On March 18, 2022, Independence Contract Drilling, Inc. (the “Company” or “ICD”) entered into a subscription agreement with affiliates of MSD Partners, L.P. and an affiliate of Glendon Capital Management L.P. for the placement of $157.5 million aggregate principal amount of convertible secured PIK toggle notes due 2026 (the “Notes”). Effective as of the closing of the Notes issuance on March 18, 2022, the Board increased the size of the Board from five to seven directors and has appointed Christopher M. Gleysteen and Vincent J. Cebula as designee directors for MSD Partners and Glendon Capital, respectively to fill the two additional vacancies. On March 18, 2022, Matthew Fitzgerald resigned as a director.

The Company plans to fill such vacancy with a director nominated by the two Designee directors of MSD Partners and Glendon Capital, subject to review and approval by the Company's nominating and governance committee. Mr. Gleysteen is currently a Principal of MSD Partners L.P. (“MSD Partners”). He joined MSD Partners in 2015.

Mr. Cebula has a decades long history as a director, operating advisor and investor, including over 35 years of experience in private equity and investment banking. In 2021, Mr. Cebula served as an Operating Advisor to Solace Capital Partners, L.P.