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
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
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
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.
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
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.
Exhibit No. Description
Press release dated July 22, 2021 of Centennial Resource Development,
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded
within the Inline XBRL document.
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