Independence Contract Drilling, Inc. announced On April 12, 2023, Daniel F. McNease notified company of his decision to retire immediately from the Board of Directors for personal reasons. There were no disagreements between Mr. McNease and the Company or the Board of Directors. Mr. McNease served as Chairman of the Board and was a member of the Company's Compensation Committee.

On April 12, 2023, the Board elected James G. Minmier to serve as Chairman of the Board. Mr. Minmier has served as a director of the Company since October 2018 and serves as Chairman of the Compensation Committee of the Board of Directors. Effective April 17, 2023, Brian D. Berman was elected to the Board of Directors of the Company to fill the vacancy created by Mr. McNease's retirement.

Mr. Berman was appointed to the Company's Board of Directors pursuant to the terms of the Investor's Rights Agreement dated March 18, 2023, between the Company and Glendon Capital Management. Mr. Berman replaced Vincent J. Cebula as such designee of Glendon Capital Management, while in connection with Mr. McNease's retirement, Mr. Cebula, an independent director of the Company, has been redesignated as a Company nominee not appointed under such Investor's Rights Agreement. Mr. Berman, age 55, is a founding partner of Glendon Capital Management and has served in such position since 2013.

Prior to such time, Mr. Berman was a Managing Director of the Barclays Asset Management Group from 2006 until 2013 and served as a Managing Director at Oaktree Capital Management from 1996 to 2006. Prior to Oaktree, Mr. Berman was employed for one year at Tamkin Capital Partners in merchant banking and for five years at Wertheim Schroder & Co. Mr. Berman received a B.S.E. from The Wharton School of the University of Pennsylvania in 1989 and earned an M.B.A. from The UCLA Anderson School of Management in 1996.