Independence Contract Drilling Inc. (ICD): Adage Capital Management Ups Stake to 4.84%

Page 9 of 11 – SEC Filing

ACP has the power to dispose of and the power to vote the Common
Stock beneficially owned by it, which power may be exercised by its general partner, ACPGP. ACA, as managing member of ACPGP,
directs ACPGP’s operations. Neither ACPGP nor ACA directly own any Common Stock. By
reason of the provisions of Rule 13d-3 of the Securities Exchange Act of 1934 (the “Act“), ACPGP and ACA may be
deemed to beneficially own the shares owned by ACP.

B.

Robert Atchinson and Phillip Gross

		(a)	Amount beneficially owned:  1,823,058
		(b)	Percent of class:  4.84%

			(c)	(i)	Sole power to vote or direct the vote:  0
				(ii)	Shared power to vote or direct the vote:  1,823,058
				(iii)	Sole power to dispose or direct the disposition:  0
				(iv)	Shared power to dispose or direct the disposition:  1,823,058

Messrs. Atchinson and
Gross, as managing members of ACA, have shared power to vote the Common Stock beneficially owned by ACP. Neither Mr. Atchinson
nor Mr. Gross directly own any Common Stock. By reason of the provisions of Rule 13d-3 of the Act, each may be deemed to beneficially
own the shares beneficially owned by ACP.

Item 5.	OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
	If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [X].

Item 6.	OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
	Not applicable.

Item 7.	IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON
	Not applicable.

Item 8.	IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
	Not applicable.

Item 9.	NOTICE OF DISSOLUTION OF GROUP
	Not applicable.

Item 10.

CERTIFICATION

	Each of the Reporting Persons hereby makes the following certification:
	By signing below each Reporting Person certifies that, to the best of his or its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.