Common use of Grant of Performance Unit Award Clause in Contracts

Grant of Performance Unit Award. (a) As of _______, 20___ (the “Effective Date”), the date of this agreement (this “Agreement”), Independence Contract Drilling, Inc., a Delaware corporation (the “Company”), hereby grants to the Grantee (identified above) _____restricted stock units (the “RSUs”) pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2019 Omnibus Incentive Plan, as may be amended from time to time (the “Plan”). The number of RSUs hereunder that are considered target RSUs shall be _____ (the “Target RSUs”). The RSUs represent the opportunity to receive a number of shares of Common Stock of the Company based upon satisfaction of certain TSR targets and the “Payout Multiplier” as defined in Exhibit A, subject to Exhibit C. The actual number of shares of Common Stock that may be issued pursuant to the terms of this Agreement will be between 0% and 172.5% of the number of Target RSUs (as defined in Exhibit A). (b) To determine the number, if any, of RSUs that shall be deemed earned (“Earned RSUs”), the methodology on Exhibit A shall be followed, subject to Exhibit C. For purposes of this Agreement, there shall be three performance periods: (a) “Performance Period I” shall be deemed to begin on January 1, 20___ and end on December 31, 2023 (the “Performance Period 1 Determination Date”); (b) “Performance Period II” shall be deemed to begin on January 1, 20___ and end on December 31, 20__ (the “Performance Period II Determination Date”, and (c) “Performance Period III” shall be deemed to begin on January 1, 2025 and end on December 31, 20__ (the “Performance Period III Determination Date”). For purposes of this Agreement, each of Performance Period I, Performance Period II and Performance Period III shall be considered a “Performance Period”, and each of Performance Period I Determination Date, Performance Period II Determination Date and Performance Period III Determination Date shall be considered a “Determination Date”. It is understood that Earned RSU’s are also subject to a three-year time-based vesting requirement that begins on the Effective Date, as described in paragraph 3 below.

Grant of Performance Unit Award. (a) As of _______February 8, 20___ 2017 (the “Effective Date”), the date of this agreement (this “Agreement”), Independence Contract Drilling, Inc., a Delaware corporation (the “Company”), hereby grants to the Grantee (identified above) ________ restricted stock units (the “RSUs”) pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2019 2012 Omnibus Incentive Plan, as may be amended from time to time (the “Plan”). The number of RSUs hereunder that are considered target RSUs shall be ______ (the “Target RSUs”). , The RSUs represent the opportunity to receive a number of shares of Common Stock of the Company based upon satisfaction of certain TSR operational performance targets tied to the Company’s operating rigs’ utilization while operating under a drilling contract and the “Payout Multiplier” as defined in Exhibit A, subject to Exhibit C. The actual number of shares of Common Stock that may be issued pursuant to the terms of this Agreement will be between 0% and 172.5200% of the number of Target RSUs (as defined in Exhibit A)RSUs. (b) To determine the number, if any, of RSUs that shall be deemed earned (“Earned RSUs”), the methodology on Exhibit A shall be followed, subject to Exhibit C. For purposes of this Agreement, there shall be three performance periods: (a) “Performance Period I” shall be deemed to begin on January 1, 20___ 2017 and end on December 31, 2023 2017 (the “Performance Period 1 Determination Date”); (b) “Performance Period II” shall be deemed to begin on January 1, 20___ 2018 and end on December 31, 20__ 2018 (the “Performance Period II Determination Date”, and (c) “Performance Period III” shall be deemed to begin on January 1, 2025 2019 and end on December 31, 20__ 2019 (the “Performance Period III Determination Date”). For purposes of this Agreement, each of Performance Period I, Performance Period II and Performance Period III shall be considered a “Performance Period”, and each of Performance Period I Determination Date, Performance Period II Determination Date and Performance Period III Determination Date shall be considered a “Determination Date”. It is understood that Earned the RSU’s are also subject to a three-three year time-based vesting requirement that begins on the Effective Date, as described in paragraph 3 below.

Grant of Performance Unit Award. (a) As of _______, 20_202__ (the “Effective Date”), the date of this agreement (this “Agreement”), Independence Contract Drilling, Inc., a Delaware corporation (the “Company”), hereby grants to the Grantee (identified above) ______ restricted stock units (the “RSUs”) pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2019 Omnibus Incentive Plan, as may be amended from time to time (the “Plan”). The number of RSUs hereunder that are considered target RSUs shall be _____ (the “Target RSUs”). The RSUs represent Each RSU represents the opportunity to receive a number cash payment equivalent to the fair market value of shares a share of Common Stock on the date of the Company vesting based upon satisfaction of certain Free Cash Flow/TSR targets and the “Payout Multiplier” as defined in Exhibit A, subject to Exhibit C. The actual number of shares of Common Stock that may be issued pursuant to the terms of this Agreement will be between 0% and 172.5201.25% of the number of Target RSUs (as defined in Exhibit A). (b) To determine the number, if any, of RSUs that shall be deemed earned (“Earned RSUs”), the methodology on Exhibit A shall be followed, subject to Exhibit C. For purposes of this Agreement, there shall be three performance periods: (a) “Performance Period I” shall be deemed to begin on January 1, 20_202__ and end on December 31, 2023 202__ (the “Performance Period 1 Determination Date”); (b) “Performance Period II” shall be deemed to begin on January 1, 20_202__ and end on December 31, 20202__ (the “Performance Period II Determination Date”, and (c) “Performance Period III” shall be deemed to begin on January 1, 2025 202__ and end on December 31, 20202__ (the “Performance Period III Determination Date”). For purposes of this Agreement, each of Performance Period I, Performance Period II and Performance Period III shall be considered a “Performance Period”, and each of Performance Period I Determination Date, Performance Period II Determination Date and Performance Period III Determination Date shall be considered a “Determination Date”. It is understood that Earned RSU’s are also subject to a three-year time-based vesting requirement that begins on the Effective Date, as described in paragraph 3 below.

Grant of Performance Unit Award. (a) As of _______February 8, 20___ 2017 (the “Effective Date”), the date of this agreement (this “Agreement”), Independence Contract Drilling, Inc., a Delaware corporation (the “Company”), hereby grants to the Grantee (identified above) ________ restricted stock units (the “RSUs”) pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2019 2012 Omnibus Incentive Plan, as may be amended from time to time (the “Plan”). The number of RSUs hereunder that are considered target RSUs shall be ______ (the “Target RSUs”). , The RSUs represent the opportunity to receive a number of shares of Common Stock of the Company based upon satisfaction of certain TSR safety performance targets and the “Payout Multiplier” as defined in Exhibit A, subject to Exhibit C. The actual number of shares of Common Stock that may be issued pursuant to the terms of this Agreement will be between 0% and 172.5200% of the number of Target RSUs (as defined RSUs. The Plan is hereby incorporated in Exhibit A)this Agreement in its entirety by reference. (b) To determine the number, if any, of RSUs that shall be deemed earned (“Earned RSUs”), the methodology on Exhibit A shall be followed, subject to Exhibit C. For purposes of this Agreement, there shall be three performance periods: (a) “Performance Period I” shall be deemed to begin on January 1, 20___ 2017 and end on December 31, 2023 2017 (the “Performance Period 1 Determination Date”); (b) “Performance Period II” shall be deemed to begin on January 1, 20___ 2018 and end on December 31, 20__ 2018 (the “Performance Period II Determination Date”, and (c) “Performance Period III” shall be deemed to begin on January 1, 2025 2019 and end on December 31, 20__ 2019 (the “Performance Period III Determination Date”). For purposes of this Agreement, each of Performance Period I, Performance Period II and Performance Period III shall be considered a “Performance Period”, and each of Performance Period I Determination Date, Performance Period II Determination Date and Performance Period III Determination Date shall be considered a “Determination Date”. It is understood that the Earned RSU’s are also subject to a three-three year time-based vesting requirement that begins on the Effective Date, as described in paragraph 3 below.

Grant of Performance Unit Award. (a) As of _______February 8, 20___ 2017 (the “Effective Date”), the date of this agreement (this “Agreement”), Independence Contract Drilling, Inc., a Delaware corporation (the “Company”), hereby grants to the Grantee (identified above) ________ restricted stock units (the “RSUs”) pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2019 2012 Omnibus Incentive Plan, as may be amended from time to time (the “Plan”). The number of RSUs hereunder that are considered target RSUs shall be ______ (the “Target RSUs”). , The RSUs represent the opportunity to receive a number of shares of Common Stock of the Company based upon satisfaction of certain TSR targets and the “Payout Multiplier” as defined in Exhibit A, subject to Exhibit C. The actual number of shares of Common Stock that may be issued pursuant to the terms of this Agreement will be between 0% and 172.5200% of the number of Target RSUs (as defined in Exhibit A). (b) To determine the number, if any, of RSUs that shall be deemed earned (“Earned RSUs”), the methodology on Exhibit A shall be followed, subject to Exhibit C. For purposes of this Agreement, there shall be three performance periods: (a) “Performance Period I” shall be deemed to begin on January 1, 20___ the Effective Date and end on December 31February 7, 2023 2018 (the “Performance Period 1 Determination Date”); (b) “Performance Period II” shall be deemed to begin on January 1, 20___ the Effective Date and end on December 31February 7, 20__ 2019 (the “Performance Period II Determination Date”, and (c) “Performance Period III” shall be deemed to begin on January 1, 2025 the Effective Date and end on December 31February 7, 20__ 2020 (the “Performance Period III Determination Date”). For purposes of this Agreement, each of Performance Period I, Performance Period II and Performance Period III shall be considered a “Performance Period”, and each of Performance Period I Determination Date, Performance Period II Determination Date and Performance Period III Determination Date shall be considered a “Determination Date”. It is understood that Earned RSU’s are also subject to a three-three year time-based vesting requirement that begins on the Effective Date, as described in paragraph 3 below.

Grant of Performance Unit Award. (a) As of _______, 20________ (the ““ Effective DateDate ”), the date of this agreement (this “Agreement“ Agreement ”), Independence Contract Drilling, Inc., a Delaware corporation (the “CompanyCompany ”), hereby grants to the Grantee (identified above) _______ restricted stock units (the “RSUs“ RSUs ”) pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2019 Omnibus Incentive Plan, as may be amended from time to time (the “Plan“ Plan ”). The number of RSUs hereunder that are considered target RSUs shall be ______ (the ““ Target RSUsRSUs ”). The RSUs represent the opportunity to receive a number of shares of Common Stock of the Company based upon satisfaction of certain TSR targets and the ““ Payout MultiplierMultiplier ” as defined in Exhibit A, subject to Exhibit C. The actual number of shares of Common Stock that may be issued pursuant to the terms of this Agreement will be between 0% and 172.5200% of the number of Target RSUs (as defined in Exhibit A). . (b) To determine the number, if any, of RSUs that shall be deemed earned (““ Earned RSUsRSUs ”), the methodology on Exhibit A shall be followed, subject to Exhibit C. For purposes of this Agreement, there shall be three performance periods: (a) ““ Performance Period I” shall be deemed to begin on January 1, 20the Effective Date and end on ___________ and end on December 31, 2023 (the “Performance Period 1 Determination DateDate ”); (b) ““ Performance Period IIII ” shall be deemed to begin on January 1, 20___ the Effective Date and end on December 31, 20_____________ (the ““ Performance Period II Determination DateDate ”, and (c) ““ Performance Period IIIIII ” shall be deemed to begin on January 1, 2025 the Effective Date and end on December 31, 20_____________ (the ““ Performance Period III Determination DateDate ”). For purposes of this Agreement, each of Performance Period I, Performance Period II and Performance Period III shall be considered a ““ Performance PeriodPeriod ”, and each of Performance Period I Determination Date, Performance Period II Determination Date and Performance Period III Determination Date shall be considered a ““ Determination DateDate ”. It is understood that Earned RSU’s are also subject to a three-year time-time- based vesting requirement that begins on the Effective Date, as described in paragraph 3 below. 2.