EX-10.9



 Exhibit 10.9 
 SEPARATION AGREEMENT AND RELEASE 
 This Separation Agreement and
Release (“Agreement”) is entered into by Matador Resources Company, a Texas corporation (“Matador” or “the Company”), and Wade I. Massad (“Employee”) as
of August 10, 2012 (the “Agreement Date”). Matador and Employee are referred to as the “Parties.” This Agreement cancels and supersedes all prior agreements relating to Employee’s employment
with Matador, including the Nonqualified Stock Option Agreement by and between Matador and Employee dated February 1, 2012 (the “Stock Option Agreement”) except as provided in this Agreement. 

WHEREAS, Matador and Employee entered into an Employment Agreement as of December 1, 2011 (the “Employment
Agreement”). This Agreement is entered into by and between Employee and Matador pursuant to the Employment Agreement; 
 WHEREAS, because of Employee’s employment as an employee of Matador, Employee has obtained intimate, proprietary and unique knowledge of all aspects of Matador’s business operations,
current and future plans, financial plans and other confidential and proprietary information; 
 WHEREAS, Employee’s
employment with Matador and all other positions, if any, held by Employee in Matador or any of its subsidiaries or affiliates, including officer positions, terminated effective as of July 31, 2012 (the “Separation
Date”); 
 WHEREAS, following the Separation Date and based upon the contributions Employee has made to
Matador, Matador and Employee intend to enter into an arrangement whereby Employee will provide certain services to Matador on a consulting basis; 
 WHEREAS, except as otherwise provided herein, the Parties desire to finally, fully and completely resolve all matters that now or may exist between them, including, but not limited to those
concerning the Employment Agreement (except for the post-termination obligations contained in the Employment Agreement), Employee’s job performance and activities while employed by Matador and Employee’s hiring, employment and separation
from Matador, and all matters related to benefits and compensation connected with such employment; 
 NOW, THEREFORE, in
consideration of the premises and mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 

1. End of Employee’s Employment. Employee’s employment with Matador terminated on the Separation Date.

 2. Certain Payments and Benefits. 
 (a) Accrued Obligations. In accordance with Matador’s customary payroll practices, Matador shall pay Employee for all unpaid salary, unreimbursed business expenses, and any accrued but
unused vacation through the Separation Date (“Accrued Obligations”). 

  
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 (b) Payments. Subject to Employee’s consent to and fulfillment of
Employee’s obligations in this Agreement and Employee’s post termination obligations in the Employment Agreement, provided that Employee does not revoke this Agreement pursuant to Section 12 hereof, Matador shall pay Employee the
amount of $60,000, minus normal payroll withholdings and taxes, (“Bonus Payment”), payable in a lump sum payment. The Bonus Payment will not be treated as compensation under Matador’s 401(k) Plan or any other retirement
plan. If Employee is eligible for and timely elects continuation coverage under Matador’s group health plan in accordance with the Consolidated Omnibus Reconciliation Act of 1985, as amended (“COBRA”), Matador agrees to
pay the entire cost of the premiums for such coverage for Employee and his eligible dependents for the period of coverage beginning on July 31, 2012 and ending on the earliest of (i) December 31, 2012, (ii) the date that Employee
obtains full-time employment with another employer or dies or (iii) the date Employee’s coverage under Matador’s health plan terminates for any reason (other than non-payment of premiums). Matador shall be under no obligation to pay
the cost of such premiums if such payment subjects Matador to any penalty, excise or other tax associated with such payment or coverage. If Employee is eligible for additional COBRA continuation coverage after the expiration of the period set forth
herein, Employee may continue such coverage, provided Employee shall be solely responsible for the payment of any premiums for such COBRA continuation coverage. Matador shall provide Employee under separate cover at his home address, information
necessary and required by law regarding the COBRA election. Benefits provided under this Section 2(b) to Employee or his eligible dependents shall be modified to the extent benefits under an applicable plan are modified for active employees of
Matador. 
 (c) Waiver of Additional Compensation or Benefits. Other than the compensation and payments provided
for in this Agreement and the post-termination benefits provided for in this Agreement and in the Employment Agreement, Employee shall not be entitled to any additional compensation, benefits, payments or grants under any agreement, benefit plan,
severance plan or bonus or incentive program established by Matador or any of Matador’s affiliates, including, but not limited to the Stock Option Agreement, other than any vested retirement plan benefit or any vested equity grants. Employee
agrees that the release in Paragraph 3 covers any claims Employee might have regarding Employee’s compensation, bonuses, stock options or grants and any other benefits Employee may or may not have received during Employee’s employment with
Matador. 
 3. General Release and Waiver. In consideration of the payments and other consideration provided for
in this Agreement, that being good and valuable consideration, the receipt, adequacy and sufficiency of which are acknowledged by Employee, Employee, on Employee’s own behalf and on behalf of Employee’s agents, administrators,
representatives, executors, successors, heirs, devisees and assigns (collectively, the “Releasing Parties”) hereby fully releases, remises, acquits and forever discharges Matador and all of its affiliates, and each of their
respective past, present and future officers, directors, shareholders, equity holders, members, partners, agents, employees, consultants, independent contractors, attorneys, advisers, successors and assigns (collectively, the “Released
Parties”), jointly and severally, from any and all claims, rights, demands, debts, obligations, losses, causes of action, suits, controversies, setoffs, affirmative defenses, counterclaims, third party actions, damages, penalties,
costs, expenses, attorneys’ fees, liabilities and indemnities of any kind or nature whatsoever (collectively, the “Claims”), whether known or unknown, suspected or unsuspected, accrued or unaccrued, whether at law,
equity, administrative, statutory or otherwise, and whether for injunctive relief, back pay, fringe benefits, 

  
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reinstatement, reemployment, or compensatory, punitive or any other kind of damages, which any of the Releasing Parties ever have had in the past or presently have against the Released Parties,
and each of them, arising from or relating to Employee’s employment with Matador or its affiliates or the termination of that employment or any circumstances related thereto, or (except as otherwise provided below) any other matter, cause or
thing whatsoever, including without limitation all claims arising under or relating to employment, employment contracts, employee benefits or purported employment discrimination or violations of civil rights of whatever kind or nature, including
without limitation all claims arising under the Age Discrimination in Employment Act (“ADEA”), the Americans with Disabilities Act as amended, the Family and Medical Leave Act of 1993, the Equal Pay Act of 1963, the Rehabilitation Act of
1973, Title VII of the United States Civil Rights Act of 1964, 42 U.S.C. § 1981, the Fair Labor Standards Act, the Employee Retirement Income Security Act, the Civil Rights Act of 1991, the Civil Rights Acts of 1866 and/or 1871, the
Sarbanes-Oxley Act, the Genetic Information Nondiscrimination Act, the Lily Ledbetter Act, the Texas Commission on Human Rights Act, the Texas Payday Law, the Texas Labor Code or any other applicable federal, state or local employment statute, law
or ordinance, including, without limitation, any disability claims under any such laws, claims for wrongful discharge, claims arising under state law, contract claims including breach of express or implied contract, alleged tortious conduct, claims
relating to alleged fraud, breach of fiduciary duty or reliance, breach of implied covenant of good faith and fair dealing, and any other claims arising under state or federal law, as well as any expenses, costs or attorneys’ fees. Employee
further agrees that Employee will not file or permit to be filed on Employee’s behalf any such claim. Notwithstanding the preceding sentence or any other provision of this Agreement, this release is not intended to interfere with
Employee’s right to file a charge with the Equal Employment Opportunity Commission (the “EEOC”), or other comparable agency, in connection with any claim Employee believes Employee may have against Matador or its
affiliates. However, by executing this Agreement, Employee hereby waives the right to recover in any proceeding Employee may bring before the EEOC or any state human rights commission or in any proceeding brought by the EEOC or any state human
rights commission on Employee’s behalf. This release shall not apply to any of Matador’s obligations under this Agreement or post-termination obligations under the Employment Agreement, any vested retirement plan, benefits, any vested
equity grants or COBRA continuation coverage benefits. Employee acknowledges that certain of the payments and benefits provided for in Section 2 of this Agreement constitute good and valuable consideration for the release contained in this
Section 3. 
 4. Return of Matador Property. Employee may retain all equipment, records, files, programs or
other materials and property in Employee’s possession which belong to Matador or any of its affiliates that are required for any services to be provided by Employee to Matador following the Separation Date on a consulting basis; however, at any
time Matador may request a return of all such items and Employee shall promptly return such items to Matador. 
 5.
Non-Disparagement. Employee agrees that Employee will not, directly or indirectly, disclose, communicate, or publish any disparaging information concerning Matador or the Released Parties, or cause others to disclose, communicate, or publish
any disparaging information concerning the same. Matador, on its own behalf and on behalf of its officers and directors, agrees that they will not, directly or indirectly, disclose, communicate or publish any disparaging information concerning
Employee, or cause others to disclose, communicate, or publish any disparaging information concerning Employee. 

  
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 6. Change in Relationship. Nothing in this Agreement shall be construed in any
way as an admission by either Party of any acts of wrongdoing, violation of any statute, law or legal or contractual right. Employee represents to Matador that he has faithfully fulfilled his duties under the Employment Agreement to date and both
parties intend to enter into an arrangement whereby Employee will provide certain services to Matador on a consulting basis. 

7. Voluntary Execution of the Agreement. Employee and Matador represent and agree that they have had an opportunity to
review all aspects of this Agreement, and that they fully understand all the provisions of the Agreement and are voluntarily entering into this Separation Agreement and Release. Employee further represents that Employee has not transferred or
assigned to any person or entity any claim involving Matador or any portion thereof or interest therein. 
 8. Ongoing
Obligations. Employee reaffirms and understands Employee’s ongoing obligations in the Employment Agreement, including Sections 8, 9, 10, 11 and 21. 
 9. Binding Effect. This Agreement shall be binding upon Matador and upon Employee and Employee’s heirs, administrators, representatives, executors, successors and assigns and
Matador’s representatives. In the event of Employee’s death, this Agreement shall operate in favor of Employee’s estate and all payments, obligations and consideration will continue to be performed in favor of Employee’s estate.

 10. Severability. Should any provision of this Agreement be declared or determined to be illegal or invalid by
any government agency or court of competent jurisdiction, the validity of the remaining parts, terms or provisions of this Agreement shall not be affected and such provisions shall remain in full force and effect. 

11. Entire Agreement. Except for the post-termination obligations in the Employment Agreement, any vested retirement plan
benefits and any vested equity grant agreements, this Agreement sets forth the entire agreement between the parties, and fully supersedes any and all prior agreements, understandings, or representations between the parties pertaining to
Employee’s employment with Matador, the subject matter of this Agreement or any other term or condition of the employment relationship between Matador and Employee. Employee represents and acknowledges that in executing this Agreement, Employee
does not rely, and has not relied, upon any representation(s) by Matador or its agents except as expressly contained in this Agreement or the Employment Agreement. Employee and Matador agree that they have each used their own judgment in entering
into this Agreement. 
 12. Knowing and Voluntary Waiver. Employee, by Employee’s free and voluntary act of
signing below, (i) acknowledges that Employee received this Agreement on July 24, 2012 and has been given a period of twenty-one (21) days to consider whether to agree to the terms contained herein, (ii) acknowledges that
Employee has been advised to consult with an attorney prior to executing this Agreement, (iii) acknowledges that Employee understands that this Agreement specifically releases and waives all rights and claims Employee may have under the ADEA
prior to the date on which Employee signs this Agreement, and (iv) agrees to all of the terms of this Agreement and intends to be legally bound thereby. The Parties acknowledge and agree that each Party has reviewed and negotiated the terms and
provisions of this Agreement and has contributed to 

  
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its preparation (with advice of counsel). Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation
of this Agreement. Rather, the terms of this Agreement shall be construed fairly as to both Parties and not in favor of or against either Party, regardless of which Party generally was responsible for the preparation of this Agreement. 

This Agreement will become effective, enforceable and irrevocable on the eighth day after the date on which it is executed by Employee
(the “Effective Date”). During the seven-day period prior to the Effective Date, Employee may revoke Employee’s agreement to accept the terms hereof by giving notice to Matador of Employee’s intention
to revoke. If Employee exercises Employee’s right to revoke hereunder, Employee shall not be entitled, except as required by applicable wage payment laws, including, but not limited to, Accrued Obligations, to any payment hereunder until
Employee executes and does not revoke a comparable release of claims, and to the extent such payments or benefits have already been made, Employee agrees that Employee will immediately reimburse Matador for the amounts of such payments and benefits
to which he is not entitled. 
 13. Notices. All notices and other communications hereunder will be in writing.
Any notice or other communication hereunder shall be deemed duly given if it is delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient as set forth:

 If to Employee: 
 Wade I. Massad 
 ____________________________ 

____________________________ 
 If to Matador Resources Company: 
 Matador Resources Company 

One Lincoln Centre 
 5400 LBJ Freeway, Suite 1500 
 Dallas, TX 75240 

Attention: Board of Directors 

Any Party may change the address to which notices and other communications are to be delivered by giving the other Party notice. 

14. Governing Law; Venue; Arbitration. This section of the Agreement shall be governed by Section 23 of the Employment
Agreement. 
 15. Counterparts. This Agreement may be executed in counterparts, each of which when executed and
delivered (which deliveries may be by facsimile or other electronic method of delivery) shall be deemed an original and all of which together shall constitute one and the same instrument. 

  
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 16. No Assignment of Claims. Employee represents and agrees that Employee has
not transferred or assigned, to any person or entity, any claim involving Matador, or any portion thereof or interest therein. 

17. No Waiver. This Agreement may not be waived, modified, amended, supplemented, canceled or discharged, except by written
agreement of the Parties. Failure to exercise and/or delay in exercising any right, power or privilege in this Agreement shall not operate as a waiver. No waiver of any breach of any provision shall be deemed to be a waiver of any preceding or
succeeding breach of the same or any other provision, nor shall any waiver be implied from any course of dealing between or among the Parties. 

  
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 I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THE FOREGOING AGREEMENT, THAT I UNDERSTAND ALL OF
ITS TERMS AND THAT I AM RELEASING CLAIMS AND THAT I AM ENTERING INTO IT VOLUNTARILY. 
  

					
	AGREED TO BY:	 		  	
			
	 /s/ Wade I. Massad
	 		  	 August 10, 2012

	WADE I. MASSAD	 		  	Date

 STATE OF TEXAS 

COUNTY OF DALLAS 
 Before me, a
Notary Public, on this day personally appeared Wade I. Massad, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledges to me that he has executed this Agreement on behalf of himself and his heirs, for the
purposes and consideration therein expressed. 
 Given under my hand and seal of office this 10th day of August, 2012 

 

	
	 /s/ Amanda Crawford

	Notary Public in and for the State of Texas


 (PERSONALIZED SEAL) 

  
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	MATADOR RESOURCES COMPANY
		
	By:	 	 /s/ David E. Lancaster

		 	David E. Lancaster
		 	Executive Vice President

 Date: August 10, 2012 
 STATE OF TEXAS 
 COUNTY OF DALLAS 

Before me, a Notary Public, on this day personally appeared David E. Lancaster, known to me to be the person and officer whose name is
subscribed to the foregoing instrument and acknowledged to me that the same was the act of Matador Resources Company, and that he has executed the same on behalf of said corporation for the purposes and consideration therein expressed, and in the
capacity therein stated. 
 Given under my hand and seal of office this 10th day of August, 2012. 

 

	
	 /s/ Amanda Crawford

	Notary Public in and for the State of Texas


 (PERSONALIZED SEAL)  

  
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