Amendment No. 1 to Amended and Restated Executive Employment Agreement between Independence Contract Drilling, Inc. and Katherine Kokenes
This amendment updates the employment agreement between Independence Contract Drilling, Inc. and executive Katherine Kokenes. It changes the calculation of severance benefits if her employment is terminated without cause or for good reason, especially in connection with a change of control. The amendment specifies new severance multiples and clarifies how the target annual bonus is determined. All other terms of the original agreement remain unchanged.
AMENDMENT NO. 1 TO
AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT
This Amendment No. 1 (this "Amendment") to the Amended and Restated Executive
Employment Agreement effective March 18, 2022 (the "Employment Agreement"), by and between Independence Contract Drilling, Inc., a Delaware corporation ("ICD") and Katherine Kokenes ("Executive") is effective as of February 28, 2022.
WHEREAS, the Company and Executive desire to amend certain provisions of the Employment Agreement relating to the level of benefits paid to Executive in the event of termination of Executive's employment without Cause or for Good Reason in contemplation of a Change of Control;
NOW THEREFORE, In consideration of the mutual terms and agreement set forth herein, the parties hereto agree as follows:
| 1. | Defined Terms. Capitalized terms not otherwise defined herein shall have the meaning assigned thereto in the Employment Agreement. |
| 2. | Amendment. As of the date of this Amendment, Section 6(b)(vi) of the Employment Agreement is hereby amended and restated in its entirety as follows: |
"(vi) "Severance Multiple," for purposes of calculating the Other Benefits due under this Section 6(b), shall be one (1) times, and for purposes of calculating the Other Benefits due under Section 6(c) shall be one and one half (1.5) times. In addition, target Annual Bonus for purpose of calculating the Other Benefits due under Section 6(c) shall mean the target Annual Bonus for the fiscal year in which termination of employment occurred."
All other provisions of the Employment Agreement shall remain unchanged, except as amended hereby, and all future references to the Employment Agreement, shall refer to the Employment Agreement, as amended by this Amendment.
Dated Effective: February 28, 2023
INDEPENDENCE CONTRACT DRILLING, INC.
By__/s/ J. Anthony Gallegos, Jr._____________________
J. Anthony Gallegos, Jr.
President & Chief Executive Officer
EXECUTIVE
___/s/ Katherine Kokenes___________________________
Katherine Kokenes
