Exhibit 10.1


 


 


 


April 29, 2022


 


PRIVATE & CONFIDENTIAL


 


Mr. M. Christopher Doyle

via email


 


Re:     Employment
Terms and Conditions –  President and Chief Executive Officer


 


Dear Chris:


 


Civitas Resources, Inc. (the "Company")
is pleased to offer you an employment position as President and Chief Executive Officer ("CEO"), reporting to the
Company's Board of Directors (the "Board"), effective as of May 2, 2022. In summary, as CEO, your compensation will
be:


 


		·	An annualized base salary of $1,300,000, subject to annual review and periodic increases at the discretion
of the Board, to be paid in accordance with the Company's payroll practices in effect from time to time, subject to all applicable withholdings
and deductions;






		·	In connection with your agreement to purchase, subject to compliance with applicable law and the Company's
policies and procedures, an aggregate of $2,000,000 of the Company's common stock in open market transactions by September 15, 2022
at fair market value on the purchase date(s), a one-time grant to you on the first day of your employment (the "Grant Date")
of Restricted Stock Units ("RSUs"), utilizing the form of award agreement consistent with the 2022 RSUs that have
been granted to other executive officers of the Company, equal in number to the quotient of (i) $2,000,000 divided by (ii) the
volume-weighted average price of the Company's common stock for the 30 trading days immediately preceding the Grant Date (the "Grant
Date Price"). The RSUs will vest ratably over a three-year period, one-third on each of the first three anniversaries of the
Grant Date;






		·	Participation in the Company's 2021 Long Term Incentive Plan ("LTIP"), subject to the
terms and conditions of the LTIP and the award agreement(s) to be entered into thereunder, at the discretion of the Company's Compensation
Committee and the Board as further discussed below. The LTIP is administered by the Compensation Committee and the Board. Your annual
 "target" LTIP award will be equal to $5,600,000 per year. For 2022, the number of shares of the Company's common stock subject
to your LTIP awards will be equal to the quotient of (i) $5,600,000 divided by (ii) the Grant Date Price, which will consist
of the following mix of award vehicles (each of which will be subject to award agreements consistent with the 2022 grants that have been
made to other executive officers of the Company):






		o	25% of total target value in RSUs, subject to three-year ratable time vesting from the Grant Date;






		o	50% of total target value in Performance Share Units ("PSUs") based on the Company's
absolute total shareholder return relative to pre-established goals during the measurement period 11/1/2021 to 12/31/2024; and






		o	25% of total target value in PSUs based on the Company's relative total shareholder return versus a selected
comparator group of companies during the measurement period 11/1/2021 to 12/31/2024;



 


CORPORATE OFFICE

555 17th Street, Suite 3700

Denver, CO 80202

Office: 303.293.9100


 






     


     


    

 


		·	Eligibility to participate in the Company's 401(k) Plan, in accordance with such plan;






		·	Eligibility to participate in the Company's health insurance plans upon your election subject to the terms
and conditions of the plans;






		·	Eligibility to participate in the Company's flexible benefit plan (Section 125 Plan);






		·	Participation in the Company's Executive Change in Control and Severance Plan (the "Severance
Plan") as a Tier 1 Executive (as such term is defined in the Severance Plan); and






		·	Reimbursement to you of up to $200,000 in substantiated relocation expenses, incurred during the 18-month
period commencing on May 2, 2022, that are reasonably required to relocate you and your family from your current home to a new home
in the Denver area, which expenses may include moving expenses, temporary housing costs, travel costs, and full closing costs (including
broker fees) associated with the sale of your existing home and the purchase of your new home.



 


The Company may modify compensation and benefits
from time to time as it deems necessary in accordance with the terms and conditions of the plans set forth above and the Company's policies.


 


The terms and conditions of employment set forth
in this Employment Letter are contingent upon your signing the Company's Employee Restrictive Covenants, Proprietary Information and Inventions
Agreement (the "PIIA") attached hereto as Exhibit A.


 


You will be expected to abide by the Company's
rules and regulations, as such may be modified by the Company from time to time.


 


Notwithstanding anything to the contrary, your
employment with the Company is AT WILL. You may terminate your employment with the Company at any time and for any reason whatsoever simply
by notifying the Company, subject only to any rights or obligations that may be required by the Severance Plan or the PIIA, each as may
be amended from time to time. Likewise, the Company may terminate your employment at any time and for any reason whatsoever, with or without
cause or advance notice, subject only to any rights and obligations that may be required by the Severance Plan or the PIIA, as each may
be amended from time to time.


 


In consideration for the benefits to be provided
to you under this Employment Letter to which you are not currently entitled, by executing this Employment Letter, you hereby (i) accept
the terms of employment outlined in this Employment Letter and (ii) acknowledge and agree that this Employment Letter constitutes
the entire agreement between you and the Company concerning your employment (except as otherwise may be set forth in the LTIP and any
agreements entered into thereunder, the Severance Plan, the PIIA or any Indemnification Agreement entered into between you and the Company
(collectively, the "Additional Agreements")), and supersedes and terminates all prior and contemporaneous agreements
and understandings, both written and oral, between the parties with respect to its subject matters, except for the Additional Agreements.
You agree that the Company has not made any promise or representation to you concerning this Employment Letter not expressed in this Employment
Letter, and that, in signing this Employment Letter, you are not relying on any prior oral or written statement or representation by the
Company, but are instead relying solely on your own judgment and the judgment of your legal and tax advisors, if any.


 


Finally, if you accept the employment position
of CEO as described herein, the current Board members shall elect you as an additional director of the Company shortly after June 1,
2022.


 






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If you have any questions or need additional information, please feel
free to contact me.


 


	 	 	Sincerely,
	 	 	 
	 	 	 
	 	 	/s/ Cyrus D. Marter IV
	 	 	Name: Cyrus D. Marter IV
	 	 	Title: General Counsel and Secretary
	 	 	 
	Accepted and agreed:	 	 
	 	 	 
	/s/ M. Christopher Doyle	 	 
	M. Christopher Doyle	 	 
	Date: 4.29.2022	 	 



 






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