Item 5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
General Counsel and Secretary Retirement
On June 28, 2022, Cyrus ("Skip") D. Marter IV, General Counsel and Secretary of
Civitas Resources, Inc. (the "Company"), notified the Company of his intention
to retire, effective August 1, 2022 (the "Resignation Date"), following which
Mr. Marter will remain employed with the Company until August 5, 2022 (the
"Separation Date"). Until the Resignation Date, Mr. Marter will continue to
serve as General Counsel and Secretary of the Company. In connection with
Mr. Marter's retirement, the Company and Mr. Marter entered into a Transition
and Retirement Agreement, dated as of June 29, 2022 (the "Retirement
Agreement"). The Retirement Agreement provides that (i) all unvested equity
awards granted to Mr. Marter in the 2020 and 2021 calendar years will
immediately vest (with performance stock units vesting at their "target"
performance level), subject to Mr. Marter's re-execution and non-rescission of
the Retirement Agreement (including a release of claims) on or after the
Separation Date and (ii) Mr. Marter will provide consulting services to the
Company from the Separation Date through December 31, 2022, as requested by the
Company. In exchange for providing the consulting services, Mr. Marter will be
compensated at a rate of $500 per hour. The foregoing description of the terms
and conditions of the Retirement Agreement does not purport to be complete and
is qualified in its entirety by the full text of the Retirement Agreement, a
copy of which is attached hereto as Exhibit 10.1 and incorporated herein by
reference.
Item 7.01. 7.01 Regulation FD Disclosure.
Appointment of Chief Legal Officer and Secretary
On June 29, 2022, the Company announced that Travis L. Counts would be appointed
as the Chief Legal Officer and Secretary of the Company, effective August 1,
2022.
Mr. Counts, age 44, joins the Company from Bracewell LLP ("Bracewell"), an
international law firm based in Houston, Texas, where he served as a Partner
beginning in September 2021. Prior to joining Bracewell, Mr. Counts was an
executive advisor and consultant for ConocoPhillips from January 2021 to
June 2021. From April 2013 until January 2021, he held various officer positions
at Concho Resources Inc. prior to its acquisition by ConocoPhillips, including
Senior Vice President, General Counsel and Corporate Secretary beginning in
2017. Mr. Counts also held in-house legal positions at Halcon Resources
Corporation and Petrohawk Energy Corporation from 2010 to 2013. Prior to joining
Petrohawk Energy Corporation, Mr. Counts was an equity member at Hinkle Elkouri
Law Firm L.L.C. He holds a Bachelor of Arts from Vanderbilt University and a
Juris Doctor from Tulane University School of Law.
Press Release
On June 29, 2022, the Company issued a press release with respect to the
management changes described in Items 5.02 and 7.01 of this Current Report on
Form 8-K. The press release is included in this report as Exhibit 99.1 and is
incorporated herein by reference. This information shall not be deemed to be
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), or otherwise subject to the liabilities of that
section, and is not incorporated by reference into any filing under the
Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
10.1 Transition and Retirement Agreement, dated as of June 29, 2022, by and
between Civitas Resources, Inc. and Cyrus ("Skip") D. Marter IV.
99.1 Press Release, dated as of June 29, 2022.
104 The cover page from this Current Report on Form 8-K, formatted in Inline
XBRL
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