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

Effective July 22, 2021, the Board of Directors (the "Board") of Centennial Resource Development, Inc. (the "Company") appointed Vidisha Prasad to the Board. The Board has determined that Ms. Prasad satisfies the definition of "independent director" under the NASDAQ listing standards. Ms. Prasad has been designated as a Class II director with a term expiring at the next annual meeting of the Company's stockholders. She was also appointed to serve on the Board's Audit Committee and Nominating, Environmental, Social and Governance Committee.

There are no arrangements or understandings between Ms. Prasad and any other person pursuant to which she was selected as a director. Furthermore, there are no transactions between Ms. Prasad or any member of her immediate family and the Company or any of its subsidiaries that would be reportable as a related party transaction under the rules of the Securities and Exchange Commission (the "SEC").

Ms. Prasad will be paid compensation in the same manner as the Company's other non-employee directors. Information concerning the current cash and equity compensation of the Company's non-employee directors is set forth in the Company's definitive proxy statement on Schedule 14A filed with the SEC on March 18, 2021.

Resignation of Current Director

Effective July 22, 2021, Karl Bandtel resigned as a director of the Company and from all committees of the Board on which he served. Mr. Bandtel's resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. As a result of Ms. Prasad's appointment, the size of the Board will remain at nine directors following Mr. Bandtel's resignation.

Item 7.01. Regulation FD Disclosure.

On July 22, 2021, the Company issued a press release announcing the appointment of Ms. Prasad to the Board and the resignation of Mr. Bandtel. A copy of the press release is included as Exhibit 99.1 hereto and incorporated herein by reference.

The information furnished pursuant to this Item 7.01 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act, unless specifically identified therein as being incorporated therein by reference.




Item 9.01. Financial Statements and Exhibits.
(d)  Exhibits
Exhibit No.         Description
                      Press release dated July 22, 2021 of Centennial Resource Development,
99.1                Inc.
104                 Cover Page Interactive Data File - the cover page XBRL tags are embedded
                    within the Inline XBRL document.

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