an amount determined by multiplying the excess of the Fair Market Value of a share of Stock on the date of exercise over the grant price of the SAR by the number of shares of Stock with
respect to which the SAR is exercised. At the discretion of the Committee, the payment upon SAR exercise may be in cash, in Stock of equivalent value, in some combination thereof or in any other manner approved by the Committee in its sole
discretion. The Committee’s determination regarding the form of SAR payout shall be set forth in the Award Agreement pertaining to the grant of the SAR. 

6.9 Separation from Service. Each Award Agreement shall set forth the extent to which the Holder of a SAR shall have the right to
exercise the SAR following the Holder’s Separation from Service. Such provisions shall be determined in the sole discretion of the Committee, may be included in the Award Agreement entered into with the Holder, need not be uniform among all
SARs issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination or severance. 
 6.10 No Rights as
Stockholder. A grantee of a SAR award, as such, shall have no rights as a stockholder. 
 6.11 Restrictions on Stock Received. The
Committee may impose such conditions and restrictions on any shares of Stock received upon exercise of a SAR granted pursuant to the Plan as it may deem advisable or desirable. These restrictions may include, but shall not be limited to, a
requirement that the Holder hold the shares of Stock received upon exercise of a SAR for a specified period of time. 

  
 19 

 ARTICLE VII 

RESTRICTED STOCK AWARDS 

7.1 Restricted Stock Awards. Subject to the terms and provisions of the Plan, the Committee, at any time, and from time to time, may
make Awards of Restricted Stock under the Plan to eligible persons under Article III in such number and upon such terms as the Committee shall determine. The amount of and the vesting, transferability and forfeiture restrictions applicable to any
Restricted Stock Award shall be determined by the Committee in its sole discretion. If the Committee imposes vesting, transferability and forfeiture restrictions on a Holder’s rights with respect to Restricted Stock, the Committee may issue
such instructions to the Company’s share transfer agent in connection therewith as it deems appropriate. The Committee may also cause the certificate for shares of Stock issued pursuant to a Restricted Stock Award to be imprinted with any
legend which counsel for the Company considers advisable with respect to the restrictions or, should the shares of Stock be represented by book or electronic entry rather than a certificate, the Company may take such steps to restrict transfer of
the shares of Stock as counsel for the Company considers necessary or advisable. 
 7.2 Restricted Stock Award Agreement. Each
Restricted Stock Award shall be evidenced by an Award Agreement that contains any vesting, transferability and forfeiture restrictions and other provisions not inconsistent with the Plan as the Committee may specify. 

7.3 Holder’s Rights as Stockholder. Subject to the terms and conditions of the Plan, each recipient of a Restricted Stock Award
shall have all the rights of a stockholder with respect to the shares of Restricted Stock included in the Restricted Stock Award during the Period of Restriction established for the Restricted Stock Award. Dividends paid with respect to Restricted
Stock in cash or property other than shares of Stock or rights to acquire shares of Stock shall be paid to the recipient of the Restricted Stock Award currently. Dividends paid in shares of Stock or rights to acquire shares of Stock shall be added
to and become a part of the Restricted Stock. During the Period of Restriction, certificates representing the Restricted Stock shall be registered in the Holder’s name and bear a restrictive legend to the effect that ownership of such
Restricted Stock, and the enjoyment of all rights appurtenant thereto, are subject to the restrictions, terms, and conditions provided in the Plan and the applicable Award Agreement. Such certificates shall be deposited by the recipient with the
Secretary of the Company or such other officer or agent of the Company as may be designated by the Committee, together with all stock powers or other instruments of assignment, each endorsed in blank, which will permit transfer to the Company of all
or any portion of the Restricted Stock which shall be forfeited in accordance with the Plan and the applicable Award Agreement. 

  
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 ARTICLE VIII 

RESTRICTED STOCK UNIT AWARDS 

8.1 Authority to Grant RSU Awards. Subject to the terms and provisions of the Plan, the Committee, at any time, and from time to time,
may grant RSU Awards under the Plan to eligible persons under Article III in such amounts and upon such terms as the Committee shall determine. The amount of and the vesting, transferability and forfeiture restrictions applicable to any RSU Award
shall be determined by the Committee in its sole discretion. The Committee shall maintain a bookkeeping ledger account which reflects the number of RSUs credited under the Plan for the benefit of a Holder. 

8.2 RSU Award. An RSU Award shall be similar in nature to a Restricted Stock Award except that no shares of Stock are actually
transferred to the Holder until a later date specified in the applicable Award Agreement. Each RSU shall have a value equal to the Fair Market Value of a share of Stock. 

8.3 RSU Award Agreement. Each RSU Award shall be evidenced by an Award Agreement that contains any Substantial Risk of Forfeiture,
vesting, transferability and forfeiture restrictions, form and time of payment provisions and other provisions not inconsistent with the Plan as the Committee may specify. 

8.4 Dividend Equivalents. An Award Agreement for an RSU Award may specify that the Holder shall be entitled to the payment of Dividend
Equivalents under the Award. 
 8.5 Form of Payment Under RSU Award. Payment under an RSU Award shall be made in cash, shares of Stock
or any combination thereof, as specified in the applicable Award Agreement. 
 8.6 Time of Payment Under RSU Award. A Holder’s
payment under an RSU Award shall be made at such time as is specified in the applicable Award Agreement. The Award Agreement shall specify that the payment will be made (a) by a date that is no later than the date that is two and one-half (2
1/2) months after the end of the calendar year in which the RSU Award payment is no longer subject to a Substantial Risk of Forfeiture or (b) at a time that is Permissible under Section 409A. 

8.7 Holder’s Rights as Stockholder. Each recipient of an RSU Award shall have no rights of a stockholder with respect to the
Holder’s RSUs. A Holder shall have no voting rights with respect to any RSU Awards. 
 ARTICLE IX 

PERFORMANCE STOCK AWARDS AND PERFORMANCE UNIT AWARDS 

9.1 Authority to Grant Performance Stock Awards and Performance Unit Awards. Subject to the terms and provisions of the Plan, the
Committee, at any time, and from time to time, may grant Performance Stock Awards and Performance Unit Awards under the Plan to eligible persons under Article III in such amounts and upon such terms as the Committee 

  
 21 

 
shall determine. The amount of and the vesting, transferability and forfeiture restrictions applicable to any Performance Stock Award or Performance Unit Award shall be based upon the attainment
of such Performance Goals as the Committee may determine; provided, however, that the performance period for any Performance Stock Award or Performance Unit Award shall not be less than one year. If the Committee imposes vesting, transferability and
forfeiture restrictions on a Holder’s rights with respect to Performance Stock Award or Performance Unit Awards, the Committee may issue such instructions to the Company’s share transfer agent in connection therewith as it deems
appropriate. The Committee may also cause the certificate for shares of Stock issued pursuant to a Performance Stock Award or Performance Unit Award to be imprinted with any legend which counsel for the Company considers advisable with respect to
the restrictions or, should the shares of Stock be represented by book or electronic entry rather than a certificate, the Company may take such steps to restrict transfer of the shares of Stock as counsel for the Company considers necessary or
advisable. 
 9.2 Performance Goals. A Performance Goal must be objective such that a third party having knowledge of the relevant
facts could determine whether the goal is met. Unless and until the Committee proposes for stockholder vote and the stockholders approve a change in the general Performance Goals set forth in this Article IX, the Performance Goals upon which the
payment or vesting of an Award to a Covered Employee that is intended to qualify as Performance-Based Compensation shall be limited to one or more of the following Performance Goals, which may be based on one or more business criteria that apply to
the Holder, one or more business units or subsidiaries of the Company, or the Company as a whole: earnings per share, earnings per share growth, total stockholder return, economic value added, cash return on capitalization, increased revenue,
revenue ratios (per employee or per customer), net income, stock price, market share, return on equity, return on assets, return on capital, return on capital compared to cost of capital, return on capital employed, return on invested capital,
stockholder value, net cash flow, operating income, earnings before interest and taxes (“EBIT”), earnings before interest, taxes, depreciation and amortization (“EBITDA”), cash flow, cash flow from operations, cost reductions,
cost ratios (per employee or per customer), proceeds from dispositions, project completion time and budget goals, net cash flow before financing activities, customer growth, total market value, successful closing of transactions, utilization rates
and safety and environmental performance measures (including total recordable incident rates (“TRIR”)). Goals may also be based on performance relative to a peer group of companies. Goals may apply to results obtained relative to a
specific industry or a specific index. Unless otherwise stated, such a Performance Goal need not be based upon an increase or positive result under a particular business criterion and could include, for example, maintaining the status quo or
limiting economic losses (measured, in each case, by reference to specific business criteria). In interpreting Plan provisions applicable to Performance Goals and Performance Stock Award or Performance Unit Award, it is intended that the Plan will
conform with the standards of section 162(m) of the Code and Treasury Regulations § 1.162-27(e)(2)(i), and the Committee in establishing such goals and interpreting the Plan shall be guided by such provisions. Prior to the payment of any
compensation based on the achievement of Performance Goals, the Committee must certify in writing that applicable Performance Goals and any of the material terms thereof were, in fact, satisfied. Subject to the foregoing provisions, the terms,
conditions and limitations applicable to any Performance Stock Award or Performance Unit Award made pursuant to the Plan shall be determined by the Committee. In the case of any Award to a Covered Employee that is intended to qualify as
Performance-Based Compensation under the Plan, such Award and 

  
 22 

 
the Award Agreement for such Award will be construed and administered to the maximum extent permitted by law in a manner consistent with satisfying the requirements of section 162(m) of the Code
for deductibility of remuneration paid to Covered Employees, notwithstanding anything to the contrary in the Plan. An Award intended to be exempt from the limitations of section 162(m) of the Code will not be required to comply with the provisions
of Sections 9.2, 9.3, 9.10 and 9.11 if and to the extent such Award is eligible (as determined by the Committee) for exemption from such requirements by reason of the post-initial public offering transition relief set forth in Treasury Regulation
§ 1.162-27(f). 
 9.3 Time of Establishment of Performance Goals. With respect to a Covered Employee, a Performance Goal for a
particular Performance Stock Award or Performance Unit Award must be established by the Committee prior to the earlier to occur of (a) 90 days after the commencement of the period of service to which the Performance Goal relates or (b) the
lapse of 25 percent of the period of service, and in any event while the outcome is substantially uncertain. 
 9.4 Written Agreement.
Each Performance Stock Award or Performance Unit Award shall be evidenced by an Award Agreement that contains any vesting, transferability and forfeiture restrictions and such other provisions not inconsistent with the Plan as the Committee may
specify. 
 9.5 Form of Payment Under Performance Unit Award. Payment under a Performance Unit Award shall be made in cash, shares of
Stock or any combination thereof, as specified in the applicable Award Agreement. 
 9.6 Time of Payment Under Performance Unit Award.
A Holder’s payment under a Performance Unit Award shall be made at such time as is specified in the applicable Award Agreement. The Award Agreement shall specify that the payment will be made (a) by a date that is no later than the date
that is two and one-half (2 l/2) months after the end of the calendar year in which the Performance Unit Award payment is no longer subject to a Substantial Risk of Forfeiture or (b) at a time that is Permissible under Section 409A. 

9.7 Holder’s Rights as Stockholder With Respect to a Performance Stock Award. Subject to the terms and conditions of the Plan, each
Holder of a Performance Stock Award shall have all the rights of a stockholder with respect to the shares of Stock issued to the Holder pursuant to the Award during any period in which such issued shares of Stock are subject to forfeiture and
restrictions on transfer, including without limitation, the right to vote such shares of Stock. 
 9.8 Holder’s Rights as Stockholder
With Respect to a Performance Unit Award. Each recipient of a Performance Unit Award shall have no rights of a stockholder with respect to the Holder’s Performance Unit Award. A Holder shall have no voting rights with respect to any
Performance Unit Award. 
 9.9 Increases Prohibited. Neither the Committee nor the Board may increase the amount of compensation
payable under a Performance Stock Award or Performance Unit Award. If the time at which a Performance Stock Award or Performance Unit Award will vest or be paid is accelerated for any reason, the number of shares of Stock subject to, or the amount

 payable under, the Performance Stock Award or Performance Unit Award shall be reduced pursuant to Department of Treasury Regulation §
1.162-27(e)(2)(iii) to reasonably reflect the time value of money. 

  
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 9.10 Stockholder Approval. No payments of Stock or cash will be made to a Covered Employee
pursuant to this Article IX unless the stockholder approval requirements of Department of Treasury Regulation § 1.162-27(e)(4) are satisfied. 

9.11 Dividend Equivalents. An Award Agreement for a Performance Unit Award may specify that the Holder shall be entitled to the payment
of Dividend Equivalents under the Award. 
 ARTICLE X 

ANNUAL CASH INCENTIVE AWARDS 

10.1 Authority to Grant Annual Cash Incentive Awards. Subject to the terms and provisions of the Plan, the Committee, at any time, and
from time to time, may grant Annual Cash Incentive Awards under the Plan to Employees in such amounts and upon such terms as the Committee shall determine. Subject to the following provisions in this Article X, the amount of any Annual Cash
Incentive Awards shall be based on the attainment of such Performance Goals as the Committee may determine and the term, conditions and limitations applicable to any Annual Cash Incentive Awards made pursuant to the Plan shall be determined by the
Committee. 
 10.2 Covered Employees. The Performance Goals upon which the payment or vesting of an Annual Cash Incentive Award to a
Covered Employee that is intended to quality as Performance-Based Compensation must meet the requirements of Sections 9.2, 9.3, 9.9 and 9.10 as applied to such Annual Cash Incentive Award. 

10.3 Written Agreement. Each Annual Cash Incentive Award shall be evidenced by an Award Agreement that contains any vesting,
transferability and forfeiture restrictions and other provisions not inconsistent with the Plan as the Committee may specify. 
 10.4 Form
of Payment Under Annual Cash Incentive Award. Payment under an Annual Cash Incentive Award shall be made in cash. 
 10.5 Time of
Payment Under Annual Cash Incentive Award. A Holder’s payment under an Annual Cash Incentive Award shall be made at such time as is specified in the applicable Award Agreement. The Award Agreement shall specify that the payment will be made
(a) by a date that is no later than the date that is two and one-half (2 1/2) months after the end of the calendar year in which the Annual Cash Incentive Award payment is no longer subject to a Substantial Risk of Forfeiture or (b) at a
time that is Permissible under Section 409A. 

  
 24 

 ARTICLE XI 

OTHER STOCK-BASED AWARDS 

11.1 Authority to Grant Other Stock-Based Awards. Subject to the terms and provisions of the Plan, the Committee, at any time, and from
time to time, may grant other types of equity-based or equity-related Awards not otherwise described by the terms and provisions of the Plan (including the grant or offer for sale of unrestricted shares of Stock) under the Plan to eligible persons
under Article III in such number and upon such terms as the Committee shall determine. Such Awards may involve the transfer of actual shares of Stock to Holders, or payment in cash or otherwise of amounts based on the value of shares of Stock and
may include, without limitation, Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States. 

11.2 Value of Other Stock-Based Award. Each Other Stock-Based Award shall be expressed in terms of shares of Stock or units based on
shares of Stock, as determined by the Committee. 
 11.3 Written Agreement. Each Other Stock-Based Award shall be evidenced by an
Award Agreement that contains any vesting, transferability and forfeiture restrictions and other provisions not inconsistent with the Plan as the Committee may specify. 

11.4 Payment of Other Stock-Based Award. Payment, if any, with respect to an Other Stock-Based Award shall be made in accordance with
the terms of the Award, in cash, shares of Stock or any combination thereof, as the Committee determines. 
 11.5 Separation from
Service. The Committee shall determine the extent to which a Holder’s rights with respect to Other Stock-Based Awards shall be affected by the Holder’s Separation from Service. Such provisions shall be determined in the sole discretion
of the Committee and need not be uniform among all Other Stock-Based Awards issued pursuant to the Plan. 
 11.6 Time of Payment of Other
Stock-Based Award. A Holder’s payment under an Other Stock-Based Award shall be made at such time as is specified in the applicable Award Agreement. If a payment under the Award Agreement is subject to Section 409A, the Award Agreement
shall specify that the payment will be made (a) by a date that is no later than the date that is two and one-half (2 1/2) months after the end of the calendar year in which the Other Stock-Based Award payment is no longer subject to a
Substantial Risk of Forfeiture or (b) at a time that is Permissible under Section 409A. 
 ARTICLE XII 

CASH-BASED AWARDS 
 12.1
Authority to Grant Cash-Based Awards. Subject to the terms and provisions of the Plan, the Committee, at any time, and from time to time, may grant Cash-Based Awards under the Plan to eligible persons under Article III in such amounts and
upon such terms as the Committee shall determine. 

  
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 12.2 Value of Cash-Based Award. Each Cash-Based Award shall specify a payment amount or
payment range as determined by the Committee. 
 12.3 Written Agreement. Each Cash-Based Award shall be evidenced by an Award
Agreement that contains any vesting, transferability and forfeiture restrictions and other provisions not inconsistent with the Plan as the Committee may specify. 

12.4 Payment of Cash-Based Award. Payment, if any, with respect to a Cash-Based Award shall be made in accordance with the terms of the
Award, in cash. 
 12.5 Time of Payment of Cash-Based Award. Payment under a Cash-Based Award shall be made at such time as is
specified in the applicable Award Agreement. If a payment under the Award Agreement is subject to Section 409A, the Award Agreement shall specify that the payment will be made (a) by a date that is no later than the date that is two and
one-half (2 1/2) months after the end of the calendar year in which the Cash-Based Award payment is no longer subject to a Substantial Risk of Forfeiture or (b) at a time that is Permissible under Section 409A. 

12.6 Separation from Service. The Committee shall determine the extent to which a Holder’s rights with respect to Cash-Based Awards
shall be affected by the Holder’s Separation from Service. Such provisions shall be determined in the sole discretion of the Committee and need not be uniform among all Cash-Based Awards issued pursuant to the Plan. 

ARTICLE XIII 

SUBSTITUTION AWARDS 

Awards may be granted under the Plan from time to time in substitution for stock options and other awards held by employees of other entities
who are about to become Employees, or whose employer is about to become an Affiliate as the result of a merger or consolidation of the Company with another corporation, or the acquisition by the Company of substantially all the assets of another
corporation, or the acquisition by the Company of at least fifty percent (50%) of the issued and outstanding stock of another corporation as the result of which such other corporation will become a subsidiary of the Company. The terms and
conditions of the substitute Awards so granted may vary from the terms and conditions set forth in the Plan to such extent as the Board at the time of grant may deem appropriate to conform, in whole or in part, to the provisions of the awards in
substitution for which they are granted. If shares of Stock are issued under the Plan with respect to an Award granted under this Article such shares of Stock will not count against the aggregate number of shares of Stock with respect to which
Awards may be granted under the Plan. 
 ARTICLE XIV 

ADMINISTRATION 
 14.1
Awards. The Plan shall be administered by the Committee or, in the absence of the Committee or in the case of awards issued to Outside Directors, the Plan shall be administered by the Board. The members of the Committee (that is not itself
the Board) shall 

  
 26 

 
serve at the discretion of the Board. The Committee shall have full and exclusive power and authority to administer the Plan and to take all actions that the Plan expressly contemplates or are
necessary or appropriate in connection with the administration of the Plan with respect to Awards granted under the Plan. 
 14.2
Authority of the Committee. 
 (a) The Committee shall have full and exclusive power to interpret and apply the terms
and provisions of the Plan and Awards made under the Plan, and to adopt such rules, regulations and guidelines for implementing the Plan as the Committee may deem necessary or proper, all of which powers shall be exercised in the best interests of
the Company and in keeping with the objectives of the Plan. A majority of the members of the Committee shall constitute a quorum for the transaction of business relating to the Plan or Awards made under the Plan, and the vote of a majority of those
members present at any meeting shall decide any question brought before that meeting. Any decision or determination reduced to writing and signed by a majority of the members shall be as effective as if it had been made by a majority vote at a
meeting properly called and held. All questions of interpretation and application of the Plan, or as to Awards granted under the Plan, shall be subject to the determination, which shall be final and binding, of a majority of the whole Committee. No
member of the Committee shall be liable for any act or omission of any other member of the Committee or for any act or omission on his or her own part, including but not limited to the exercise of any power or discretion given to him or her under
the Plan, except those resulting from his or her own willful misconduct. In carrying out its authority under the Plan, the Committee shall have full and final authority and discretion, including but not limited to the following rights, powers and
authorities to (i) determine the persons to whom and the time or times at which Awards will be made; (ii) determine the type or types of Awards to be granted; (iii) determine the number and exercise price of shares of Stock covered in
each Award subject to the terms and provisions of the Plan; (iv) determine the terms, provisions and conditions of each Award, which need not be identical and need not match the default terms set forth in the Plan; (v) determine whether,
to what extent, and under what circumstances Awards may be settled or exercised in cash, Stock, other securities, other Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled,
exercised, canceled, forfeited, or suspended; (vi) accelerate the time at which any outstanding Award will vest; (vii) prescribe, amend and rescind rules and regulations relating to administration of the Plan; and (viii) make all
other determinations and take all other actions deemed necessary, appropriate or advisable for the proper administration of the Plan. 

(b) The Committee may make an Award to an individual who the Company expects to become an Employee of the Company or any of its
Affiliates within six (6) months after the date of grant of the Award, with the Award being subject to and conditioned on the individual actually becoming an Employee within that time period and subject to other terms and conditions as the
Committee may establish. 

  
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 (c) The Committee may correct any defect or supply any omission or reconcile any
inconsistency in the Plan or in any Award to a Holder in the manner and to the extent the Committee deems necessary or desirable to further the Plan’s objectives. Further, the Committee shall make all other determinations that may be necessary
or advisable for the administration of the Plan. As permitted by law and the terms and provisions of the Plan, the Committee may delegate to one or more of its members or to one or more officers of the Company, or its Affiliates or to one or more
agents or advisors such administrative duties or powers as it may deem advisable, and the Committee or any person to whom it has delegated duties or powers as aforesaid may employ one or more persons to render advice with respect to any
responsibility the Committee or such person may have under the Plan. The Committee may employ attorneys, consultants, accountants, agents, and other persons, any of whom may be an Employee, and the Committee, the Company, and its officers and Board
shall be entitled to rely upon the advice, opinions, or valuations of any such person. 
 14.3 Decisions Binding. All determinations
and decisions made by the Committee or the Board, as the case may be, pursuant to the provisions of the Plan and all related orders and resolutions of the Committee or the Board, as the case may be, shall be final, conclusive and binding on all
persons, including the Company, its Affiliates, its stockholders, Holders and the estates and beneficiaries of Holders. 
 14.4 No
Liability. Under no circumstances shall the Company, its Affiliates, the Board or the Committee incur liability for any indirect, incidental, consequential or special damages (including lost profits) of any form incurred by any person, whether
or not foreseeable and regardless of the form of the act in which such a claim may be brought, with respect to the Plan or the Company’s, its Affiliates’, the Committee’s or the Board’s roles in connection with the Plan. 

ARTICLE XV 
 AMENDMENT
OR TERMINATION OF PLAN 
 15.1 Amendment, Modification, Suspension, and Termination. Subject to Section 15.2, the Board may,
at any time and from time to time, alter, amend, modify, suspend, or terminate the Plan and the Committee may, at any time and from time to time, alter, amend, modify, suspend, or terminate any Award Agreement in whole or in part; provided, however,
that, without the prior approval of the Company’s stockholders and except as provided in Section 4.5, the Committee shall not directly or indirectly lower the Option Price of a previously granted Option or the grant price of a previously
granted SAR, cancel a previously granted Option or previously granted SAR for a payment of cash or other property if the aggregate fair market value of such Option or SAR is less than the gross Option Price of such Option or the gross grant price of
such SAR, and no amendment of the Plan shall be made without stockholder approval if stockholder approval is required by applicable law or stock exchange rules. 

15.2 Awards Previously Granted. Notwithstanding any other provision of the Plan to the contrary, no termination, amendment, suspension,
or modification of the Plan or an Award Agreement shall adversely affect in any material way any Award previously granted under the Plan, without the written consent of the Holder holding such Award. 

  
 28 

 ARTICLE XVI 

MISCELLANEOUS 
 16.1
Unfunded Plan/No Establishment of a Trust Fund. Holders shall have no right, title, or interest whatsoever in or to any investments that the Company or any of its Affiliates may make to aid in meeting obligations under the Plan. Nothing
contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Holder, beneficiary, legal representative, or any other
person. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be
paid from the general funds of the Company and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts, except as expressly set forth in the Plan. No property shall be set aside
nor shall a trust fund of any kind be established to secure the rights of any Holder under the Plan. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended. 

16.2 No Employment Obligation. The granting of any Award shall not constitute an employment or service contract, express or implied, and
shall not impose upon the Company or any Affiliate any obligation to employ or continue to employ, or to utilize or continue to utilize the services of, any Holder. The right of the Company or any Affiliate to terminate the employment of, or the
provision of services by, any person shall not be diminished or affected by reason of the fact that an Award has been granted to him, and nothing in the Plan or an Award Agreement shall interfere with or limit in any way the right of the Company or
its Affiliates to terminate any Holder’s employment or service relationship at any time or for any reason not prohibited by law. 
 16.3
Tax Withholding. 
 (a) The Company or any Affiliate shall be entitled to deduct from other compensation payable to
each Holder any sums required by federal, state, local or foreign tax law to be withheld with respect to the vesting or exercise of an Award or lapse of restrictions on an Award. In the alternative, the Company may require the Holder (or other
person validly exercising the Award) to pay such sums for taxes directly to the Company or any Affiliate in cash or by check within one day after the date of vesting, exercise or lapse of restrictions. 

(b) The Committee may, in its discretion, permit a Holder to satisfy any Minimum Statutory Tax Withholding Obligation arising
upon the vesting of or payment under an Award by delivering to the Holder a reduced number of shares of Stock in the manner specified herein. If permitted by the Committee and acceptable to the Holder, at the time of vesting of shares under the
Award, the Company shall (a) calculate the amount of the Company’s or an Affiliate’s Minimum Statutory Tax Withholding Obligation on the assumption that all such shares of Stock vested under the Award are made available for delivery,
(b) reduce the number of such shares of Stock made available for delivery so that the Fair Market Value of the shares of Stock withheld on the 

  
 29 

 
vesting date approximates the Company’s or an Affiliate’s Minimum Statutory Tax Withholding Obligation and (c) in lieu of the withheld shares of Stock, remit cash to the United
States Treasury or other applicable governmental authorities, on behalf of the Holder, in the amount of the Minimum Statutory Tax Withholding Obligation. The Company shall withhold only whole shares of Stock to satisfy its Minimum Statutory Tax
Withholding Obligation. Where the Fair Market Value of the withheld shares of Stock does not equal the amount of the Minimum Statutory Tax Withholding Obligation, the Company shall withhold shares of Stock with a Fair Market Value less than the
amount of the Minimum Statutory Tax Withholding Obligation and the Holder must satisfy the remaining minimum withholding obligation in some other manner permitted under this Section 16.3. The withheld shares of Stock not made available for
delivery by the Company shall be retained as treasury shares or will be cancelled and the Holder ‘s right, title and interest in such shares of Stock shall terminate. 

(c) The Company shall have no obligation upon vesting or exercise of any Award or lapse of restrictions on an Award until the
Company or an Affiliate has received payment sufficient to cover the Minimum Statutory Tax Withholding Obligation with respect to that vesting, exercise or lapse of restrictions. Neither the Company nor any Affiliate shall be obligated to advise a
Holder of the existence of the tax or the amount which it will be required to withhold. 
 16.4 No Rights to Awards. No Employee,
Outside Director, Third Party Service Provider or other person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of among such Persons. The terms and conditions of Awards need not be the same with
respect to each recipient. 
 16.5 No Guarantee of Tax Consequences. The Company makes no commitment or guarantee to any Employee,
Outside Director, Third Party Service Provider or other person that any federal, state, local or other tax treatment will (or will not) apply or be available to any person with respect to Awards under this Plan or the granting, holding, vesting,
transfer or settlement of any such Award and assumes no liability whatsoever for the tax consequences to any Employee, Outside Director, Third Party Service Provider or to any other person with respect to Awards under this Plan or the granting,
holding, vesting, transfer or settlement of any such Award. 
 16.6 Gender and Number. If the context requires, words of one gender
when used in the Plan shall include the other and words used in the singular or plural shall include the other. 
 16.7 Severability.
In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid
provision had not been included. 
 16.8 Headings. Headings of Articles and Sections are included for convenience of reference only
and do not constitute part of the Plan and shall not be used in construing the terms and provisions of the Plan. 

  
 30 

 16.9 Other Compensation Plans. The adoption of the Plan shall not affect any other option,
incentive or other compensation or benefit plans in effect for the Company or any Affiliate, nor shall the Plan preclude the Company from establishing any other forms of incentive compensation arrangements for Employees, Outside Directors or Third
Party Service Providers. 
 16.10 Retirement and Welfare Plans. Neither Awards made under the Plan nor shares of Stock or cash paid
pursuant to such Awards, may be included as “compensation” for purposes of computing the benefits payable to any person under the Company’s or any Affiliate’s retirement plans (both qualified and non-qualified) or welfare benefit
plans unless such other plan expressly provides that such compensation shall be taken into account in computing a participant’s benefit. 

16.11 Other Awards. The grant of an Award shall not confer upon the Holder the right to receive any future or other Awards under the
Plan, whether or not Awards may be granted to similarly situated Holders, or the right to receive future Awards upon the same terms or conditions as previously granted. 

16.12 Law Limitations/Governmental Approvals. The granting of Awards and the issuance of shares of Stock under the Plan shall be subject
to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

16.13 Delivery of Title. The Company shall have no obligation to issue or deliver evidence of title for shares of Stock issued under the
Plan prior to (a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and (b) completion of any registration or other qualification of the Stock under any applicable national or
foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. 
 16.14 Inability to Obtain
Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any shares of Stock hereunder,
shall relieve the Company of any liability in respect of the failure to issue or sell such shares of Stock as to which such requisite authority shall not have been obtained. 

16.15 Investment Representations. The Committee may require any person receiving Stock pursuant to an Award under the Plan to represent
and warrant in writing that the person is acquiring the shares of Stock for investment and without any present intention to sell or distribute such Stock. 

16.16 Persons Residing Outside of the United States. Notwithstanding any provision of the Plan to the contrary, in order to comply with
the laws in other countries in which the Company or any of its Affiliates operates or has employees, the Committee, in its sole discretion, shall have the power and authority to (a) determine which Affiliates shall be covered by the Plan;
(b) determine which persons employed outside the United States are eligible to participate in the Plan; (c) amend or vary the terms and provisions of the Plan and the terms and conditions of any Award granted to persons who reside outside
the United States; (d) establish subplans and 

  
 31 

 
modify exercise procedures and other terms and procedures to the extent such actions may be necessary or advisable (and any subplans and modifications to Plan terms and procedures established
under this Section 16.16 by the Committee shall be attached to the Plan document as Appendices); and (e) take any action, before or after an Award is made, that it deems advisable to obtain or comply with any necessary local government
regulatory exemptions or approvals. Notwithstanding the above, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate the Code, any securities law or governing statute or any other applicable law. 

16.17 Arbitration of Disputes. Any controversy arising out of or relating to the Plan or an Award Agreement shall be resolved by
arbitration conducted in Houston, Texas pursuant to the arbitration rules of the American Arbitration Association. The arbitration shall be final and binding on the parties. 

16.18 No Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The Committee
shall determine whether cash, additional Awards, or other property shall be issued or paid in lieu of fractional shares of Stock or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 

16.19 Governing Law. The provisions of the Plan and the rights of all persons claiming thereunder shall be construed, administered and
governed under the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction. Unless otherwise
provided in the Award Agreement, recipients of an Award under the Plan are deemed to submit to the sole and exclusive jurisdiction and venue of the federal or state courts of the State of Texas to resolve any and all issues that may arise out of or
relate to the Plan or any related Award Agreement. 

  
 32EX-10.15

 Exhibit 10.15 

AMENDED AND RESTATED 

INDEPENDENCE CONTRACT DRILLING, INC. 

2012 OMNIBUS INCENTIVE PLAN 

RESTRICTED STOCK AWARD AGREEMENT 

This RESTRICTED STOCK AWARD AGREEMENT (this
“Agreement”) is made by and between Independence Contract Drilling, Inc., a Delaware corporation (the “Company”), and [                
] (the “Grantee”) effective as of [            ] (the “Grant Date”), pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2012
Omnibus Incentive Plan (the “Plan”), a copy of which previously has been made available to the Grantee and the terms and provisions of which are incorporated by reference herein. 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. 
 WHEREAS, the Company
desires to grant to the Grantee the shares of the Company’s common stock, $0.01 par value per share, specified herein (the “Shares”), subject to the terms and conditions of this Agreement; and 

WHEREAS, the Grantee desires to have the opportunity to hold the Shares subject to the terms and
conditions of this Agreement; 
 NOW, THEREFORE, in consideration of the premises,
mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

1. Definitions. For purposes of this Agreement, the following terms shall have the meanings indicated: 

(a) “Cause” shall mean Grantee’s: 

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; 
 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; 
 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; 
 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; 

conviction of a felony involving moral turpitude; 

 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 
  

	 	(i)	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 13 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. 
 (b) “Change of
Control” shall mean: 
  

	 	(i)	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 (i) of this definition; or 

  
 -2- 

	 	(ii)	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 (ii), 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 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. 

  
 -3- 

 (c) [”Change of Control Agreement” shall mean the Change of Control
Agreement entered into effective [            ], by and between the Company and the Grantee, as amended.] 

(d) “Disability” shall have the meaning provided in the [Employment Agreement/Change of Control Agreement]. 

(e) [”Employment Agreement” shall mean the [            ]
entered into effective [            ], by and between the Company and the Grantee, as amended.] 

(f) “Employment Term” shall have the meaning provided to such term or the analogous term in the [Employment
Agreement/Change of Control Agreement]. 
 (g) “Forfeiture Restrictions” shall mean the prohibitions and
restrictions set forth herein with respect to the sale or other disposition of the Shares issued to the Grantee hereunder and the obligation to forfeit and surrender such Shares to the Company. 

(h) “Good Reason” shall have the meaning provided in the [Employment Agreement/Change of Control Agreement]. 

(i) “Period of Restriction” shall mean the period during which Restricted Shares are subject to Forfeiture Restrictions
and during which Restricted Shares may not be sold, assigned, transferred, pledged or otherwise encumbered. 
 (j) “Restricted
Shares” shall mean the Shares that are subject to the Forfeiture Restrictions under this Agreement. 
 Capitalized terms not
otherwise defined in this Agreement shall have the meanings given to such terms in the Plan. 
 2. Grant of Restricted Shares.
Effective as of the Grant Date, the Company shall cause to be issued in the Grantee’s name the following Shares as Restricted Shares: [            ] shares of the Company’s common
stock, $.01 par value, which are granted pursuant to the terms of the Plan. The Company shall cause certificates or electronic book entries evidencing the Restricted Shares, and any shares of Stock or rights to acquire shares of Stock distributed by
the Company in respect of Restricted Shares during any Period of Restriction (the “Retained Distributions”), to be issued in the Grantee’s name. During the Period of Restriction such electronic book entries and certificates
shall bear a restrictive legend to the effect that ownership of such Restricted Shares (and any Retained Distributions), and the enjoyment of all rights appurtenant thereto, are subject to the restrictions, terms, and conditions provided in the Plan
and this Agreement. The Grantee shall have the right to vote the Restricted Shares awarded to the Grantee and to receive currently and retain all regular dividends paid in cash or property (other than Retained Distributions), and to exercise all
other rights, powers and privileges of a holder of Shares, with respect to such Restricted Shares, with the exception that (a) the Grantee shall not be entitled to delivery of the stock certificate or certificates or electronic book entries
representing such Restricted Shares until the Forfeiture Restrictions applicable thereto shall have expired, (b) the Company shall retain custody of all Retained Distributions made or declared with respect to the Restricted Shares (and such
Retained Distributions shall be subject to the same restrictions, terms and conditions as are applicable to the Restricted Shares) until such time, 

  
 -4- 

 
if ever, as the Restricted Shares with respect to which such Retained Distributions shall have been made, paid, or declared shall have become vested, and such Retained Distributions shall not
bear interest or be segregated in separate accounts and (c) the Grantee may not sell, assign, transfer, pledge, exchange, encumber, or dispose of the Restricted Shares or any Retained Distributions during the Period of Restriction. Upon
issuance any certificates shall be delivered to such depository as may be designated by the Committee as a depository for safekeeping until the forfeiture of such Restricted Shares occurs or the Forfeiture Restrictions lapse, together with stock
powers or other instruments of assignment, each endorsed in blank, which will permit transfer to the Company of all or any portion of the Restricted Shares and any securities constituting Retained Distributions which shall be forfeited in accordance
with the Plan and this Agreement. In accepting the award of Shares set forth in this Agreement the Grantee accepts and agrees to be bound by all the terms and conditions of the Plan and this Agreement. 

3. Transfer Restrictions. The Shares granted hereby may not be sold, assigned, pledged, exchanged, hypothecated or otherwise
transferred, encumbered or disposed of, to the extent then subject to the Forfeiture Restrictions. Any such attempted sale, assignment, pledge, exchange, hypothecation, transfer, encumbrance or disposition in violation of this Agreement shall be
void and the Company shall not be bound thereby. Further, the Shares granted hereby that are no longer subject to Forfeiture Restrictions may not be sold or otherwise disposed of in any manner that would constitute a violation of any applicable
securities laws. The Grantee also agrees that the Company may (a) refuse to cause the transfer of the Shares to be registered on the applicable stock transfer records of the Company if such proposed transfer would, in the opinion of counsel
satisfactory to the Company, constitute a violation of any applicable securities law and (b) give related instructions to the transfer agent, if any, to stop registration of the transfer of the Shares. 

4. Vesting. 
 (a)
The Shares that are granted hereby shall be subject to the Forfeiture Restrictions. The Forfeiture Restrictions shall lapse as to the Shares that are awarded hereby in accordance with the following schedule, provided that the Grantee’s
employment with the Company and its subsidiaries has not terminated prior to the applicable lapse date: 
  

			
	 Lapse Date
	 	Number of Restricted Shares
as to Which Forfeiture Restrictions Lapse
	 First anniversary of Grant Date
	 	[     ]
	 Second anniversary of Grant Date
	 	[     ]
	 Third anniversary of Grant Date
	 	[     ]

 (b) [Notwithstanding any other provision of this Agreement or the Change of Control Agreement to the contrary,
if, during the Employment Term, a Change of Control occurs and the Grantee’s employment with the Company and its Affiliates is terminated by the Company without Cause (other than for Disability) or by the Grantee for Good Reason following such
Change of Control, then any remaining Forfeiture Restrictions shall lapse as to the then unvested Restricted Shares that are granted hereby on a pro rata basis determined by multiplying the total number of the then unvested Restricted Shares granted
hereunder by a fraction (not greater than 

  
 -5- 

 
1.0), the numerator of which is the number of months (counting any partial month as a full month) that have elapsed since the Grant 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 Grant Date and ending on the third anniversary of the Grant Date. All remaining Restricted Shares granted hereunder and subject to Forfeiture
Restrictions shall be immediately forfeited.]1 
 (c) [Notwithstanding any other
provision of this Agreement, below, or the Employment Agreement to the contrary, if, during the Employment Term, the Grantee’s employment with the Company and its Affiliates is terminated by the Company without Cause (other than for Disability)
or by the Grantee for Good Reason, then any remaining Forfeiture Restrictions shall lapse as to the then unvested Restricted Shares that are granted hereby on a pro rata basis determined by multiplying the total number of the then unvested
Restricted Shares granted hereunder by a fraction (not greater than 1.0), the numerator of which is the number of months (counting any partial month as a full month) that have elapsed since the Grant 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 Grant Date and ending on the third anniversary of the Grant Date. All remaining Restricted Shares granted hereunder and subject to
Forfeiture Restrictions shall be immediately forfeited.]2 
 (d) Upon the lapse of the
Forfeiture Restrictions with respect to the Shares granted hereby the Company shall cause to be delivered to the Grantee a stock certificate or electronic book entry representing such Shares, and such Shares shall be transferable by the Grantee
(except to the extent that any proposed transfer would, in the opinion of counsel satisfactory to the Company, constitute a violation of applicable securities law). 

(e) Except as otherwise provided in Section 4(b) hereof, if the Grantee ceases to be employed by the Company or an Affiliate for any
reason (including due to the death or Disability of the Grantee) before the applicable lapse date, the Forfeiture Restrictions then applicable to the Restricted Shares shall not lapse and all the Restricted Shares shall be forfeited to the Company.

 5. Capital Adjustments and Reorganizations. The existence of the Restricted Shares shall not affect in any way the right or
power of the Company or any company the stock of which is awarded pursuant to this Agreement to make or authorize any adjustment, recapitalization, reorganization or other change in its capital structure or its business, engage in any merger or
consolidation, issue any debt or equity securities, dissolve or liquidate, or sell, lease, exchange or otherwise dispose of all or any part of its assets or business, or engage in any other corporate act or proceeding. 

 

	1 	To be used if the Grantee has a Change of Control Agreement. 

	2 	To be used if the Grantee has an Employment Agreement. 

  
 -6- 

 6. Tax Withholding. To the extent that the receipt of the Restricted Shares or the
lapse of any Forfeiture Restrictions results in income to the Grantee for federal, state, local or foreign income, employment or other tax purposes with respect to which the Company or its subsidiaries or any Affiliate has a withholding obligation,
the Grantee shall deliver to the Company at the time of such receipt or lapse, as the case may be, such amount of money as the Company or its subsidiaries or any Affiliate may require to meet its obligation under applicable tax laws or regulations,
and, if the Grantee fails to do so, the Company or its subsidiaries or any Affiliate is authorized to withhold from the Shares granted hereby or from any cash or stock remuneration then or thereafter payable to the Grantee in any capacity any tax
required to be withheld by reason of such resulting income, sufficient to satisfy the withholding obligation. 
 7. Section 83(b)
Election. The Grantee shall not exercise the election permitted under section 83(b) of the Internal Revenue Code of 1986, as amended, with respect to the Restricted Shares without the prior written approval of the General Counsel or the
Chief Financial Officer of the Company. If the General Counsel or the Chief Financial Officer of the Company permits the election, the Grantee shall timely pay the Company the amount necessary to satisfy the Company’s attendant tax withholding
obligations, if any, and shall provide a copy of any such filing to the Company promptly after submission to the Internal Revenue Service. 

8. 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 Restricted Shares pursuant to the Plan and this Agreement. 
 9. No Fractional
Shares. All provisions of this Agreement concern whole Shares. If the application of any provision hereunder would yield a fractional share, such fractional share shall be rounded down to the next whole share if it is less than 0.5 and
rounded up to the next whole share if it is 0.5 or more. 
 10. Employment Relationship. For purposes of this Agreement, the
Grantee shall be considered to be in the employment of the Company and its Affiliates as long as the Grantee has an employment relationship with the Company and its Affiliates. The Committee shall determine any questions as to whether and when there
has been a termination of such employment relationship, and the cause of such termination, for purposes of the Plan and the Committee’s determination shall be final and binding on all persons. 

11. Not an Employment Agreement. This Agreement is not an employment or service agreement, and no provision of this Agreement
shall be construed or interpreted to create an employment or other service relationship between the Grantee and the Company, its subsidiaries or any of its Affiliates, to guarantee the right to remain employed by the Company, its subsidiaries or any
of its Affiliates for any specified term or to require the Company, its subsidiaries or any of its Affiliates to employ the Grantee for any period of time. 

12. Legend. The Grantee consents to the placing on the certificate or electronic book entry for the Shares an appropriate legend
restricting resale or other transfer of the Shares except in accordance with all applicable securities laws and rules thereunder. 

  
 -7- 

 13. Notices. Any notice, instruction, authorization, request, demand or other
communications required hereunder shall be in writing, and shall be delivered either by personal delivery, by telecopy or similar facsimile means, by certified or registered mail, return receipt requested, or by courier or delivery service,
addressed to the Company at the Company’s principal business office addressed to the attention of the Company’s General Counsel and to the Grantee at the Grantee’s residential address indicated beneath the Grantee’s signature on
the execution page of this Agreement, or at such other address and number as a party shall have previously designated by written notice given to the other party in the manner hereinabove set forth. Notices shall be deemed given when received, if
sent by facsimile means (confirmation of such receipt by confirmed facsimile transmission being deemed receipt of communications sent by facsimile means); and when delivered (or upon the date of attempted delivery where delivery is refused), if
hand-delivered, sent by express courier or delivery service, or sent by certified or registered mail, return receipt requested. 
 14.
Amendment and Waiver. Except as otherwise provided herein or in the Plan or as necessary to implement the provisions of the Plan, this Agreement may be amended, modified or superseded only by written instrument executed by the Company
and the Grantee. Only a written instrument executed and delivered by the party waiving compliance hereof shall waive any of the terms or conditions of this Agreement. Any waiver granted by the Company shall be effective only if executed and
delivered by a duly authorized executive officer of the Company other than the Grantee. The failure of any party at any time or times to require performance of any provisions hereof shall in no manner affect the right to enforce the same. No waiver
by any party of any term or condition, or the breach of any term or condition contained in this Agreement, in one or more instances, shall be construed as a continuing waiver of any such condition or breach, a waiver of any other condition, or the
breach of any other term or condition. 
 15. Dispute Resolution. In the event of any difference of opinion concerning the
meaning or effect of the Plan or this Agreement, such difference shall be resolved by the Committee. 
 16. Governing Law and
Severability. The validity, construction and performance of this Agreement shall be governed by the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or
interpretation of this Agreement to the substantive law of another jurisdiction. The invalidity of any provision of this Agreement shall not affect any other provision of this Agreement, which shall remain in full force and effect. 

17. 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.) 

  
 -8- 

 18. Successors and Assigns. Subject to the limitations which this Agreement imposes
upon the transferability of the Shares granted hereby, this Agreement shall bind, be enforceable by and inure to the benefit of the Company and its successors and assigns, and the Grantee, the Grantee’s permitted assigns, executors,
administrators, agents, legal and personal representatives. 
 19. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be an original for all purposes but all of which taken together shall constitute but one and the same instrument. 

  
 -9- 

 IN WITNESS WHEREOF, the
Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Grantee has executed this Agreement, all effective as of the date first above written. 

 

			
	INDEPENDENCE CONTRACT
	DRILLING, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	GRANTEE:
	
	  

	Name:	 	[             ]
		
	Address:	 	  

		 	  

		 	  

 Irrevocable Stock Power 

KNOW ALL MEN BY THESE
PRESENTS, that the undersigned, For Value Received, has bargained, sold, assigned and transferred and by these presents does bargain, sell, assign and transfer unto the Secretary of Independence
Contract Drilling, Inc. a Delaware corporation (the “Company”), the Shares transferred pursuant to the Restricted Stock Award Agreement dated effective
            , 20    , between the Company and the undersigned; and subject to and in accordance with such Restricted Stock Award Agreement the undersigned
does hereby constitute and appoint the Secretary of the Company the undersigned’s true and lawful attorney, IRREVOCABLY, to sell, assign, transfer, hypothecate, pledge and make over all or any part of such Shares and for that purpose to make
and execute all necessary acts of assignment and transfer thereof, and to substitute one or more persons with like full power, hereby ratifying and confirming all that said attorney or his substitutes shall lawfully do by virtue hereof.

 In Witness Whereof, the undersigned has executed this Irrevocable Stock Power effective the day of
            , 20    . 
  

			
	  

	Name:	 	        [                 ]

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"}]]