---
schema_version: "secwatch.filing_event.v1"
accession: "0001537028-23-000012"
form_type: "8-K"
ticker: null
cik: "0001537028"
company_name: "Independence Contract Drilling, Inc."
filed_at: "2023-03-02T23:59:59+00:00"
generated_at: "2026-06-18T15:06:34.032364+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# Independence Contract Drilling increases CEO severance multiple to 3.0x; adopts amended bylaws

## Summary
- CEO J. Anthony Gallegos severance multiple raised from 2.5x to 3.0x upon change of control.
- Three other executives (Dalrymple, Keller, Kokenes) severance multiples increased from 1.0x to 1.5x.
- Board adopted Third Amended and Restated Bylaws with enhanced stockholder nomination disclosure and virtual meeting provisions.
- Bylaws also add lead director authority, officer scope defaults, and emergency provisions.

## SEC filing metadata
- accession: 0001537028-23-000012
- form_type: 8-K
- cik: 0001537028
- company_name: Independence Contract Drilling, Inc.
- filed_at: 2023-03-02T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 5.02, 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1537028/000153702823000012/0001537028-23-000012-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1537028/000153702823000012/icd-20230228x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001537028-23-000012
- JSON: https://secwatch.observer/filing/0001537028-23-000012.json
- Plain text: https://secwatch.observer/filing/0001537028-23-000012.txt

## Key facts
- Governance Changes
  Independence Contract Drilling, Inc.: Amended and restated bylaws to add requirements for stockholder director nominations, virtual meeting provisions, lead director authority, emergency bylaws, and other changes (effective 2023-02-28).
  - Change: bylaw amendment
  - Effective: 2023-02-28
  source text: On February 28, 2023, the Board of the Company approved and adopted a Third Amended and Restated Bylaws (the “Amended and Restated Bylaws”), which became effective the same day. Among other things, the amendments effected by the Amended and Restated Bylaws: ● Add additional notice disclosure and other requirements with respect to other persons proposed by stockholders for nomination as a director; ​ ● Add additional notice disclosure and other requirements with respect to stockholders either proposing persons for nomination as a director or other business at an annual meeting of stockholders; ​ ● Add authorities in connection with the designation of a lead director, if applicable; ​ ● Add updates in connection with virtual meetings of stockholders permitted under applicable Delaware law; ​ ● Add default scopes of authorities of certain officers to be applicable in the absence of other board designations; and ​ ● Add emergency bylaw provisions to be operative in the event of an emergenc
  evidence_url: https://www.sec.gov/Archives/edgar/data/1537028/000153702823000012/0001537028-23-000012-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.