In connection with cost reduction measures instituted by the Company in response to deteriorating market conditions caused by the global response to the COVID-19 pandemic as well as production increases from OPEC+, the employment of Christopher K. Menefee, the Company’s Senior Vice President – Business Development and named executive officer, was terminated effective April 2, 2020. Mr. Menefee will be due a cash severance of $467,668 to the terms of his existing employment arrangements.

In connection with these cost cutting initiatives, the Board of Directors has also determined to reduce the number of director seats from seven to five following the Company’s 2020 Annual Meeting of Stockholders. In connection with this reduction, two current directors, Thomas R. Bates, Jr. and James D. Crandell, will not stand for re-election at the Company’s 2020 Annual Meeting.

On April 6, 2020, the Company issued a press release announcing actions being taken by the Company in response to market conditions. A copy of the press release is attached as Exhibit 99.1.

(d) Exhibits

Independence Contract Drilling, Inc. Exhibit
EX-99.1 2 covidpressrelease462020.htm EXHIBIT 99.1 covidpressrelease462020 Exhibit 99.1 INDEPENDENCE CONTRACT DRILLING,…
To view the full exhibit click here