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style="height:12.75pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 1.5pt 0pt;"><ix:nonNumeric contextRef="Duration_8_19_2021_To_8_19_2021_2IQkGDcuR0yPckFWgDe5DA" name="dei:Security12bTitle" id="Tc_ETSUGDZbtUqBCBiEuVt-UQ_1_0">Common Stock, $0.01 par value per share</ix:nonNumeric></p></div></div></td><td style="vertical-align:bottom;width:2.48%;margin:0pt;padding:0pt;"><div style="height:12.75pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:12pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:20.63%;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><div style="height:12.75pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 1.5pt 0pt;"><ix:nonNumeric contextRef="Duration_8_19_2021_To_8_19_2021_2IQkGDcuR0yPckFWgDe5DA" name="dei:TradingSymbol" id="Tc_Egu-EnmlekqdQMCZ5GFnHQ_1_2">ICD</ix:nonNumeric></p></div></div></td><td style="vertical-align:bottom;width:2.48%;margin:0pt;padding:0pt;"><div style="height:12.75pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:12pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:37.29%;border-top:1px solid #000000;margin:0pt;padding:0pt 2.65pt 0pt 2.65pt;"><div style="height:12.75pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 1.5pt 0pt;"><ix:nonNumeric contextRef="Duration_8_19_2021_To_8_19_2021_2IQkGDcuR0yPckFWgDe5DA" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_VmtcqVI7P0SyxF7C3ag2mw_1_4">New York Stock Exchange</ix:nonNumeric></p></div></div></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;padding-top:1pt;border-bottom:3.0pt solid #000000;border-top:1px solid #000000;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="display:none;font-family:'Times New Roman','Times','serif';line-height:0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_df26d9d7_a2cf_4c05_9a8f_d6da22e55685"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Item 1.02 Termination of a Material Definitive Agreement</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">As previously disclosed, on April 27, 2020, Independence Contract Drilling, Inc. (the &#8220;Company&#8221;) received loan proceeds of $10.0 million under the Paycheck Protection Program (the &#8220;PPP&#8221;). The PPP was established as part of the Coronavirus Aid, Relief and Economic Security Act (the &#8220;CARES Act&#8221;) and is administered by the U.S. Small Business Administration (&#8220;SBA&#8221;). The PPP loan was evidenced by a promissory note (the &#8220;Note&#8221;), dated April 27, 2020, between the Company, as Borrower, and City Bank, as Lender (the &#8220;Lender&#8221;). The interest rate on the Note was 1.00% per annum.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">Under the terms of the CARES Act, PPP loan recipients can apply for and the SBA can grant forgiveness of all or a portion of loans made pursuant to the PPP, plus any accrued interest thereon, if the recipients have used the PPP loan proceeds for eligible purposes. The Company applied for forgiveness of its PPP loan during the second quarter of 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">On August 17, 2021, the Company received notification from the Lender that the SBA approved the Company&#39;s PPP loan forgiveness application for the entire PPP loan and accrued interest. Forgiveness of the PPP loan will be recognized during the third quarter ending September 30, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_34b52174_cb17_407a_a36e_551fcbba84d5"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Item 9.01 Financial Statements and Exhibits</b></p><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Exhibits</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;"><tr style="height:23.25pt;"><td style="vertical-align:top;width:12.98%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><div style="height:23.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Exhibit<br />Number</b></p></div></div></td><td style="vertical-align:bottom;width:2.49%;margin:0pt;padding:0pt;"><div style="height:23.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></div></div></td><td style="vertical-align:bottom;width:84.52%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><div style="height:23.25pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 1.5pt 0pt;"><b style="font-weight:bold;">Description</b></p></div></div></td></tr><tr style="height:15pt;"><td style="vertical-align:top;width:12.98%;margin:0pt;padding:0pt;"><div style="height:15pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 1.5pt 0pt;">104</p></div></div></td><td style="vertical-align:bottom;width:2.49%;margin:0pt;padding:0pt;"><div style="height:15pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:84.52%;margin:0pt;padding:0pt;"><div style="height:15pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 1.5pt 0pt;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</p></div></div></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_b611731a_b171_4a17_ae15_aaf1f039f992"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.6583557%;width:101.31%;"><tr style="height:1pt;"><td style="vertical-align:top;width:49.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:5.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td colspan="2" style="vertical-align:top;width:44.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:49.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:top;width:49.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Independence Contract Drilling, Inc.</b></p></td></tr><tr><td style="vertical-align:top;width:49.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:top;width:49.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:49.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: August 19, 2021</p></td><td colspan="2" style="vertical-align:top;width:6.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td colspan="2" style="vertical-align:top;width:44.16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Philip A. Choyce</p></td></tr><tr><td style="vertical-align:top;width:49.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:6.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name:</p></td><td colspan="2" style="vertical-align:top;width:44.16%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Philip A. Choyce</p></td></tr><tr><td style="vertical-align:top;width:49.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:6.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Title:</p></td><td colspan="2" style="vertical-align:top;width:44.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Executive Vice President, Chief Financial Officer, Treasurer and Secretary</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:avoid;width:79.3%;border:0;"></div></body></html>
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{"company-data": {"conformed-name": "Independence Contract Drilling, Inc.", "cik": "0001537028", "assigned-sic": "1381", "irs-number": "371653648", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-36590", "film-number": "211188346"}, "business-address": {"street1": "20475 STATE HIGHWAY 249", "street2": "SUITE 300", "city": "HOUSTON", "state": "TX", "zip": "77070", "phone": "2815981230"}, "mail-address": {"street1": "20475 STATE HIGHWAY 249", "street2": "SUITE 300", "city": "HOUSTON", "state": "TX", "zip": "77070"}}
​
​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 19, 2021
Independence Contract Drilling, Inc.
(Exact name of registrant as specified in its charter)
​
Delaware
001-36590
37-1653648
(State or other jurisdiction
​
(Commission
​
(I.R.S. Employer
of incorporation)
​
File Number)
​
Identification No.)
​
20475 State Highway 249
,
Suite 300
Houston
,
TX
77070
(Address of principal executive offices)
(
281
)
598-1230
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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).
Emerging growth company
☐
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.
☐
Securities registered pursuant to Section 12(b) of the Act:
​
Title of each class
Trading symbol(s)
Name of each exchange where registered
Common Stock, $0.01 par value per share
​
ICD
​
New York Stock Exchange
​
​
​
​
Item 1.02 Termination of a Material Definitive Agreement
As previously disclosed, on April 27, 2020, Independence Contract Drilling, Inc. (the "Company") received loan proceeds of $10.0 million under the Paycheck Protection Program (the "PPP"). The PPP was established as part of the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act") and is administered by the U.S. Small Business Administration ("SBA"). The PPP loan was evidenced by a promissory note (the "Note"), dated April 27, 2020, between the Company, as Borrower, and City Bank, as Lender (the "Lender"). The interest rate on the Note was 1.00% per annum.
Under the terms of the CARES Act, PPP loan recipients can apply for and the SBA can grant forgiveness of all or a portion of loans made pursuant to the PPP, plus any accrued interest thereon, if the recipients have used the PPP loan proceeds for eligible purposes. The Company applied for forgiveness of its PPP loan during the second quarter of 2021.
On August 17, 2021, the Company received notification from the Lender that the SBA approved the Company's PPP loan forgiveness application for the entire PPP loan and accrued interest. Forgiveness of the PPP loan will be recognized during the third quarter ending September 30, 2021.
​
Item 9.01 Financial Statements and Exhibits
(d)
Exhibits
​
Exhibit
Number
Description
104
​
Cover Page Interactive Data File (embedded within the Inline XBRL document)
​
​
​
​
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
​
​
​
​
​
Independence Contract Drilling, Inc.
​
​
Date: August 19, 2021
By:
/s/ Philip A. Choyce
​
Name:
Philip A. Choyce
​
Title:
Executive Vice President, Chief Financial Officer, Treasurer and Secretary
​
​
​
​
​