Centennial Resource Development, Inc. announced that Prior to the closing of the Merger, it is expected that each of Steven J. Shapiro, Pierre F. Lapeyre, Jr., David M. Leuschen and Vidisha Prasad will tender their resignation from the board of directors of Centennial. and appointed the following individuals to the board of directors of the combined company, effective as of the closing of the Merger: William M. Hickey III; James H. Walter; William J. Quinn; Aron Marquez; Karan E. Eves; and Steven D. Gray. Centennial expects that the foregoing individuals will serve on the 11 member board of directors of the combined company in addition to the current directors Maire A. Baldwin, Robert M. Tichio, Matthew G. Hyde, Jeffrey H. Tepper and Sean R. Smith.

William Hickey has served as Colgate's Co-ChiefExecutive Officer since November 2015 and will be a Co-Chief Executive Officer of the combined company following the closing of the Merger. Prior to co-founding Colgate with Mr. Walter and serving as Co-Chief Executive Officer of Colgate, Mr. Hickey worked for the energy private equity firm EnCap Investments where he evaluated and monitored investments across the oil and gas space with a focus on the Permian Basin. Prior to joining EnCap Investments, Mr. Hickey worked for Pioneer Natural Resources, where he rotated through numerous engineering positions and worked directly for the Chief Operating Officer.

Mr. Hickey graduated from the University of Texas at Austin with a Bachelor of Science in Petroleum Engineering, and received his Master of Business Administration from Southern Methodist University. James Walter has served as Colgate's Co-Chief Executive Officer since November 2015 and will be a Co-Chief Executive Officer of the combined company following the closing of the Merger. Prior to founding Colgate with Mr. Hickey, Mr. Walter worked for Denham Capital, an energy private equity firm, where he evaluated and monitored investments across the oil and gas space with a focus on the Permian Basin.

Prior to joining Denham Capital, Mr. Walter worked for Boston Consulting Group primarily focusing on evaluating upstream assets for exploration and production companies. Mr. Walter graduated from the University of Texas at Austin with a Bachelor of Arts in the Plan II Honors Program and a Bachelor of Business Administration in Finance. William Quinn is a Founder and Managing Partner of Pearl Energy Investments (“Pearl”).

Prior to founding Pearl in 2015, Mr. Quinn served as Managing Partner of Natural Gas Partners (“NGP”). In his capacity as Managing Partner, he co-managed NGP's investment portfolio and played an active role in the full range of NGP's investment process. Mr. Quinn received a B.S.E. in Finance, with honors, from the Wharton School of the University of Pennsylvania, and an M.B.A. from the Stanford University Graduate School of Business.

Aron Marquez is the Chief Executive Officer of Wildcat Oil Tools, LLC, an international oil field services and technology company, which he founded in 2012. In 2009, Mr. Marquez founded St. Andrews Royalties LLC, an oil and gas royalty company, for which he serves as President.

Prior to founding these companies, Mr. Marquez held various roles from 2004 to 2009 at Nabors Industries, including District Manager overseeing the company's well servicing operations in West Texas and New Mexico. In 2019, Mr. Marquez founded Flecha Azul Tequila LLC, a premium tequila company, and continues to be active in the company's management following its expansion through a joint venture with industry professionals in 2021. Mr. Marquez also serves as Chief Executive Officer of Black Quail Apparel LLC, a company that manufactures and sells premium golfing and leisure apparel, and co-founder of Ombré Men, an innovative men's skincare company.

He serves on the Board of Directors for the First Tee of West Texas and previously served on the Midland Community Hospital Advisors Board, the Midland YMCA Board and the United Way of Odessa Board. Mr. Marquez graduated from the University of Oklahoma with a Bachelor of Arts in Organization Leadership. Karan E. Eves is the Chief Operating Officer of Boaz Energy II, LLC, which she co-founded in 2013.

In 2011 she founded Boaz Energy, LLC and served as the company's Chief Executive Officer. In 2010, Ms. Eves founded Markar Energy Company, an independent engineering consulting firm, and served as its Chief Executive Officer until 2011. Ms. Eves began her career at Merit Energy Company in 2004 and held various roles over her six years with the company, including serving as the Interim Division Manager for Merit's East Rockies Division.

She has served in numerous volunteer roles in her community including Trinity School TCA President, Sustainer of the Junior League of Midland and Sunday School Teacher, and she sits on the finance committee for several nonprofit organizations in Midland. Ms. Eves graduated from Texas Tech University with a Bachelor of Science in Petroleum Engineering. Steven D. Gray served as the founder, director and Chief Executive Officer of RSP Permian Inc. from its inception in 2010 until its merger with Concho Resources in 2018.

After the merger with Concho, he joined Concho's Board of Directors and served until Concho was acquired by ConocoPhillips in 2021. Prior to forming RSP Permian, Mr. Gray founded several successful oil and gas ventures spanning nearly 20 years in partnerships with Natural Gas Partners, an Irving, Texas based private equity company. Before that, Mr. Gray spent 11 years employed in the oil and gas industry in various capacities as a petroleum engineer.

Mr. Gray currently serves as the Chairman of the Board of Directors of Bighorn Permian Resources, LLC, a private company that owns assets in the Permian Basin. He is also on the Board of Directors of Range Resources Corporation and the Texas Tech Foundation. In addition, he is a member of the Petroleum Engineering Academy, serves on the Dean's Advisory Council for the College of Engineering at Texas Tech University and is a member of the Executive Advisory Council of the George W. Bush Presidential Center in Dallas, Texas.

Mr. Gray graduated from Texas Tech University with a Bachelor of Science in Petroleum Engineering. Following the closing of the Merger, it is expected that the following individuals will serve on the following committees of the board of directors of the combined company: Audit Committee: Jeffrey H. Tepper (Chair), Maire A. Baldwin, Karan E. Eves, Aron Marquez; Compensation Committee: Maire A. Baldwin (Chair), Steven D. Gray, Matthew G. Hyde, Jeffrey H. Tepper; and Nominating, Environmental, Social and Governance Committee: Matthew G. Hyde (Chair), Karan E. Eves, Steven D. Gray, Aron Marquez.