VINCENT J. CEBULA - 18 Mar 2023 Form 4 Insider Report for Independence Contract Drilling, Inc.

Role: Director
Signature: /s/ Philip A. Choyce, Attorney-in-Fact
Issuer symbol: N/A
Transactions as of: 18 Mar 2023
Net transactions value: $0
Form type: 4
Filing time: 20 Mar 2023, 11:34:42 UTC
Previous filing: 14 Feb 2023
Next filing: 25 May 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ICD	Common Stock	Options Exercise		+5,500			5,500	18 Mar 2023	Direct	F1
transaction	ICD	Common Stock	Options Exercise		+16,501	+300%		22,001	18 Mar 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	Restricted Stock Unit	Options Exercise		-8,250	-33%		16,502	18 Mar 2023	Common Stock	8,250		Direct	F1
transaction	ICD	Restricted Stock Unit	Options Exercise		-24,752	-50%		25,000	18 Mar 2023	Common Stock	24,752		Direct	F2

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

Explanation of Responses:

Id	Content
F1	The reporting person was granted a restricted stock unit (RSU) upon appointment to the Company's Board of Directors that vests in equal 1/3 installments on the first, second and third anniversaries of the date of grant. Each RSU entitles the reporting person to receive one share of commons tock upon vesting. Two third of RSUs were settled in shares of common stock and 1/3 was settled in cash.
F2	The reporting person received an annual grant of RSUs as a director of the Company that vest on the one year anniversary of the date of grant. One-third of the RSU's were settled in cash, 2/3 were settled in shares of common stock.