John A. Gallegos Jr. - Mar 18, 2022 Form 4 Insider Report for Independence Contract Drilling, Inc. (ICD)

Role: PRESIDENT & CEO, Director
Signature: /s/ Philip A. Choyce, Attorney-in-Fact
Stock symbol: ICD
Transactions as of: Mar 18, 2022
Transactions value $: $0
Form type: 4
Date filed: 3/21/2022, 08:40 PM
Previous filing: Mar 1, 2022
Next filing: Dec 28, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ICD	Restricted Stock Units	Award		+654K	+16519.35%		658K	Mar 18, 2022	Common Stock	654K		Direct	F1
transaction	ICD	Stock Appreciation Right	Award		+654K			654K	Mar 18, 2022	Common Stock	$654K	$5.19	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Reporting person was granted an RSU that vests in 1/3 increments on (i) the one year anniversary of the date of grant, (ii) 12/31/23 and (iii) 12/31/24. The RSUs are subject to approval by the Company's stockholders of an amendment to increase the shares authorized for issuance under the Company's 2019 LTIP Plan.
F2	The reporting person was granted a stock appreciation right, 1/3 vests on the first anniversary of the date of grant and the remaining SARs vest in equal quarterly installments during the second and third years following the date of grant. Each SAR entitles the Reporting Person to receive shares of Common Stock upon exercise equal in value to the difference between the fair market value of the common stock on the date of exercise and the Strike Price of $5.19 per share. The SARS are subject to approval by the Company's stockholders of an amendment to to increase the shares authorized for issuance under the Company's 2019 LTIP Plan.

Content

Reporting person was granted an RSU that vests in 1/3 increments on (i) the one year anniversary of the date of grant, (ii) 12/31/23 and (iii) 12/31/24. The RSUs are subject to approval by the Company's stockholders of an amendment to increase the shares authorized for issuance under the Company's 2019 LTIP Plan.

The reporting person was granted a stock appreciation right, 1/3 vests on the first anniversary of the date of grant and the remaining SARs vest in equal quarterly installments during the second and third years following the date of grant. Each SAR entitles the Reporting Person to receive shares of Common Stock upon exercise equal in value to the difference between the fair market value of the common stock on the date of exercise and the Strike Price of $5.19 per share. The SARS are subject to approval by the Company's stockholders of an amendment to to increase the shares authorized for issuance under the Company's 2019 LTIP Plan.