Independence Contract Drilling Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangement of Certain Officers
On September 5, 2024, each of Christopher G. Gleysteen and Brian D. Berman notified Independence Contract Drilling, Inc. (the “Company”) of their decision to resign effective September 5, 2024, from the Board of Directors. There were no disagreements between either Mr. Gleysteen or Mr. Berman on any matter relating to the Company’s operations, policies and procedures. Mr. Gleysteen had been appointed to the Board of Directors pursuant to the terms of the Investor Rights Agreement dated March 18, 2022, between the Company and MSD Partners, L.P. Mr. Berman had been appointed to the Board of Directors pursuant to the terms of the Investor Rights Agreement dated March 18, 2022, between the Company and Glendon Capital Management, L.P.
On September 6, 2024, the Board of Directors appointed Steven R. Strom to the Company’s Board of Directors as an independent director. Mr. Strom, age 61, has more than 30 years’ experience as an investment banker, board member and investor regularly working with clients seeking to complete challenging financings, mergers and acquisitions, improved operating performance, financial restructurings and other situations involving complex negotiations. Since 2024, Mr. Strom has served as Chief Executive Officer of Odinbrook Global Advisors, an advisory firm that he founded in 2014. From 2016 to 2018, Mr. Strom served as Chief Executive Officer of Blackhill Partners, an investment bank specializing in the energy and shipping sectors. Prior to 2014, Mr. Strom held various leadership roles in investment banking, including Global Group Head and Managing Director of Jefferies’ Restructuring Group and Managing Director of CIBC World Market’s Restructuring Group. Mr. Strom currently serves as a director of Vintage Wine Estates, Inc. Mr. Strom earned a B.B.A. in Finance from Arizona State University and a Master of Business Administration from the University of Michigan at Ann Arbor. The Company has agreed to pay Mr. Strom a retainer of $25,000 per month for his service as a director of the Company and will enter into a standard form of indemnification agreement with him, which is included as exhibit 10.1 to this Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) | Exhibits |
Exhibit |
| Description | Incorporated by Reference Herein | |
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: September 10, 2024 | By: | /s/ Philip A. Choyce | ||
Name: | Philip A. Choyce | |||
Title: | Executive Vice President, Chief Financial Officer, Treasurer and Secretary | |||