Document:

EX-10.24

 Exhibit 10.24 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This Executive EMPLOYMENT
AGREEMENT (“Agreement”) is entered into effective as of [•], by and between Independence Contract Drilling, Inc., a Delaware corporation (“ICD”), and [•]
(“Executive”). 
 W I T N E S S E T H: 

WHEREAS, the Company desires to employ, and Executive desires to be employed by the Company and its subsidiaries and affiliates,
as applicable, on the terms set forth in this Agreement; 
 NOW, THEREFORE, in consideration of the mutual terms
and agreements set forth herein, the parties hereto agree as follows:  
 1. Employment. The Company hereby agrees
that the Company or an affiliated company will continue the Executive in its employ, and the Executive hereby agrees to remain in the employ of the Company or an affiliate subject to the terms and conditions of this Agreement, during the Employment
Term (as defined below). 
 2. Term. The “Employment Term” shall mean the
period commencing on the date hereof (the “Effective Date”) and ending on the third anniversary of the Effective Date; provided, however, if neither party shall have provided written notice of termination
at least one year prior to the scheduled expiration of the then current term of this Agreement (each such date by which such notice must be provided, a “Renewal Date”), the Employment Term shall automatically be
extended for one additional year so as to expire two years from such Renewal Date. Upon a Change of Control the Employment Term shall be automatically extended to the third anniversary of the Change of Control. 

3. Position and Duties. 
 (a) During the Employment Term, (A) the Executive’s position (including status, offices, titles and reporting requirements, authority, duties and responsibilities) shall be Chief Executive
Officer reporting to the Board of Directors of the Company and (B) the Executive’s services shall be performed at the Company’s executive offices in Houston, Texas or other locations less than 50 miles from such location. 

(b) During the Employment Term, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive
agrees to devote the substantial portion of his attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive hereunder, to use the
Executive’s reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Employment Term it shall not be a violation of this Agreement for the Executive to (A) serve on corporate, civic or charitable
boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions and (C) manage personal investments and business endeavors, so long as such activities do not significantly

 
interfere with the performance of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement. It is understood and agreed that to the extent that any
such activities have been conducted by the Executive prior to the date hereof, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the date hereof shall not thereafter be deemed
to interfere with the performance of the Executive’s responsibilities to the Company. 
 4. Compensation and Related
Matters. During the Employment Term, Executive shall be entitled to the following compensation and benefits: 
 (a)
Salary. The Company shall pay to Executive a total annual base salary of $            (which salary may be increased (but not decreased) by the Company in its discretion)
(“Base Salary”), payable in accordance with the normal payroll practices of the Company. During the Employment Term, the Base Salary shall be reviewed by the Board of Directors of the Company (the
“Board”) at least annually; provided, however, that a salary increase shall not necessarily be awarded as a result of such review. Any increase in Base Salary may not serve to limit or reduce any other obligation to
the Executive under this Agreement. Base Salary shall not be reduced after any such increase. The term Base Salary as utilized in this Agreement shall refer to Base Salary as so increased. 

(b) Bonus. Executive shall be eligible for an annual bonus and other annual incentive compensation (collectively, the
“Annual Bonus”) for each fiscal year of the Company during the Employment Term, in accordance with the Company’s bonus plan for senior executives of the Company. The Annual Bonus shall be based upon a target amount of
70% of Base Salary, based upon performance criteria established by the Board in its sole discretion, and notwithstanding the foregoing, shall be payable in the sole discretion of the Board. Each such Annual Bonus shall be paid no later than
March 15 of the year following the year for which the Annual Bonus is earned, unless the Executive shall elect to defer the receipt of such Annual Bonus pursuant to a Company-sponsored deferred compensation plan in effect or the bonus plan
provides for a different payment date. 
 (c) Expenses. Executive shall be entitled to receive prompt reimbursement for
all reasonable and necessary expenses incurred by Executive in performing services hereunder, including all travel and living expenses while away from home on business or at the request of and in the service of the Company, provided that such
expenses are incurred and accounted for in accordance with the policies and procedures established by the Company. Notwithstanding any provision of this Agreement to the contrary, the amount of expenses for which Executive is eligible to receive
reimbursement during any given taxable year of Executive shall not affect the amount of expenses for which Executive is eligible to receive reimbursement during any other taxable year of Executive. Reimbursement of expenses under this
Section 4(c) shall be made within thirty (30) days following submission of a completed expense reimbursement form (but in no event later than the last day of the calendar year following the calendar year in which the expense was incurred).
The right to reimbursement pursuant to this Section 4(c) is not subject to liquidation or exchange for another benefit. 

  
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 (d) Benefits. Executive shall be eligible to participate in or receive benefits under
any group health or other executive benefit plan or arrangement made available by the Company to its senior executive officers, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and
arrangements. 
 (e) Vacations. Executive shall be entitled to a minimum of four weeks paid vacation and holidays in
accordance with the policies, programs and practices of the Company as in effect from time to time. 
 (f) Restricted Stock
and Options and other Equity Compensation. Upon Execution of this Agreement, the Executive will be granted the long term incentive awards as described on Appendix A to this Agreement. The Executive also shall participate in any
annual or special equity compensation or long-term compensation plans and programs made available to the senior executive officers of the Company. 
 5. Termination. Executive’s employment hereunder may be terminated during the Employment Term under the following circumstances: 

(a) Death. Executive’s employment hereunder shall terminate upon Executive’s death. 

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

(c) Cause. The Company may terminate Executive’s employment with or without Cause. For purposes of this Agreement,
“Cause” shall mean Executive’s: 
 (i) willful and continued failure to comply with
the reasonable written directives of the Company for a period of thirty (30) days after written notice from the Company; 
 (ii) willful and persistent inattention to duties for a period of thirty (30) days after written notice from the Company, or the commission of acts within employment with the Company amounting to
gross negligence or willful misconduct; 

  
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 (iii) misappropriation of funds or property of the Company or committing any
fraud against the Company or against any other person or entity in the course of employment with the Company; 

(iv) misappropriation of any corporate opportunity, or otherwise obtaining personal profit from any transaction which is
adverse to the interests of the Company or to the benefits of which the Company is entitled; 
 (v) conviction of
a felony involving moral turpitude; 
 (vi) willful failure to comply in any material respect with the terms of
this Agreement and such non-compliance continues uncured after thirty (30) days after written notice from the Company; or 
 (vii) chronic substance abuse, including abuse of alcohol, drugs or other substances or use of illegal narcotics or substances, for which Executive fails to undertake treatment immediately after requested
by the Company or to complete such treatment and which abuse continues or resumes after such treatment period, or possession of illegal narcotics or substances on Company premises or while performing Executive’s duties and responsibilities.

 For purposes of this definition, no act, or failure to act, by Executive will be considered “willful” if done, or omitted to be
done, by Executive in good faith and in the reasonable belief that the act or omission was in the best interest of the Company or required by applicable law. 
 Any termination during the Employment Term by the Company for Cause shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 9 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 Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of
receipt of such notice, specifies the termination date (which date shall be not more than 30 days after the giving of such notice). The failure by the Company 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 Executive’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. 
 (d) Good Reason. Executive
may terminate Executive’s employment without Good Reason or for Good Reason. For purposes of this Agreement, the term “Good Reason” shall mean without the express written consent of Executive, the occurrence of any of
the following: 
 (i) any action or inaction that constitutes a material breach by the Company of this Agreement
and such action or inaction continues uncured after thirty (30) days following written notice from the Executive; 

  
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 (ii) the assignment to the Executive of any duties inconsistent in any
respect with the Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 3(a) of this Agreement, or any other action by the Company which results
in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company within 30 days of receipt of written
notice thereof given by the Executive; 
 (iii) any failure by the Company to comply with the provisions of
Section 4 of this Agreement, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company as soon as reasonable possible, but no later than 30 days after receipt of written notice
thereof given by the Executive; 
 (iv) a change in the geographic location at which Executive must perform
services to a location more than fifty (50) miles from Houston, Texas or the location at which Executive normally performs such services as of the Effective Date; or 

(v) in the event a Change of Control (as defined in Section 6(b)(v)) has occurred, the assignment to the Executive to
any position (including status, offices, titles and reporting requirements), authority, duties or responsibilities that are not (A) as a senior executive officer with the ultimate parent company of the entity surviving or resulting from such
Change of Control and (B) substantially identical to the Executive’s position (including status, offices, titles and reporting requirements), authority, duties and responsibilities as contemplated by this Agreement. 

Notwithstanding anything herein to the contrary, the interim assignment of Executive’s position, authority, duties, or responsibilities to any
person while Executive is absent from his duties during any of the 120 business days set forth under the definition of Disability shall not constitute a Good Reason for Executive to terminate his employment with the Company. In addition, the
Executive’s termination of employment shall not constitute Good Reason unless Executive notifies the Company of the condition or event constituting Good Reason within ninety days (90) days of the condition’s occurrence (unless unknown
to Executive) and the Company fails to cure the conditions, to the extent curable, specified in the notice within thirty (30) days following such notification. Any termination during the Employment Term by the Executive for Good Reason shall be
communicated by Notice of Termination to the other party hereto given in accordance with Section 9 of the Agreement. 
 6.
Compensation Upon Termination. In the event that Executive’s employment under this Agreement terminates during the Employment Term for any reason, the Company will pay to Executive (a) subject to Section 10 (Compliance with
Section 409A of the Code), in a single lump sum payment, in accordance with the normal payroll practices of the Company (or such earlier date as may be required by applicable law), the aggregate amount of (i) any earned but unpaid Base
Salary and (ii) accrued but unpaid vacation pay through the Date of Termination; (b) in accordance with Section 4(c) above, any unreimbursed business expenses incurred prior to the Date of Termination that are reimbursable in
accordance with Section 4(c) above, and (c) such employee benefits, if any, as to which Executive may be entitled pursuant to 

  
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the terms governing such benefits, payable in accordance with the terms of the applicable plan or other arrangement governing such benefits (collectively, the “Accrued
Obligations”). Payment of the Accrued Obligations shall be the only compensation paid to Executive under this Agreement in the event of termination of employment due to death or Disability. 

(a) For Cause or Without Good Reason. If Executive’s employment is terminated by the Company for Cause or by Executive without
Good Reason, the Company shall pay Executive the Accrued Obligations, and the Company shall have no further obligations to Executive under this Agreement. 
 (b) Without Cause or For Good Reason Not in Contemplation of a Change of Control. If Executive’s employment is terminated by the Company without Cause (other than for Disability) or by
Executive for Good Reason, and in each case not “in connection with a Change of Control” (as defined in Section 6(b)(v)), in addition to payment of the Accrued Obligations, Executive shall be entitled to the following additional
benefits (collectively, the “Other Benefits”): 
 (i) Executive shall be entitled to
receive a single lump sum payment of the following, which amount shall be paid at the time provided in Section 6(d): 
 A. Any earned but unpaid Annual Bonus related to the calendar year prior to the calendar year in which the Date of Termination occurs plus; 

B. the product of (x) the target Annual Bonus for the fiscal year during which termination of employment occurs, and
(y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, it being understood that the target Annual Bonus prior to any IPO Event shall be
deemed to mean 100% of Executive’s Base Salary for purposes of this calculation. 
 C. An amount equal to
the Severance Multiple (as defined in Section 6(b)(vi) multiplied by the sum of (1) Executive’s Base Salary (at the rate in effect as of the Date of Termination) and the target Annual Bonus for the fiscal year during which termination
of employment occurs, it being understood that the target Annual Bonus prior to any IPO Event shall be deemed to mean 100% of Executive’s Base Salary for purposes of this calculation. 

(ii) All benefits under the Company’s equity or long-term incentive compensation plan, including all stock options
and restricted stock held by the Executive, not already vested, shall be 100% vested. 
 (iii) For a period of 18
months from the Executive’s Date of Termination the Company shall continue to provide to Executive and/or Executive’s dependents the same level of medical and dental benefits equal to those which would have been provided to them in
accordance with the plans, programs, practices and policies described in Section 4(d) of this Agreement if the Executive’s employment had 

  
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not been terminated and shall reimburse Executive for the premiums Executive pays for such medical and dental benefits for up to 18 months following the Date of Termination as provided in
Section 6(f), and provided further, that if the Executive becomes re-employed by another employer and is eligible to receive medical or dental benefits under another employer provided plan, the medical or dental benefits described herein shall
be secondary to those provided under such other plan during such applicable period of eligibility. 
 (iv) A
termination shall be deemed to be “in connection with a Change of Control” if such termination occurs during the period beginning on the date that is (1) twelve (12) months prior to a Change of Control occurring and
(2) ending on the second anniversary of the date of consummation of the Change of Control. 
 (v)
“Change of Control” shall mean: 
 A. The acquisition by any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50 percent or more of either (A) the then outstanding shares of common stock or membership interests of the Company (the “Outstanding Company Common
Stock”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors or managers (the “Outstanding Company Voting
Securities”); provided, however, that for purposes of this subsection A, the following acquisitions shall not constitute a Change of Control: (1) any acquisition directly from the Company or any acquisition by the
Company; or (2) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or (3) any acquisition by any corporation pursuant to a transaction that
complies with clauses (1), (2) and (3) of subsection C of this definition; or 
 B. Individuals, who,
as of the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose
election, or nomination for election by the Company’s stockholders or members, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the
Incumbent Board, but excluding, for purpose of this subsection B, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or
other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
 C. Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Corporate
Transaction”) in each case, unless, following such Corporate 

  
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Transaction, (1) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting
Securities immediately prior to such Corporate Transaction beneficially own, directly or indirectly, more than 60 percent of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation that as a result of such transaction owns the Company
or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Company
Common Stock and the Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any corporation resulting from such Corporate Transaction or any employee benefit plan (or related trust) of the Company or such
corporation resulting from such Corporate Transaction) beneficially owns, directly or indirectly, 20 percent or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the
combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Corporate Transaction and (3) at least a majority of the members of the board of directors of the
corporation resulting from such Corporate Transaction were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Corporate Transaction; or 

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

(vi) “Severance Multiple”, for purposes of calculating the Other Benefits due under this
Section 6(b), shall be two (2) times, and for purposes of calculating the Other Benefits due under Section 6(c) shall be two (2) times. In addition, target Annual Bonus for purpose of calculating the Other Benefits due under
Section 6(c) shall mean the target Annual Bonus for the fiscal year in which termination of employment occurred. 
 (c)
Without Cause or For Good Reason in Contemplation of a Change of Control. If Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason, and in each case “in connection with a Change of
Control”, in addition to the payment of the Accrued Obligations, Company shall pay to Executive the Other Benefits. 
 (d)
Release of Claims. Notwithstanding any other provisions of this Agreement to the contrary, in consideration for receiving the severance benefits described in Section 6(b) or (c), Executive hereby agrees to execute (and not revoke) a
release in substantially the form attached hereto as Appendix B (the “Release”). If Executive is not a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) and Final Department of Treasury Regulations issued thereunder 

  
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(collectively, “Section 409A”) at the time of termination of Executive’s employment (“Specified Employee”), and
Executive has timely signed and delivered to the Company, by the deadline established by the Company, the Release, which has become irrevocable by the time set forth below, the Company shall pay Executive the lump sum cash severance benefits
described in Section 6(b) or (c) on the date that is sixty (60) days following the date of Executive’s “separation from service” within the meaning of Section 409A (“Separation From
Service”). In the event that Executive is a Specified Employee and Executive has timely signed and delivered to the Company, by the deadline established by the Company, the Release, which has become irrevocable by the time
set forth below, the Company shall pay the Executive the lump sum cash severance benefits described in Section 6(b) or (c) on the date that is six (6) months following the date of the Executive’s Separation From Service. Whether
the Executive is or is not a Specified Employee, the Executive will not be paid the lump sum cash severance benefits described in Section 6(b) or (c) or entitled to the benefits described in Section 6(b)(ii) or (iii) (except for
Executive’s rights under section 4980B of the Code and the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)) and Executive shall forfeit any right to such payments and
benefits, unless (i) Executive has signed and delivered to the Company the Release and (ii) the period for revoking the Release shall have expired (in the case of both clauses (i) and (ii)) prior to the date that is 60 days following
the date of Executive’s Separation From Service. If Executive fails to properly execute and deliver such release (or revokes the Release), Executive agrees that Executive shall not be entitled to receive the severance benefits described in
Section 6(b) or (c) or entitled to the benefits described in Section 6(b)(ii) or (iii) (other than COBRA benefits). For purposes of this Agreement, a Release shall be considered to have been executed by Executive if it is signed
by Executive’s legal representative, in the case of Executive’s Disability or on behalf of Executive’s estate in the case of Executive’s death. 
 (e) Termination of Offices and Directorships. Upon termination of Executive’s employment for any reason, unless otherwise specified in a written agreement between Executive and the Company,
Executive shall be deemed to have resigned from all offices, directorships, and other employment positions then held with the Company or its affiliates, if any, and shall take all actions reasonably requested by the Company to effectuate the
foregoing. 
 (f) Reimbursement of Premiums. During the period that the Company is required to continue coverage in the
Company’s group medical plan and the Company’s group dental plan (collectively, the “Group Plan”) as provided in Section 6(b)(iii) and Executive continues and pays the premium for such coverage to continue
Executive’s and any qualifying dependent’s Group Plan coverage (“Coverage”) the Company will reimburse Executive the amount of the cost of the Coverage for up to 18 months Executive maintains such Coverage. Any
reimbursements by the Company to Executive required under this Section 6(f) shall be made on the last day of each month Executive pays the amount required for such Coverage, for up to the first 18 months of Coverage. If Executive is a Specified
Employee at the time of termination and the benefits specified in this Section 6(f) are taxable to Executive and not otherwise exempt from Section 409A then any amounts to which Executive would otherwise be entitled under this
Section 6(f) during the first six months following the date of Executive’s Separation From Service shall be accumulated and paid to Executive on the date that is six 

  
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months following the date of Executive’s Separation From Service. Except for any reimbursements under the applicable Group Plan that are subject to a limitation on reimbursements during a
specified period, the amount of expenses eligible for reimbursement under this Section 6(f), or in-kind benefits provided, during Executive’s taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be
provided, in any other taxable year of Executive. Executive’s right to reimbursement or in-kind benefits pursuant to this Section 6(f) shall not be subject to liquidation or exchange for another benefit. 

7. Nondisclosure and Noncompetition. 
 (a) Certain Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

(i) “Confidential Information” means any information, knowledge or data of any nature and in any
form (including information that is electronically transmitted or stored on any form of magnetic or electronic storage media) relating to the past, current or prospective business or operations of the Company, that is not generally known to persons
engaged in a business similar to that conducted by the Company, whether produced by the Company or any of its consultants, agents or independent contractors or by Executive, and whether or not marked confidential. Confidential information does not
include information that (1) at the time of disclosure is, or thereafter becomes, generally available to the public, (2) prior to or at the time of disclosure was already in the possession of Executive, (3) is obtained by Executive
from a third party not in violation of any contractual, legal or fiduciary obligation to the Company with respect to that information or (3) is independently developed by Executive, but not including the confidential information provided by the
Company. 
 (ii) “Restricted Business” means any the oil and natural gas land contract
drilling business conducted in the United States of America. 
 (b) Nondisclosure of Confidential Information. Executive
shall hold in a fiduciary capacity for the benefit of the Company all Confidential Information which shall have been obtained by Executive during Executive’s employment (whether prior to or after the Effective Date) and shall not use such
Confidential Information other than within the scope of Executive’s employment with and for the exclusive benefit of the Company. At the end of the Employment Term, Executive agrees (i) not to communicate, divulge or make available to any
person or entity (other than the Company) any such Confidential Information, except (A) upon the prior written authorization of the Company, (B) as may be required by law or legal process, (C) as reasonably necessary in connection
with the enforcement of any right or remedy related to this Agreement, or (D) unless no longer Confidential Information, and (ii) to deliver promptly to the Company any Confidential Information in Executive’s possession, including any
duplicates thereof and any notes or other records Executive has prepared with respect thereto. In the event that the provisions of any applicable law or the order of any court would require Executive to disclose or otherwise make available any
Confidential Information then Executive shall, to the extent practicable, give the Company prior written notice of such required disclosure and an opportunity to contest the requirement of such disclosure or apply for a protective order with respect
to such Confidential Information by appropriate proceedings. 

  
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 (c) Limited Covenant Not to Compete. In consideration of the provision of the
Confidential Information during the term of this Agreement and the stock options, restricted stock awards and other compensation provided herein, if Executive’s employment is terminated hereunder by the Company for Cause or by Executive without
Good Reason, Executive agrees that during the period of time beginning on the Effective Date and ending on the twelve (12) month anniversary of the Date of Termination: 

(i) Executive shall not, directly or indirectly, for himself or others, own, manage, operate, control or participate in
the ownership, management, operation or control of any business, whether in corporate, proprietorship or partnership form or otherwise, that is engaged, directly or indirectly, in the United States in the Restricted Business; provided,
however, that the restrictions contained herein shall not restrict the acquisition by Executive of less than 2% of the outstanding capital stock of any publicly traded company engaged in a Restricted Business or Executive from being employed
by an entity in which the majority of such entity’s revenues on a consolidated basis determined in accordance with generally accepted accounting principles are from activities and businesses that do not constitute a Restricted Business; and

 (ii) Executive shall not, directly or indirectly (other than in the performance of Executive’s duties
under this Agreement) (A) solicit any individual, who, at the time of time of such solicitation is an executive of the Company or its affiliates, to leave such employment or hire, employ or otherwise engage any such individual (other than
employees of the Company or its affiliates who respond to general advertisements for employment in newspapers or other periodicals of general circulation (including trade journals)), or (B) cause, induce or encourage any material actual or
prospective client, customer, supplier, landlord, lessor or licensor of the Company or its affiliates to terminate or modify any such actual or prospective contractual relationship that exists on the Date of Termination. 

(d) Injunctive Relief; Remedies. The covenants and undertakings contained in this Section 7 relate to matters which are of a
special, unique and extraordinary character and a violation of any of the terms of this Section 7 will cause irreparable injury to the Company, the amount of which will be impossible to estimate or determine and which cannot be adequately
compensated. Accordingly, the remedy at law for any breach of this Section 7 may be inadequate. Therefore, notwithstanding anything to the contrary, the Company will be entitled to an injunction, restraining order or other equitable relief from
any court of competent jurisdiction in the event of any breach of any provision of this Section 7 without the necessity of proving actual damages or posting any bond whatsoever. The rights and remedies provided by this Section 7 are
cumulative and in addition to any other rights and remedies which the Company may have hereunder or at law or in equity. The parties hereto further agree that, if any court of competent jurisdiction in a final nonappealable judgment determines that
a time period, a specified business limitation or any other relevant feature of this Section 7 is unreasonable, arbitrary or against public policy, then a lesser time period, geographical area, business limitation or other relevant feature
which is determined by such court to be reasonable, not arbitrary and not against public policy may be enforced against the applicable party. 

  
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 (e) Governing Law of this Section 7; Consent to Jurisdiction. Any dispute
regarding the reasonableness of the covenants and agreements set forth in this Section 7, or the territorial scope or duration thereof, or the remedies available to the Company upon any breach of such covenants and agreements, shall be governed
by and interpreted in accordance with the laws of the state in which the prohibited competing activity or disclosure occurs, and, with respect to each such dispute, the Company and Executive each hereby irrevocably consent to the exclusive
jurisdiction of the State of Texas for resolution of such dispute, and further agree that service of process may be made upon Executive in any legal proceeding relating to this Section 7 by any means allowed under the laws of such state.

 (f) Executive’s Understanding of this Section. Executive hereby represents to the Company that Executive has read
and understands, and agrees to be bound by, the terms of this Section 7. Executive acknowledges that the geographic scope and duration of the covenants contained in Section 7(c) are the result of arm’s-length bargaining and are fair
and reasonable in light of (i) the importance of the functions performed by Executive and the length of time it would take the Company to find and train a suitable replacement, (ii) the nature and wide geographic scope of the operations of
the Company, (iii) Executive’s level of control over and contact with the Company’s business and operations in all jurisdictions where they are located, and (iv) the fact that the Restricted Business is conducted throughout the
geographic area where competition is restricted by this Agreement. It is the desire and intent of the parties that the provisions of this Agreement be enforced to the fullest extent permitted under applicable law, whether now or hereafter in effect
and therefore, to the extent permitted by applicable law, the parties hereto waive any provision of applicable law that would render any provision of this Section 7 invalid or unenforceable. 

8. Certain Tax Matters. 
 (a) Notwithstanding any other provision of this Agreement to the contrary, if any portion of the payments or benefits provided to or for the benefit of Executive under this Agreement or which Executive
otherwise receives or is entitled to receive from the Company or any successor would be subject to the excise tax imposed by Section 4999 of the Code, or any interest, penalties or additions to tax with respect to such excise tax (such excise
tax, together with any interest, penalties or additions to tax with respect to such excise tax, is herein collectively referred to as the “Excise Tax”), all such payments and benefits being collectively referred to herein as
the “Total Payments”, then, except as otherwise provided in Section 8(b), the Total Payments shall be reduced (but not below zero) or eliminated (as further provided for in Section 8(c)) to the extent the
Independent Tax Advisor (as hereinafter defined) shall reasonably determine is necessary so that no portion of the Total Payments shall be subject to the Excise Tax. 
 (b) Notwithstanding the provisions of Section 8(a), if the Independent Tax Advisor reasonably determines that Executive would receive, in the aggregate, a greater amount of the Total Payments on an
after-tax basis (after including and taking into account all applicable federal, state, and local income, employment and other applicable taxes and the Excise Tax) if the Total Payments were not reduced or eliminated pursuant to Section 8(a),
then no such reduction or elimination shall be made notwithstanding that all or any portion of the Total Payments may be subject to the Excise Tax. 

  
 12 

 (c) For purposes of determining which of Section 8(a) and Section 8(b) shall be
given effect, the determination of which of the Total Payments shall be reduced or eliminated to avoid the Excise Tax shall be made by the Independent Tax Advisor, provided that the Independent Tax Advisor shall reduce or eliminate, as the case may
be, the Total Payments in the following order (and within the category described in each of the following Sections 8(c)(i) through 8(c)(v), in reverse order beginning with the Total Payments which are to be paid farthest in time except as otherwise
provided in Section 8(c)(iii)): 
 (i) by first reducing or eliminating the portion of the Total Payments
otherwise due and which are not payable in cash (other than that portion of the Total Payments subject to Sections 8(c)(iv) and 8(c)(v)); 
 (ii) then by reducing or eliminating the portion of the Total Payments otherwise due and which are payable in cash (other than that portion of the Total Payments subject to Sections 8(c)(iii) and
8(e)(iv)); 
 (iii) then by reducing or eliminating the portion of the Total Payments otherwise due to or for the
benefit of Executive pursuant to the terms of this Agreement and which are payable in cash; 
 (iv) then by
reducing or eliminating the portion of the Total Payments otherwise due that represent equity-based compensation, such reduction or elimination to be made in reverse chronological order with the most recent equity-based compensation awards reduced
first; and 
 (v) then by reducing or eliminating the portion of the Total Payments otherwise due to or for the
benefit of Executive pursuant to the terms of this Agreement and which are not payable in cash. 
 (d) The Independent Tax
Advisor shall provide its determinations, together with detailed supporting calculations and documentation, to the Company and Executive for their review no later than ten (10) days after the Date of Termination. The determinations of the
Independent Tax Advisor under this Section 8 shall, after due consideration of the Company’s and Executive’s comments with respect to such determinations and the interpretation and application of this Section 8, be final and
binding on all parties hereto absent manifest error. The Company and Executive shall furnish to the Independent Tax Advisor such information and documents as the Independent Tax Advisor may reasonably request in order to make the determinations
required under this Section 8. 
 (e) For purposes of this Section 8, “Independent Tax Advisor”
shall mean a lawyer with a nationally recognized law firm, a certified public accountant with a nationally recognized accounting firm, or a compensation consultant with a nationally recognized actuarial and benefits consulting firm, in each case
with expertise in the area of executive compensation tax law, who shall be selected by the Company and shall be acceptable to Executive (Executive’s acceptance not to be unreasonably withheld), and all of whose fees and disbursements shall be
paid by the Company. 

  
 13 

 9. Notice. All notices hereunder must be in writing and shall be deemed to have been
given when personally delivered to the designated individual, or (unless otherwise specified) mailed or sent by (a) United States certified or registered mail, postage prepaid, return receipt requested, (c) a nationally recognized
overnight courier service with confirmation of receipt or (d) facsimile transmission with confirmation of receipt. 
 All
such notices must be addressed as follows or to such other address as to which any party hereto may have notified the other in writing. 
 To the Company: 
 11616 Galayda 

Houston, Texas 77086 
 Attn: Chief Executive Officer 
 To Executive: 

At Executive’s then current address shown in the Company’s records. 
 or to such other address as any party may have furnished to the others in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 

10. Compliance with Section 409A of the Code. 
 (a) Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without limitation the severance payments and benefits under Section 6 will be paid to Executive
if Executive is a Specified Employee until the six-month anniversary of Executive’s Separation From Service to the extent that paying such amounts at the time or times indicated in this Agreement would result in a prohibited distribution under
Section 409A(a)(2)(B)(i) of the Code. 
 (b) To the extent applicable, this Agreement shall be interpreted and applied
consistent and in accordance with Section 409A. The parties agree to act in good faith in complying with the requirements of Section 409A. For purposes of this Agreement, all references to “termination”, “termination of
employment”, Date of Termination and correlative phrases shall mean a Separation From Service. In the event additional regulations or other guidance are issued under Section 409A or a court of competent jurisdiction provides additional
authority concerning the application of Section 409A with respect to the payments described in this Agreement, then the parties agree to act in good faith to amend the provisions of this Agreement to permit such payments to be made at the
earliest time permitted under such additional regulations, guidance or authority that as closely as practicable achieves the original intent of this Agreement. 

  
 14 

 (c) To the extent permitted under Section 409A, any separate payment or benefit under
this Agreement or otherwise shall not be deemed “nonqualified deferred compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation §1.409A-1(b)(9) or any other applicable exception or
provision of Section 409A. 
 (d) To the extent that any payments or reimbursements provided to Executive under this
Agreement are deemed to constitute compensation to which Treasury Regulation §1.409A-3(i)(1)(iv) would apply, such amounts shall be paid or reimbursed to Executive reasonably promptly, but not later than December 31 of the year following
the year in which the expense was incurred. The amounts of any such payments eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement in any other taxable year, and
Executive’s right to such payments or reimbursement shall not be subject to liquidation or exchange for any other benefit. 

11. Miscellaneous. 
 (a) Withholding. All amounts payable under this Agreement will be subject to reduction to reflect such federal, state, local or foreign taxes as will be required to be withheld pursuant to any
applicable law or regulation. 
 (b) No Guarantee of Tax Consequences. The Company makes 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 Executive has been advised and been provided the opportunity to obtain
independent legal and tax advice regarding the compensation and benefits payable pursuant to this Agreement. 
 (c)
Successors; Binding Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns, including Executive’s estate and legal
representatives. Neither this Agreement nor any rights, interests or obligations hereunder may be assigned by any party hereto without the prior written consent of the other parties hereto; provided that the Company may assign any rights, interests
or obligations hereunder to any successor (whether direct or indirect, by merger, purchase, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company. The Company agrees to require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined any successor to its business and/or assets as aforesaid which assume and
agrees to perform this Agreement by operation of law or otherwise. 
 (d) Waiver. No provision of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by Executive and an authorized representative of the Company. No waiver by either party hereto at any time of any breach by the other party
hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of 

  
 15 

 
similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise express or implied, with respect to the subject
matter hereof have been made by either party which are not set forth expressly in this Agreement. 
 (e) Validity. The
invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

(f) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but
all of which together shall constitute one and the same instrument. 
 (g) Entire Agreement. This Agreement sets forth the
entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer,
Executive or representative of any party hereto, including the Prior Agreement; and any prior agreement of the parties hereto in respect of the subject matter contained herein is hereby terminated and canceled. 

(h) Governing Law. This Agreement has been made and entered into and shall be governed by the internal laws of the State of Texas
without regard to principles of conflict of laws, except as expressly provided in Section 7(e) above with respect to the resolution of disputes arising under, or the Company’s enforcement of, Section 7. 

(i) Jurisdiction. If any party commences a lawsuit or other proceeding related to or arising from this Agreement, the parties
hereto agree that the State District Court in Houston, Harris County Texas shall have sole and exclusive jurisdiction over any such proceeding. The State District Court shall be the proper venue for any such lawsuit or judicial proceeding and the
parties hereto waive any objection to such venue. The parties consent to and agree to submit to the jurisdiction of the court specified herein and agree to accept service of process to vest personal jurisdiction over them in the State District Court
of Harris County Texas. 
 (j) Severability. The invalidity or unenforceability of any provision or provisions of this
Agreement will not affect the validity or enforceability of any other provision of this Agreement, which will remain in full force and effect. 
 (k) Amendment. It is understood and agreed that this Agreement amends and restates and supersedes in its entirety the Amended and Restated Employment Agreement dated
            , between the Company and Executive. 
 [Signature
page follows] 

  
 16 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year
first above written. 
  

					
	 	 	ICD:
		
	 	 	 INDEPENDENCE CONTRACT
 DRILLING, INC.

			
	Date:
                                        
	 	By:	 	 
		 	Name:
		 	Title:
		
		 	EXECUTIVE:
			
	Date:
                                        
	 	/s/	 	 
		 	[name]

  
 17 

 APPENDIX A 

EQUITY COMPENSATION AWARDED ON EFFECTIVE DATE 

 APPENDIX B 

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

1. Definitions. 
 a. “Released Parties” means the Company and its past, present and future parents, subsidiaries, divisions, successors, predecessors, employee benefit plans and affiliated or related companies,
and also each of the foregoing entities’ past, present and future owners, officers, directors, stockholders, investors, partners, managers, principals, members, committees, administrators, sponsors, executors, trustees, fiduciaries, employees,
agents, assigns, representatives and attorneys, in their personal and representative capacities. Each of the Released Parties is an intended beneficiary of this Release. 
 b. “Claims” means all theories of recovery of whatever nature, whether known or unknown, recognized by the law or equity of any jurisdiction. It includes but is not limited to any and all
actions, causes of action, lawsuits, claims, complaints, petitions, charges, demands, liabilities, indebtedness, losses, damages, rights and judgments in which you have had or may have an interest. It also includes but is not limited to any claim
for wages, benefits or other compensation. It also includes but is not limited to claims asserted by you or on your behalf by some other person, entity or government agency. 
 2. Consideration. The Company agrees to pay you the consideration set forth in sections 6 and 8 of the Amended and Restated Employment Agreement between you and the Company dated as of
[            ] (the “Employment Agreement”). The Company will make such payments to you at the times set forth in the Employment Agreement. You acknowledge that the
payment that the Company will make to you in consideration for this Release is in addition to anything else of value to which you are entitled and that the Company is not otherwise obligated to make this payment to you. 

3. Release of Claims. 
 a. You – on behalf of yourself and your heirs, executors, administrators, legal representatives, successors, beneficiaries, and assigns – unconditionally release and forever discharge the
Released Parties from, and waive, any and all Claims that you have or may have against any of the Released Parties arising from your employment with the Company, the termination thereof, and any other acts or omissions occurring on or before the
date you sign this Release; provided, however, that this Agreement shall not operate to release any Claims that you may have to payments or benefits under Section 6 of the Employment Agreement or any rights you may have to
indemnification under any indemnification agreement between you and the Company or any of its affiliates, or the bylaws or any directors and officers liability insurance policy of the Company or any of its affiliates (collectively, the
“Unreleased Claims”). 

  
 A-2

 b. The release set forth in Paragraph 3(a) includes, but is not limited to, any and all
Claims under (i) the common law (tort, contract or other) of any jurisdiction; (ii) the Rehabilitation Act of 1973, the Age Discrimination in Employment Act, the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964,
and any other federal, state and local statutes, ordinances, executive orders and regulations prohibiting discrimination or retaliation upon the basis of age, race, sex, national original, religion, disability, or other unlawful factor;
(iii) the National Labor Relations Act; (iv) the Employee Retirement Income Security Act; (v) the Family and Medical Leave Act; (vi) the Fair Labor Standards Act; (vii) the Equal Pay Act; (viii) the Worker Adjustment
and Retraining Notification Act; and (ix) any other federal, state or local law. 
 c. In furtherance of this Release, you
promise not to bring any Claims (other than Unreleased Claims) against any of the Released Parties in or before any court or arbitral authority. You also agree effective as of the date of this release to resign any and all directorhips with the
Company and any of its subsidiaries and affiliates. 
 4. Confidentiality. You agree that you will not reveal, or cause to
be revealed, this Release or its terms to any third party (other than your attorney, tax advisor, or spouse), except as required by law. 
 5. Acknowledgment. You acknowledge that, by entering into this Release, the Company does not admit to any wrongdoing in connection with your employment or termination, and that this Release is
intended as a compromise of any Claims you have or may have against the Released Parties. You further acknowledge that you have carefully read this Release and understand its final and binding effect, have had a reasonable amount of time to consider
it, and are entering this Release voluntarily. You acknowledge that the Company has advised you in writing to seek the advice of legal counsel prior to executing this release, and that you have had the opportunity to seek legal counsel of your
choosing. 
 6. Applicable Law. This Release shall be construed and interpreted pursuant to the laws of Texas
without regard to its choice of law rules. 
 7. Severability. Each part, term, or provision of this Release is
severable from the others. Notwithstanding any possible future finding by a duly constituted authority that a particular part, term, or provision is invalid, void, or unenforceable, this Release has been made with the clear intention that the
validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby. If any part, term, or provision is so found invalid, void or unenforceable, the applicability of any such part, term, or provision shall be
modified to the minimum extent necessary to make it or its application valid and enforceable. 
 8. Effective Date:
You acknowledge that you have seven (7) days after execution to revoke this Release, and that this Release shall not become final and binding until the expiration of seven (7) days after execution. 

[Signature page follows] 

  
 A-2

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

							
	EXECUTIVE:	  	 	  	 
				
	 	 	 	  		  	Date: [                    , 20    ]
	 [name]
	  		  	
			
	COMPANY:	  	 	  	 
			
	INDEPENDENCE CONTRACT DRILLING, INC.	  		  	
			
	Date: [                    , 20    ]	  		  	
				
	By:	 	 	  		  	
	Name:	 	 	  		  	
	Title:Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

General Steel Holdings, Inc.

Jia Ming Center, Building B, 21FL

No. 27 Dong San Huan North Road

Chaoyang District, Beijing 10020 China

 

Gentlemen and Ladies:

 

The undersigned (the “Subscriber”)
hereby subscribes for 5,000,000 shares (the “Shares”) of common stock, par value $0.001 per share (“Common Stock”),
of General Steel Holdings, Inc., a Nevada corporation (the “Company”), at a cash Purchase Price per share of $1.50
for an aggregate purchase price of $7,500,000 (the “Purchase Price”). The Subscriber acknowledges that the $1.50 per
share price represents a 23% premium to the volume-weighted average closing price at the end of each trading day of the Common
Stock on the New York Stock Exchange for the period from March 5, 2014 through July 11, 2014.

 

1.   Subscription. Subject to the
terms and conditions hereof, the Subscriber agrees to pay $7,500,000 (or the equivalent amount of Renminbi as determined using
the exchange rate established by People’s Bank of China on the date of the payment) by check or wire transfer of immediately
available funds to the Company’s subsidiary in China, General Steel Co., Ltd., as consideration for the Subscriber’s
Shares. The Subscriber acknowledges and agrees that this subscription is irrevocable by the Subscriber but is subject to acceptance
by the Company.

 

2.   Subscription Compliance. The
Subscriber agrees that this subscription is subject to the following terms and conditions:

 

The Company shall have the right, in its
sole discretion, to: (i) accept or reject this subscription; (ii) determine whether this Subscription Agreement has been properly
completed by the Subscriber and (iii) determine whether the Subscriber has met all of the Company’s requirements for investment
in the Shares. If the Company deems this subscription to be defective, deficient or otherwise non-compliant with the terms of this
offering, the Subscriber’s funds will be returned promptly to the Subscriber without interest or deduction.

 

		3.	Receipt of Information.

 

		a.	The Subscriber and Subscriber’s purchaser representative, if any, have reviewed a copy of the Company’s most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K. The Subscriber, either alone or together
with Subscriber’s purchaser representative, if any, have such knowledge and experience in financial and business matters
as to be able to evaluate the merits and risks of an investment in the Company. Since May 15, 2014, the date of filing of the Company’s
most recent Quarterly Report on Form 10-Q, there has been no material adverse change in the business, properties, or results of
operations of the Company.

 

    	1

    	 

    

  

		b.	The Subscriber and Subscriber’s representative, if any, have had the opportunity to ask questions of and receive answers
from the Company concerning the terms and conditions of the offering of the Shares by the Company and to obtain any additional
information Subscriber has requested which is necessary to verify the accuracy of the information furnished to the Subscriber concerning
the Company and such offering.

 

4.    Representations of Subscriber.
In connection with the purchase of the Shares, the Subscriber hereby represents and warrants to the Company as follows:

 

		a.	The Subscriber is an “accredited investor” as defined in Rule 501 of Regulation D promulgated under the Securities
Act.

 

		b.	The Shares are being purchased for the Subscriber’s own account without the participation of any other person, with the
intent of holding the Shares for investment and without the intent of participating, directly or indirectly, in a distribution
of the Shares and not with a view to, or for a resale in connection with, any distribution of the Shares or any portion thereof,
nor is the undersigned aware of the existence of any distribution of the Company’s securities. Furthermore, the undersigned
has no present intention of dividing such Shares with others or reselling or otherwise disposing of any portion of such Shares,
either currently or after the passage of a fixed or predeterminable period of time, or upon the occurrence or nonoccurrence of
any predetermined event or circumstance.

 

		c.	The Subscriber has no need for liquidity with respect to his purchase of the Shares and is able to bear the economic risk of
an investment in the Shares for an indefinite period of time and is further able to afford a complete loss of such investment.

 

		d.	The Subscriber represents that his financial commitment to all investments (including his investment in the Company) is reasonable
relative to his net worth and liquid net worth.

 

		e.	The Subscriber recognizes that the Shares will be sold to the Subscriber without registration under any United States federal
or other law relating to the registration of securities for sale.

 

		f.	The Subscriber is aware that any resale of the Shares cannot be made except in accordance with the registration requirements
of the United States Securities Act of 1933, as amended (the “Securities Act”) or an exemption therefrom.

 

		g.	The Subscriber represents and warrants that all offers and sales of the Shares shall be made pursuant to an exemption from
registration under the Securities Act or pursuant to registration under the Securities Act, and the Subscriber will not engage
in any hedging or short selling transactions with regard to the Shares.

 

    	2

    	 

    

  

		h.	The Subscriber is not acquiring the Shares based upon any representation, oral or written, by any person with respect to the
future value of, or income from, the Shares but rather upon an independent examination and judgment as to the prospects of the
Company.

 

		i.	The Subscriber understands that the Company has incurred expenses
                                         and has sustained losses. Consequently, its operations are subject to inherent risks.
                                         The Subscriber appreciates and understands the risks involved with investing in a Company
                                         and has read and understands the risk factors and other information set forth in the
                                         Company’s Annual Report on Form 10-K, filed on March 27, 2014. This report and
                                         any future filings made with the SEC under Section 15(d) of the Securities Exchange Act
                                         of 1934, as amended (“Securities Act”), can be obtained by visiting the Securities
                                         and Exchange Commission’s website at http://www.sec.gov. The Subscriber
                                         agrees that it is not relying on any other written information which may have been provided
                                         by the Company.

 

		j.	The Subscriber represents, warrants and agrees that it will not sell or otherwise transfer the Shares without registration
under the Securities Act or an exemption therefrom, and fully understands and agrees that the Subscriber must bear the economic
risk of its purchase because, among other reasons, the Shares have not been registered under the Securities Act or under the securities
laws of any state and, therefore, cannot be resold, pledged, assigned or otherwise disposed of unless they are subsequently registered
under the Securities Act and under the applicable securities laws of such states, or an exemption from such registration is available.
In particular, the Subscriber is aware that the Shares are “restricted securities,” as such term is defined in Rule
144 promulgated under the Securities Act (“Rule 144”), and they may not be sold pursuant to Rule 144 unless all of
the conditions of Rule 144 are met.

 

		k.	The Company, by and through itself and/or legal counsel, has made no representations or warranties as to the suitability of
the Subscriber’s investment in the Company, the length of time the undersigned will be required to own the Shares, or the
profit to be realized, if any, as a result of investment in the Company. Neither the Company nor its counsel has made an independent
investigation on behalf of the Subscriber, nor has the Company, by and through itself and counsel, acted in any advisory capacity
to the Subscriber.

 

		l.	The Company, by and through itself and/or legal counsel, has made no representations or warranties that the past performance
or experience on the part of the Company, or any partner or affiliate, their partners, salesmen, associates, agents, or employees
or of any other person, will in any way indicate the predicted results of the ownership of the Shares.

 

		m.	The Company has made available for inspection by the undersigned, and his purchaser representative, if any, the books and records
of the Company. Upon reasonable notice, such books and records will continue to be made available for inspection by investors upon
reasonable notice during normal business hours at the principal place of business of the Company.

 

    	3

    	 

    

  

		n.	The Shares were not offered to the Subscriber by means of publicly disseminated advertisement or sales literature, nor is the
Subscriber aware of any offers made to other persons by such means.

 

		o.	All information which the Subscriber has provided to the Company concerning the Subscriber is correct and complete as of the
date set forth at the end of this Subscription Agreement, and if there should be any material adverse change in such information
prior to receiving notification that this subscription has been accepted, the undersigned will immediately provide the Company
with such information.

 

5.    Agreements of Subscriber.
The Subscriber agrees as follows:

 

		a.	The sale of the Shares by the Company has not been recommended by any United States federal or other securities commission
or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this
Subscription Agreement or of any of the Company’s filings with the Securities and Exchange Commission.

 

		b.	The Shares will not be offered for sale, sold, or transferred other than pursuant to: (i) an effective registration under the
Securities Act or in a transaction otherwise in compliance with the Securities Act; and (ii) evidence satisfactory to the Company
of compliance with the applicable securities laws of other jurisdictions. The Company shall be entitled to rely upon an opinion
of counsel satisfactory to it with respect to compliance with the above laws.

 

		c.	The Company is under no obligation to register the Shares or to comply with any exemption available for sale of the Shares
without registration, and the information necessary to permit routine sales of securities of the Company under Rule 144 of the
Securities Act may not be available when you desire to resell them pursuant to Rule 144 of the Securities Act. The Company is under
no obligation to act in any manner so as to make Rule 144 available with respect to the Shares. The Company is required to file
periodic reports with the Securities and Exchange Commission pursuant to Section 15(d) of the Securities Exchange Act of 1934,
as amended.

 

		d.	The Company may, if it so desires, refuse to permit the transfer of the Shares unless the request for transfer is accompanied
by an opinion of counsel acceptable to the Company to the effect that neither the sale nor the proposed transfer will result in
any violation of the Securities Act or the applicable securities laws of any other jurisdiction.

 

		e.	A legend indicating that the Shares have not been registered under such securities laws and referring to the restrictions and
transferability of the Shares may be placed on the certificates or instruments delivered to the Subscriber or any substitutes thereof
and any transfer agent of the Company may be instructed to require compliance therewith.

 

    	4

    	 

    

  

6.Closing. The Subscriber understands
and agrees that the Company intends to issue the Shares upon: i) receipt by the Company (or General Steel Co., Ltd. with respect
to the Purchase Price) of this Subscription Agreement, including the Confidential Prospective Purchaser Questionnaire, together
with the Purchase Price and certain other documents to be delivered to the Company by Subscriber; ii) obtaining approval from the
Company’s board of directors of the transactions contemplated hereby; and iii) obtaining approval from the Company’s
stockholders of the transactions contemplated hereby, if required, including pursuant to applicable rules of the New York Stock
Exchange. The Subscriber further understands that there may be conditions to closing this subscription which if not met may result
in the return of this subscription hereunder.

 

7.Indemnification of the Company.
The undersigned understands the meaning and legal consequences of the representations and warranties contained herein, and
hereby agrees to indemnify and hold harmless, the Company, its respective agents, directors, officers, employees and affiliates
from and against any and all damages, losses, costs and expenses (including attorneys’ fees) which they or any of them may
incur by reason of the failure of the Subscriber to fulfill any of the terms of this Subscription Agreement, or by reason of any
breach of the representations and warranties made by the Subscriber herein, or in any document provided by the Subscriber to the
Company.

 

8.Subscription Not Revocable. The
undersigned hereby acknowledges and agrees that the undersigned is not entitled to cancel, terminate or revoke this Subscription
Agreement or any agreements of the undersigned hereunder and that this Subscription Agreement shall survive the dissolution, death
or disability of the undersigned.

 

9.Restrictions on Transferability.
The undersigned understands and agrees that the Shares shall not be sold, pledged, hypothecated or otherwise transferred unless
the Shares are registered under the Securities Act and applicable state securities laws or an exemption from such registration
is available.

 

10.Governing Law; Jurisdiction;
Jury Trial. This Subscription Agreement is being delivered and is intended to be performed in the State of New York, and shall
be construed and enforced in accordance with the laws of such state which shall govern the rights of parties without regard to
conflict of laws principles. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that he or it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	5

    	 

    

  

		11.	Miscellaneous.

 

		a.	Entire Agreement. This Agreement (i) constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof, and (ii) is
for the benefit only of the parties hereto and is not intended to create any obligations to, or rights in respect of, any persons
other than the parties hereto. 

 

		b.	Amendments and Waivers. This Agreement may not be modified or amended except by a written instrument signed by authorized
representatives of all parties affected by such modification or amendment and referring specifically to this Agreement.  No
waiver of any breach or default hereunder shall be considered valid unless in writing and signed by the party giving such waiver,
and no such waiver shall be deemed a waiver of any subsequent breach of the same or similar nature.

 

		c.	Assignment. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of each of the
parties hereto, but no party shall have either the right or the power to assign or delegate any rights or obligations hereunder
without the prior written consent of all of the other parties.

 

		d.	Severability. If any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality
or enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby and shall
continue in full force and effect.

 

		e.	Counterparts. For the convenience of the parties hereto, this Agreement may be executed in any number of counterparts
(including by facsimile or electronic transmission), each such counterpart being deemed to be an original instrument, and all such
counterparts shall together constitute the same agreement.

 

    	6

    	 

    

  

GENERAL STEEL HOLDINGS, INC.

SIGNATURE PAGE TO

QUESTIONNAIRE AND SUBSCRIPTION AGREEMENT

 

Your signature on this Signature Page evidences
your agreement to be bound by the Questionnaire and the Subscription Agreement.

 

The undersigned represents that (a) he/she
has read and understands this Subscription Agreement, (b) the information contained in this Questionnaire is complete and accurate
and (c) he/she will contact the Company immediately if any material change in any of this information occurs before the acceptance
of his/her subscription and will promptly sent the Company written confirmation of such change.

 

IN WITNESS WHEREOF, the undersigned has
executed this Questionnaire and Subscription Agreement on the date set forth below.

 

	Dated: July 14, 2014	/s/ Zuosheng Yu
	 	Zuosheng Yu

 

APPROVED THIS 14th DAY OF JULY, 2014

 

GENERAL STEEL HOLDINGS, INC.

 

	By:	/s/ John Chen	 
	 	Name: John Chen	 
	 	Title: Chief Financial Officer

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