Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Retirement of Executive Vice President and Chief Engineer
On November 30, 2021, Viper Energy Partners LP ("Viper") and its parent
Diamondback Energy, Inc. ("Diamondback") reported that Russell Pantermuehl, the
Executive Vice President and Chief Engineer of each of Viper's General Partner
and Diamondback and a named executive officer in Diamondback's definitive proxy
statement on Schedule 14A filed on April 23, 2021, will be retiring from his
current roles at Viper and Diamondback effective as of December 31, 2021. At the
same time, Mr. Pantermuehl will also retire from any other positions he
currently holds with the subsidiaries of Viper and Diamondback. Mr. Pantermuehl
originally joined Diamondback in August 2011 and Viper in February 2014, prior
to their respective initial public offerings. Since the executive officers of
Viper's general partner are employed and compensated by Diamondback,
Mr. Pantermuehl does not receive separate compensation from Viper for his
services to Viper, except for any awards under Viper's long-term equity
incentive plan. Following his retirement, Mr. Pantermuehl will serve as a
consultant to Diamondback from January 1, 2022 through December 31, 2022 under
the terms and conditions of that certain Transition and Consulting Agreement,
entered into by Diamondback and Mr. Pantermuehl as of November 30, 2021 (the
"Consulting Agreement").
A description of the Consulting Agreement and other terms of Mr. Pantermuehl's
retirement are included in Diamondback's Current Report on Form 8-K, filed with
the Securities and Exchange Commission on November 30, 2021, which are
incorporated herein by reference.
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