Document:

EX-10.16

 Exhibit 10.16 

INDEPENDENCE CONTRACT DRILLING, INC. 

2012 OMNIBUS INCENTIVE PLAN 

NONQUALIFIED STOCK OPTION AGREEMENT 

THIS NON QUALIFIED STOCK OPTION AGREEMENT (this “Option Agreement”) is effective
                 (the “Grant Date”), between Independence Contract Drilling, Inc., a Delaware corporation (the “Company”), and
                 (the “Holder”). 

WHEREAS, the Company has established the Amended and Restated Independence Contract Drilling, Inc. 2012 Omnibus Incentive Plan (the
“Plan”); and 
 WHEREAS, the Holder is currently an Employee of the Company or one of its Affiliates, and the
Company desires to encourage the Holder’s continued service and, as an inducement thereto, has determined to grant to the Holder pursuant to the Plan the option provided for herein. 

NOW, THEREFORE, in consideration of the premises and the covenants and the agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Holder hereby agree as follows: 
  

	1.	Definitions. Capitalized terms not otherwise defined in this Option Agreement shall have the meanings given to such terms in the Plan. 

 

	2.	Grant. Effective as of the Grant Date, the Company hereby grants to the Holder pursuant to the terms and conditions of the Plan an option (the “Option”) to purchase
                 shares of Stock at a price of $                 per share
(the “Option Price”). The Option shall be for a term commencing on the Grant Date and ending on the tenth anniversary of the Grant Date (the “Expiration Date”) (unless such Option terminates earlier as provided in
this Option Agreement or as set forth under the terms of the Plan). The Option is subject to the terms and provisions of the Plan, which are hereby incorporated herein by reference and the terms and provisions of this Option Agreement.

  

	3.	Vesting. So long as the Option has not been terminated or forfeited, the Option shall vest and be exercisable as described on Exhibit B to this Option Agreement. [If and to the extent so provided in
any other agreement with the holder, notwithstanding the vesting schedule set forth above, all unvested Options will immediately vest and become immediately exercisable upon a Corporate Change.] 

 

	4.	Non-Incentive Stock Option. The Option is not intended to qualify as an “incentive stock option” as defined in Section 422 of the Internal Revenue Code of 1986, as amended.

  

	5.	 Exercise of Options. The Option may be exercised from time to time as to the total number of shares that may then be
issuable upon the exercise thereof or any portion thereof by the Holder, a Permitted Assignee (as defined in Section 6) with the consent of 

	 	
the Committee, or, in the event of the death or disability of the Holder, the Holder’s executors, administrators, guardian, or legal representative by giving written notice of such exercise
to the Company or its designated agent in substantially the form attached hereto as Exhibit A. 

  

	6.	Assignment. The Option may not be transferred or assigned in any manner by the Holder except by testament or the laws of descent and distribution or pursuant to a qualified domestic relations order
(as defined in Section 401(a)(13) of the Internal Revenue Code of 1986, as amended, or Section 206(d)(3) of the Employee Retirement Income Security Act of 1974, as amended), and shall be exercisable during the Holder’s lifetime only
by him or her (or, if under a qualified domestic relations order, his or her alternate payee). Notwithstanding the foregoing, a Holder may assign or transfer the Option with the consent of the Committee (i) for charitable donations;
(ii) to the Holder’s spouse, children or grandchildren (including any adopted and stepchildren and grandchildren); or (iii) to a trust for the benefit of the Holder or the persons referred to in clause (ii) (each transferee
thereof, a “Permitted Assignee”); provided that such Permitted Assignee shall be bound by and subject to all of the terms and conditions of the Plan and this Option Agreement and shall execute an agreement satisfactory to the
Company evidencing such obligations; and provided further that such Holder shall remain bound by the terms and conditions of the Plan. Any attempted assignment of the Option in violation of this Section 6 shall be null and void. In the
discretion of the Committee, any attempt to transfer the Option other than under the terms of the Plan and this Option Agreement may terminate the Option. 

  

	7.	Changes in the Company’s Capital Structure. The existence of the Option 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 Option Agreement) or its stockholders to make or authorize any adjustment, recapitalization, reorganization or other changes 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, whether of a similar character or otherwise. 

 

	8.	Requirements of Law. The Company shall not be required to sell or issue any shares on the exercise of the Option if the issuance of such shares shall constitute a violation by the Holder or the
Company of any provisions of any law or regulation of any governmental authority. Regarding any applicable statute or regulation relating to the registration of securities, upon exercise of the Option, 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 the Option are not registered, the Company may imprint on the certificate
evidencing the shares of Stock the following legend or any other legend that counsel for the Company considers necessary or advisable to comply with applicable law: 

 THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 OR UNDER THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT UPON SUCH REGISTRATION OR UPON RECEIPT BY THE CORPORATION OF AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION, IN FORM AND SUBSTANCE SATISFACTORY TO
THE CORPORATION, THAT REGISTRATION IS NOT REQUIRED FOR SUCH SALE OR TRANSFER. 
  

	 	Should the shares of Stock be represented by book or electronic entry rather than by 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 to cause the exercise of the Option or the issuance of shares pursuant thereto to comply with any law or regulation of any
governmental authority. 

  

	9.	Termination. The Option, to the extent it shall not previously have been exercised or forfeited, shall terminate on the earlier of the (i) Expiration Date, or (ii) as provided in the Plan
upon Separation from Service, unless the Committee extends the term of this Option in writing to a period not extending beyond the Expiration Date. In addition, to the extent not exercised, the Option (including all vested options) shall terminate
on the earlier to occur of the Expiration Date or the three-month anniversary of the Holder’s Separation from Service, provided however, in the event such Separation from Service occurs on or after the occurrence of a Corporate Change, to the
extent not exercised, the Option (including all vested options) shall terminate on the earlier to occur of the Expiration Date or the one-year anniversary of the Holder’s Separation from Service. 

 

	10.	Forfeitures. This Option shall be subject to the forfeiture provisions set forth in the Plan, including (i) forfeiture for cause as described in Section 4.7 of the Plan, and (ii) that
in the event the Holder’s employment with the Company and its Affiliates terminates, any unvested portion of this Option shall immediately be forfeited to the Company without any consideration and shall cease to be outstanding.

  

	11.	No Rights as a Stockholder. The Holder shall not have any rights as a stockholder with respect to any shares issuable upon the exercise of the Option until the date of issuance of such shares
following the Holder’s exercise of the Option pursuant to its terms and conditions and payment for such shares. Except as otherwise provided in the Plan, no adjustment shall be made for dividends or other distributions made with respect to the
Common Stock the record date for the payment of which is prior to the date of issuance of the shares following the Holder’s exercise of the Option. 

  

	12.	 Tax Withholding. To the extent that the grant, exercise, or vesting of the Option results in income to the Holder for federal,
state, local or foreign income, employment, excise or 

	 	
other tax purposes with respect to which the Company or an Affiliate has a withholding obligation, the Company or Affiliate may deduct from other compensation payable to the Holder any sums
required by federal, state, local, or foreign tax law to be withheld with respect to the grant, exercise, or vesting of the Option. In the alternative, the Company or Affiliate may require the Holder (or other person validly exercising the Option)
to pay such sums for taxes directly to the Company or Affiliate, as the case may be, in cash or by check within one day after the date of grant, vesting or exercise. With the consent of the Holder, the Company may reduce the number of shares of
Stock issued to the Holder upon the Holder’s exercise of the Option to satisfy the tax withholding obligations of the Company or an Affiliate; provided that the Fair Market Value of the shares of Stock held back shall not exceed the
Company’s or the Affiliate’s Minimum Statutory Tax Withholding Obligation. 

  

	 	The Company shall have no obligation upon grant, vesting, or exercise of the Option to issue any shares of Stock hereunder until the Company or an Affiliate has received payment sufficient to cover the Minimum Statutory
Tax Withholding Obligation with respect to that grant, vesting, or exercise. Neither the Company nor any Affiliate shall be obligated to advise the Holder of the existence of the tax or the amount which it will be required to withhold.

  

	13.	No Fractional Shares. All provisions of this Option Agreement concern whole shares. Notwithstanding anything contained in this Option Agreement to the contrary, if the application of any provision
of this Option Agreement would yield a fractional share, such fractional share shall be rounded down to the next whole share. 

  

	14.	Notices. Any notice, instruction, authorization, request, or demand required hereunder shall be in writing, and shall be delivered either by personal delivery, by telegram, telex, telecopy or
similar facsimile means, by certified or registered mail, return receipt requested, by facsimile transmission, or by courier or delivery service to the Company at 11601 N. Galayda Drive, Houston, Texas 77086, Attention: Chief Financial Officer, and
to the Holder at the Holder’s address and facsimile number (if applicable) indicated beneath the Holder’s signature on the execution page of this Option Agreement, or at such other address and facsimile 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. 

  

	15.	No Employment Obligation. This Option Agreement is not an employment contract, express or implied, and no provision of this Option Agreement shall impose upon the Company or any Affiliate any
obligation to employ or continue to employ, or utilize the services of, the Holder. The right of the Company or any Affiliate to terminate the employment of the Holder shall not be diminished or affected by reason of the fact that the Option has
been granted to the Holder, and nothing in the Plan or this Option Agreement shall interfere with or limit in any way the right of the Company or its Affiliates to terminate any employee’s employment at any time or for any reason not prohibited
by law. 

	16.	Successors and Assigns. Except as otherwise provided to the contrary in this Option Agreement or in the Plan, this Option Agreement shall bind, be enforceable by and inure to the benefit of the
Company, its Affiliates, and their successors and assigns, and to the Holder, the Holder’s Permitted Assignees, executors, administrators, agents, and legal and personal representatives. 

 

	17.	Grant Subject to Terms of Plan and this Option Agreement. The Holder acknowledges and agrees that the grant of the Option hereunder is made pursuant to and governed by the terms of the Plan and this
Option Agreement, ratifies and consents to any action taken by the Company, the Board or the Committee concerning the Plan and agrees that the grant of the Option pursuant to this Option Agreement is subject in all respects to the more detailed
provisions of the Plan. 

  

	18.	Amendment and Waiver. Subject to the Plan, this Option Agreement may be amended, modified, or superseded by written instrument executed by the Company and the Holder. Only a written instrument
executed and delivered by the party waiving compliance hereof shall make any waiver of the terms or conditions effective. Any waiver granted by the Company shall be effective only if executed and delivered by a duly authorized executive officer of
the Company. 

 IN WITNESS WHEREOF, this Option Agreement has been duly executed and delivered as of the day and year
first above mentioned. 
  

							
	INDEPENDENCE CONTRACT DRILLING, INC.	 		 	HOLDER	 	
			
	 By
	 		 	  

             Byron Dunn 

            Chief Executive Officer 

Holder’s address and facsimile number: 

			
		
	  
	  	

 EXHIBIT A 

INDEPENDENCE CONTRACT DRILLING, INC. 2012 OMNIBUS INCENTIVE PLAN 

Exercise of Stock Option 

Independence Contract Drilling, Inc. 
 Attention: Chief Financial
Officer 
 11601 N. Galayda Drive 
 Houston, Texas 77086 

Dear Sir or Madam: 
 The undersigned Holder, [NAME],
hereby exercises the Option granted to him pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2012 Ominibus Incentive Plan, dated
                , 20    , between Independence Contract Drilling, Inc., a Delaware corporation (the “Company”), and
the Holder with respect to                  shares of common stock, $.01 par value per share, of the Company covered by said Option, and tenders herewith the
following form of payment [check all that apply]: 
  

	•	 	Check for $                , payable to “Independence Contract Drilling, Inc.” 

The exact legal name and registered address on such certificate should be: 
  

							
	 	 	  
	 	 	 	 
	 	 	  
  
	 	 	 	 
	 	 	  
  
	 	 	 	 

 The Holder’s social security number is:
                 
 ACKNOWLEDGMENTS: 

 

	1.	I understand that all sales of purchased shares are subject to compliance with the Company’s policy on securities trades, and I acknowledge that the Company has encouraged me to consult my own adviser to determine
the form of ownership that is appropriate for me. 

  

	2.	I hereby acknowledge that I received and read a copy of the prospectus describing the Amended and Restated Independence Contract Drilling, Inc. 2012 Omnibus Incentive Plan and the Nonqualified Stock Option and the tax
consequences of an exercise, and the Company has encouraged me to consult my own tax advisor. 

  

	3.	I understand that I must recognize ordinary income equal to the excess of the fair market value of the purchased shares on the date of exercise over the exercise price. I further understand that I am required to pay
withholding taxes at the time of exercising this Option. 

  

					
	HOLDER’S SIGNATURE	 		 	DATE
			
	  
	 		 	  

 EXHIBIT B 

INDEPENDENCE CONTRACT DRILLING, INC. 2012 OMNIBUS INCENTIVE PLAN 

NONQUALIFIED STOCK OPTION AGREEMENT 

VESTING SCHEDULE 
 OPTIONEE NAME:
                         

OPTION DATE:
                         

TOTAL SHARES UNDERLYING OPTION:
                         

VESTING SCHEDULE:
                        .EX-10.17

 Exhibit 10.17 
 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 “Employee”) effective as of [•] (the “Grant Date”), pursuant to the Independence Contract Drilling, Inc. 2012 Omnibus
Incentive Plan (the “Plan”), a copy of which previously has been made available to the Employee and the terms and provisions of which are incorporated by reference herein. 

WHEREAS, the Company desires to grant to the Employee 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 Employee 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 have the meaning provided in the Employment Agreement. 

(b) “Disability” shall have the meaning provided in the Employment Agreement. 

(c) “Employment Agreement” shall mean the Amended and Restated Executive Employment Agreement entered
into effective [•], by and between the Company and the Employee, as amended. 
 (d) “Employment
Term” shall have the meaning provided in the Employment Agreement. 
 (e) “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 Employee hereunder and the obligation to forfeit and surrender such Shares to the Company.

 (f) “Good Reason” shall have the meaning provided in the Employment Agreement. 

 (g) “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. 

(h) “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
Employee’s name the following Shares as Restricted Shares: [•] shares of the Company’s common stock, $.01 par value. 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 Employee’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 Employee shall have the right to vote the Restricted Shares awarded to the Employee and to receive 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 Employee 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, 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 Employee 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 Employee 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

  
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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 Employee 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 Employee’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
	 [•]
	  	[•]
	 [•]
	  	[•]
	 [•]
	  	[•]

 (b) Notwithstanding any other provision of this Agreement to the contrary, if, during the
Employment Term, the Employee’s employment with the Company and its Affiliates is terminated by the Company without Cause (other than for Disability) or by the Employee for Good Reason, then all remaining Forfeiture Restrictions shall lapse as
to the Restricted Shares that are granted hereby upon the termination of the Employee’s employment by the Company without Cause (other than for Disability) or by the Employee for Good Reason. 

(c) Upon the lapse of the Forfeiture Restrictions with respect to the Shares granted hereby the Company shall cause to be
delivered to the Employee a stock certificate or electronic book entry representing such Shares, and such Shares shall be transferable by the Employee (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). 
 (d) Except as otherwise provided in
Section 4(b) hereof, if the Employee ceases to be employed by the Company or an Affiliate for any reason before the applicable lapse date including due to the death or Disability of the Employee, the Forfeiture Restrictions then applicable to
the Restricted Shares shall not lapse and all the Restricted Shares shall be forfeited to the Company. 

  
 - 3 -

 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. 
 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 Employee 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 Employee 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 Employee 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 Employee 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 Employee 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 Employee shall timely pay the Company the amount necessary to satisfy the Company’s
attendant tax withholding obligations, if any. 
 8. 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. 
 9. Employment Relationship. For purposes of this Agreement, the Employee shall be considered to be in the
employment of the Company and its Affiliates as long as the Employee 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. 
 10. 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 Employee 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 Employee for any period of time. 

  
 - 4 -

 11. Legend. The Employee 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. 

12. 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 Employee at the Employee’s residential address indicated beneath the Employee’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. 
 13. 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 Employee. 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 Employee. 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.

 14. 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. 
 15. 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. 

16. 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 Employee, the Employee’s permitted assigns, executors, administrators, agents, legal and personal
representatives. 

  
 - 5 -

 17. 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. 

  
 - 6 -

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

 

			
	 INDEPENDENCE CONTRACT

	 DRILLING, INC.

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 EMPLOYEE:

	
	 
	 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: [•]

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