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): February 11, 2016

Independence Contract Drilling, Inc.

(Exact name of registrant as specified in its charter)

11601 North Galayda Street

Houston, TX 77086

(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):

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On February 11, 2016, Independence Contract Drilling, Inc. (the “Company”) entered into Amendment No. 1 (the “First Amendment”) to the Amended and Restated Executive Employment Agreement (the “Employment Agreement”) dated August 13, 2014, between the Company and Byron A. Dunn, the Company’s Chief Executive Officer. The purpose of the First Amendment was to increase the severance multiple for purposes of calculating certain severance payments due to Mr. Dunn in connection with the termination of his employment without “Cause” or for “Good Reason” in contemplation of a “Change of Control,” as those terms are defined in Mr. Dunn’s Employment Agreement. The First Amendment increases this multiple from two (2) times to 2.99 times. No other terms of Mr. Dunn’s Employment Agreement were amended.

Under Mr. Dunn’s Employment Agreement, as amended, Mr. Dunn is entitled to receive a severance payment in the event his employment is terminated by the Company without Cause or by the executive for Good Reason in contemplation of a Change of Control. Such severance payment will be payable in a lump sum and will be equal to the following:

The information in this Item 5.02 does not constitute a complete summary of the First Amendment and is qualified in its entirety by reference to the complete text of the First Amendment, which is attached hereto as Exhibit 10.1 and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

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.

EXHIBIT INDEX