SEC Info℠  
    Home      Search      My Interests      Help      Sign In      Please Sign In

Civitas Resources, Inc. – ‘10-K’ for 12/31/23 – ‘EX-10.46’

On:  Tuesday, 2/27/24, at 5:05pm ET   ·   For:  12/31/23   ·   Accession #:  1509589-24-12   ·   File #:  1-35371

Previous ‘10-K’:  ‘10-K’ on 2/22/23 for 12/31/22   ·   Latest ‘10-K’:  This Filing   ·   39 References:   

Find Words in Filings emoji
 		  in    Show  and   ↓Hints

  As Of               Filer                 Filing    For·On·As Docs:Size

 2/27/24  Civitas Resources, Inc.           10-K       12/31/23  114:14M

Annual Report   —   Form 10-K   —   SEA’34

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.79M 
 2: EX-2.10     Plan of Acquisition, Reorganization, Arrangement,   HTML     76K 
                Liquidation or Succession                                        
 3: EX-10.45    Material Contract                                   HTML     42K 
 4: EX-10.46    Material Contract                                   HTML     36K 
 5: EX-10.47    Material Contract                                   HTML     45K 
 6: EX-10.48    Material Contract                                   HTML     47K 
 7: EX-10.49    Material Contract                                   HTML     84K 
 8: EX-10.50    Material Contract                                   HTML     38K 
 9: EX-21.1     Subsidiaries List                                   HTML     34K 
10: EX-23.1     Consent of Expert or Counsel                        HTML     30K 
11: EX-23.2     Consent of Expert or Counsel                        HTML     31K 
16: EX-97       Clawback Policy re: Recovery of Erroneously         HTML     44K 
                Awarded Compensation                                             
17: EX-99.1     Miscellaneous Exhibit                               HTML    179K 
12: EX-31.1     Certification -- §302 - SOA'02                      HTML     34K 
13: EX-31.2     Certification -- §302 - SOA'02                      HTML     34K 
14: EX-32.1     Certification -- §906 - SOA'02                      HTML     31K 
15: EX-32.2     Certification -- §906 - SOA'02                      HTML     31K 
23: R1          Cover Page                                          HTML     98K 
24: R2          Audit Information                                   HTML     35K 
25: R3          Consolidated Balance Sheets                         HTML    170K 
26: R4          Consolidated Balance Sheets (Parenthetical)         HTML     50K 
27: R5          Consolidated Statements of Operations               HTML    119K 
28: R6          Consolidated Statements of Operations               HTML     32K 
                (Parenthetical)                                                  
29: R7          Consolidated Statements of Stockholders' Equity     HTML     90K 
30: R8          Consolidated Statements of Stockholders' Equity     HTML     32K 
                (Parenthetical)                                                  
31: R9          Consolidated Statements of Cash Flows               HTML    133K 
32: R10         Consolidated Statements of Cash Flows               HTML     36K 
                (Parenthetical)                                                  
33: R11         Summary of Significant Accounting Policies          HTML     86K 
34: R12         Acquisitions and Divestitures                       HTML     83K 
35: R13         Revenue Recognition                                 HTML     58K 
36: R14         Accounts Payable and Accrued Expenses               HTML     44K 
37: R15         Long-Term Debt                                      HTML     83K 
38: R16         Commitments and Contingencies                       HTML     51K 
39: R17         Stock-Based Compensation                            HTML     87K 
40: R18         Fair Value Measurements                             HTML     54K 
41: R19         Derivatives                                         HTML    182K 
42: R20         Asset Retirement Obligations                        HTML     47K 
43: R21         Earnings Per Share                                  HTML     50K 
44: R22         Income Taxes                                        HTML     97K 
45: R23         Leases                                              HTML    131K 
46: R24         Supplemental Disclosures of Cash Flow Information   HTML     49K 
47: R25         Stockholders' Equity                                HTML     51K 
48: R26         Disclosures About Crude Oil and Natural Gas         HTML    154K 
                Producing Activities (Unaudited)                                 
49: R27         Summary of Significant Accounting Policies          HTML    119K 
                (Policies)                                                       
50: R28         Summary of Significant Accounting Policies          HTML     42K 
                (Tables)                                                         
51: R29         Acquisitions and Divestitures (Tables)              HTML     76K 
52: R30         Revenue Recognition (Tables)                        HTML     54K 
53: R31         Accounts Payable and Accrued Expenses (Tables)      HTML     44K 
54: R32         Long-Term Debt (Tables)                             HTML     62K 
55: R33         Commitments and Contingencies (Tables)              HTML     41K 
56: R34         Stock-Based Compensation (Tables)                   HTML     85K 
57: R35         Fair Value Measurements (Tables)                    HTML     45K 
58: R36         Derivatives (Tables)                                HTML    185K 
59: R37         Asset Retirement Obligations (Tables)               HTML     45K 
60: R38         Earnings Per Share (Tables)                         HTML     46K 
61: R39         Income Taxes (Tables)                               HTML     95K 
62: R40         Leases (Tables)                                     HTML     99K 
63: R41         Supplemental Disclosures of Cash Flow Information   HTML     49K 
                (Tables)                                                         
64: R42         Stockholders' Equity (Tables)                       HTML     42K 
65: R43         Disclosures About Crude Oil and Natural Gas         HTML    161K 
                Producing Activities (Unaudited) (Tables)                        
66: R44         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -        HTML     53K 
                Narrative (Details)                                              
67: R45         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -        HTML     44K 
                Concentrations of Credit Risk (Details)                          
68: R46         ACQUISITIONS AND DIVESTITURES - Narrative           HTML     81K 
                (Details)                                                        
69: R47         ACQUISITIONS AND DIVESTITURES - Purchase Price      HTML     80K 
                Allocation (Details)                                             
70: R48         ACQUISITIONS AND DIVESTITURES - Consideration       HTML     44K 
                Transferred (Details)                                            
71: R49         ACQUISITIONS AND DIVESTITURES - Pro Forma           HTML     41K 
                Information (Details)                                            
72: R50         REVENUE RECOGNITION - Schedule of Revenue by        HTML     55K 
                Revenue Stream (Details)                                         
73: R51         REVENUE RECOGNITION - Narrative (Details)           HTML     32K 
74: R52         ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Accounts    HTML     50K 
                Payable and Accrued Expenses (Details)                           
75: R53         LONG-TERM DEBT - Schedule of Carrying Values        HTML     68K 
                (Details)                                                        
76: R54         LONG-TERM DEBT - Narrative (Details)                HTML    253K 
77: R55         LONG-TERM DEBT - Schedule of Debt Outstanding and   HTML     56K 
                Borrowing Capacity (Details)                                     
78: R56         COMMITMENTS AND CONTINGENCIES - Narrative           HTML     89K 
                (Details)                                                        
79: R57         COMMITMENTS AND CONTINGENCIES - Schedule of         HTML     47K 
                Purchase Obligations (Details)                                   
80: R58         STOCK-BASED COMPENSATION - Narrative (Details)      HTML    112K 
81: R59         STOCK-BASED COMPENSATION - Schedule of Expenses     HTML     46K 
                (Details)                                                        
82: R60         STOCK-BASED COMPENSATION - Unrecognized             HTML     45K 
                Compensation Expense (Details)                                   
83: R61         STOCK-BASED COMPENSATION - Activity of Non-Option   HTML     79K 
                Awards (Details)                                                 
84: R62         STOCK-BASED COMPENSATION - Valuation Assumptions    HTML     57K 
                (Details)                                                        
85: R63         STOCK-BASED COMPENSATION - Activity of Stock        HTML     55K 
                Options (Details)                                                
86: R64         FAIR VALUE MEASUREMENTS - Schedule of               HTML     46K 
                Non-financial Assets and Liabilities (Details)                   
87: R65         FAIR VALUE MEASUREMENTS - Narrative (Details)       HTML     55K 
88: R66         DERIVATIVES - Commodity Derivatives (Details)       HTML     73K 
89: R67         DERIVATIVES - Narrative (Details)                   HTML     36K 
90: R68         DERIVATIVES - Derivative Positions (Details)        HTML     72K 
91: R69         DERIVATIVES - Derivative Gain (Loss) (Details)      HTML     46K 
92: R70         ASSET RETIREMENT OBLIGATIONS - Schedule of          HTML     48K 
                Roll-Forward Activity (Details)                                  
93: R71         EARNINGS PER SHARE - Narrative (Details)            HTML     55K 
94: R72         EARNINGS PER SHARE - Schedule of Earnings Per       HTML     60K 
                Share (Details)                                                  
95: R73         INCOME TAXES - Provision for Income Taxes           HTML     53K 
                (Details)                                                        
96: R74         INCOME TAXES - Deferred Tax Assets and Liabilities  HTML     66K 
                (Details)                                                        
97: R75         INCOME TAXES - Narrative (Details)                  HTML     39K 
98: R76         INCOME TAXES - Effective Income Tax Reconciliation  HTML     60K 
                (Details)                                                        
99: R77         LEASES - Assets and Liabilities (Details)           HTML     52K 
100: R78         LEASES - Lease Cost (Details)                       HTML     43K  
101: R79         LEASES - Weighted-Average and Discount Rate         HTML     41K  
                Information (Details)                                            
102: R80         LEASES - Lease Maturities (Details)                 HTML     72K  
103: R81         SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION   HTML     53K  
                - Schedule of Supplemental Cash Flow Information                 
                (Details)                                                        
104: R82         STOCKHOLDERS' EQUITY - Narrative (Details)          HTML     64K  
105: R83         STOCKHOLDERS' EQUITY - Summary of Dividends Paid    HTML     39K  
                (Details)                                                        
106: R84         Disclosures About Crude Oil and Natural Gas         HTML     48K  
                Producing Activities (UNAUDITED) - Costs Incurred                
                in Oil and Natural Gas Producing Activities                      
                (Details)                                                        
107: R85         Disclosures About Crude Oil and Natural Gas         HTML    122K  
                Producing Activities (UNAUDITED) - Change in                     
                Quantities of Proved Oil, Natural Gas Liquids, and               
                Natural Gas Reserves (Details)                                   
108: R86         Disclosures About Crude Oil and Natural Gas         HTML     89K  
                Producing Activities (UNAUDITED) - Discounted                    
                Future Net Cash Flows Relating to Proved Oil and                 
                Natural Gas Reserves (Details)                                   
109: R87         Disclosures About Crude Oil and Natural Gas         HTML     38K  
                Producing Activities (UNAUDITED) - Average                       
                Wellhead Prices Used in Determining Future Net                   
                Revenues (Details)                                               
111: XML         IDEA XML File -- Filing Summary                      XML    192K  
114: XML         XBRL Instance -- civi-20231231_htm                   XML   3.08M  
110: EXCEL       IDEA Workbook of Financial Report Info              XLSX    226K  
19: EX-101.CAL  XBRL Calculations -- civi-20231231_cal               XML    312K 
20: EX-101.DEF  XBRL Definitions -- civi-20231231_def                XML    965K 
21: EX-101.LAB  XBRL Labels -- civi-20231231_lab                     XML   2.52M 
22: EX-101.PRE  XBRL Presentations -- civi-20231231_pre              XML   1.50M 
18: EX-101.SCH  XBRL Schema -- civi-20231231                         XSD    274K 
112: JSON        XBRL Instance as JSON Data -- MetaLinks              625±   977K  
113: ZIP         XBRL Zipped Folder -- 0001509589-24-000012-xbrl      Zip   1.12M

‘EX-10.46’   —   Material Contract

This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

 C:   C: 
  Document  

Exhibit 10.46

Civitas Resources, Inc.
Amended & Restated Independent Director Compensation Program
This Amended & Restated Independent Director Compensation Program (this “Program”) of Civitas Resources, Inc. (the “Company”), as adopted by the Board of Directors of the Company (the “Board”), effective as of May 31, 2023, sets forth the compensation payable to each member of the Board who is not an employee of the Company or any of its subsidiaries (each, an “Independent Director”) as consideration solely for service on the Board.
The compensation described in this Program shall be paid to each Independent Director automatically and without further action of the Board unless such Independent Director declines the receipt of such cash or equity compensation by written notice to the Company. The elements of the Program shall be as follows:
1.Annual director cash fee – none.
2.Annual committee-member cash fee – none.
3.Annual Board-chair cash fee – $125,000, paid on a quarterly basis.
4.Annual committee-chair cash fee – (A) $25,000 for Audit Committee, (B) $20,000 for Compensation Committee; (C) $15,000 for Nominating and Corporate Governance Committee; and (D) $20,000 for ESG Committee, with each paid on a quarterly basis.
5.Annual equity awards – deferred stock units (“DSUs”) with a grant-date fair value of $300,000, with the number of DSUs granted determined using the 30-trading day VWAP of the Company for the period ending on the day before the grant date; each annual award shall be automatically granted on the date of the annual meeting of the Company’s stockholders (an “Annual Meeting”) to each Independent Director who both (i) serves on the Board as of the date of such Annual Meeting and (ii) will continue to serve as an Independent Director immediately following such Annual Meeting; each annual award shall vest on the earlier of (a) the day immediately preceding the date of the first Annual Meeting following the grant date and (b) the first anniversary of the grant date, in each case, subject to the applicable Independent Director’s continued service on the Board through the applicable vesting date. Dividend equivalents on unvested DSUs shall be paid to Independent Directors if and when the underlying DSUs vest and dividend equivalents on vested DSUs shall be paid to Independent Directors at the time the applicable dividend is paid to the Company’s stockholders. Acceleration and forfeiture events are addressed below. For clarity, all DSU awards granted under this Program shall be subject to the terms and provisions of the Civitas Resources, Inc. 2021 Long Term Incentive Plan, Extraction Oil & Gas, Inc. 2021 Long Term Incentive Plan, or any other applicable Company equity incentive plan then-maintained by the Company, as applicable (such plans, collectively and as they may be amended from time to time, the “Equity Plans”) and shall be granted subject to award agreements in substantially the forms approved by the Board. All applicable terms of the Equity Plans apply to this Program as if fully set forth herein, and all DSU awards granted under this Program are subject in all respects to the terms of the applicable Equity Plan.
For so long as they remain Independent Directors, all Independent Directors shall be required to retain ownership of all shares of common stock of the Company (“Company Shares”) that they receive as a result of their DSU awards under this Program or under the predecessor Bonanza Creek Energy, Inc., Extraction Oil & Gas, Inc. (“Extraction”), or Crestone Peak Resources compensation programs.
Notwithstanding anything to the contrary within previous form award agreements for Extraction DSUs, in the event of an Independent Director’s cessation of service due to removal without cause, or




due to death or disability, all unvested DSUs shall vest on an accelerated basis, and all vested Company Shares will be released to such Independent Director, effective on the date of the Independent Director’s cessation of service. In the event an Independent Director resigns voluntarily (except as a result of a change in control of the Company as described below), all of such Independent Director’s unvested DSUs shall be forfeited and cancelled at the effective time of the resignation; provided, however, that the Board shall have the discretion to waive such forfeiture in whole or in part; any Company Shares underlying DSUs that vested prior to such effective time of the resignation shall be released to such Independent Director upon his or her separation from service. Removal due to a conflict of interest, where an Independent Director cannot serve in multiple capacities long-term and chooses others over the Company, shall be deemed a voluntary resignation. By way of clarification, an Independent Director’s decision not to stand for reelection shall not be deemed a voluntary resignation; in such event, the Independent Director’s unvested DSUs shall vest in accordance with their terms (i.e., vest on the earlier of (a) the day immediately preceding the date of the next Annual Meeting (when the Independent Director’s term expires) and (b) the first anniversary of the grant date), and such Independent Director shall not receive any further grant of new DSUs. In the event of a change in control of the Company, all unvested DSUs shall vest on an accelerated basis upon such change in control.
If an Independent Director’s continuous service as a director of the Company terminates for cause (as determined by the Board in good faith) at any time, all of his or her DSUs (vested or unvested) shall be forfeited upon such termination for cause; provided, however, that the Board shall have the discretion to adjust the extent of such forfeiture based on the facts and circumstances associated with such Independent Director’s termination, any harm that was caused to the Company, and other considerations that the Board reasonably deems relevant to its decision.
2


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:2/27/248-K
For Period end:12/31/23
5/31/238-K
 List all Filings 

2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/15/24  Civitas Resources, Inc.           424B4                  1:509K                                   Toppan Merrill/FA
 5/02/24  Civitas Resources, Inc.           10-Q        3/31/24   80:7.7M

37 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/02/24  Civitas Resources, Inc.           8-K:1,2,7,9 1/02/24   12:386K                                   Toppan Merrill/FA
11/29/23  Civitas Resources, Inc.           8-K:5,9    11/28/23   11:230K                                   Toppan Merrill/FA
11/07/23  Civitas Resources, Inc.           10-Q        9/30/23   92:10M
10/18/23  Civitas Resources, Inc.           8-K:1,2,9  10/17/23   11:1.3M                                   Toppan Merrill/FA
10/10/23  Civitas Resources, Inc.           8-K:1,9    10/10/23   11:1.5M                                   Toppan Merrill/FA
10/04/23  Civitas Resources, Inc.           8-K:1,3,7,910/03/23   12:1.3M                                   Toppan Merrill/FA
 8/02/23  Civitas Resources, Inc.           10-Q        6/30/23   82:8.9M
 8/02/23  Civitas Resources, Inc.           8-K:1,2,9   8/02/23   12:617K                                   Toppan Merrill/FA
 6/29/23  Civitas Resources, Inc.           8-K:1,2,9   6/29/23   12:2.6M                                   Toppan Merrill/FA
 6/26/23  Civitas Resources, Inc.           8-K:1,9     6/23/23   11:1.5M                                   Toppan Merrill/FA
 6/20/23  Civitas Resources, Inc.           8-K:1,3,7,8 6/19/23   14:2.9M                                   Toppan Merrill/FA
 6/05/23  Civitas Resources, Inc.           8-K:5,9     5/31/23   12:520K                                   Toppan Merrill/FA
 5/03/23  Civitas Resources, Inc.           10-Q        3/31/23   84:7.7M
 4/06/23  Civitas Resources, Inc.           8-K:5,7,9   4/03/23   12:241K                                   Toppan Merrill/FA
 2/22/23  Civitas Resources, Inc.           10-K       12/31/22  107:14M
 1/24/23  Civitas Resources, Inc.           8-K:1,7,9   1/24/23   12:276K                                   Toppan Merrill/FA
 8/03/22  Civitas Resources, Inc.           10-Q        6/30/22   84:9.3M
 5/05/22  Civitas Resources, Inc.           10-Q        3/31/22   84:9.5M
 5/02/22  Civitas Resources, Inc.           8-K:5,7,9   4/29/22   13:337K                                   Toppan Merrill/FA
 4/21/22  Civitas Resources, Inc.           8-K:1,8,9   4/20/22   12:308K                                   Toppan Merrill/FA
 1/25/22  Civitas Resources, Inc.           8-K:5,9     1/21/22   11:385K                                   Toppan Merrill/FA
12/22/21  Civitas Resources, Inc.           8-K:1,9    12/21/21   11:269K
11/03/21  Civitas Resources, Inc.           8-K:1,2,3,511/01/21   31:2.7M                                   Donnelley … Solutions/FA
10/29/21  Civitas Resources, Inc.           10-Q        9/30/21   80:9M
10/15/21  Civitas Resources, Inc.           8-K:1,2,9  10/13/21   11:1.4M                                   Toppan Merrill/FA
 8/09/21  Civitas Resources, Inc.           10-Q        6/30/21   79:9.8M
 6/08/21  Civitas Resources, Inc.           8-K:1,3,9   6/06/21   14:1.8M                                   Toppan Merrill/FA
 5/21/21  Civitas Resources, Inc.           8-K:1,9     5/19/21   11:299K
 5/10/21  Civitas Resources, Inc.           8-K:1,8,9   5/09/21   13:1.5M                                   Toppan Merrill/FA
 4/01/21  Civitas Resources, Inc.           8-K:1,2,5,7 4/01/21   17:1.8M                                   Toppan Merrill/FA
 2/01/21  Civitas Resources, Inc.           8-K:1,9     1/29/21   11:240K                                   Toppan Merrill/FA
 1/20/21  Extraction Oil & Gas, Inc.        8-K:1,2,3,5 1/20/21   28:4.4M
11/09/20  Civitas Resources, Inc.           8-K:1,7,9  11/09/20   15:6.2M                                   Toppan Merrill/FA
 2/28/20  Civitas Resources, Inc.           10-K       12/31/19  110:17M
 6/20/19  Civitas Resources, Inc.           8-K:5,9     6/15/19    2:48K                                    Toppan Merrill/FA
 5/22/18  Civitas Resources, Inc.           8-K:5,9     5/16/18    3:234K                                   Toppan Merrill/FA
 4/28/17  Civitas Resources, Inc.           8-K:1,2,3,5 4/28/17    8:2M                                     Davis Polk & … LLP 01/FA
↑Top
Filing Submission 0001509589-24-000012   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help — Thu., May 16, 4:30:46.1pm ET