Common use of Grant of Performance Unit Award Clause in Contracts

Grant of Performance Unit Award. (a) As of the effective date of this agreement (this “Agreement”), Independence Contract Drilling, Inc., a Delaware corporation (the “Company”), hereby grants to the Grantee (identified above) 1 restricted stock units (the “RSUs”) pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2012 Omnibus Incentive Plan, as amended (the “Plan”). The RSUs represent the opportunity to receive a number of shares of Common Stock of the Company based upon satisfaction of certain EBITDA 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 200% of the number of Target RSUs. The Plan is hereby incorporated in this Agreement in its entirety by reference. In the event of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan shall control. (b) To determine the number, if any, of RSUs that shall vest, the methodology on Exhibit A shall be followed, subject to Exhibit C. For purposes of this Agreement, the “Performance Period” shall be deemed to begin on July 1, 2014, (the “Effective Date”) and end on June 30, 2017. The date that is the third anniversary of the date set forth on the signature page hereof shall be the “Determination Date.”

Grant of Performance Unit Award. (a) As of the effective date of this agreement (this “Agreement”), Independence Contract Drilling, Inc., a Delaware corporation (the “Company”), hereby grants to the Grantee (identified above) 1 restricted stock units (the “RSUs”) pursuant to the Amended and Restated Independence Contract Drilling, Inc. 2012 Omnibus Incentive Plan, as amended (the “Plan”). The RSUs represent the opportunity to receive a number of shares of Common Stock of the Company based upon satisfaction of certain EBITDA 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 200% of the number of Target RSUs. The Plan is hereby incorporated in this Agreement in its entirety by reference. In the event of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan shall control. (b) To determine the number, if any, of RSUs that shall vest, the methodology on Exhibit A shall be followed, subject to Exhibit C. For purposes of this Agreement, the “Performance Period” shall be deemed to begin on July 1, 2014, (the “Effective Date”) and end on June 30, 2017. The date that is the third anniversary of the date set forth on the signature page hereof shall be Effective Date (the “Determination Date”).”