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Share Name | Share Symbol | Market | Type |
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Independence Contract Drilling Inc | NYSE:ICD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.0393 | -2.17% | 1.7707 | 1.85 | 1.7549 | 1.85 | 15,935 | 17:59:16 |
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Delaware
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001-36590
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37-1653648
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 1.01
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Entry into a Material Agreement
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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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Each non-employee director of the Company was granted 28,571 restricted stock units (“RSUs”), which vest on the one-year anniversary of the date of such grant (the “Director RSU Award”). The director may elect to settle 1/3 of its Director RSU Award in cash based upon the fair market value of the Company’s common stock on the vesting date. The foregoing description of the Director RSU Award in this Item 5.02 is qualified in its entirety by reference to the full text of the form of 2019 Director RSU Award, which is filed as Exhibit 10.2 hereto and is incorporated herein by reference.
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Messr. Gallegos, Choyce and Menefee were granted 205,000, 75,686 and 31,857, time-based RSUs, respectively, which vest in 1/3 increments on each of the first, second and third anniversary of the date of grant, subject to continued employment with the Company (the “Time-Based RSU Awards”). The foregoing description of Time-Based RSU Awards is qualified in its entirety by reference to the full text of the form of 2019 LTIP Time-Based RSU Award, which is filed as Exhibit 10.3 hereto and is incorporated herein by reference.
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Messr. Gallegos, Choyce and Menefee were granted 205,000, 75,686 and 31,858, performance-based RSUs, respectively (the “Performance RSU Awards”). The Performance RSU Awards vest on the third anniversary of the date of grant in an amount equal to 0% to 200% of the target, based upon the Company’s performance against the applicable performance goals, and subject to continued employment with the Company and approval of the 2019 LTIP by the Company’s stockholders. One half of the Performance RSU Awards are tied to the Company’s return on invested capital (ROIC) over a one, two, three and cumulative three-year period, and one half of the Performance RSU Awards are tied to a the Company’s relative total shareholder return (TSR) compared to a peer group of companies over a cumulative one, two and three year performance period. The foregoing description of the Performance-Based Awards is qualified in its entirety by reference to the full text of the form of 2019 Performance Unit Award Agreement (Return on Invested Capital) and the form of 2019 Performance Unit Award
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Item 5.03
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Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
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Item 9.01
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Financial Statements and Exhibits.
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Independence Contract Drilling, Inc.
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Date: March 5, 2019
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By:
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/s/ Philip A. Choyce
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Name:
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Philip A. Choyce
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Title:
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Executive Vice President & Chief Financial Officer
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1 Year Independence Contract Dr... Chart |
1 Month Independence Contract Dr... Chart |
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