Philip A. Choyce - Feb 10, 2023 Form 4 Insider Report for Independence Contract Drilling, Inc. (ICD)

Role: EXECUTIVE VP & CFO
Signature: /s/ Philip A. Choyce
Stock symbol: ICD
Transactions as of: Feb 10, 2023
Transactions value $: $0
Form type: 4
Date filed: 2/14/2023, 04:34 PM
Previous filing: Dec 28, 2022
Next filing: Mar 20, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ICD	Common Stock	Options Exercise		+1.37K	+4.02%		35.5K	Feb 10, 2023	Direct	F1
transaction	ICD	Common Stock	Options Exercise		+4.11K	+11.59%		39.6K	Feb 10, 2023	Direct	F2

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	Performance Unit	Options Exercise		-2.06K	-100%		0	Feb 10, 2023	Common Stock	2.06K		Direct	F1
transaction	ICD	Restricted Stock Unit	Award		+36.8K	+16.08%		266K	Feb 10, 2023	Common Stock	266K		Direct	F3
transaction	ICD	Phantom Stock Unit	Award		+18.4K	+920.5%		20.4K	Feb 10, 2023	Common Stock	18.4K		Direct	F4
transaction	ICD	Restricted Stock Unit	Options Exercise		-4.11K	-1.55%		262K	Feb 10, 2023	Common Stock	4.11K		Direct	F2
transaction	ICD	Phantom Stock Unit	Options Exercise		-2.06K	-10.05%		18.4K	Feb 10, 2023	Common Stock	2.06K		Direct	F5

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

Explanation of Responses:

Id	Content
F1	Represents vesting of a performance award. Each performance right reprsented the right to receive a share of ICD common stock upon ICD achieving certain relative TSR rankings against a peer group. Performance rights were settled 2/3 in shares of common stock and 1/3 in cash.
F2	Reporting person held an RSU granted on 2/10/20 that vested on 2/10/23. Each RSU was settled in shares of common stock.
F3	Each RSU represents and contingent right to receive one share of ICD commons tock. The reporting person was granted an RSU that vests in three annual installments beginning 2/10/24.
F4	Each phantom stock unit represents the economic equivalent on one share of ICD common stock. Each unit vests in three equal annual installments beginning February 10, 2024. Phantom stock units will be settled in cash.
F5	Reporting person was granted a phantom stock unit on 2/10/20 that vested on 2/20/23. Each PSU is the equivalent of one share of ICD common stock. PSU's were settled in cash.